Asante Provides Financial and Operating Results FOR
ASANTE PROVIDES FINANCIAL AND OPERATING RESULTS FOR
THE QUARTER ENDED OCTOBER 31, 2025
Vancouver, British Columbia, December 11, 2025 – Asante Gold Corporation ( TSX-V:ASE | GSE:ASG |
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 and nine months ended October 31, 2025 (“Q3 2026”).
Dave Anthony, President and CEO stated,
“Asante continued with initiatives to advance open pit and underground mining activities at Bibiani and
underground development at Chirano during the quarter . However, t he mining contractor encountered difficulty
mobilizing equipment as committed for Bibiani. Therefore, waste stripping and delivery of higher -grade ore did
not proceed as planned. At Chirano, delivery of mining equipment to support the planned ramp-up did not progress
as planned, resulting in slightly lower gold production during the quarter.
“As we progress into Q4, several initiatives are now in place, which we believe will result in increased gold
production. The mining contractor at Bibiani is fully mobilized and sub-contractors engaged effectively. Delivery
of new mining equipment to Chirano is now advanced and as of early December, accelerated development of the
underground workings is in progress . This has resulted in a significant increase in equipment availability and
effectiveness at both of our mines.
“The Sulphide Treatment Plant ( “STP”) commenced operation in late September and has been working in good
order. However, the oxygen plant was delivered 10 weeks late and started operation in early December. Therefore,
gold recovery in the quarter was much lower than planned. As a result, gold production at Bibiani has lagged
behind expectations. The oxygen plant at Bibiani has now commenced operation and as a result, gold recovery
from the sulphide flotation concentrate has increased from 60% to approximately 90%.
“We are pleased to note that m aterial movement and gold production targets for 2026 and beyond are considered
achievable.”
All dollar figures are in United States dollars unless otherwise indicated. A summary of the financial and operating
results for fiscal Q3 2026 are presented in this news release. For a detailed discussion of results for the third 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.
Change in Fiscal Year End
Asante’s Board of Directors has approved a fiscal year end change for the Company from January 31 to December
31. The year end change was enacted to facilitate better comparability of the Company’s financial results to those
of Asante’s peer companies. As a result of the change in year end, the Company’s fourth quarter will contain the
two months of November and December 2025 and the Company’s fiscal year ended December 31, 2025 will contain
eleven months.
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Quarterly information for the year ended December 31, 2026 will present prior year comparable information as
follows:
Fiscal year end First quarter Second quarter Third quarter Fourth quarter
December 31, 2026 Three months ended
March 31, 2026
Three and six months
ended June 30, 2026
Three and nine
months ended
September 30, 2026
Three and 12 months
ended December 31,
2026
December 31, 2025 Three months ended
April 30, 2025
Three and six months
ended July 31, 2025
Three and nine
months ended
October 31, 2025
Two and 11 months
ended December 31,
2025
Quarter ended October 31, 2025 Summary Financial Results
Three months ended Nine months ended
October 31 October 31
($000s USD) except as noted 2025 2024 2025 2024
Financial Results
Revenue 129,329 111,140 372,112 338,948
Total comprehensive loss1 (215,202) (15,514) (296,270) (51,642)
Adjusted EBITDA2 (6,408) 17,553 597 50,423
Operations Results
Gold equivalent produced (oz) 37,333 45,273 117,459 145,632
Gold sold (oz) 35,982 43,551 116,377 145,778
Consolidated average gold price realized per ounce2 ($/oz) 3,594 2,552 3,197 2,325
AISC2 4,574 2,347 3,830 2,032
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”.
The Company’s revenue for the three months ended October 31, 2025 was $129 million, a 16% increase over $111
million in the same period in 202 4. The increase in revenue was primarily driven by higher average gold price
realized per ounce of $3,594/oz compared to $2,552/oz in the same period in 2024. The increase in revenue was
partially offset by a lower volume of gold sold of 35,982 ounces compared to 43,551 in the three months ended
October 31, 2024. In the nine months ended October 31, 2025, revenue increased by 9.8% to $372.1 million
compared to $338.9 million for the corresponding period in 2024.
Adjusted EBITDA for the three and nine months ended October 31, 2025 were negative $6.4 million and positive
$0.6 million, respectively, compared to positive $17.6 million and positive $50.4 million for the same periods in
2024. The decrease in Adjusted EBITDA reflects a lower volume of gold sold and higher production costs
compared to the same periods of 2024.
The Company produced 37,333 gold equivalent ounces in the three months ended October 31, 2025 compared to
45,273 in the same period in 2024. During the nine months ended October 31, 2025, the Company produced 117,459
gold equivalent ounces compared to 145,632 ounces in the same period in 2024.
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Consolidated all-in sustaining cost ( AISC) increased to $4,574 and $3,830 in the three and nine months ended
October 31, 2025, respectively, compared to $2,347 and $2,032 for the same periods in 2024. The primary driver
of increased consolidated AISC was the Bibiani Gold Mine, where stripping activity in the Main Pit resulted in a
stripping ratio of approximately 34.46. Stripping was delayed through calendar 2023 and 2024, due to limited
availability of capital. Asante also had lower consolidated volume of gold equivalent ounces sold due to lower gold
equivalent ounces produced and higher sustaining capital expenditures at the Chirano Mine due to process plant
upgrades and the underground development program, further contributing to the increase in consolidated AISC.
Bibiani Mine – Summary of the quarter ended October 31, 2025 Results
Three months ended Nine months ended
October 31 October 31
($000s USD) except as noted 2025 2024 2025 2024
Waste mined (kt) 16,865 3,872 40,523 9,558
Ore mined (kt) 342 240 1,176 1,153
Total material mined (kt) 17,207 4,112 41,699 10,711
Strip ratio (waste:ore) 49.4 16.1 34.5 8.3
Ore processed (kt) 651 546 1,707 1,766
Grade (grams/tonne) 0.91 1.08 1.08 1.33
Gold recovery (%) 56% 56% 56% 56%
Gold equivalent produced (oz) 11,721 12,309 37,220 47,945
Gold equivalent sold (oz) 9,969 12,695 35,494 48,399
Revenue ($ in thousands) 29,115 32,401 98,806 115,068
Average gold price realized per ounce1 2,921 2,552 2,784 2,377
AISC1 8,776 3,115 6,464 2,286
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”.
Total material mined increased by 318% and 289% in the three and nine months ended October 31, 2025, compared
to the same periods in 2024. This represents the highest quarterly material mined at the Bibiani Mine for the last
three years. Ore mined increased by 42.4% to 341,619 tonnes in the three month period and by 2.0% to 1,175,841
tonnes in the nine-month period.
Notwithstanding increased material movement during the three month period, the second half of the quarter was
negatively impacted by poor performance by the primary mining contractor at the Main Pit relative to commitments
for equipment mobilization and availability. Underlying issues included late arrival of equipment a nd spare parts,
port clearance delays, slower than expected refurbishment of on -site equipment, and breakdowns associated with
sustained operation of previously idle equipment. This persisted through most of November 2025, disrupting traffic
management and delivery of the mine plan. These issues have now been largely resolved with a current operating
fleet of 101 haul trucks and 15 excavators as of December 9, 2025, and an incremental 25 trucks and 3 excavators
due to arrive on site by year -end. Lastly, extreme rainfall events have made it necessary to increase Main Pit
dewatering facilities by 200% to draw down the water level and sustain access to higher grade ore.
To mitigate the risk of similar performance issues in 2026, key initiatives have included: (i) utilization of equipment
from sub-contractors to support the primary contractor fleet; (ii) utilization of conservative equipment availability
assumptions with respect to fleet size to deliver the 2026 mine plan ; and (iii) an amended open pit mine plan for
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2026 is being implemented to reduce life of mine waste stripping requirements, thereby allowing earlier access to
higher-grade ore from the underground mine.
Ore processed increased by 19% in the three months ended October 31, 2025 compared to 2024, primarily driven
by the introduction of additional crushing capacity in the current period. Ore processed decreased by 3.3% in the
nine months ended October 31, 2025 compared to 2024, mainly due to operational issues with crushing in the
previous six months.
The STP was commissioned during the three months ended October 31, 2025 and has been operational since early
October. However, the oxygen plant was not completed as committed by the oxygen contractor. Therefore, the gold
recovery increase was on the order of 10% (from approximately 57% to 67%) and not +30% as expected.
Gold equivalent ounces produced in the three and nine months ended October 31, 2025 were 11,721 and 37,220,
respectively, compared to 12,309 and 47,945, respectively in the same periods in 2024. The decrease was due to
lower grade plant feed, impacted by drawing from low-grade stockpiles while operations were focused on reducing
the backlog of waste stripping.
AISC increased to $8,776 and $6,464, respectively, per ounce in the three and nine months ended October 31, 2025,
compared to $3,115 and $2,286, respectively, per ounce in the same periods of 2024. The increase was primarily
due to elevated stripping requirements, lower grade ore processed from low-grade stockpiles, and higher sustaining
capital expenditures.
Bibiani Mine – Near-Term Strategy and Outlook
The Company plans to execute on its growth strategy at the Bibiani Gold Mine, which includes the following
initiatives:
• Engage the full fleet of trucks, excavators, and rigs required to mine approximately 6.5 million tonnes per month
at the Main Pit by the end of 2025.
• Plant throughput expansions, including upgrading the crushing system, to achieve a throughput increase from
3.0 Mtpa to 3.2 Mtpa by end of Q1 2026, 3.8 Mtpa by end of Q2 2026 and 4.0 Mtpa thereafter.
• Road construction connecting Bibiani to Chirano is expected to be completed in Q2 2026.
• Backup generator installation to provide 12 MW capacity , which is 95% complete , with full automation
expected to be complete by end of December 2025 . This is intended to ensure uninterrupted power supply to
operations and reduced plant downtime.
• Underground mining contractor has started mobilization, with mining to commence in February 2026 to deliver
the three-year development schedule. Full production from the underground mine is targeted for 2028.
• Complete the advanced exploration grade control drilling program at Asempaneye, Little Mug and Asheresu to
facilitate development of new satellite pits in 2026, with the goal of improving oxide ore feed and maximizing
plant throughput.
• Complete infill drilling to de-risk potential grade estimation inconsistencies at the Main Pit south.
• Achieve a targeted 92% recovery rate by March 2026 from the Bibiani STP after successful commissioning of
the oxygen plant and optimization processes.
The Company expects to produce between 50,000 and 55,000 gold ounces at Bibiani for the eleven months ending
December 31, 2025. Based on preliminary budgetary estimates, the Company expects to produce between 215,000
and 245,000 ounces of gold at the Bibiani Mine in 2026. F ormal 2026 production and cost guidance will be
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provided early in the fiscal year, with an updated longer -term outlook to be provided following the release of an
updated technical report that is scheduled for Q2 2026. Consistent with the Company’s plan to achieve annual
consolidated gold production of approximately 500,000 ounces by 2028, the Company expects a significant increase
in annual gold production at Bibiani over the following two years.
Chirano Mine –Summary of the quarter ended October 31, 2025 Results
Three months ended Nine months ended
October 31 October 31
($000s USD) except as noted 2025 2024 2025 2024
Open Pit Mining:
Waste mined (kt) 2,929 2,492 6,472 7,724
Ore mined (kt) 242 424 747 1,597
Total material mined (kt) 3,171 2,916 7,219 9,321
Strip ratio (waste:ore) 12.1 5.9 8.7 4.8
Underground Mining:
Waste mined (kt) 153 220 528 624
Ore mined (kt) 488 428 1,296 1,370
Total material mined (kt) 641 647 1,824 1,994
Ore processed (kt) 924 801 2,684 2,550
Grade (grams/tonne) 0.93 1.47 1.12 1.40
Gold recovery (%) 82% 87% 84% 86%
Gold equivalent produced (oz) 25,612 32,964 80,239 97,687
Gold equivalent sold (oz) 26,013 30,856 80,883 97,379
Revenue ($ in thousands) 100,214 78,739 273,306 223,880
Average gold price realized per ounce1 3,852 2,552 3,379 2,299
AISC1 2,964 2,031 2,673 1,905
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 mining decreased by 42.9% and 53.2%, respectively, in the three and nine months ended
October 31, 2025, compared to the same periods in 2024. Ore mined decreased due to later than planned mining
from the Aboduabo open pit and a focus on stripping activities at the Mamnao central and Aboduabo open pits.
Ore mined from underground mining increased by 14.0% in the three months ended October 31, 2025, compared
to the same period in 2024, primarily due to higher ore tonnes mined from Suraw UG. Ore mined from underground
mining decreased by 5.4% in the nine months ended October 31, 2025 compared to the same period in 2024,
primarily due to explosives challenges as well as equipment availability and water in-rush delaying development at
Tano and Akoti. Underground ore in the nine months ended October 31, 2025 was mainly provided from Obra,
Suraw, and Akwaaba.
The Chirano underground mine fleet is in the process of a significant upgrade. This includes delivery of several
new equipment units, to accelerate development, leading to increased production and grade to the process plant.
Delivery of these units was late by more than three months, resulting in delayed mine development. The equipment
is now either at site or will be at site in December 2025.
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Ore processed increased by 15.3% and 5.3%, respectively, in the three and nine months ended October 31, 2025,
compared to the same periods in 2024. The increase was due to stable power availability and realized benefits from
plant throughput improvement initiatives.
During the three and nine months ended October 31, 2025, average ore grade (in grams per tonne) declined to 0.93
and 1.12, respectively, from 1.47 and 1.40, respectively, in the same periods of 2024. This decrease was primarily
due to a higher proportion of plant feed sourced from low-grade stockpiles, as opposed to higher-grade open pit ore
processed in the prior year comparable periods. The combination of lower ore grades and decreased recovery rates
due to challenges with intertank screens at the carbon -in-leach plant resulted in gold equivalent ounces produced
of 25,612 and 80,239 ounces for the three and nine months ended October 31, 2025, respectively, which is down
from 32,964 and 97,687 ounces in the same periods of 2024.
AISC increased to $2,964 and $2,673 per ounce in the three and nine months ended October 31, 2025, respectively,
from $2,031 and $1,905 in the same periods of 2024. The increase was primarily due to lower gold production
during the three and nine months ended October 31, 2025, as compared to the prior year periods.
Chirano Mine – Near-Term Strategy and Outlook
The Company plans to execute on its growth strategy at the Chirano Gold Mine, which includes the following
initiatives:
• Execution of process plant projects as planned to improve crushing performance and increase the annual mine
production rate from 3 .0 Mt/annum to 3.4 Mt/annum by end of Q1 and 3.6 Mt/annum by end of Q2 to 4
Mt/annum thereafter.
• Resource mobilization efforts are underway to accelerate development at the Tano and Akoti Far South mines
• Ore production at Akoti and Tano is expected to commence by the end of Q2 2026, supporting robust
underground ore.
• Open pit mining continues at Mamnao Central and Aboduabo. Two extra production rigs to be mobi lized by
the end of December 2025 to accelerate production target for 2026. Kolua and Sariehu Extension Pits are
expected to be added in Q1 2026. Extra resources to be mobilized by Q1 to accelerate production at Sariehu
Extension as planned.
• Development of exploration drifts toward Obra North is underway, along with the establishment of a cuddy at
Suraw (1875m RL), to facilitate drilling outside the current reserves and along the prospective mineralized
trend.
• Underground exploration at the Obra Depth Extension.
The Company expects to produce between 97,500 and 102,500 gold ounces at Chirano for the 11 months ending
December 31, 2025. Based on preliminary budgetary estimates, the Company expects to produce between 150,000
and 175,000 ounces of gold at the Chirano Mine in 2026. F ormal 2026 production and cost guidance will be
provided early in the fiscal year, with an updated longer -term outlook to be provided following the release of an
updated technical report that is scheduled for Q2 2026. Consistent with the Company’s plan to achieve annual
consolidated gold production of 500,000 ounces by 2028, the Company expects a significant increase in annual
gold production at Chirano over the following two years.
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Appointment of Vice President, Finance
Asante confirms that it has appointed Patrick Padmore to the position of Vice President, Finance. Mr. Padmore
joined Asante as a Finance Consultant in October 2023. Mr. Padmore is a finance professional with over 17 years
expertise with a focus on the resource sector. He has strengths in public company reporting, capital markets, debt
financing, treasury management and corporate development. He has participated in multiple equity, debt, lease and
stream financings during his career in both the resources and shipping industries. Mr. Padmore holds several
professional designations, including Chartered Professional Accountant (CPA -CA), Chartered Business Valuator
(CBV) and Chartered Financial Analyst (CFA). In connection with the appointment, the Company has agreed to
issue 100,000 restricted share units to Mr. Padmore.
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”) and “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 dat a 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 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 newly refurbished 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) on
April 30, 2024.
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 t he 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.
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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) on
April 30, 2024.
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 experience in Ghana. The Company is listed on the TSX Venture Exchange, the Ghana Stock 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.
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 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: initiatives intended to increase gold
production; initiatives intended to mitigate the risk of future performance issues; growth strategies at Bibiani and
Chirano; expected production at Bibiani and Chirano in 2025 and 2026; and expected consolidated production by
2028. These forward-looking statements and information 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 whi ch they are based; prices 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 development and/or production; all necessary permits, licenses and
regulatory 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; 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