TANAMI GOLD NL — Capital/Financing Update 2003

Nov 23, 2003

Announcement

(Incorporated in the Republic of South Africa) (Registration Number: 1944/017354/06) ISIN Number: ZAE000014601

ASX Code: AGG JSE Code: ANG NYSE Ticker: AU

AngloGold Ltd 16th Floor, 11 Diagonal Street, Johannesburg 2001, South Africa Tel: (+27 11) 637-6385 or Fax: (+27 11) 637-6399/6400 AngloGold Australia Ltd Level 13, 44 St Georges Tce, Perth, WA 6000, Australia Tel: (+61 8) 9425 4600 or Fax: (+61 8) 9425 4662

24 November 2003

AngloGold agrees to sell Western Tanami assets to Tanami Gold

AngloGold Australia Limited has agreed to sell its Western Tanami Project to Tanami Gold NL. The Western Tanami Project comprises an established exploration camp and associated equipment, a number of Exploration Licences/ELAs in northern Western Australia and includes the Covote gold deposit.

Under the Heads of Agreement, Tanami Gold has agreed to pay AngloGold Australia consideration comprising:

• A non-refundable deposit of A\$250,000 payable on signing of the Agreement:
• A\$3.75 million on the Completion Date of the transaction, which will be on or before January 16, 2004;
• The issue to AngloGold Australia of 25 million ordinary Tanami Gold shares at an issue $\bullet$ price of 20 cents per share on the Completion Date;
• A\$5 million paid within 120 days of the Completion Date; and
• The payment of a rovalty as follows:
• for production of between 301,000 ounces and 400,000 oz Tanami Gold will pay AngloGold Australia A\$15 per produced oz of gold;
• for production of between 401,000 oz to 500,000 oz Tanami Gold will pay AngloGold Australia A\$10 per produced oz of gold; and
• for production from 501,000 oz to 1 million oz Tanami Gold will pay AngloGold Australia a royalty of A\$5 per produced oz of gold. The royalty is capped at 1 million ounces of produced gold.

Tanami Gold has agreed not to transfer any of the tenements in the Western Tanami Project without first gaining consent of AngloGold Australia and executing an assumption deed in a form satisfactory to AngloGold Australia, pursuant to which the assignee assumes the royalty obligation.

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CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this announcement are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, those statements concerning (i) timing, fulfillment of conditions, tax treatment and completion of the Merger, (ii) the value of the transaction consideration, (iii) expectations regarding production and cost savings at the combined group's operations and its operating and financial performance and (iv) synergies and other benefits anticipated from the Merger. Although AngloGold and Ashanti believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

For a discussion of important terms of the Merger and important factors and risks involved in the companies' businesses, which could cause the combined group's actual operating and financial results to differ materially from such forward-looking statements, refer to AngloGold's and Ashanti's filings with the US Securities and Exchange Commission (the "SEC"), including AngloGold's annual report on Form 20-F for the year ended 31 December 2002, filed with the SEC on 7 April 2003 and Ashanti's annual report on Form 20-F for the year ended 31 December 2002, filed with the SEC on 17 June 2003 and any other documents in respect of the Merger that are furnished to the SEC by AngloGold or Ashanti under cover of Form 6-K.

The offer is subject to and conditional on:

• regulatory consents and approval of Tanami Gold shareholders; and
• the execution of a sales and purchase agreement containing all terms and conditions.

In reaching its decision to divest its interest in the Western Tanami region. AngloGold concluded that the region was unlikely to provide projects that would fit into the AngloGold portfolio of longlife, high margin assets. However, AngloGold believes that Tanami Gold can achieve strong synergies through combining the resources and exploration potential of the Western Tanami Project with the resources and potential of Tanami Gold's Larranganni and other regional tenements. It is for this reason that AngloGold has elected to support Tanami Gold by taking part of the consideration for the sale in Tanami Gold shares rather than cash.

Yours sincerely

Barrie Parker Operating General Manager

Enquiries: Andrea Maxev Investor Relations AngloGold Australia Limited Ph: 08 9425 4604 Mobile: 0438 001 393