Asante Files Financial and Operating Results FOR
ASANTE FILES FINANCIAL AND OPERATING RESULTS FOR
THE QUARTER ENDED OCTOBER 31, 2024
Vancouver, British Columbia, December 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 nine
months ended October 31, 2024 (“Q3 2025”).
Dave Anthony, President and CEO stated, “We are pleased to report another solid quarter with significant
growth in adjusted EBITDA, reflecting the positive impact of ongoing business improvement initiatives at
Bibiani and Chirano, combined with the substitutional leverage our operations have to higher gold prices.
The relocation of the Bibiani -Goaso highway was a critical milestone for unlocking further growth at
Bibiani, and development of the Russel Starter Pit underlines the district -scale opportunities we have in
front of us. Both of these developments justify accelerated stripping in the near term, with a corresponding
increase in all-in-sustaining costs to unlock their potential. Execution of the sulphide treatment plant project
at Bibiani, which is expected to increase gold recovery to 92% , remains on track with commissioning
planned for March 2025. And at Chirano, metallurgical and throughput projects are starting to pay off. We
were also pleased to update the market on a comprehensive package of non-dilutive finance initiatives to
fund the organic growth embedded in our operations, and we look forward to providing further updates on
our progress 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 Q3 2025 are presented in this news release. For a detailed discussion of results
for the third quarter please refer to the MD&A filed on SEDAR+ at www.sedarplus.ca and Asante’s website
at www.asantegold.com.
Quarter ended October 31, 2024 Summary Financial Results
($000s USD) except as noted
Three months ended
October 31,
Nine months ended
October 31,
2024 2023 2024 2023
Financial Results
Revenue 111,140 96,497 338,948 295,496
Total comprehensive loss1 (15,514) (28,255) (51,642) (126,921)
Adjusted EBITDA2 17,553 1,968 50,423 (19,457)
Operations Results
Gold equivalent produced (oz) 45,273 46,535 145,632 155,532
Gold sold (oz) 43,551 50,573 145,778 154,995
Consolidated average gold price realized per ounce2 ($/oz) 2,552 1,908 2,325 1,906
AISC2 (USD) 2,347 1,859 2,032 2,131
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”.
2
Asante’s revenue for the three months ended October 31, 2024 was $111 million, a 15% increase from $96
million in the same period in 2023. The increase in revenue is attributable to an increase in average gold
price realized per ounce of $2,347 for the three months ended October 31, 2024, compared to $1,859 in the
same period in 2023. This was partially offset by a decrease in ounces sold of 43,273 for the three months
ended October 31, 2024 compared to 50,573 ounces sold in the same period in 2023. Asante’s revenue for
the nine months ended October 31, 2024, was $339 million, a 15% increase from $295 million for the same
period in 2023.
Adjusted EBITDA for the three and nine months ended October 31, 2024 was $17,552 and $50,423 ,
respectively, compared to $1,968 and negative $19,457 in the same periods of the prior year. The positive
adjusted EBITDA and increase in revenue reflect the rise in gold prices to near all-time highs.
The Company produced 45,273 gold equivalent ounces for the three months ended October 31, 2024 ,
compared to 46,525 gold equivalent ounces in the same period in 2023. The decrease in gold production
was primarily the result of lower feed grades, and lower recovery at Bibiani. Asante produced 145,632
gold equivalent ounces for the nine months ended October 31, 2024 compared to 155,532 in the same period
in 2023.
Consolidated AISC increased by 26% for the three months ended October 31, 2024 compared to the same
period in 2023 primarily due to additional costs at Bibiani resulting from the start of mining at the new
Russell satellite pit, plus increased stripping in the Main Pit, lower grade ore and reduced recovery.
Consolidated AISC decreased by 5% for the nine months ended October 31, 2024 compared to the same
period in 2023. This decrease was mainly attributed to lower sustaining capital and reduced mining costs
per ounce sold at Bibiani, as a result of decreased waste mining earlier in the year.
Bibiani Mine – Summary of the quarter ended October 31, 2024 Results
Bibiani Gold Mine
Three months ended
October 31,
Nine months ended
October 31,
2024 2023 2024 2023
Waste mined (kt) 3,872 4,291 9,558 17,702
Ore mined (kt) 240 556 1,153 1,578
Total material mined (kt) 4,112 4,847 10,711 19,281
Strip ratio (waste:ore) 16.14 7.72 8.29 11.22
Ore processed (kt) 546 518 1,766 1,638
Grade (grams/tonne) 1.08 1.46 1.33 1.48
Gold recovery (%) 61% 68% 63% 69%
Gold equivalent produced (oz) 12,309 16,459 47,945 53,811
Gold equivalent sold (oz) 12,695 16,574 48,399 53,124
Revenue ($ in thousands) 32,401 32,068 115,068 99,442
Average gold price realized per ounce1 (USD) 2,552 1,935 2,377 1,872
AISC1 (USD) 3,115 1,884 2,286 2,588
Notes:
(1) 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”.
3
In the three and nine months ended October 31, 2024, ore mined decreased 57% and 27% compared to the
same periods in 2023 primarily due to fleet availability issues caused by funding constraints. Gold
equivalent ounces produced was 12,309 in the three months ended October 31, 2024, compared to 16,459
in the same period of 2023, and decreased to 47,945 in the nine months ended October 31, 2024, from
53,811 in the same period of 2023. This decrease was mainly due to the lower feed grade of plant feed,
including the low-grade stockpile draw, and a higher proportion of sulphide ore processed without the
benefit of a sulphide treatment plant, which continues to limit gold recovery. Construction of the
Company’s sulphide treatment plant is underway, and is scheduled for completion in the first half of 2025,
contingent on the availability of sufficient funding.
AISC increased to $3,115 per ounce in the three months ended October 31, 2024, compared to $1,884 per
ounce in the same period of 2023, primarily due to elevated stripping requirements and lower grade ore
processed. AISC decreased to $2,286 per ounce in the nine months ended October 31, 2024, compared to
$2,588 per ounce in the same period of 2023, driven by lower sustaining capital resulting from decrease d
waste mining requirements earlier in the year.
Bibiani Outlook
For the fiscal year ending January 31, 2025, the Company expects production of 52,500 to 57,500 gold
equivalent ounces.
For fiscal year end ing January 31, 2026, the Company plans to execute on its growth strategy which
includes:
• Expansion of the Bibiani main pit through acceleration of its waste stripping program, which is
expected to significantly increase production through access to higher grade ore
• Construction and commissioning of the sulphide treatment plant which is planned to significantly
increase gold recovery
• Plant throughput expansions including installation of a pebble crusher and secondary crusher during
2025 to achieve throughput increase from 3.0 Mt/y to 4.0 Mt/y
• Plant upgrades to the carbon-in-leach circuit
• Community relocation, to support main pit expansion through 2030
• Road construction connecting Bibiani to Chirano
• Emergency generator installation during 2025 to function as a secondary power source, ensuring
uninterrupted operation and reduced plant downtime
• Commencement of underground mining. The Underground Mining Feasibility Study was completed
in September 2024 and this development program is planned to start for the quarter ended January 31,
2026. Full production from the underground mine is planned for 2028, with delivery of up to 2.6Mt/y
at 3.0 g/t Au, through 2038.
External financing will be required in order to execute this growth strategy. Subject to the availability of
sufficient financing in early calendar 2025, the Company expects to successfully complete the above
initiatives and produce between 175,000 and 205,000 gold ounces at Bibiani in the fiscal year end ing
January 31, 2026, including a significant increase in monthly production in the second half of the fiscal
year post advancement of the planned stripping program and completion of the sulphide treatment plant.
There can be no certainty that the Company will be successful in securing sufficient financing on a timely
basis.
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Chirano Mine – Summary of the quarter ended October 31, 2024 Results
Chirano Gold Mine
Three months ended
October 31,
Nine months ended
October 31,
2024 2023 2024 2023
Open Pit Mining: Waste mined (kt) 2,492 2,267 7,724 7,333
Ore mined (kt) 424 170 1,597 1,399
Total material mined (kt) 2,916 2,437 9,321 8,733
Strip ratio (waste:ore) 5.88 13.36 4.84 5.24
Underground Mining: Waste mined (kt) 220 222 624 632
Ore mined (kt) 428 393 1,370 1,161
Total material mined (kt) 647 615 1,994 1,794
Ore processed (kt) 801 782 2,550 2,458
Grade (grams/tonne) 1.47 1.38 1.40 1.47
Gold recovery (%) 87% 86% 86% 88%
Gold equivalent produced (oz) 32,964 30,076 97,687 101,721
Gold equivalent sold (oz) 30,856 33,999 97,379 101,871
Revenue ($ in thousands) 78,739 64,429 223,880 196,054
Average gold price realized per ounce1 (USD) 2,552 1,895 2,299 1,925
AISC1 (USD) 2,031 1,846 1,905 1,892
Notes:
(1) 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 by 51% in the three months ended October 31, 2024, compared to the same period in
2023, and by 16% in the nine months ended October 31, 2024, compared to the corresponding period in
2023. Ore mined increased due to increased mining activity at the Obra, Mamnao North, Mamnao Central,
Sariehu and Sariehu/Mamnao gap open pits, which were in the stripping stage during the three months
ended October 31, 2023, as well as increased operations at the Suraw and Obra underground mines.
Higher ore grades and increased ore processed contributed to increased gold equivalent ounces produced
to 32,964 ounces in the three months ended October 31, 2024 from 30,076 ounces in the same period of
2023. Reduced grade during the nine months ended Oc tober 31, 2024 resulted in a decline in gold
equivalent ounces produced to 97,687 ounces in the nine months ended October 31, 2024 from 101,721
ounces in the same period of 2023.
AISC increased to $2,031 per ounce in the three months ended October 31, 2024, compared to $1,846 per
ounce in the same period of 2023, and to $1,905 per ounce in the nine months ended October 31, 2024,
compared to $1,892 per ounce in the same period of 2023. This increase was primarily driven by lower
gold equivalent ounces sold, higher maintenance costs and higher sustaining capital expenditures in the
current reporting period.
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Chirano Outlook
For the fiscal year ending January 31, 2025, the Company expects production of 130,000 to 140,000 gold
equivalent ounces.
The Company plans to undertake the following initiatives beyond January 31, 2025, which are expected to
enhance production and reduce costs in future years:
• Execution of process plant projects to improve performance and increase the annual mine production
rate to 4Mt/annum. This includes CIL agitators and intertank screens upgrade, cyclone system upgrade
to improve grinding size control, carbon regeneration system upgrade to improve carbon activity, mill
discharge pumps upgrade, gold room electrowinning cells and rectifiers upgrade.
• Underground development of Obra to the north and at depth (wide orebody) and Suraw underground
mines to ensure consistent ore delivery.
• Underground development of the Akwaaba, Tano and Akoti far south mines to supplement flexibility
to ensure robust underground ore delivery.
• Development of the exploration drifts towards the north to explore and reclassify the resource at Sariehu
and Mamnao underground mines as the future underground mines at Chirano.
• Finalization of the feasibility and bankable studies of the North mine with a conveyor system feeding
directly to the process plant Run-of-Mine (“ROM”) pad.
• Start of Aboduabo open pit oxide mining.
• 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.
Based on preliminary budgetary estimates, the Company expects to produce between 155,000 and 175,000
gold ounces at Chirano for the fiscal year ended January 31, 2026.
The Company requires external financing to execute planned capital projects and production targets for
fiscal 2026, and meet other short-term obligations. The Company continues to pursue a number of financing
initiatives, including those outlined in the Company’s news release of October 30, 2024, which it is seeking
to conclude by early calendar 2025. There is no assurance that the Company will be able to obtain adequate
financing in the future or that such financing will be on terms acceptable to the Company.
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.
About Asante Gold Corporation
6
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,
gold production and AISC forecasts for the Bibiani and Chirano Gold Mines, financing initiatives,
estimated mineral resources, reserves, exploration results and potential, development programs, including
construction of the Company's sulphide treatment plant, and the timing thereof, and increases in mine-life
and gold recoveries, 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
7
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 whi ch 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 upda te 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.