Asante Files Financial and Operating Results FOR
ASANTE FILES FINANCIAL AND OPERATING RESULTS FOR
THE QUARTER ENDED APRIL 30, 2024
Vancouver, British Columbia, June 17, 2024 – Asante Gold Corporation (CSE:ASE | GSE:ASG |
FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) announces the filing of its
financial statements and management’s discussion and analysis (“MD&A”) for the three months ended
April 30, 2024 (“Q1 2025”).
Dave Anthony, President and CEO stated: “We are pleased to report results of the first quarter of fiscal
2025, with increased gold production at lower all -in-sustaining-costs compared to the prior year period,
along with the delivery of our second consecutive quarter of positive EBITDA. Subject to the achievement
of our financing objectives, we are on track to deliver our plan to unlock the untapped district scale potential
of Bibiani-Chirano, with annual production expected to grow to nearly 450,000 ounces of gold in fiscal
2026 and more than 500,000 ounces of gold by fiscal 2029, at lower costs and higher margins, as outlined
in the recently updated technical reports for the Bibiani and Chirano mines. In addition, the recently
announced rerouting of the Bibiani-Goaso highway and the advancement of the Sulphide Treatment Plant
project are both important catalysts for the delivery of our growth plans and remain on track.
During the three months ended April 30, 2024, the Company changed the presentation currency of its
financial statements from Canadian dollars to United States dollars. The change in the financial statement
presentation currency is considered an accounting policy change and has been accounted for
retrospectively. As such, all dollar figures are in United States dollars unless otherwise indicated. A
summary of the financial and operating results for fiscal Q1 2025 are presented in this news release. For a
detailed discussion of results for the first quarter, please refer to the MD&A dated June 14, 2024, filed on
SEDAR+ at www.sedarplus.ca and Asante’s website at www.asantegold.com.
First Quarter 2025 Summary Financial Results
($000s USD) except as noted Q1 2025 Q1 2024
Financial Results
Revenue 114,311 97,264
Net (loss) income1 (16,036) (46,629)
Adjusted EBITDA2 13,026 (14,907)
Total assets 704,538 737,053
Non-current liabilities 113,075 100,765
Operations Results
Gold equivalent produced (oz) 53,379 51,372
Gold sold (oz) 53,600 51,811
Consolidated average gold price realized per ounce2 ($/oz) 2,133 1,877
AISC2 ($/oz) 1,879 2,202
Notes:
(1) Attributable to shareholders of the Company.
(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly
comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-
IFRS Measures”.
2
Asante’s revenue for the three months ended April 30, fiscal 2025 was $114 million, an 18% increase from
$97 million in fiscal Q1 2024. This is attributable to an increase in average gold price realized per ounce
of $2,133 compared to $1,877 in fiscal Q1 2024 and an increase in ounces sold to 53,600 in fiscal Q1 2025
compared to 51,811 in fiscal Q1 2024. Adjusted EBITDA was $13.0 million compared to negative $14.9
million in the prior year comparable quarter. This reflects the increase in gold price during the quarter and
a reduction in mining costs. In fiscal Q1 2025, the Company achieved positive adjusted EBITDA for the
second quarter in a row.
During fiscal Q1 2025, the Company produced 53,379 gold equivalent ounces, respectively, compared to
51,372 gold equivalent ounces in fiscal Q1 2024. The increase in gold production was primarily the result
of increased ore processed and gold recovery at Chirano. Consolidated AISC in fiscal Q1 2025 decreased
by 14.7% compared to fiscal Q1 2024 primarily due to lower mining costs at Bibiani due to a reduction in
waste mining requirements and an increase in gold equivalent ounces sold.
Bibiani Mine – Summary of Q1 2025 Results
Bibiani Gold Mine Q1 2025 Q1 2024
Waste mined (kt) 2,472 6,762
Ore mined (kt) 587 575
Total material mined (kt) 3,058 7,337
Strip ratio (waste:ore) 4.21 11.77
Ore processed (kt) 596 619
Grade (grams/tonne) 1.65 1.46
Gold recovery (%) 65% 72%
Gold equivalent produced (oz) 19,183 20,001
Gold equivalent sold (oz) 19,363 19,852
Revenue ($ in thousands) 41,309 36,134
Average gold price realized per ounce1 ($/oz) 2,133 1,820
AISC1 ($/oz) 1,752 2,720
Note:
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directl y
comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS
Measures”.
Ore mined increased by 2.1% in fiscal Q1 2025 compared to fiscal Q1 2024 due to the planned mining
sequence at the main pit, which allowed access to areas with improved feed grade and lower stripping ratio.
Gold equivalent ounces produced decreased to 19,183 in fiscal Q1 2025 from 20,001 in fiscal Q1 2024,
impacted by a higher proportion of sulphide ore being processed without the benefit of a sulphide treatment
plant to optimize gold recovery, and a 3.7% reduction in ore processed impacted by temporary unplanned
power outages. The decrease in AISC from $2,720 per ounce in fiscal Q1 2024 to $1,752 per ounce in
fiscal Q1 2025 was primarily due to a significantly lower strip ratio of 4.21 in fiscal Q1 2025 compared to
11.77 in fiscal Q1 2024, resulting in a lower proportion of waste mining and a reduction in mining costs
per ounce of gold. Total material mined in fiscal Q1 2025 was 58% lower in fiscal Q1 2025 compared with
fiscal Q1 2024 due to lower mining equipment availability resulting from liquidity constraints.
Subject to the availability of financing, the Company’s near-term plans to increase production and decrease
unit costs include: (i) execution of the South cutback of the Bibiani main pit as part of cut 1 and Russel
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satellite pit in fiscal Q2 2025, (ii) increase in mining fleet availability during fiscal Q2 2025, and (iii)
increase of gold recovery through the construction of the planned sulphide treatment plant in fiscal Q4
2025. This strategy is articulated in the results of the Company’s National Instrument 43-101 technical
report “NI 43 -101 Technical Report and Updated Mineral Resource Estimate, Mensin Gold Bibiani
Limited” dated April 30, 2024 (with an effective date of December 31, 2023) (the “2024 Bibiani Technical
Report”) – see press release dated May 1, 2024.
Bibiani Outlook
On May 1, 2024, the Company announced the filing of the 2024 Bibiani Technical Report for the Bibiani
mine, with highlights as follows:
• Gold production of 271koz in fiscal 2026 (a 254% increase over fiscal 2024), and 208koz on average
for remaining life of mine which is enabled by fiscal 2025 investments in South extension of the pit
during cut 1 phase and start of cut 2 phase to expand the main pit in fiscal 2025 and sulphide treatment
plant to increase gold recovery to 92%
• Commencement of underground mine development in fiscal 202 with first underground ore processed
in fiscal 2027; a robust mine plan is underpinned by first -ever underground reserves delineated by
Asante
• Significant unit cost reduction by fiscal 2026 reflecting reduced stripping requirements, increased scale,
and increased gold recovery; AISC of production projected to average $1,216/oz over life of mine
• 2.49 million ounces of measured and indicated mineral resources, a 9% increase compared to the
previous technical report, reflecting underground strategy with over 0.9 million ounces of underground
reserves
• 1.15 million ounces of inferred mineral resources, a 225% increase compared to the previous technical
report
The Bibiani mine plan as outlined in the 2024 Bibiani Technical Report for the Bibiani mine is based on
proven and probable reserves only, without inclusion of the significant incremental resource base. The
Company foresees the potential for production increases and mine life extension based on continued
resource conversion and exploration success.
Consistent with the 2024 Bibiani Technical Report and subject to availability of financing, the Company
expects production of 110,000 to 120,000 gold equivalent ounces in fiscal 2025 based on successful
execution of the following initiatives:
• Execution of the south extension cutback and start of the cut 2 phase of the main pit scheduled for June
2024 and December 2024 respectively as envisaged in the 2024 Bibiani Technical Report
• Progression of community relocation and road construction activities
• Construction and commissioning of the sulphide treatment plant by fiscal Q4 2025
• Installation of an auxiliary primary crushing circuit by fiscal Q3 2025
• Other plant upgrades including installation of a pebble crusher by fiscal Q4 2025, completion of the
scalping screen supporting the gravity plant, and upgrades and expansions of the CIL and elution
facilities in fiscal 2025
• Development of a starter pit at the South Russell project to supplement ore feed from the main pit by
fiscal Q2 2025
Consistent with the 2024 Bibiani Technical Report, the Company expects that execution of these initiatives
and completion of financing will also result in a significant increase in production and decrease in costs
beyond fiscal 2025.
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Chirano Mine – Summary of Q1 2025 Results
Chirano Gold Mine Q1 2025 Q1 2024
Open Pit Mining:
Waste mined (kt) 2,374 2,776
Ore mined (kt) 612 821
Total material mined (kt) 3,347 3,597
Strip ratio (waste:ore) 4.46 3.38
Underground Mining:
Waste mined (kt) 210 201
Ore mined (kt) 460 369
Total material mined (kt) 670 569
Ore processed (kt) 840 821
Grade (grams/tonne) 1.47 1.46
Gold recovery (%) 86% 86%
Gold equivalent produced (oz) 34,196 31,371
Gold equivalent sold (oz) 34,236 31,959
Revenue ($ in thousands) 73,002 61,130
Average gold price realized per ounce1 ($/oz) 2,132 1,913
AISC1 ($/oz) 1,951 1,881
Note:
(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most direc tly
comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS
Measures”.
In fiscal Q1 2025, gold equivalent ounces produced increased to 34,196 compared to 31,371 in fiscal Q1
2024. This was primarily due to a 2.4% increase in ore processed. Total ore mined decreased by 9.8% in
fiscal Q1 2025 compared to fiscal Q1 2024 primarily due to fewer tonnes mined from open pit, given a
focus during the period on removing overburden at surface operations rather than extraction of ore. The
increase in AISC to $1,951 per ounce in fiscal Q1 2025 from $1,881 per ounce in fiscal Q1 2024 primarily
resulted from higher sustaining capital of $6,659 in the current quarter compared to $906 in fiscal Q1 2024.
Subject to the availability of financing, the Company’s near-term plans to increase production and decrease
unit costs include (i) increase in mining fleet availability, (ii) increase of gold recovery through the recent
additions of the gravity plant and oxygen plant, and (iii) underground development at the Obra and Suraw
mines. This strategy is articulated in the results of the Company’s National Instrument 43-101 technical
report “NI 43 -101 Technical Report and Updated Mineral Resource Estimate, Chirano Gold Mines
Limited” dated April 30, 2024 (with an effective date of December 31, 2023) (the “2024 Chirano Technical
Report”) – see press release dated May 1, 2024.
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Chirano Outlook
On April 30, 2024, the Company filed the 2024 Chirano Technical Report with highlights as follows:
• Gold production of 165koz in fiscal 2025 (a 26% increase over 2023) and exceeding 200koz by fiscal
2028
• Plant throughput and recovery increase to 4mt and more than 91% respectively
• Expansion of surface mining operations to confirmed orebodies in the Chirano/Bibiani 53km gold field
corridor
• Underground mine plan focused on expansion of the Obra and Suraw mines
• Establishment of an effective ore transport system to improve productivity and mining costs
• Lower unit costs from increased throughput, efficiencies, improved use of capital
• 2.1 million ounces of measured and indicated mineral resources, an 84% increase compared to the
previous technical report
• 1.0 million ounces of inferred mineral resources, a 177% increase compared to the previous technical
report
The Chirano mine plan as articulated in the 2024 Chirano Technical Report is based on proven and probable
reserves only, without inclusion of the significant incremental resource base. The Company foresees the
potential for production increases and mine life extension based on continued resource conversi on and
exploration success. Consistent with the 2024 Chirano Technical Report and subject to the availability of
financing, the Company expects production of 160,000 to 170,000 gold equivalent ounces in fiscal 2025.
Near-term initiatives in fiscal 2025 include:
• A pebble crusher has been procured and installed on schedule, and throughput capacity has increased
from 3.4Mt/y to 3.7Mt/y. Further primary grinding upgrades, CIL upgrades, pump upgrades and
cyclone replacement are planned to be operational from fiscal Q4 2025 with the aim of increasing
process plant throughput capacity from 3.7Mt/y to 4.0Mt/y in fiscal 2026
• Completion of the second cutback at the Sariehu open pit
• Replacement of mining from the S pits with Sariehu/Mamnao north gap and Obra pits in fiscal 2025
Management expects these initiatives will provide access to incremental resources with the ultimate strategy
of efficient blend of open pit and underground ore to ensure control of head grade.
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed and approved by
David Anthony, P.Eng., Mining and Mineral Processing, President and CEO of Asante, who is a "qualified
person" under NI 43-101.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry
that are not defined under International Financial Reporting Standards ( “IFRS”), including “all-in
sustaining costs” (or “AISC”), average gold price realized, adjusted EBITDA and working capital. Non-
IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not
be comparable to similar measures employed by other companies. The data presented is intended to provide
additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS and should be read in conjunction with Asante’s
consolidated financial statements. Readers should refer to Asante's Management Discussion and Analysis
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under the heading "Non-IFRS Measures" for a more detailed discussion of how Asante calculates certain
of such measures and a reconciliation of certain measures to IFRS terms.
About Asante Gold Corporation
Asante is a gold exploration, development and operating company with a high-quality portfolio of projects
and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with
detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the
prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders,
builders and operators, with extensive expe rience in Ghana. The Company is listed on the Canadian
Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also
exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike
of major gold mines near the centre of Ghana’s Golden Triangle. Additional information is available on the
Company’s website at www.asantegold.com.
About the Bibiani Gold Mine
Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with previous
gold production of more than 4.5 million ounces. It is fully permitted with available mining and processing
infrastructure on-site consisting of a refur bished 3 million tonne per annum process plant and existing
mining infrastructure. Asante commenced mining at Bibiani in late February 2022 with the first gold pour
announced on July 7, 2022. Commercial production was announced November 10, 2022.
For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani
Gold Mine, please refer to the 2024 Bibiani Technical Report filed on the Company’s SEDAR+ profile
(www.sedarplus.ca).
About the Chirano Gold Mine
Chirano is an operating open pit and underground mine located in the Western Region of Ghana,
immediately south of the Company’s Bibiani Gold Mine . Chirano was first explored and developed in
1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti
North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba
and Paboase underground mines.
For additional information relating to the mineral resource and mineral reserve estimates for the Chirano
Gold Mine, please refer to the 2024 Chirano Technical Report filed on the Company’s SEDAR + profile
(www.sedarplus.ca).
For further information please contact:
Dave Anthony, President & CEO
Frederick Attakumah, Executive Vice President and Country Director
+1 604 661 9400 or +233 303 972 147
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Cautionary Statement on Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements, including but not limited to,
production and AISC forecasts for the Bibiani and Chirano Gold Mines, estimated mineral resources,
reserves, exploration results and potential, development programs and increases in mine -life, starter pit
development and potential synergies between Chirano and Bibiani. Forward- looking statements involve
risks, uncertainties and other factors that could cause actual results, performance, prospects, and
opportunities to differ materially from those expressed or implied by such forward- looking statements.
Factors that could cause actual results to differ materially from these forward -looking statements include,
but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be
located, the Company’s inability to obtain any necessary permits, consents or authorizations required for
its planned activities, the Company’s inability to raise the necessary capital or to be fully able to implement
its business strategies, and the price of gold. The reader is referred to the Company’s public disclosure
record which is available on SEDAR + (www.sedarplus.ca). Although the Company believes that the
assumptions and factors used in preparing the forward -looking statements are reasonable, undue reliance
should not be placed on these statements, which only apply as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed time frames or at all. Except as required
by securities laws and the policies of the securities exchanges on which the Company is listed, the Company
disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities
regulatory authority accepts responsibility for the adequacy or accuracy of this release.