Asante GOLD Announces FY 2023 Results
ASANTE GOLD ANNOUNCES FY 2023 RESULTS
Vancouver, British Columbia – June 1 , 202 3 – Asante Gold Corporation (“Asante” or the
“Company” CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) announces the filing of
its audited financials, management’s discussion and analysis and annual information form for the year
ended January 31, 2023 (the “Annual Filings”).
A
ll financial information provided in this news release is audited and dollar figures are Canadian dollars
unless otherwise stated.
F
Y 2023 HIGHLIGHTS
• No
Lost Time Injuries recorded.
• Gold production and sales of 120,713 ounces.
• Revenue of $274.7 million.
• Net comprehensive loss of $169.5 million.
• Completed US$60 million in deferred payments for Bibiani acquisition.
• Completed US$52 million in payments pursuant to the Company’s gold forward sale agreement.
• C losed acquisition of an indirect 90% interest in the Chirano Gold Mine on August 10, 2022.
• Synergies between Chirano and Bibiani (~15 km apart) have been identified, including procurement of
services and consumable materials, shared services, technical services and training initiatives, with
expected savings of approximately $5.5 to $7 million per year . Initiatives have been taken to captur e
t
hese opportunities and will continue to be rolled out through Q3 2023.
• Th
e Bibiani e xploration program targeting increased mine life beyond 8.3 years continues to meet
success.
• Th
e exploration program at Chirano that targets increased mine life beyond 5 years has been successful,
w
ith the Aboduabo prospect emerging as a significant, long-term opportunity.
• Th
e Chirano business improvement plan that includes several process plant upgrades and accelerated
mine development is advancing as planned. This program targets a 30% increase in production and a
10%
decrease in AISC for calendar 2024.
Filing of the Annual Filings satisfies the condition s for revocation of the management cease trade order
(“MCTO”) granted by the British Columbia Securities Commission (“ BCSC”) on May 3, 2023 , and the
Company intends to file an application with the BCSC to have the MCTO revoked.
Dave Anthony, President and CEO of Asante, stated, “Over the past 18 months Asan te has been
transformed from an early-s tage exploration company to a mid-t ier g old pro ducer. In fiscal 2023, we
made payments totaling US$ 60 million towards closin g our Bibiani acquisition, repaid $5 2 million on
our gold forward sale agreement a nd closed the Chirano acquisition. With consolidation of two
operating mines n ear each other, we have control of a district scale land package with significant
gold resources and exploration
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upside. Previously announced value creation initiatives are proceeding across our business as we look to
make the Bibiani-Chirano complex one of the top mining districts in Africa.”
CUR
RENT ACTIVITIES
• U
nderground mine planning for Bibiani is advanced, with start of development anticipated for Q2 2024.
• Bibiani ramp up includes development of the Grasshopper satellite pit, which is expected to operate
through Q1 2024 and deliver in excess of 50,000 oz gold in 2023.
• Chirano is achieving target production levels of gold in 2023.
• The pebble crusher at Chirano started operation in April 2023, bringing throughput to 4.0Mtonnes/y.
• The gravity recovery plant and oxygen plant at Chirano will start operation in Q3 2023.
• The Bibiani pebble crusher will start operation in Q4 2023, bringing throughput to 3.6Mtonnes/year.
• The sulphide treatment plant at Bibiani is planned to start operation in Q4 2023.
• Aboduabo starter pit is expected to begin development in Q4 2023.
• South Russell starter pit is expected to begin development in Q4 2023.
Q
ualified Person Statement
T
he scientific and technical information contained in this news release has been reviewed and approved by
Dave Anthony, P.Eng, Mining & Mineral Processing, President & CEO of Asante Gold, who is a "qualified
person" under NI 43-101.
Ab
out Asante Gold Corporation
A
sante 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 with combined
forecast production of approximately 400,000 ounces of gold for 2023. The Company continues with
detailed technical studies at its Kubi Gold Project leading to production. 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 experience in Ghana. The Company is listed on the
Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is
also exploring i ts 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.
A
bout the Bibiani Gold Mine
B
ibiani 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 newly refurbished 3 million tonne per annum process plant and existing
mining infrastructure. Mining commenced in late February 2022 with the first gold pour announced on July
7, 2022. Commercial production was announced November 10, 2022.
F
or additional information relating to the mineral resource and mineral reserve estimates for the Bibiani
Gold Mine, please refer to Asante’s press releases dated July 18, 2022 and September 1, 2022 and the
technical report filed on its SEDAR profile (www.sedar.com) on September 1, 2022.
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About the Chirano Gold Mine
Chirano is an o perating op en pit and underground mine located in the Western Regio n of
Ghana, immediately south of the Compan y’s Bibiani Gold Mine. Chirano was first explored and
developed in 1996 and began production in October 2005. The mine co mprises 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 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 fo recasts for the Bibiani and Chirano Gold Mines, estimated mineral resources, reserves,
exploration results and poten tial, development programs and increases in mine -life, p otential synergies
between Chirano and Bibiani, targets regarding increase in production and decrease in AISC, and filing of
an application with the BCSC . 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 qu antity 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.sedar.com). 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.
Cautionary Note Regarding Non-GAAP Financial Measures
Alternative performance measures in this news release such as “AISC” are furnished to provide add itional
information. These non-G AAP performance measures are included in this news release because these
statistics are used as key performance measures that management uses to monitor an d assess performance
of Chirano, and to plan and assess the overall effectiveness and efficiency of mining operations. These
performance measures do not have a standard meaning within International Financial Reporting Standards
(“IFRS”) and, therefore, amounts presented may not be comparable to similar data presented by other
mining companies. These performance measures should not be considered in isolation as a substitute for
measures of performance in accordance with IFRS.
Cash Costs - Cash costs include site operating costs (mining, processing, site G&A), refinery costs and
royalties, but excludes head office G&A and exploration expenses. While there is no standardized meaning
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of the measure across the industry, the Company believes that this measure is useful to external users in
assessing operating performance.
All-In Sustaining Cost (“AISC”) - AISC includes cash costs and sustaining capital and exploration
expenses. The Company believes that this measure is useful to external users in assessing operating
performance and the Company’s ability to generate free cash flow from current operations.
LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities
regulatory authority accepts responsibility for the adequacy or accuracy of this release.