Gold miner AngloGold Ashanti has outlined a maiden 4.9-million-ounce mineral reserve for its Arthur gold project in Nevada, with a prefeasibility study (PFS) confirming a long-life, large-scale operation with robust economics.

The technical report summary for the project confirms a Tier-1 deposit in the Beatty mining district, supporting an initial nine-year mine life with average production of about 500 000 oz/y of gold.

The first-time probable mineral reserve stands at 88-million tonnes grading 1.75 g/t gold for 4.9-million ounces of contained gold, along with 7.8-million ounces of silver.

Additional upside remains through the Merlin deposit, which hosts an indicated mineral resource of 1.0-million ounces of gold and an inferred resource of 5.5-million ounces of gold, alongside significant silver resources. Ongoing drilling programmes aim to expand the mineralised footprint and convert resources to reserves.

The Arthur project stems from the Silicon and Merlin discoveries made in 2018, following the reopening of prospective ground previously constrained by plans for the Yucca Mountain nuclear waste repository.

The company’s exploration team has since been recognised with the 2026 Thayer Lindsley Award by the Prospectors and Developers Association of Canada for the discovery.

CEO Alberto Calderon said the project was a cornerstone of AngloGold's strategy to build a "world-class, long-life production platform in the US". Arthur delivers “immediate scale in a premier mining jurisdiction”.

The project benefits from its location in Nevada, widely regarded as one of the world’s most favourable mining jurisdictions, with established infrastructure, skilled labour and a well-defined permitting framework.

From an economic perspective, the project is expected to deliver a competitive cost profile, with all-in sustaining costs estimated at $954/oz. Initial capital expenditure is estimated at about $3.6-billion.

At a gold price of $2 715/oz, the project delivers an after-tax net present value of about $1.7-billion, increasing to about $3.4-billion at $3 500/oz, highlighting strong leverage to higher gold prices.

The development plan includes a 7-million-tonne-a-year milling facility and a 5.5-million-tonne-a-year heap-leach circuit, with mining to be undertaken using conventional openpit methods. The project will incorporate dry-stacked tailings to reduce water consumption and environmental impact.

AngloGold Ashanti expects to present the PFS to its board in June, with the aim of progressing to the feasibility study phase. Environmental, hydrological and community baseline studies are already under way.

Further, AngloGold Ashanti reported that it was undertaking community initiatives in the Beatty region, including the establishment of a local foundation and ongoing support for education and development programmes.

Senior VP for Nevada projects Nick Fouche said community engagement would remain central as the project advances, noting the importance of aligning development with local priorities and long-term economic benefits.