Asante Gold Corporation recorded a net loss attributable to shareholders of US$345.44 million for the eleven months ended December 31, 2025, a sharp deterioration from the US$62.18 million loss reported for the previous financial year, according to the company’s audited consolidated financial statements released on March 31, 2026.
The financial statements, signed by Director Alex Heath and Director David Anthony, showed that revenue for the period increased to US$482.59 million from US$458.88 million, driven by a higher average gold price realised of US$3,372 per ounce compared to US$2,403 per ounce in the prior year. However, the company sold 143,138 ounces of gold, down from 190,985 ounces in the previous year.
Total comprehensive loss attributable to shareholders widened to US$345.44 million from US$62.18 million, while basic and diluted loss per share increased to US$0.55 from US$0.16.
Production declines at both mines
Gold equivalent production for the period fell to 146,571 ounces from 189,600 ounces in the prior year. At the Bibiani Gold Mine, production declined to 50,497 ounces from 60,760 ounces, while the Chirano Gold Mine produced 96,074 ounces, down from 128,840 ounces.
The company attributed the decline at Bibiani to lower-grade plant feed as operations focused on reducing a backlog of waste stripping. At Chirano, lower ore grades and decreased recovery rates due to challenges with intertank screens at the carbon-in-leach plant were cited as the primary factors.
All-in sustaining costs rise sharply
Consolidated all-in sustaining costs increased to US$3,902 per ounce for the eleven-month period, compared to US$2,168 per ounce for the previous financial year. Bibiani recorded AISC of US$6,036 per ounce, while Chirano’s AISC stood at US$2,877 per ounce.
The increase at Bibiani was primarily due to elevated stripping requirements, lower-grade ore processed from low-grade stockpiles, and higher sustaining capital expenditures. At Chirano, the increase was driven by lower gold production.
Financing package completed
During the period, the company completed a financing package comprising a senior debt facility of US$150 million, a mezzanine facility of US$125 million, gold stream agreements totalling US$50 million, and equity raisings totalling approximately US$182 million.
The company also restructured deferred payments owing to Kinross Gold Corporation, making a cash payment of US$53.42 million, issuing 36.93 million common shares valued at US$44.04 million, and issuing a secured convertible debenture of US$77.46 million. The debenture was subsequently converted by Kinross in October 2025, resulting in the issuance of 61.74 million common shares and a loss on conversion of US$28.38 million.
Going concern warning
The company’s auditors, PricewaterhouseCoopers LLP, drew attention to a material uncertainty that may cast significant doubt on Asante’s ability to continue as a going concern. As of December 31, 2025, the company had cash of US$43.99 million and a working capital deficiency of US$229.33 million.
“These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern,” the auditor’s report stated.
The company has since strengthened its liquidity position through a bought-deal private placement raising C$179.4 million in January 2026, a non-brokered private placement raising C$13.8 million, and an additional advance deposit of US$100 million from Fujairah for gold deliveries scheduled to commence in March 2026.
Operational review underway
Following recent management and board changes, including the appointment of Campbell Baird as Chief Operating Officer on March 11, 2026, the company has initiated a comprehensive operational and strategic review of its mining and processing activities across both Bibiani and Chirano.
The review is focused on resetting the operating plan to one that is executable and sustainable, with an emphasis on operational reliability, integration of mining and processing, and capital discipline. The company has not provided formal production guidance for 2026 pending completion of this work.
Regulatory and royalty changes
The company disclosed that Ghana’s royalty rate for mining companies has been revised to a sliding scale linked to gold prices, ranging from 5 per cent to 12 per cent. When the price of gold is at or above US$4,500 per ounce, the royalty rate will be 12 per cent.
Additionally, the Growth and Sustainability Levy was raised from 1 per cent to 3 per cent on gross production effective April 2, 2025, before being reduced back to 1 per cent in March 2026 following the passage of the Growth and Sustainability Levy Amendment Bill 2026.
Share capital and reserves
As of December 31, 2025, the company had 781.5 million common shares issued and outstanding, with an additional 12.44 million stock options, 21.18 million warrants, 5.36 million restricted share units, and 4.85 million deferred share units outstanding.
The company’s accumulated deficit stood at US$655.37 million, up from US$320.94 million at the end of the previous financial year.
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