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    AngloGold’s 4.9Moz Nevada project: economics and capex lens for mine planners

    March 28, 2026|

    Reviewed by Joe Ashwell

    AngloGold’s 4.9Moz Nevada project: economics and capex lens for mine planners

    First reported on MINING.com

    30 Second Briefing

    AngloGold Ashanti has completed a pre-feasibility study for its Arthur project in Nevada’s Beatty district, confirming 4.9 million oz of gold reserves across the Silicon and Merlin deposits and outlining an initial nine-year mine life with average output of 500,000 oz/y. More than 95% of mineralisation is oxide, suited to bulk mining and conventional processing, with all-in sustaining costs estimated at $954/oz and initial capex at $3.6 billion. Using a $1,950/oz base case, AngloGold reports after-tax NPV (5%) rising from $1.7 billion at $2,715/oz to $3.4 billion at $3,500/oz, with feasibility work starting June alongside environmental and hydrological baseline studies.

    Technical Brief

    • Reserve statement dated end-2025 uses a $1,950/oz gold price assumption for pit optimisation.
    • Silicon and Merlin discoveries, made in 2018, underpin the Arthur project resource base in Beatty.
    • AngloGold acquired Augusta Gold for C$152 million in July to consolidate its Nevada greenfield hub.
    • Feasibility-stage work commencing June includes environmental, hydrological and community baseline studies to support permitting.
    • After-tax NPV at 5% is projected to double from $1.7 billion to $3.4 billion between $2,715–3,500/oz.

    Our Take

    With an estimated AISC of $954/oz for the Arthur gold project, AngloGold Ashanti would sit well below the marginal cost producers highlighted in our recent gold-price coverage, giving the Nevada asset more resilience if the futures market weakness seen in March persists.

    The $3.6 billion initial capital cost against a 4.9Moz reserve base implies a capital intensity that is on the higher side for US gold projects, which likely explains why the market reaction in New York focused on long-life, low-cost optionality rather than near-term free cash flow.

    Silicon’s recent Thayer Lindsley Discovery of the Year recognition in our database underscores that the Beatty district is emerging as a flagship growth hub for AngloGold Ashanti, complementing its portfolio reshaping moves such as selling Côte d’Ivoire projects to Resolute Mining earlier this month.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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