Monitor North Bullfrog Record of Decision (target Dec 2026) as the key near-term catalyst. Arthur Gold Feasibility Study completion (target H1 2028) will provide updated economics. No changes to previously disclosed project parameters — the presentation reinforces the existing development timeline.
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Executive Summary
AngloGold Ashanti hosted an investor site visit to its Beatty Gold District in Nevada, presenting a strategic overview of its North Bullfrog and Arthur Gold projects. The presentation highlighted a 4.9Moz initial mineral reserve at Arthur, a projected ~500koz/yr production at ~$954/oz AISC, and a development pathway targeting first gold from North Bullfrog in 2027-2028 and from Arthur in 2033. No new financial results or material changes to previously disclosed project economics were reported.
Key Facts
- Arthur Gold Project has a 4.9Moz Probable Mineral Reserve (Merlin deposit: 88Mt @ 1.75g/t)
- Arthur projected to produce ~500koz Au per year over an initial ~9-year mine life
- Arthur LOM AISC* estimated at ~$954/oz (real terms) and total cash costs* at ~$778/oz (real terms)
- Arthur project capital expenditure estimated at ~$3.6bn (real, PFS accuracy ±25%)
- North Bullfrog Record of Decision (ROD) anticipated December 2026; construction start targeted H1 2027
- North Bullfrog has a 1.1Moz Mineral Reserve, projected 65koz/yr average production over 13 years at $854/oz AISC*
- Total Beatty Gold District Mineral Resource of 22.0Moz
- Company has secured 7 major federal authorizations since 2020 for exploration and mine projects in Nevada
Financial Impact
Arthur Gold Project capex ~$3.6bn with LOM AISC* ~$954/oz; North Bullfrog initial capex ~$369M with AISC* ~$854/oz. No current-period financial results reported.
Risk Factors
- Permitting delays for North Bullfrog (ROD) and Arthur (MPO) could push first production timelines
- Project capital estimates (~$3.6bn for Arthur) are at PFS accuracy (±25%) and may increase
- Gold price assumptions ($1,950/oz for Arthur PFS, $1,600/oz for North Bullfrog FS) may not hold over construction period
- Execution risk in developing two major mining projects back-to-back in Nevada
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001973832-26-000157 |
| Document: nevadasitevisitpresentation.htm | 0001973832-26-000157 |
| Document: 0001973832-26-000157-index-headers.html | 0001973832-26-000157 |
| Document: 0001973832-26-000157-index.html | 0001973832-26-000157 |
| Document: 0001973832-26-000157.txt | 0001973832-26-000157 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | 6-K | $99.03 $94.92 | ▼ −4.15% | ▼ −3.93% | $86.73 (−12.42%) |
Sep 25, 2026 4w ago | 6-K | $99.03 $94.92 | ▼ −4.15% | ▼ −3.93% | $86.73 (−12.42%) |
Sep 25, 2026 4w ago | 6-K | $99.03 $94.92 | ▼ −4.15% | ▼ −3.93% | $86.73 (−12.42%) |
Jul 31, 2026 12w ago | 6-K | $79.32 $96.22 | ▲ +21.31% | ▲ +17.79% | $86.73 (+9.34%) |
Jul 31, 2026 12w ago | 6-K | $79.32 $96.22 | ▲ +21.31% | ▲ +17.79% | $86.73 (+9.34%) |
Jul 31, 2026 12w ago | 6-K | $79.32 $96.22 | ▲ +21.31% | ▲ +17.79% | $86.73 (+9.34%) |
Jul 31, 2026 12w ago | 6-K | $79.32 $96.22 | ▲ +21.31% | ▲ +17.79% | $86.73 (+9.34%) |
Jul 24, 2026 13w ago | 6-K | $79.67 $82.33 | ▲ +3.34% | ▲ +2.97% | $86.73 (+8.86%) |
Jul 13, 2026 15w ago | 6-K | $79.76 $76.76 | ▼ −3.76% | ▼ −2.98% | $86.73 (+8.74%) |
Jul 1, 2026 16w ago | 6-K | $80.89 $82.08 | ▲ +1.47% | ▲ +1.21% | $86.73 (+7.22%) |
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