Asante Files Financial and Operating Results FOR
ASANTE FILES FINANCIAL AND OPERATING RESULTS FOR
THE QUARTER ENDED JULY 31, 2024
Vancouver, British Columbia, September 13, 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 month and six
months ended July 31, 2024 (“Q2 2025”).
Dave Anthony, President and CEO stated, “We are pleased to report a solid quarter with growth in
consolidated adjusted EBITDA. This reflects positive developments at Bibiani and Chirano as we continue
to implement business improvement initiatives at both mines , as well as a strong gold price environment .
At Bibiani, relocation of the Bibiani -Goaso highway is a breakaway milestone and development of the
Russel Starter Pit underlines the potential of the district scale opportunities we have in front of us, that go
well beyond current operations. Execution of the Sulphide Project is advanced with planned completion in
early 2025 at Bibiani and will lead to 92% gold recovery. At Chirano, the metallurgical and throughput
projects are starting to pay off. We look forward to updating the market on our comprehensive non-dilutive
finance initiatives to fund our growth initiatives, which are expected to bear fruit in the near term.”
All dollar figures are in United States dollars unless otherwise indicated. A summary of the financial and
operating results for fiscal Q2 2025 are presented in this news release. For a detailed discussion of results
for the second quarter please refer to the MD&A filed on SEDAR+ at www.sedarplus.ca and Asante’s
website at www.asantegold.com.
Second Quarter 2025 Summary Financial Results
($000s USD) except as noted
Q2
2025
Q2
2024
YTD
2025
YTD
2024
Financial Results
Revenue 113,497 101,735 227,808 198,999
Total comprehensive loss1 (20,092) (52,037) (36,128) (98,666)
Adjusted EBITDA2 19,844 (6,518) 32,870 (21,425)
Operations Results
Gold equivalent produced (oz) 46,979 57,625 100,359 108,997
Gold sold (oz) 48,542 52,661 102,226 104,422
Consolidated average gold price realized per ounce2 ($/oz) 2,338 1,934 2,228 1,906
AISC2 (USD) 1,921 2,321 1,897 2,262
Notes:
(1) Total comprehensive loss 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”.
Asante’s revenue for the three months ended July 31, 2024 was $113 million, a 12% increase from $102
million in fiscal Q2 2024. This is attributable to an increase in average gold price realized per ounce of
$2,338 compared to $1,934 in fiscal Q2 2024 partially offset by a decrease in ounces sold to 48,542 in fiscal
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Q2 2025 compared to 52,661 in fiscal Q2 2024. Asante’s revenue for the six months ended July 31, 2024
was $228 million, an 14% increase from $199 million for fiscal YTD 2024.
Adjusted EBITDA in the three and six months ended July 31, 2024 were $19,844 and $32,870, respectively,
compared to negative $6,518 and $21,425, respectively, in the prior year comparable periods. The positive
current year Adjusted EBITDA and increase in revenue primarily reflects the increase in gold prices to near
all-time highs and a reduction in mining costs per ounce sold during the three and six months ended July
31, 2024. In fiscal Q2 2025, the Company achieved positive adjusted EBITDA for the third quarter in a
row.
The Company produced 46,979 gold equivalent ounces in fiscal Q2 2025, respectively, compared to 57,625
gold equivalent ounces in fiscal Q2 2024. The decrease in gold production was primarily the result of lower
feed grades at both mining sites and lower material movement and recovery at Bibiani. Asante produced
100,359 gold equivalent ounces for fiscal YTD 2025, compared to 108,997 in fiscal YTD 2024.
Consolidated AISC decreased by 17.3% in fiscal Q2 2025 compared to fiscal Q2 2024 and by 16.1% in
fiscal YTD 2025 compared to fiscal YTD 2024 primarily due to lower mining costs per ounce sold at
Bibiani resulting from the reduction in waste mining requirements, and cost efficiencies at Chirano.
Bibiani Mine – Summary of Q2 2025 Results
Bibiani Gold Mine Q2 2025 Q2 2024 YTD 2025 YTD 2024
Waste mined (kt) 3,215 6,649 5,687 13,411
Ore mined (kt) 327 447 913 1,022
Total material mined (kt) 3,541 7,097 6,600 14,433
Strip ratio (waste:ore) 9.84 14.86 6.23 13.12
Ore processed (kt) 624 501 1,221 1,120
Grade (grams/tonne) 1.24 1.54 1.44 1.50
Gold recovery (%) 63% 67% 64% 69%
Gold equivalent produced1 (oz) 16,452 17,351 35,636 37,352
Gold equivalent sold (oz) 16,339 16,698 35,703 36,550
Revenue ($ in thousands) 41,358 31,240 82,667 67,374
Average gold price realized per ounce2 (USD) 2,531 1,871 2,315 1,843
AISC2 (USD) 2,276 3,129 1,992 2,907
Note:
(1) Gold equivalent produced reflects gold poured during the period. Variance from gold recovery reflects gold in circuit as reconciled.
(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”.
In fiscal Q2 2025, ore mined decreased 27% compared to fiscal Q2 2024. Fiscal YTD 2025 ore decreased
by 11% compared to fiscal YTD 2024 primarily due to fleet availability issues caused by funding
constraints. Gold equivalent ounces produced decreased to 16,452 in fiscal Q2 2025 from 17,351 in fiscal
Q2 2024 and decreased to 35,636 in fiscal YTD 2025 from 37,352 in fiscal YTD 2024, driven by the lower
feed grade of purchased ore and low -grade stockpile draw as well as a higher proportion of sulphide ore
being processed without the benefit of a sulphide treatment plant to optimize gold recovery.
The decrease in AISC from $3,129 per ounce in fiscal Q2 2024 to $2,276 per ounce in fiscal Q2 2025 and
from $2,907 in fiscal YTD 2024 to $1,992 in fiscal YTD 2025 was primarily driven by a significantly lower
strip ratio, reducing waste mining and lowering mining costs per ounce of gold. Total material mined
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decreased by 50% in fiscal Q2 2025 and by 54% in fiscal YTD 2025 compared to the same periods in the
prior year, primarily due to lower mining equipment availability resulting from liquidity constraints.
Bibiani Outlook
Subject to availability of financing, the Company expects production of 85,000 to 95,000 gold equivalent
ounces in fiscal 2025 based on successful execution of the following initiatives:
• Near-term ramp up in mining fleet availability concurrent with funding of the mining contractor
• Installation of an auxiliary primary crushing facility by fiscal Q3 2025
• Development of a starter pit at the South Russell project to supplement ore feed from the main pit by
Q3 2025
• The Bibiani G oaso highway was relocated in Q2 2025. Asante is now developing working benches
and access to oxide at the south end of the main pit
The Company has plans to execute the following initiatives beyond fiscal 2025 that it expects will result in
increased in production and decreased in costs in future years:
• Construction and commissioning of the sulphide treatment plant during fiscal 2026 which will increase
gold recovery
• Community relocation and road construction activities
• Other plant upgrades including installation of a pebble crusher and secondary crusher during fiscal
2026 to achieve throughput increase from 3.0 Mt/y to 4.0 Mt/y
Chirano Mine – Summary of Q1 2025 Results
Chirano Gold Mine Q2 2025 Q2 2024 YTD 2025 YTD 2024
Open Pit Mining: Waste mined (kt) 2,498 2,290 5,232 5,066
Ore mined (kt) 561 409 1,173 1,230
Total material mined (kt) 3,059 2,699 6,406 6,296
Strip ratio (waste:ore) 4.46 5.60 4.46 4.12
Underground Mining: Waste mined (kt) 194 210 404 411
Ore mined (kt) 482 399 942 768
Total material mined (kt) 676 610 1,346 1,179
Ore processed (kt) 908,060 855,291 1,748,498 1,676,309
Grade (grams/tonne) 1.29 1.57 1.37 1.52
Gold recovery (%) 86% 85% 86% 87%
Gold equivalent produced (oz)1 30,527 40,274 64,723 71,645
Gold equivalent sold (oz) 32,203 35,913 66,523 67,872
Revenue ($ in thousands) 72,139 70,495 145,141 131,625
Average gold price realized per ounce2 (USD) 2,240 1,963 2,182 1,939
AISC2 (USD) 1,740 1,946 1,846 1,915
Notes:
(1) Gold equivalent produced reflects gold poured during the period. Variance from gold recovery reflects gold in circuit as reconciled.
(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”.
Ore mined increased 29% in fiscal Q2 2025 over fiscal Q2 2024 and 6% in fiscal YTD 2025 over fiscal
YTD 2024 due to increased mining activity at the Sariehu open pit which was in the stripping stage during
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fiscal Q2 2024, as well as increased activity at the Suraw and Obra underground mines. Ore grade decreased
by of 18% in fiscal Q2 2025 over fiscal Q2 2024 and 9.6% in fiscal YTD 2025 over fiscal YTD 2024
resulting from lower than expected grade mined from Suraw and Obra. The lower grade resulted in a
reduction of gold equivalent ounces produced to 30,527 in fiscal Q2 2025 from 40,274 in fiscal Q2 2024
and 64,723 in fiscal YTD 2025 compared to 71,645 in fiscal YTD 2024.
The decrease in AISC to $1,740 per ounce in fiscal Q2 2025 and $1,846 in fiscal YTD 2025 from $1,946
per ounce in fiscal Q2 2024 and $1,915 in fiscal YTD 2024 was primarily driven by lower gold production
costs, including reduced consumable and maintenance expenses as well as obsolete materials and supplies
inventory write -offs, partially offset by higher sustaining capital expenditures in the current periods
compared.
Chirano Outlook
Subject to the availability of financing, the Company expects production of 150,000 to 165,000 gold
equivalent ounces in fiscal 2025. Near-term initiatives include:
• Execution of plant projects to improve performance and increase the annual mine production rate to
4Mt/annum, including CIL agitators upgrade, tertiary crusher upgrade, carbon safety screens, mill
discharge pumps upgrade, gold room electrowinning cells and rectifiers upgrade
• Tertiary crusher upgrade, scheduled for completion in fiscal Q3 2025
• Underground development of the Obra (wide orebody) and Suraw underground mines to ensure
consistent ore delivery
• Underground development of the Akwaaba, Tano and Akoti mines to supplement flexibility in
underground ore delivery
• Ongoing underground exploration projects at the Suraw, Obra and open pit mine life extension projects
at the Sariehu/Mamnao area are progressing as planned
• 3D litho-structural modelling at the Obra mine is ongoing to support mine life extension
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
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.
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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
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, an d
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
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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 the CSE nor its Regulation Services Provider (as that
term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.