Asante Provides Strategic Review and Operational Update
Asante Gold Corporation (ASE) has issued a comprehensive strategic and operational update following its first-quarter 2026 review, highlighting stabilized production, strict cost accountability measures, and the deferral or cancellation of approximately US$50 million in 2026 capital expenditures to strengthen liquidity. The company implemented line-by-line cost workshops at its Bibiani and Chirano operations, initiated corrective actions on procurement and contractor agreements, and restructured the Bibiani underground development plan to a more capital-efficient single-decline strategy. A detailed market update containing revised production guidance, quantified cost reduction targets, and a full capital program breakdown is scheduled for release by the end of July 2026.
Approximately US$50 million of previously planned 2026 capital expenditures have been deferred or cancelled, materially improving the company’s liquidity position and short-term cash visibility. Further reductions to the 2026 and 2027 capital programs are expected in the July update. To support these efforts, Asante Gold completed structured, line-by-line cost accountability workshops at Bibiani and Chirano across mining, processing, labour, G&A, and capital expenditures. Corrective actions include removing third-party equipment hire, renegotiating contractor agreements, and establishing a dedicated procurement/supply chain review team. Additionally, a formal stage-gate capital governance framework is being implemented across both operations to strengthen capital allocation decisions.
In executive reinforcement, Glenn Baldwin was appointed Chief Development Officer in June 2026, and experienced external specialists have been engaged across project management, technical, and financial services. Operational performance in the second quarter remained broadly in line with Q1 2026 levels and expectations at both Bibiani and Chirano, with Q2 2026 production results to be reported in August 2026.
At Bibiani, the company is replacing the previously planned three-portal design with a single decline commencing Q4 2026 to improve capital efficiency and allow geological refinement. The south portal and first underground production stopes are planned for a disciplined sequence through 2027 and 2028. The company is also actively recovering approximately 5,000 ounces of gold accumulated within the processing circuit, which is expected to provide a meaningful one-off production benefit in Q4 2026.
Progress on the Bibiani Resettlement Action Plan includes the completion of Phase 1 construction, with the relocation of the first ~300 households expected in early July. Approximately US$50 million has been invested in the program to date. The banking syndicate remains supportive, with the company maintaining continuous constructive dialogue.
Campbell Baird, Acting Chief Executive Officer, stated: “Our focus in the first three months has been to understand this business from the ground up, stabilize what we have, and put the foundations in place for consistent, sustainable performance. Production has been maintained across both operations. The strategic review is delivering real results: capital discipline has been restored, projects have been rationalised, and the Company is beginning to move as one.”