Over the past five years, AngloGold Ashanti’s exploration efforts contributed 23.1 million ounces to its gold mineral reserve, including a 4.9 million-ounce maiden reserve at Merlin and a 1.3 million-ounce pre-depletion uplift at Geita. At Dec. 31, 2025, the total reserve stood at 36.5 million ounces, supported by gold measured and indicated resources of 68.0 million ounces and inferred resources of 49.3 million ounces.

The company has earmarked $100 million in spending over the next three years to expand the Geita gold mine in Tanzania, targeting a 60% increase in mineral reserves. This investment is designed to extend Geita’s mine life from seven years to at least ten years by 2028 and accelerate conversion of high-potential resources into reserves.

Industry peers include Newmont, with 118.2 million ounces of reserves at end-2025 after divestments, and Agnico Eagle, which reported 55.4 million ounces following a 2.1% gain. AngloGold Ashanti’s stock has surged 273.4% over the past year and trades at a forward 12-month earnings multiple of 11.8x, below the 12.9x industry average. Consensus forecasts project 2026 sales of $11.98 billion (up 23.1% year-over-year) and earnings of $9.27 per share (up 72.6%).