Asante Provides Financial and Operating Results for the Quarter Ended October 31, 2025
Executive Summary
- Asante Gold filed its Q3 2026 MD&A, reporting $129 M revenue for the three‑month period (up 16% YoY) but a total comprehensive loss of $215 M and negative adjusted EBITDA of $6.4 M.
- Production fell to 37,333 gold‑equivalent ounces in Q3 versus 45,273 oz a year earlier; AISC rose sharply to $4,574/oz (from $2,347/oz).
- The Board approved a change of fiscal year‑end to December 31, and the company announced near‑term growth initiatives at Bibiani and Chirano mines plus the appointment of a Vice President, Finance with a 100,000 RSU grant.
Key Details
- Financial Results (Three months ended Oct 31 2025)
- Revenue: $129.3 M (+16% YoY)
- Total comprehensive loss: $(215.2 M) (vs. $(15.5 M) YoY)
- Adjusted EBITDA: $(6.4 M) (vs. $17.6 M positive YoY)
- Gold produced: 37,333 oz (down from 45,273 oz)
- Average gold price realized: $3,594/oz (up from $2,552/oz)
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All‑in sustaining cost (AISC): $4,574/oz (up from $2,347/oz)
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Financial Results (Nine months ended Oct 31 2025)
- Revenue: $372.1 M (+9.8% YoY)
- Total comprehensive loss: $(296.3 M) (vs. $(51.6 M) YoY)
- Adjusted EBITDA: +$0.6 M (down from $50.4 M YoY)
- Gold produced: 117,459 oz (down from 145,632 oz)
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AISC: $3,830/oz (up from $2,032/oz)
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Bibiani Mine – Q3 Highlights
- Waste mined: 16.9 Mt (↑318% YoY)
- Ore mined: 342 kt (↑42% YoY)
- Strip ratio: 49.4:1 (vs. 16.1:1 YoY)
- Gold recovery: 56% (unchanged)
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AISC: $8,776/oz (up from $3,115/oz)
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Chirano Mine – Q3 Highlights
- Total material mined: 3.2 Mt (down YoY)
- Gold produced: 25,612 oz (down from 32,964 oz)
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AISC: $2,964/oz (up from $2,031/oz)
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Operational Issues & Mitigations
- Mining contractor delays at Bibiani and equipment delivery lag at Chirano reduced production.
- Equipment fleet now at 101 haul trucks / 15 excavators (plus 25 trucks & 3 excavators arriving by year‑end).
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Oxygen plant for sulphide treatment commissioned late; recovery improved from ~60% to ~90%.
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Near‑Term Strategy
- Bibiani: target 50–55 k oz production for the 11‑month period ending Dec 31 2025; budgeted 215–245 k oz in 2026. Plans include ramp‑up to 6.5 Mt/month mining, plant throughput expansion to 4 Mtpa by Q2 2026, road construction, backup generator (12 MW) nearing completion, underground development start Feb 2026, and recovery target of 92% by Mar 2026.
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Chirano: aim for 97.5–102.5 k oz in the 11‑month period ending Dec 31 2025; budgeted 150–175 k oz in 2026. Initiatives include plant capacity increase to 4 Mtpa, mobilization of additional rigs, and underground development at Tano & Akoti.
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Corporate Governance
- Appointment of Patrick Padmore as Vice President, Finance; issuance of 100,000 restricted share units as part of his compensation.
Notable Quotes
“We are pleased to note that material movement and gold production targets for 2026 and beyond are considered achievable.” – Dave Anthony, President & CEO
All figures are presented in U.S. dollars unless otherwise noted.