AngloGold Ashanti announced that the Arthur Gold Project in Nevada’s Beatty Mining District now holds a first‑time Probable Mineral Reserve of 4.9 million ounces of contained gold, equivalent to 88 million tonnes at an average grade of 1.75 g/t, as of December 31, 2025. The reserve also contains 7.8 million ounces of silver, supporting a nine‑year mine life with an average annual gold production of roughly 500,000 ounces.
The project’s economics are anchored by a pre‑feasibility study that projects all‑in sustaining costs of $954 per ounce and life‑of‑mine cash costs of $778 per ounce, based on a gold price of $1,950 per ounce. Capital expenditure is estimated at $3.6 billion, a figure that AngloGold’s balance sheet can support given its current ratio of 2.43. The PFS will be presented to the board in June 2026 for approval to advance to a full feasibility study.
The Arthur Gold Project is a cornerstone of AngloGold’s strategy to build a world‑class, long‑life production platform in the United States. "The Arthur Gold Project is a cornerstone of our strategy to build a world‑class, long‑life production platform in the U.S.," CEO Alberto Calderon said. The project is a Tier 1 asset in Nevada, a jurisdiction known for its stable regulatory environment and mining infrastructure. It builds on the Silicon and Merlin discoveries made in 2018 and is expected to deliver immediate scale in a historic Nevada district.
Environmental stewardship is a key component of the development plan, with the company committing to filtered, dry‑stacked tailings to conserve water. In recognition of the exploration team's success, AngloGold received the 2026 Thayer Lindsley Award from the Prospectors and Developers Association of Canada for the Silicon and Merlin discoveries.
Investors reacted positively to the announcement, noting the robust economics and strategic importance of the project. Analysts highlighted the project’s low‑cost profile and long mine life as key drivers of future growth, and Scotiabank raised its price target on AngloGold in March 2026, citing progress on Nevada permitting and the Arthur Gold project.
The announcement positions AngloGold to expand its Nevada footprint and supports its broader strategy of developing low‑cost, high‑grade gold assets in politically stable jurisdictions. The reserve’s size and economics reinforce the company’s long‑term production outlook and enhance its competitive standing in the U.S. mining sector.
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