Asante Reports Results for the Quarter Ended July 31, 2025 and Provides Near-Term Outlook

Executive Summary

• Asante Gold Corporation reported its second quarter 2026 financial and operating results, highlighting a significant decline in production and profitability due to capital constraints that limited access to ore and deferred stripping activities.
• The company announced the completion of a $500 million financing package, enabling immediate capital deployment to address operational bottlenecks, with expectations for improved results and rapid production growth starting in the third quarter.
• Key operational updates include the imminent commencement of the new sulphide treatment plant at Bibiani (targeting gold recovery improvement from 60% to >90%) and plans to satisfy listing conditions for the TSX Venture Exchange.

Key Details

• Financial Performance (Q2 2026 vs Q2 2025):
  • Revenue: $100.8 million (down 11% from $113.5 million).
  • Total Comprehensive Loss: $(61.0) million (vs. $(20.1) million loss).
  • Adjusted EBITDA: $(26.3) million (vs. $19.8 million profit).
  • Gold Sold: 32,205 oz (vs. 48,542 oz).
  • Consolidated AISC: $4,849/oz (up significantly from $1,921/oz).
• Production Metrics:
  • Gold Equivalent Produced: 28,213 oz (down from 46,979 oz).
  • Bibiani Mine Production: 8,257 oz (down from 16,452 oz); Strip ratio was 44.4:1 due to deferred stripping backlog.
  • Chirano Mine Production: 19,956 oz (down from 30,527 oz); Ore grade declined to 0.93 g/t.
• Financing:
  • Completion of a $500 million financing package in late August 2025.
  • Funds are being deployed to increase equipment availability, lower stripping ratios, and increase plant throughput.
• Operational Updates & Outlook:
  • Bibiani Sulphide Plant: Commissioning is well advanced; operations targeted to begin in September 2025 with full optimization in Q4. Expected to increase gold recovery from 60% to up to 92%.
  • Production Guidance: Consolidated 2026 production target remains ~450,000 oz (up >70% over 2025 guidance). Near-term outlook anticipates 125,000–130,000 oz from each operation for the current fiscal year.
  • Bibiani Expansion: Crushing facility upgrade ongoing to increase throughput from 3.0 Mt/y to 4.0 Mt/y.
  • Chirano Expansion: Process plant improvements targeting 4 Mt/y annual mine production rate; underground development continuing at Akwaaba, Tano, and Akoti mines.
• Corporate Actions:
  • Expectation to satisfy conditions for listing on the TSX Venture Exchange in September 2025.

Notable Quotes

• “While capital constraints impacted operating and financial performance at both Bibiani and Chirano during the second quarter, with our $500 million financing package now complete, we have the resources to fully execute our business plan to deliver long-term value to shareholders and stakeholders.” – Dave Anthony, President and CEO.
• “We are positioned to deliver rapid production growth over the coming months, driven by greater equipment availability, a lower stripping ratio, higher-grade ore and increased plant throughput.” – Dave Anthony, President and CEO.