IGO LIMITED — Investor Presentation 2017

Aug 3, 2017

ASX RELEASE

4 AUGUST 2017

TROPICANA SITE VISIT PRESENTATION

Attached is a presentation to be given on 6 August 2017, as part of an investor / analyst site visit to the Tropicana Gold Mine.

Further additional information can be found in ASX Release – Tropicana Gold Mine Update (dated 4 August 2017).

For more information:

Peter Bradford Managing Director Independence Group NL Telephone: 08 9238 8300

Joanne McDonald Company Secretary Independence Group NL Telephone: 08 9238 8300

Page 1

==> picture [46 x 47] intentionally omitted <==

INVESTOR / ANALYST VISIT

TROPICANA GOLD MINE

6 AUGUST 2017

==> picture [240 x 44] intentionally omitted <==

ANGLOGOLD ASHANTI LTD DISCLAIMER

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, productivity improvements, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s operations, economic performance and financial condition.

These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and business and operational risk management.

For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F, which was filed with the United States Securities and Exchange Commission (“SEC”). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

The financial information contained in this market update presentation has not been reviewed or reported on by the Company's external auditors.

This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

==> picture [89 x 27] intentionally omitted <==

Cautionary Statements & Disclaimer Independence Group NL

• This presentation has been prepared by Independence Group NL (“IGO”) (ABN 46 092 786 304). It should not be considered as an offer or invitation to subscribe for or purchase any securities in IGO or as an inducement to make an offer or invitation with respect to those securities in any jurisdiction.

• This presentation contains general summary information about IGO. The information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with IGO’s other periodic and continuous disclosure announcements lodged with the ASX, which are available on the IGO website. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in this presentation.

• This presentation includes forward looking information regarding future events, conditions, circumstances and the future financial performance of IGO. Often, but not always, forward looking statements can be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue" and "guidance", or other similar words and may include statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond IGO’s control, which may cause actual results and developments to differ materially from those expressed or implied. Further details of these risks are set out below. All references to future production and production guidance made in relation to IGO are subject to the completion of all necessary feasibility studies, permit applications and approvals, construction, financing arrangements and access to the necessary infrastructure. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Ore Reserves, as well as any Competent Persons' Statements included in periodic and continuous disclosure announcements lodged with the ASX. Forward looking statements in this presentation only apply at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information IGO does not undertake any obligation to publically update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

• There are a number of risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO and the value of an investment in IGO including and not limited to economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve and resource estimations, native title and title risks, foreign currency fluctuations and mining development, construction and commissioning risk. The production guidance in this presentation is subject to risks specific to IGO and of a general nature which may affect the future operating and financial performance of IGO.

• References to Mineral Resource and Ore Reserve estimates at Tropicana should be read in conjunction with IGO’s Tropicana Gold Mine Value Enhancement Update, dated 15 December 2016 and lodged with the ASX, and is available on the IGO website.

• All currency amounts in Australian Dollars unless otherwise noted.

• IGO reports All-in Sustaining Costs (AISC) per ounce of gold for its 30% interest in the Tropicana Gold Mine using the World Gold Council guidelines for AISC. The World Gold Council guidelines publication was released via press release on 27 June 2013 and is available from the World Gold Council’s website.

Current Operations – 2017 - 2019

The Future - 2020 onwards

Upside

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

4

HISTORICAL PERFORMANCE

Tropicana has a track record of delivery to promise…

==> picture [420 x 318] intentionally omitted <==

Exceeded Feasibility Study Parameters

• Gold Production

• Costs

• Mining Rate

• Mill Throughput

• Resource & Reserve Growth

• Mine Life

• …and a culture of continuous improvement

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

5

CURRENT OPERATIONS – 2017 - 2019

==> picture [289 x 217] intentionally omitted <==

==> picture [289 x 207] intentionally omitted <==

Accelerated Mine Plan

• Face shovel implemented Nov 2016

• Increase in volume moved

• Reduction in unit cost

• Brought forward over 200Koz into 2017 - 2019

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

6

ACCELERATED MINE PLAN - MINING COST

Material movement has increased significantly since 2015 with the accelerated mining strategy…

==> picture [653 x 352] intentionally omitted <==

----- Start of picture text -----

Mining cost (A$/wmt) wmt A$/wmt
6 110
- 37%
100
90
5
80
70
4
60
50
Conventional mining –
Long 3 no backfilling
40
Island
Target
A$2.50/t
30
(nominal
In 2015)
2
20
10
1 0
2012 2013 2014 2015 2016 2017 2018 2019
A$/wmt
Million tonnes
----- End of picture text -----

…and a key focus is continuing to identify initiatives that maintain & reduce the unit cost/tonne

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

7

MILL THROUGHPUT – OUR IMPROVEMENT JOURNEY

We have come a long way in optimising the potential of the process plant…

==> picture [682 x 362] intentionally omitted <==

----- Start of picture text -----

Optimising capacity Operational Excellence –
Plant optimisation
Plant Performance
+ 38% • Nameplate 5.5Mtpa
8.5
on fresh rock
8.0
7.6 – 7.7
7.5
7.5
•
0.1 – 0.15 Eliminated materials
7.0 A$4.9M handling and
1.1 Capex
residence time
6.5 6.4
constraints in 2016
0.6 A$28M
6.0
5.8 Capex
2016 2017
5.5
5.0
Original Plant design 2014 2015 Conveyor upgrades Fines pulping
Million tonnes
----- End of picture text -----

…by unlocking the capacity of the key equipment

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

8

MILL THROUGHPUT – OUR IMPROVEMENT JOURNEY

The 2016 plant optimisation project was highly successful…

• Conveyors and HPGR – now capable of exceeding mill capacity

• De-risked circuit through emergency fines stockpile

• Leaching and downstream circuit now capable of higher throughput

==> picture [659 x 247] intentionally omitted <==

----- Start of picture text -----

2 x CIL tanks to
14MW ball mill
retain recovery at
Emergency Fine Ore
30% higher
upgrade completed
throughput
Conveyor
upgrades
Screen optimised from 4mm
to 3mm aperture
HPGR now
optimised
----- End of picture text -----

… in unlocking the capacity of the key equipment

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

9

MILL RUNTIME – RELIABILITY IMPROVEMENTS

Improvements in planned and unplanned maintenance are evident in plant availability improvement …

Mill Runtime (%)

==> picture [431 x 305] intentionally omitted <==

----- Start of picture text -----

6 weeks Shutdown interval 13 weeks
102
99.7 99.8
100
98
96%
95.8%
OE target
96
94
92.7%
92 91.4%
89.9%
90
88
86
84
82
80
78
Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2-
14 14 14 14 15 15 15 15 16 16 16 16 17 17
Runtime Annual Avg
----- End of picture text -----

• Reliability Improvement - increased runtime from 89.9% (2014) to 95.8% (2017 YTD). Q2 runtime of 96.6%.

• Revised Shutdown strategies have enabled a reduction in planned downtime by 224 hrs/year.

• Increase in shutdown intervals from 6 to 13 weeks, and reduction in duration from 48 to 36 hours.

Next steps:

• Construct Fines Pulping & Pumping system.

• Further shutdown optimisation to extend intervals to 17 weeks.

…even on the back of increasing plant throughput rates

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

10

REDUCING MILL DOWNTIME

The addition of a fines pulping system to the processing circuit …

==> picture [658 x 374] intentionally omitted <==

----- Start of picture text -----

Feed Hopper and Feeder
Pumping Unit Slurry Feed
into Mill
Discharge
Hopper
Emergency
Fines
Stockpile
----- End of picture text -----

…will increase annual mill run time by ~1.5%

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

11

CONTINUOUS IMPROVEMENT CULTURE

==> picture [700 x 276] intentionally omitted <==

----- Start of picture text -----

Mine Manager Project Manager
Integrated Planning Projects Alliance Administration Geotechnical Drill & Blast Load & Haul Commercial & Mining
Superintendent Superintendent Commercial Manager Coordinator Superintendent Superintendent Superintendent Improvement
Superintendent
2 x Mine Services 2 x Mining Analysis & 1 x Commercial Senior Geotechnical 2 x Drill & Blast 2 x Load & Haul 2 x Improvement
2 x LOM Engineer 3 x Planning Engineer Supervisor Reporting Engineer Administrator Engineer Engineer Production Assistant Specialist
6 x Mine Services 2 x Maintenance 2 x Geotechnical
2 x Minestar Builder 2 x Planning Engineer Technician Commercial Analyst Administrator Engineer Drill & Blast Engineer Reporting Specialist
Senior Planning 3 x Mine Services 3 x Mining Alliance Senior Mining Systems
Engineer Technician Administrator Engineer
2 x Student Engineer
AGA Macmahon
Employees Employees
----- End of picture text -----

• Alignment of business objectives from a client/contractor relationship to a Mining Alliance

• Integrated workforce creates a conversational culture

• Re-aligned structure creates the right level of engagement and accountability

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

12

MINE REPORTING

Linking data analytics in a systemic and automated manner…

==> picture [486 x 375] intentionally omitted <==

Continuous Improvement Culture

A culture of “Know your Numbers”, coupled with standardised reporting (One Source of the Truth) to enable efficient data analysis and the identification of the top 3 improvement areas to be targeted.

Projects are continually reviewed and the performance metrics updated. The P500 analysis and project management processes are used to target next areas for improvement.

…has generated the tool to facilitate a conversational culture

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

13

REAL TIME REPORTS

Real time data analytics…

==> picture [486 x 375] intentionally omitted <==

Short Interval Control Real time reporting is now in the hands of Supervisors in the field through Power BI reports on smart devices.

…enables decisions to be made at the right time

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

14

MINING EFFICIENCIES

Operational Excellence has delivered improved mining efficiencies…

==> picture [247 x 370] intentionally omitted <==

LOADING PRODUCTIVITY IMPROVEMENTS A$0.024/t PRIORITY ROAD RULES A$0.030/t

HAUL FLEET CONFIGURATION IMPROVEMENTS A$0.047/t

DRILL & BLAST PATTERN OPTIMISATION A$0.03/t

FREE DIG A$560,000 savings in oxide material

…reducing mining unit costs

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

15

PROJECT PIPELINE - MAINTENANCE

Further work to improve plant performance…

==> picture [631 x 354] intentionally omitted <==

… by reducing costs and improving plant runtime

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

16

IMPROVEMENT PIPELINE - PROCESSING

Every project has a project plan and schedule…

==> picture [594 x 340] intentionally omitted <==

…and an accountable project owner

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

17

Current Operations – 2017 - 2019

The Future - 2020 onwards

Upside

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

18

RESOURCE DRILLING COMPLETED

==> picture [246 x 440] intentionally omitted <==

----- Start of picture text -----

12
11
10
TROPICANA
9
8
7
6
5
4
Starter pit
HAVANA
500m
HAVANA South
----- End of picture text -----

• No significant changes to Tropicana Resource

• Orebody not continuous

• Evaluated cutback of Tropicana pit – low value

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

19

OPTIMISING MATERIAL MOVEMENT

12

11

10 9

8

STRIP MINED WASTE HAULED IN PIT BOSTON SHAKER 1 Strip 1 TROPICANA

7

5

4

6

==> picture [85 x 125] intentionally omitted <==

STRIP MINED WASTE HAULED IN PIT HAVANA Strip 1

Strip 3

Starter pit

Strip 4

Strip 5

500m

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

20

OPTIMISING MATERIAL MOVEMENT

==> picture [76 x 93] intentionally omitted <==

1. Backfill

STRIP MINED WASTE HAULED IN PIT BOSTON SHAKER 1 Strip 1

STRIP MINED WASTE HAULED IN PIT

==> picture [29 x 12] intentionally omitted <==

----- Start of picture text -----

Strip 1
----- End of picture text -----

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

21

OPTIMISING MATERIAL MOVEMENT

==> picture [76 x 93] intentionally omitted <==

1. Backfill 2. Slot creation

STRIP MINED WASTE HAULED IN PIT BOSTON SHAKER 1 Strip 1

TROPICANA

STRIP MINED WASTE HAULED IN PIT

==> picture [29 x 12] intentionally omitted <==

----- Start of picture text -----

Strip 1
----- End of picture text -----

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

22

OPTIMISING MATERIAL MOVEMENT

==> picture [76 x 93] intentionally omitted <==

1. Backfill

2. Slot creation 3. Short tip options

==> picture [224 x 61] intentionally omitted <==

----- Start of picture text -----

STRIP MINED WASTE
HAULED IN PIT
BOSTON
SHAKER 1 Strip 1
----- End of picture text -----

==> picture [118 x 19] intentionally omitted <==

----- Start of picture text -----

TROPICANA
----- End of picture text -----

STRIP MINED WASTE HAULED IN PIT Strip 1

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

23

OPTIONALITY IN THE PLAN

==> picture [132 x 132] intentionally omitted <==

----- Start of picture text -----

BOSTON
SHAKER 1 Strip 1
----- End of picture text -----

Q4 2017 Q4 2019 Q4 2022 Mining stage 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Current LOM plan Havana South Boston Shaker Havana stages 1-3 Havana stages 4-5

==> picture [456 x 289] intentionally omitted <==

----- Start of picture text -----

Four locations and
eight stages HAVANA
Strip 1
Three decision points
Strip 3
Strip 4
HAVANA South
Strip 5
HAVANA Sth
Ext.
HAVANA 5 [th]
----- End of picture text -----

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

24

Current Operations – 2017 - 2019

The Future - 2020 onwards

Upside

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

25

ASSET POTENTIAL ( 2020-2024)

Operational Excellence has delivered significant short term value…

==> picture [588 x 327] intentionally omitted <==

----- Start of picture text -----

Target underground reserves at +3.0 g/t
to displace stockpile mill feed after 2021
RESERVE
EXPLORATION MINING PROCESSING
DEVELOPMENT
Target satellite pits to deliver oxide
reserves at ~ 2g/t to displace Target 105Mtpa from 2020 at a
stockpile mill feed after 2021 cost target of A$2.50/tonne
----- End of picture text -----

Target 8Mtpa plant throughput at ~92% recovery by 2019 at a runtime of 97%

…and there is further potential to maximize value after 2020

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

26

ADDITIONAL BALL MILL

The addition of a second ball mill has the potential to increase throughput to ~8 mtpa…

Sensitivity analysis (% change in NPV)

Recovery

Throughput

• The project NPV is highly sensitive to additional mill volumes

• The design aims to grind finer to improve the recovery at the increased tonnage

• … and improve the targeted grind to ~65µm to lift recovery to ~92%

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

27

MILL THROUGHPUT – OUR IMPROVEMENT JOURNEY

We have come a long way in optimising the potential of the process plant…

==> picture [672 x 362] intentionally omitted <==

----- Start of picture text -----

Optimising capacity Operational Excellence – Operational Excellence –
Plant optimisation Optimising volume at improved
grind & recovery
+50%
8.5
8.0-8.2 8.0-8.2
8.0
7.6 – 7.7 0.5-0.7
7.5
7.5
7.0 < A$20M
1.1 Capex
PFS
6.4 level
6.5 8.1
0.6
6.0
5.8
5.5 2016 2017 2018
5.5
5.0
Original Plant design 2014 2015 Conveyor upgrades Fines pulping Target
Million tonnes
----- End of picture text -----

…with the next improvement focussed on matching the plant to the orebody capability

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

28

UNDERGROUND RESERVE DEVELOPMENT

The current underground resources…

==> picture [688 x 384] intentionally omitted <==

----- Start of picture text -----

Tropicana
Boston Shaker
Havana
Havana South
Havana Deeps UG Exploration Potential
Scoping Study (2010) (Drilling Q3, 2017)
Prefeasibility (2013)
Mineral Resources (100%)
Exploration Potential
Open Pit – 5.68 Moz
Orebody offset Stockpiles – 0.40 Moz
(Havana Shear) Underground – 1.94 Moz
Conceptual Target
Total Mineral Resources – 8.02 Moz
For details see the AngloGold Ashanti Mineral Resource
and Ore Reserve Report 2016 at www.anglogoldashanti.com
3.0 g/t grade shell
0.3 g/t grade shell …could contribute supplementary high grade production from 2020
----- End of picture text -----

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

29

BOSTON SHAKER

Recent results below Boston Shaker are very encouraging…

==> picture [21 x 21] intentionally omitted <==

==> picture [21 x 21] intentionally omitted <==

3.0 g/t grade shell 0.3 g/t grade shell

BWD017 31m @ 4.20 g/t from 340m 14m @ 6.10 g/t from 355m

BWD019 17m @ 5.53 g/t from 382m

BSD054 9m @ 5.39 g/t from 439 m

BSD027A 19m @ 3.98 g/t from 478m

BWD040 12m @ 4.60 g/t from 338m 26m @ 3.04 g/t from 361m

BWD047 16m @ 4.63 g/t from 386m

==> picture [70 x 59] intentionally omitted <==

…with strong shoots extending at depth

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

30

EXPLORATION

There is still potential to identify open pit resources…

==> picture [627 x 395] intentionally omitted <==

----- Start of picture text -----

Mineralisation
Corridor
30 Km
20 Km
10 Km Angel Eyes
TGM
Crouching Tiger West
Hidden Dragon
New targets
Beetlejuice
Drilling currently
Madras
New Zebra
N
----- End of picture text -----

…to displace lower grade stockpile mill feed during 2021-2025

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

31

LONG ISLAND STUDY STATUS

Key Work Programs	Feasibility Status	Feasibility Status
Resource Models	Basis of the Long Island Study will be the Jan 2017 Mineral Resource Estimation which includes all drilling completed in CY2016.	Complete
Optimisation / Trade-off	Pit optimisation studies have been completed for the Long Island Study including appropriate pit-shell selections.	Complete
Geotechnical Design	Factual, Design Basis and Design Specification work streams have been completed based on all geotechnical data including dedicated geotechnical drilling (4,100m at Havana South & 3,600m at Boston Shaker). An external Review Panel audit has been completed.	Complete
Pit and Waste Dump Design	Pit and Waste Dump designs have been completed.	Complete
Equipment Selection	All trade-off studies and final equipment has been selected.	Complete
Detailed Mine Schedule	Strategic scheduling has been completed in Minemax with detailed scheduling completed in the Alastri Tactical Scheduler.	Complete
Infrastructure Design and Engineering	Detailed Engineering, design and costing has been completed on camp upgrades and extension to Heavy Vehicle workshops.	Complete
Permitting and Approvals	Majority of the permits fit within the extension to the current mining permit with the exception being the expansion of the TSF footprint. All permits are in progress.	In Progress
Resource & Reserve Update	The Resource and Reserve sign-off process requires multiple levels of approval and is aligned to the AGA corporate planning calendar. An independent external audit of both Resources & Reserves will be carried out in September. Timing of update is scheduled for November 2017.	In Progress
Incorporation into Business Plan	The results of the Long Island Study will be incorporated into the Life-of-Mine Business Plan for 2018. Approval of this Business Plan is scheduled for November 2017.	In Progress

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

32

COMPETENT PERSONS STATEMENTS

The information in this report that relates to Exploration Results is based on information compiled by Mr Damon Elder who is a full-time employee of AngloGold Ashanti Australia Ltd and is a member of The Australasian Institute of Mining and Metallurgy. Mr Elder has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Elder consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources or Ore Reserves is a compilation of previously published data for which Competent Persons consents were obtained. Their consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The information in this report has been extracted from the AngloGold Ashanti Ltd Mineral Resource and Ore Reserve Report 2015 and is available on the AngloGold Ashanti website at www.anglogoldashanti.com

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed and confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

33

APPENDIX 1: JORC 2012 EDITION -TABLE1

Section 1 Sampling Techniques and Data

Criteria	Commentary
Sampling techniques	AGA has carried out all the drilling within the Tropicana deposit, with sampling from Reverse Circulation (RC) and diamond drilling predominantly from one metre sample intervals, for 50g gold fire assay. The sampling methodology with RC drilling has changed over time. Sample collection prior to 2007 was via a cyclone, dust collection system and multi-stage riffle splitter attached to the drill rig. From the beginning of 2007 sample collection was via a cyclone, dust collection system and cone splitter attached to the drill rig. RC samples are collected from one metre intervals for resource definition drill-holes, with two metre sample intervals from RC pre-collar drilling introduced in 2016. All NQ2 and HQ diamond holes have been half-core sampled over prospective mineralised intervals determined by the geologist, where sample intervals are generally one metre samples. In 2016 two metre samples were processed from un-mineralised core to collect additional geometallurgical data (hyperspectral and XRF) for waste rock characterisation. Within fresh rock, core is oriented for structural/geotechnical logging wherever possible. In oriented core, one half of the core was sampled over one metre intervals and submitted for fire assay. The other half of the core, including the bottom- of-hole orientation line, was retained for geological reference and potential further sampling such as metallurgical test work. In intervals of un-oriented core, the same half of the core has been sampled where possible, by extending a cut line from oriented intervals through into the un-oriented intervals. The lack of a consistent geological reference plane, (such as bedding or a foliation), precludes using geological features to orient the core.
Drilling techniques	Reverse Circulation drilling has been utilised to an average depth of 150m in the shallower, up-dip, western portions of the resource and as pre-collars to diamond holes. All Reverse Circulation drilling has been via face sampling hammer. Diamond drilling has predominantly been NQ2 with limited HQ2, HQ3 and PQ in the upper saprolite and for holes drilled for geotechnical and metallurgical purposes. The majority of diamond holes have been drilled as tails to RC drilling, with NQ2 core produced for sampling mineralisation. From 2011 many deeper holes were drilled with shorter RC pre-collars (~60m), or HQ from surface to minimise deviation.
Drill sample recovery	The sample recovery is currently recorded on selected intervals to assess that the sample is being adequately recovered during RC drilling. Prior to April 2008, no systematic assessment of sample recovery data was made for RC drilling. A subjective visual estimate was used where weights were recorded as 25, 50, 75 or 100%. Since April 2008 a systematic sample recovery program has been implemented where for 1:25 intervals, the Primary (lab weight), Secondary (archive weight) and Reject splits are weighed and recorded in the database. These weights are combined and then compared to a theoretical recovery of the interval based on the regolith and rock type of the interval being analysed. For diamond drilling recovered core for each drill run is recorded and measured against the expected core from that run. Core recovery is consistently very high, with minor loss occurring in regolith and heavily fractured ground.

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

34

APPENDIX 1: JORC 2012 EDITION -TABLE1

Section 1 Sampling Techniques and Data

Criteria	Commentary
Logging	All RC chips and diamond drill cores have been geologically logged for lithology, regolith, mineralisation and alteration utilising AGA’s standard logging code library. RC sample quality data recorded includes recovery, sample moisture (i.e. whether dry, moist, wet or water injected) and sampling methodology. Diamond core has also been logged for geological structure and geotechnical properties. Diamond drill-holes are routinely orientated, photographed and structurally logged with the confidence in the orientation recorded. Geotechnical data recorded includes QSI, RQD, matrix, and fracture categorisation. Bulk density determinations have been routinely collected from diamond drill core over one to five metre intervals using water immersion methods. A coherent segment of core (>10cm length), representative of the metre interval is selected. Laboratory bulk density determination is completed on selected ‘core from surface’ diamond holes to collect bulk density data for oxide and transitional rock types, and from fresh rock types to ensure water immersion methods used onsite are accurate. All logging data is digitally captured via Field Marshall Software (upgraded to Micromine Geobank platform 2016) and the data is validated in Vulcan prior to being uploaded to an SQL database. DataShed has been utilised for the majority of the data management of the SQL database. The SQL database utilises referential integrity to ensure data in different tables is consistent and restricted to defined logging codes.
Sub-sampling techniques and sample preparation	Since the commencement of exploration activities at Tropicana, sample preparation and analysis has been carried out by three laboratories, as detailed below: Prior to November 2006 - SGS (formerly Analabs) Welshpool performed all gold and multi-element analysis. SGS routinely prepared half-core diamond samples by crushing in a jaw crusher followed by pulping in an LM5 to 90% passing 75µm. One metre RC samples are pulped in an LM5 to 90% passing 75µm. 50-gram samples are then assayed by fire assay. Sieve tests are carried out on 5% of samples. November 2006 to 2014 – Genalysis Perth has performed all gold and multi-element analyses. Jan 2015 – June 2016 – Genalysis Perth has performed all gold, multi-element analyses and hyperspectral scans. The 2015 Boston Shaker infill drilling was analysed at the Tropicana onsite lab, with sample preparation conducted by AGAA staff operating an automated circuit, and SGS conducting the fire assay and analysis. May 2016 to current, infill drilling has been analysed at the Tropicana onsite lab, with sample preparation conducted by AGAA staff operating an automated circuit, and SGS conducting the fire assay and analysis. At Genalysis, half core samples weighing approximately 2.5kg are prepared via a robot. The samples are then crushed to <3mm in a Boyd crusher and automatically split, down to a sample of ~1kg for pulping and analysis. The remainder of the material was retained as a coarse split for metallurgical test-work. One metre RC samples were pulped in a mixer mill to 90% passing 75µm. Wet sieve tests were carried out on 5% of the samples.

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

35

APPENDIX 1: JORC 2012 EDITION -TABLE1

Section 1 Sampling Techniques and Data

Criteria	Commentary
Sub-sampling techniques and sample preparation cont.	The Tropicana laboratory uses a linear automated process to prepare the samples. Samples, from RC and diamond drilling, are loaded onto racks at the lab. Each sample bag has a unique bar-code attached to the bag. Samples are dried and weighed. Small samples (<800g) are manually pulverised in an LM2 mill to 90% passing 75µm. Acceptable weight samples (>800g) are loaded into tubs and the samples passed under a Terraspec Hyperspectral camera. Samples are then passed through a Boyd crusher, reducing the particle size to 90% passing 2mm before being split via a Linear Sample Divider. Coarse duplicates are assayed at a rate on 1 in 20 within the assaying of the batch. Primary samples then get pulverised to 90% passing 75µm and the resultant product split into a 50g sample for fire assay and a 500g sample. The 500g sample passes under a portable XRF scanner for analysis of secondary elements (that are not used in the Mineral Resource estimate). The 500g sample is retained for check assay work. Standards are inserted into batches of samples at a frequency of three standards in every hundred. Sieve tests are carried out on 5% of samples to achieve 90% passing 75 micron. Routinely, coarse blank samples are run through the automated sample preparation system between assay jobs to ensure sample hygiene, and quartz flushes are pulverized between each sample at the pulverizing stage. Coarse blank samples are inserted as the first sample in each laboratory job. The purpose of this sample is to check that laboratory crushing and grinding equipment is kept clean. Coarse blanks samples are also inserted into the sequence of samples before each zone of mineralisation.
Quality of assay data and laboratory tests	At SGS 50-gram samples were assayed by fire assay. SGS inserted blanks and standards (one in 20 samples) in every batch. Every 20th sample was selected as a duplicate from the original pulp packet and then analysed. Repeat assays were completed at a frequency of one in 20 and were selected at random throughout the batch. In addition, further repeat assays were selected at random by the quality control officer, the frequency of which was batch dependent. Analysis was by fire assay with similar quality assurance (QA) for RC and half core samples. Genalysis inserted internal standards and blanks randomly through each batch. Every 25th sample was selected as a duplicate from the original pulp packet and then analysed at the end of the batch. Finally, 6% of the batch was selected for re-analysis. Internal laboratory checks and internal and external check assays such as repeats and check assays enable assessment of precision. Contamination between samples is checked for by the use of blank samples. Assessment of accuracy is carried out by the use of certified Standards (CRM). Check assay campaigns generally coincide with each resource update. QA/QC results are reviewed on a batch-by-batch and monthly basis. Any deviations from acceptable precision or indications of bias are acted on with repeat and check assays. Overall performance of both laboratories has been satisfactory.

==> picture [26 x 26] intentionally omitted <==

36

APPENDIX 1: JORC 2012 EDITION -TABLE1

Section 1 Sampling Techniques and Data

Criteria	Commentary
Verification of sampling and assaying	On receipt of assay results from the laboratory the results are verified by the Data Manager and by geologists who compare results with geological logging. Analysis of twinned drill holes showed that no significant down-hole smearing was occurring in RC holes when compared to the twinned diamond holes in Tropicana and Havana.
Location of data points	All hole locations within the resource area to date have been pegged with a standard GPS, or by RTK GPS. Once the holes are drilled the collar location is then surveyed with an RTK GPS. A regional Digital Terrain Model was then created to cover the Tropicana JV tenement area from Shuttle Radar Topography Mission (SRTM) data. The data was sampled at 3 arc-seconds, which is 1/1200th of a degree of latitude and longitude, or about 90 metres. Eastman single shot instruments were used routinely for down-hole surveys prior to 2007. From 2007, gyro surveying instruments have been used to complete downhole surveying.
Data spacing and distribution	Drill-hole spacing on sections, and between sections, typically range from 25 x 25m to 100 x 100m. The majority of the Open Pit resource area has been drill tested at a nominal density of 50 x 50m with the spacing closed up to 25 x 25m within the upper levels of the deposit. The down-plunge extension of the Havana Deeps area is drilled at 100 x 100m or 100 x 50m closer to the pit area. 1m samples are composited to 2m prior to Resource Estimation.
Orientation of data in relation to geological structure	The majority of drilling was orientated to intersect normal to mineralisation. The chance of bias introduced by sample orientation is thus considered minimal.
Sample security	Samples were sealed in calico bags, which were in turn placed in large poly-weave bulk-bags for transport. Filled poly- weave bulk-bags were secured on wooden crates and transported directly via road freight to the laboratory with a corresponding submission form and consignment note. Genalysis checks the samples received against the submission form and notifies AGAA of any missing or additional samples. Once Genalysis has completed the assaying, the pulp packets, pulp residues and coarse rejects were held in their secure warehouse. On request, the pulp packets were returned to the AGAA warehouse on secure pallets where they were documented for long-term storage and retrieval.
Audits or reviews	Field quality control and assurance has been assessed on a daily, monthly and quarterly basis. Field QA/QC was assessed by Quantitative Group (QG) as part of their audits of the Tropicana and Havana resource between 2007 and 2009.

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

37

APPENDIX 1: JORC 2012 EDITION -TABLE1

Section 2 Reporting of Exploration Results

Criteria	Commentary
Mineral tenement and land tenure status	Tropicana is a joint venture between AngloGold Ashanti Australia Limited (AGAA) and Independence Group NL (IGO) (AGAA:IGO, 70:30) AGAA is the manager of the JV.
	There is no known heritage or environmental impediments over the leases where significant results were received. The tenure is secure at the time of reporting. No known impediments exist to operate in the area.
Exploration done by other parties	AngloGold Ashanti Australia (AGAA) has carried out all the drilling within the Tropicana deposit.
Geology	The Boston Shaker, Tropicana, Havana and Havana South gold deposit host rocks are predominantly gneisses.
Drill hole Information	Drillhole information for all holes with reported mineralised intercepts are given in Table 1. Details of holes not containing mineralisation are not provided as they are not material to the understanding of the results.
Data aggregation methods	Reported intercepts are calculated using the following parameters: 2m minimum width, maximum of 2m of consecutive internal waste, lower cut off of 0.5g/t Au, with a minimum intercept grade of 1g/t Au. No upper cuts applied.
Relationship between mineralisation widths and intercept lengths	Mineralised intercepts are calculated downhole, and approximate true widths of mineralisation, based on drill hole azimuth and dip, and dip of ore body.
Diagrams	Refer to the body of the announcement.
Balanced reporting	The mineralised intercepts reported are given in Appendix 2: Table of Intercepts. The drillhole intercepts reported are the results of an initial 100 x 100m spaced drill programme to test down dip extensions of the Boston Shaker southern ore shoot, and which are included in the current resource being reported. A follow up infill drilling programme, to achieve 50 x 50m spacing over the known resources at Boston Shaker (and drilled in the second half of 2016) are not included in the current resource being reported. Details of holes previously drilled or not containing mineralisation are not provided as they are not material to the understanding of the results.
Other substantive exploration data	No other exploration data to report.
Further work	Mineralisation remains open at depth. Drilling testing down-dip and along strike of currently defined resources is continuing, with Long Island drilling programmes was completed at end of 2016. The drillhole results reported will be incorporated into next resource model, scheduled for early 2017.

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

38

APPENDIX 2: TABLE OF INTERCEPTS

Hole ID	Hole Type	East	North	RL	Dip (Degree)	Azimuth (Degree)	Drill Date	Total Depth (m)	From (m)	To (m)	Width (m)	Au (g/t)	Gram Metres
BSD027A	DDH	652578.96	6763707.622	348.17	-59.59	318.10	6/10/2010	513.6	478	497	19	3.98	75.65
BSD054	DDH	652512.31	6763775.38	346.98	-60	315.00	6/10/2012	467.9	439	448	9	5.39	48.55
BWD017	DDH	652374.37	6763779.91	354.86	-60.97	316.45	31/10/2016	390.8	340	352	12	3.59	43.07
BWD017	DDH	652374.37	6763779.91	354.86	-60.97	316.45	31/10/2016	390.8	355	369	14	6.10	85.41
BWD019*	DDH	652374.38	6763708.45	356.46	-65.71	318.73	1/11/2016	428.8	362	379	17	5.53	94.07
BWD040	DDH	652019.75	6763498.36	343.27	-66.17	318.14	24/09/2016	412.3	338	350	12	4.60	55.15
BWD040	DDH	652019.75	6763498.36	343.27	-66.17	318.14	24/09/2016	412.3	360	386	26	3.04	79.15
BWD047	DDH	652130.161	6763676.263	354.5	-77.19	316.13	15/09/2016	420.8	386	402	16	4.63	74.00

* All results previously reported in December 15 2016 announcements by IGO and AGG, except for BWD017, BSD054 and BSD027A.

==> picture [240 x 44] intentionally omitted <==

==> picture [26 x 26] intentionally omitted <==

39