Asante Provides Financial and Operating Results
ASANTE PROVIDES FINANCIAL AND OPERATING RESULTS
FOR THE QUARTER ENDED MARCH 31, 2026
Key Highlights
Campbell Baird appointed as Chief Operating Officer and subsequent to the quarter, appointed Acting
Chief Executive Officer.
Q1 group gold production of 59,800 equivalent ounces at All-In-Sustaining-Cost (“AISC”) of $3,886
per equivalent ounce.
Monthly average gold production in Q1 approx. 20,000 equivalent ounces, more than 50% increase on
2025 monthly average of ~13,000 equivalent ounces.
Record quarterly revenue of $300.4 million and gross profit of $60.5 million.
Significant investment undertaken in new mining fleet and plant upgrades in Q1.
Strategic operational review of Bibiani and Chirano ongoing; f ocused on increasing operational
reliability and driving additional production growth.
Vancouver, British Columbia, May 19, 2026 – Asante Gold Corporation ( TSX.V:ASE | GSE:ASG |
FRA:1A9 | OTCQX: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 March 31,
2026 (“Q1 2026”). All dollar figures are in United States dollars unless otherwise indicated.
Corporate Leadership Update
As announced today (refer Asante news release dated May 19, 2026, Asante Gold Corporation Announces
Appointment of Acting Chief Executive Officer), following his appointment as Chief Operating Officer in
March 2025, Campbell Baird has been appointed as Acting Chief Executive Officer (“CEO”).
During the quarter, the Board also retained Kevin Tomlinson and Michele Muscillo as advisors to support
governance, capital and technical initiatives (refer Asante news release dated March 11, 2026).
Mr. Baird’s direct involvement during the period, supported by independent technical and capital advisors,
provides continuity as the Company finalizes revised operating plans, advances liquidity and stabilization
measures. This appointment coincides with the previously announced retirement of Dave Anthony as
President and CEO of Asante, which was announced March 11, 2026, and which became effective May 15,
2026.
Comment from Acting Chief Executive Officer
Campbell Baird , Acting CEO, stated, “I am honoured to be appointed Asante’s CEO. The growth
opportunity in front of Asante is substantial, and I look forward to driving consistency of performance into
the business as we pursue the full scope of short- and long-term potential at Bibiani and Chirano.
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“There were a number of key developments during Q1 2026. Group gold production averaged
approximately 20,000 equivalent ounces per month, a substantial uplift on the approximately 13,000
equivalent ounces per month averaged over the 11 months to December 2025. This increase was delivered
notwithstanding ongoing refurbishment programs at our mills, slower than expected mining contractor and
equipment ramp-up, and delayed access to higher grade in-pit ore sources.
“This strengthened production performance contributed to quarterly record revenue of over $300 million,
more than double the prior corresponding period, and resulted in an Adjusted EBITDA result of
approximately $102 million, also a record for the Company. While acknowledging there remains more to
do to improve reliability of our production and cost performance- and delivery on our growth potential -
these results demonstrate the initial quantum and direction of improvement.
“As announced in early April, we initiated a comprehensive review of our mining and processing activities
at Bibiani and Chirano. This review is focused on resetting our operating plan to be executable and robust.
While both operations have demonstrated improving production trends in recent months, the Company’s
immediate priority is to transition both operations from periods of improving performance to consistent,
repeatable delivery, and then to unlock further sustainable growth.
“While the review remains ongoing, early work reinforces that these assets can deliver materially stronger
production than what was achieved in Q1 2026. We will update the market on the outcomes of this review,
including key expected output and cost parameters, once a revised operating plan has been finalized.”
Q1 2026 Operational and Financial Highlights
3 Months 3 Months
Ended Ended
March 31, April 30,
($000s USD) except as noted 2026 2025
Financial Results
Revenue 300,432 141,982
Gross profit 60,528 6,457
Total comprehensive loss1 -10,865 -20,038
Adjusted EBITDA2 102,213 30,664
Operations Results
Gold equivalent produced (oz) 59,803 51,912
Gold sold (oz) 62,996 48,190
Consolidated average gold price realized per ounce2 ($/oz) 4,769 2,946
AISC2 (USD) 3,886 2,971
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 increased by 111.6% to $300.4M for the three months ended March 31, 2026 compared
with $142.0M in the prior comparable period, principally reflecting higher realized gold prices and
increased volumes of gold sold.
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The Company realized an average gold price of $4,769 per ounce on sales of 62,996 gold-equivalent ounces
in the three months ended March 31, 2026, compared to $2,946 per ounce on sales of 48,190 ounces in the
prior comparable period, as spot gold reached record levels.
Comprehensive loss attributable to shareholders narrowed to $10.9M in the three months ended March 31,
2026 compared to $20.0M in the three months ended April 30, 2025. The decrease in comprehensive loss
was primarily driven by higher sales. Factors driving comprehensive loss attributable to shareholders
include a loss on derivative liabilities resulting from higher projected gold prices relative to contracted
forward gold sale transactions, higher production costs, higher depreciation and depletion and higher
finance charges related to the loan facilities.
Adjusted EBITDA for the three months ended March 31, 2026 was $102.2M compared with $30.7M in the
three months ended April 30, 2025. The increase in Adjusted EBITDA reflects a higher volume of gold
sold at a higher average gold price realized in the three months ended March 31, 2026.
As at March 31, 2026, the Company had cash on hand of $62.2M.
Bibiani Gold Mine
Bibiani Q1 2026 Operational and Financial Highlights
3 Months 3 Months
Ended Ended
March 31, April 30,
($000s USD) except as noted 2026 2025
Waste mined (kt) 17,456 11,412
Ore mined (kt) 675 558
Total material mined (kt) 18,130 11,970
Strip ratio (waste:ore) 25.9 20.5
Ore processed (kt) 773 581
Grade (grams/tonne) 1.39 1.33
Gold recovery (%) 76% 68%
Gold equivalent produced (oz) 27,679 17,241
Gold equivalent sold (oz) 30,894 16,708
Revenue ($ in thousands) 142,057 46,674
Average gold price realized per ounce1 (USD) 4,598 2,794
AISC1 (USD) 4,197 3,693
Note:
(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”.
Open pit mining activity continued to ramp up at the Main Pit during the three months ended March 31,
2026. Total material mined was 18,130kt, a 51.5% increase from 11,970kt in the three months ended April
30, 2025. The material movement in the quarter was the highest at Bibiani since the asset was acquired.
The increase reflects the substantial mobilization of the mining fleet finalized during the quarter, with the
Main Pit now operating 115 trucks, 22 excavators and 25 drill rugs, and the Russell Pit operating
approximately 41 trucks and 8 excavators and 11 drill rigs, representing 100% of planned fleet capacity.
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Productivity during the quarter was impacted by lower than planned equipment availability associated with
delayed maintenance resource mobilization, dewatering constraints, and management of subsurface voids.
In mid-January, a slippage event on the southeast wall of the Main Pit resulted in lower-than-planned mill
feed grades in the first quarter of 2026, with access to higher grade ore from Cut -1 deferred to the second
half of the year. Mining in alternative areas of the Main Pit has continued uninterrupted and minimal impact
is expected on ore availability for plant feed. The historic structural conditions along the east wall of the
Bibiani Main Pit are being addressed through the ongoing Cut -2 waste stripping program, guided by an
independent geotechnical consultant, which is expected to remediate the southeast wall and enhance long-
term pit stability.
Mitigation measures are well advanced, including the addition of maintenance resources, commissioning
of a permanent dewatering station, backfilling of the Walsh Pit to improve short -haul dumping efficiency,
and re-engineering of Cut-2 to defer a portion of waste haulage into 2027. At Russell Pit, the strengthened
fleet has enabled an acceleration of mining activities, supporting increased ore delivery, higher ounces
mined and improved progress against the planned vertical rate of advance.
Gold equivalent ounces produced in the three months ended March 31, 2026, was 27,679 compared to
17,241 for the three months ended April 30, 2025. The increase was due to higher ore processed, higher
processed grade and higher gold recovery.
The sulphide treatment plant was commissioned in 2025 and has been operational since early October 2025.
An oxygen plant was completed and brought into operation in December 2025. Gold recovery increased to
76.0% in the three months ended March 31, 2026 compared to 68. 4% in the three months ended April 30,
2025, primarily due to several optimization initiatives across sulphide recovery, gravity, and CIL. These
include improved grinding control, surge and level control, reagent optimization, installation of an Aachen
reactor for CIL, upgrade of CIL agitators and the addition of a further Knelson concentrator, among other
measures. The Company expects these initiatives to deliver an incremental improvement in recovery
through 2026.
AISC at Bibiani was $4,197 per ounce in the three months ended March 31, 2026, compared to $3,693 per
ounce in the three months ended April 30, 2025. The increase was primarily due to elevated stripping
requirements and higher sustaining capital expenditures.
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Chirano Gold Mine
Chirano Q1 2026 Operational and Financial Highlights
3 Months 3 Months
Ended Ended
March 31, April 30,
($000s USD) except as noted 2026 2025
Open Pit Mining:
Waste mined (kt) 4,954 1,742
Ore mined (kt) 489 321
Total material mined (kt) 5,443 2,063
Strip ratio (waste:ore) 10.1 5.4
Underground Mining:
Waste mined (kt) 191 204
Ore mined (kt) 451 461
Total material mined (kt) 642 665
Ore processed (kt) 938 929
Grade (grams/tonne) 1.26 1.31
Gold recovery (%) 82% 86%
Gold equivalent produced (oz) 32,124 34,671
Gold equivalent sold (oz) 32,102 31,482
Revenue ($ in thousands) 158,375 95,308
Average gold price realized per ounce1 (USD) 4,933 3,027
AISC1 (USD) 3,587 2,587
Note:
(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 from open pit operations increased by 52.5% in the three months ended March 31, 2026,
compared with the three months ended April 30, 2025, primarily driven by the ramp-up of open-pit
activities at Aboduabo in early 2026. Open-pit mining was supported by an expanded contractor fleet and
a structured plan to improve equipment availability across Mamnao Central, Aboduabo, Sariehu extension,
and Kolua.
Underground operations continued to advance during the quarter, with backfill placement exceeding
expectations and supporting stope access and mill feed. Ore mined from underground mining decreased
slightly by 2.1% in the three months ended March 31, 2026, compared to the three months ended April 30,
2025, primarily due to lower ore mined at Suraw. The Chirano underground mine fleet was significantly
upgraded with the delivery of eleven new equipment units to accelerate development, which is expected to
increase ore tonnes and improved grade delivered to the process plant. All new units were delivered in Q4
2025 and early Q1 2026.
Ore processed increased 0.9% in the three months ended March 31, 2026, compared to the three months
ended April 30, 2025, primarily reflecting throughput improvements realized from plant upgrade projects.
Average processed grade decreased to 1.26g/t from 1.31g/t in the prior comparable period primarily due to
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lower grades at the Suraw and Obra underground mines. The combination of lower ore grades and reduced
recovery rates resulted in gold -equivalent production of 32,124 ounces in the three months ended March
31, 2026, broadly in line with 34,671 ounces report ed for the prior comparable period. Lower recoveries
reflected a higher proportion of lower grade stockpile feed and temporary CIL circuit constraints, which
are being addressed through the ongoing CIL upgrade initiatives.
AISC increased to $3,587 per ounce in the three months ended March 31, 2026 from $2,587 per ounce in
the three months ended April 30, 2025. The increase was primarily due to lower recovery rates, lower gold
production, and higher sustaining capital expendi tures. Key stripping and sustaining capital expenditures
included underground development (Obra and Suraw), underground infrastructure, open pit stripping and
the tailings storage facility embankment raise.
2026 Outlook and Update
As previously discussed in the Company’s April 1, 2026 press release, the Company continues to undertake
a comprehensive operational and strategic review of its mining and processing activities at Bibiani and
Chirano to establish an executable and robust operating plan.
The Company’s near-term priorities to transition both operations from periods of improving performance
to consistent, repeatable delivery, include:
• Tighter operational control and accountability across mining and processing;
• Improved integration between technical, operations and maintenance teams; and
• Disciplined delivery of a small number of high-impact initiatives to drive reliability, recoveries and
throughput.
While the review remains ongoing, early work has reinforced that the assets have the capacity to deliver
materially stronger and more consistent production outcomes than are currently being achieved.
The Company will update the market on the outcomes of this review, including medium -term operating
parameters, once the revised operating plan has been finalized and validated.
Liquidity and Financing Update
Further to the disclosure s in this MD&A, the Company is pleased to announce that it has entered into an
agreement with its senior lenders under the Company’s existing debt facility to access an unsecured gold
forward agreement (the “New GFA”) with an entity related to the Executive Chairman of the Company, to
manage short-term liquidity and working capital. The Company is in negotiations for an initial deposit of
$50 million and expects to finalize the agreement in the next few weeks.
Concurrently, the Company has secured a number of amendments to its existing financing agreements to
ensure adequate liquidity and compliance with covenants while operational ramp-up and capital project
completion continues over the next year. These amendments include (i) a deferral of hedging payment
obligations of approximately $55 million to the July through December 2026 period (paid in equal
instalments); (ii) a short-term reduction in minimum liquidity requirements; and (iii) an amendment of
material movement and gold production performance tests (metrics unchanged from previous disclosure)
to be measured over the April through December 2026 period (previously April through August 2026).
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The Company has also committed to its lenders that it will obtain additional funding of at least $100 million
(excluding the New GFA) in the form of debt and/or equity by no later than August 31, 2026. The Company
is evaluating a number of funding alterna tives, including an increase in the GFA, mezzanine debt, an
extension of the Company’s existing revolving gold forward facility with Fujairah, and/or a capital raise
on the Australian Securities Exchange in conjunction with its previously announced planned listing. The
Company has engaged specialist debt advisors and progress is well underway in terms of securing the
additional liquidity. Although the Company is confident in its ability to achieve such funding, there is no
certainty that such funding will be obtained by the August 31, 2026 deadline.
No restructuring fees have been incurred in relation to the above amendments.
As alluded to above, the Company has approximately $55 million of hedging related liabilities that have
been deferred. This represents the final outstanding liability associated with the swap portion of the
Company’s hedging program as announced in August 2025. As such, the Company retains unlimited
upside leverage to the gold price going forward.
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed and approved by
David Anthony, who is a “qualified person” under NI 43-101.
For a detailed discussion of results for the first quarter, please refer to the Management’s Discussion and
Analysis filed on SEDAR+ at www.sedarplus.ca and Asante’s website at www.asantegold.com.
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”) and including “all -in
sustaining costs” (or “AISC”), “earnings before interest, taxes, depreciation and amortization” (or
“EBITDA”). 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
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 Pr oject. 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 TSX V enture
Exchange, the Ghana Stock Exchange , the Frankfurt Exchange and the OTCQX Best Market . 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.
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For further information please contact:
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 or forward-looking
information. All statements, other than statements of historical fact, are forward -looking statements or
information. Forward-looking statements or information in this news release relate to, among other things:
the Company’s outlook for 2026, expectations regarding increases in gold recovery in 2026, expectations
regarding increases in tonnes and grade to the Chirano process plant; and the Company’s plans to provide
formal 2026 guidance. The forward-looking statements and information in this news release reflect the
Company’s current views with respect to future events and are necessarily based upon a number of
assumptions that, while considered reasonable by the Company, are inherently subject to significant
operational, business, economic and regulatory uncertainties and contingencies. These assumptions
include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of
mineralized material to be mined and processed; future anticipated prices for gold and assumed foreign
exchange rates; the timing and impact of planned capital expenditure projects, including anticipated
sustaining, project, and exploration expenditures; risks related to increased barriers to trade, including
tariffs and duties; ore grades and recoveries; capital, decommissioning and reclamation estimates; our
mineral reserve and mineral resource estimates and the assumptions upon which they are based; pr ices for
energy inputs, labour, materials, supplies and services (including transportation); no labour -related
disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all
necessary permits, licenses and regulator y approvals for our operations are received in a timely manner;
our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary
for our operations, including contractual rights from third parties and adjacent property owners; whether
the Company is able to maintain a strong financial condition and have sufficient capital, or have access to
capital, to sustain our business and operations; our ability to successfully negotiate certain amendments to
agreements with our lending group; and our ability to comply with environmental, health and safety laws.
The foregoing list of assumptions is not exhaustive.
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, the duration and effect of local and world-wide
inflationary pressures and the potential for economic recessions; fluctuations in the price of gold;
fluctuations in currency markets; operational risks and hazards inherent with the business of mining
(including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or
unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the
credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company
does business; inadequate insurance, or inability to obtain insurance, to cover these ri sks and hazards;
employee relations; relationships and claims by local communities; changes in laws, regulations and
government practices in the jurisdictions where we operate, including environmental, export and import
laws and regulations; changes in national and local government, legislation, taxation, controls or regulations
and political, legal or economic developments in countries where the Company may carry on business,
including legal restrictions relating to mining, risks relating to expropriation; 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