Asante Reports Fourth Quarter and FY2025 Results
ASANTE REPORTS FOURTH QUARTER AND FY2025 RESULTS
TORONTO, Canada, April 1 , 2026 – 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 two months and 11 months ended December 31, 2025 (“Q4 2025”
and “FY 2025”, respectively). All dollar figures are in United States dollars unless otherwise indicated.
“2025 was a pivotal year for Asante, highlighted by the completion of our Financing Package, which strengthened
our balance sheet, funded transformational growth initiatives and allowed us to restructure near-term liabilities,”
commented Dave Anthony, President and CEO. “Entering 2026, we have built operational momentum and are
now seeing results, with improvements in mining rates and productivit y, process plant performance and
underground development. Our focus this year is to execute a disciplined ramp -up strategy, optimizing
operations, generating robust cash flow from our producing assets and maintaining a strong commitment to
financial discipline.”
Q4 and FY 2025 Operational and Financial Highlights
($000s USD) except as noted
Two Months
Ended
December 31,
2025
Three Months
Ended
January 31,
2025
11 Months
Ended
December 31,
2025
Year
Ended
January 31,
2025
Financial Results
Revenue 110,482 119,928 482,594 458,876
Total comprehensive loss1 -49,167 -10,535 -345,437 -62,177
Adjusted EBITDA2 26,977 14,394 33,399 58,120
Operations Results
Gold equivalent produced (oz) 29,112 43,968 146,571 189,600
Gold sold (oz) 26,761 45,208 143,138 190,985
Consolidated average gold price realized per ounce2 ($/oz) 4,128 2,653 3,372 2,403
AISC2 (USD) 4,220 2,610 3,902 2,168
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 FY 2025 was $483.0 million (“M”) from the sale of 143,138 ounces (“ oz”) of gold ,
compared to $458.9M in revenues from the sale of 190,985 oz for the year ended January 31, 2025. The increase
in revenue was primarily due to a higher average gold price realized in FY 2025 at $3,372/oz over the year ended
January 31, 2025.
Asante produced 146, 571 gold equivalent ounces (“AuEq oz”) in FY 2025 compared to 189,600 for the year
ended January 31, 2025. Consolidated AISC increased to $4, 220/oz and $3,902/oz in the two and 11 months
ended December 31, 2025 compared to $2,610/oz and $2,168/oz for the fourth quarter and year ended January
31, 2025, respectively, which was a result of increased stripping activity in the Main Pit at the Bibiani Gold Mine
(“Bibiani”).
2
FY 2025 net loss attributed to Asante shareholders was $345.4M compared to $62.6M for the year ended January
31, 2025. This change was primarily due to the increase in cost of sales, operating expenses, and other costs
resulting from the Financing Package (see news release dated August 25, 2025). Net loss per share attributed to
shareholders of the Company was $0.55 for the 11 months ended December 31, 2025, versus $0.16 reported for
the 12 months ended January 31, 2025, due to increased net loss.
Adjusted EBITDA for Q4 and FY 2025 was $27.0M and $33.4M, respectively, compared with $14.4M and
$58.1M in the three months and the year ended January 31, 2025. The decrease in 2025 adjusted EBITDA reflects
a lower volume of gold sold and higher production costs compared with the previous fiscal year.
As at December 31, 2025, the Company had cash on hand of $44.0M.
Bibiani Gold Mine
Bibiani Q4 and FY 2025 Operational and Financial Highlights
Two months
ended
December 31,
Three months
ended
January 31,
11 months
ended
December 31,
Year
ended
January 31,
2025 2025 2025 2025
Waste mined (tonnes) 11,462,301 9,698,153 51,985,384 19,256,529
Ore mined (tonnes) 516,936 311,714 1,692,777 1,464,791
Total material mined (tonnes) 11,979,237 10,009,867 53,678,161 20,721,320
Stripping ratio 22.17 31.11 30.71 13.15
Ore processed (tonnes) 447,452 569,559 2,154,923 2,336,013
Grade (grams/tonne) 1.39 0.94 1.15 1.23
Gold recovery (%) 69.9% 76.7% 64.9% 65.9%
Gold equivalent produced (ounces)1 13,277 12,815 50,497 60,760
Gold equivalent sold (ounces) 10,993 12,253 46,487 60,651
Revenue (thousands of USD) 42,373 32,768 141,179 147,836
Average gold price realized per ounce ($/oz) 3,855 2,674 3,037 2,437
AISC ($/oz)2 4,651 4,142 6,036 2,661
At Bibiani, open pit mining activity continues to ramp up at the Main Pit and Russel Pit. Total material mined in
Q4 and FY 2025 was 12.0M tonnes (“t”) and 53.7Mt, respectively. On an average monthly basis, total material
mined in Q4 and FY 2025 increased by 79.5% and 182.6%, respectively, year-over-year.
Performance during Q4 2025 represented the highest material movement rate at Bibiani in the last three years.
This was supported by a significant increase in contractor equipment mobilization to site. Across the two pits,
contractor equipment procurement issues have now largely been resolved with a total Main Pit fleet of
approximately 114 trucks and 26 excavators as well as a Russell Pit fleet of approximately 32 trucks and five
excavators now on site, representing approximately 95% of the Bibiani fleet requirements.
Despite the increased equipment fleet, the mining rate at the Main Pit was impacted by lower than planned
equipment availability, reflecting delayed maintenance resource mobilization , dewatering constraints, and
management of subsurface voids. T hese issues are currently being mitigated with increased maintenance
resources, a permanent dewatering station in operation, backfilling of the Walsh Pit to provide short -haul
dumping efficiencies and re -engineering of Cut -2, to defer some waste haulage into 2027 . At Russel Pit,
equipment mobilization and fleet capacity have now been strengthened, following delivery of the required trucks
1 Gold equivalent produced reflects gold poured during the period. Variance from gold recovery reflects gold in circuit as reconciled.
2 All-in sustaining cost per equivalent ounce sold is a non-IFRS measure. Refer to the ‘Non-IFRS Measures’ section of this press release.
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and excavators. With the enhanced fleet in place, mining progress was accelerated, supporting improved ore
output, higher total ounces delivered and better achievement of planned vertical rate of advance going forward.
In Q4 and FY 2025, 13,277 AuEq oz and 50,497 AuEq oz were produced, respectively. On an average monthly
basis, AuEq oz produced decreased in FY 2025, compared to the year ended January 31, 2025, due to lower
grade plant feed, using low-grade stockpiles as operations focused on reducing the backlog of waste stripping.
AISC increased to $4,651 and $6,036, respectively, per ounce in the Q4 and FY 2025, compared to $4,142 and
$2,661, respectively, per ounce in the three months and the year ended January 31, 2025. The increase was
primarily due to elevated stripping requirements, lower grade ore processed from low -grade stockpiles, and
higher sustaining capital expenditures.
Gold recovery decreased to 69.9% in Q4 2025, compared to 76.7% in the three months ended January 31, 2025.
The decrease in gold recovery was primarily due to a lower proportion of oxide ore fed to the mill in Q4 2025,
impacted by a focus on fresh waste stripping at the Russell Pit with very little oxide ore being mined during the
period. Gold recovery remained relatively consistent for FY 2025, compared to the year ended January 31, 2025.
Several optimization initiatives are currently underway, which include improved grinding control, surge and level
control, reagent optimization, installation of an Aachen reactor for carbon in lea ch (“CIL”), upgrade of CIL
agitators and installation of an additional Knelson concentrator, among other measures. The Company expects
each initiative to incrementally increase recovery through 2026.
Chirano Gold Mine
Chirano Q4 and FY 2025 Operational and Financial Highlights
Two months
ended
December 31,
Three months
ended
January 31,
11 months
ended
December 31,
Year
ended
January 31,
2025 2025 2025 2025
Open Pit Mining:
Waste mined (tonnes) 1,845,251 2,951,346 8,317,109 10,675,775
Ore mined (tonnes) 221,428 208,173 968,496 1,805,214
Total material mined (tonnes) 2,066,679 3,159,519 9,285,605 12,480,989
Stripping ratio 8.33 14.18 8.59 5.91
Underground Mining:
Waste mined (tonnes) 143,157 97,008 670,823 720,575
Ore mined (tonnes) 328,526 364,774 1,624,589 1,734,907
Total material mined (tonnes) 471,683 461,782 2,295,412 2,455,482
Ore processed (tonnes) 557,150 777,374 3,241,048 3,327,001
Grade (grams/tonne) 0.93 1.38 1.11 1.40
Gold recovery (%) 82.0% 86% 83.0% 86%
Gold equivalent produced (ounces)3 15,835 31,153 96,074 128,840
Gold equivalent sold (ounces) 15,768 32,955 96,651 130,334
Revenue (thousands of USD) 68,109 87,160 341,415 311,040
Average gold price realized per ounce ($/oz)4 4,319 2,645 3,532 2,386
AISC ($/oz)5 3,919 2,040 2,877 1,939
3 Gold equivalent produced reflects gold poured during the period. Variance from gold recovery reflects gold in circuit as reconciled.
4 Average gold price realized per ounce is a non-IFRS measure. Refer to the ‘Non-IFRS Measures’ section of this press release.
5 All-in sustaining cost per equivalent ounce sold is a non-IFRS measure. Refer to the ‘Non-IFRS Measures’ section of this press release.
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On an average monthly basis, ore mined from open pit mining in Q4 and FY 2025 increased by 59.6% and
decreased by 41.5%, respectively, compared with the three months and the year ended January 31, 2025. Ore
mined decreased due to mining from the Aboduabo open pit starting later than planned and a focus on stripping
activities at the Mamnao Central and Abo duabo open pits. Open- pit activities have advanced, supported by a
growing equipment fleet and a plan to enhance availability across Mamnao Central, Aboduabo and Kolua.
Underground operations have made progress since October 2025, with backfill placement exceeding expectations
and contributing to robust stope access and production of mill feed despite earlier delayed arrival of new Epiroc
equipment and development shortfalls that temporarily reduced draw point availability. On an average monthly
basis, ore mined from underground mining increased by 35.1% and 2.2%, respectively, in Q4 and FY 2025,
versus the previous comparable periods. The increase was primarily due to inc reased activities at Obra, Suraw,
and Akwaaba.
The Chirano underground mine fleet is in the process of a significant upgrade , which is now advanced. This
includes delivery of 11 new equipment units to accelerate development, which the Company expects will lead to
increased tonnes and grade to the process plant. Delivery of these units was late by more than three months,
which delayed mine development. As of December 31, 2025, seven of the 11 Epiroc equipment units had been
delivered to site. The remaining units were delivered in early Q1 2026.
During Q4 and FY 2025, average ore grade (in grams per tonne) declined to 0.93 and 1.11, respectively, from
1.38 and 1.40, respectively, in the three months and the year ended January 31, 2025. This decrease was primarily
due to a higher proportion of plant feed sourced from low-grade stockpiles. The combination of lower ore grades
and decreased recovery rates due to challenges with intertank screens at the CIL plant resulted in production of
15,835 AuEq oz and 96,074 AuEq oz in Q4 and FY 2025, respectively, which is down from 31,153 AuEq oz and
128,840 AuEq oz in the three months and the year ended January 31, 2025.
On an average monthly basis, AuEq oz sold decreased by 28.2% and 19.1%, respectively, in Q4 and FY 2025,
compared with the three months and the year ended January 31, 2025. However, revenue increased by 17.2 %
and 19.7%, respectively, due to a higher average gold price realized. The decrease in AuEq oz sold is primarily
due to lower ounces produced in Q4 and FY 2025, compared with three months and the year ended January 31,
2025.
AISC increased to $3,919 and $2,877 per ounce in Q4 and FY 2025, respectively, from $2,040 and $1,939 in the
three months and the year ended January 31, 2025. The increase was primarily due to lower gold production and
increased underground mine development, compared to the prior year comparable periods.
2026 Outlook
Following recent management and Board changes, including the appointment of Chief Operating Officer
Campbell Baird (see news release dated March 11, 2026), the Company has initiated a comprehensive operational
and strategic review of its mining and processing activities across both Bibiani and Chirano to ensure its resources
are robust and positioned to deliver results as planned.
This operational and strategic review is focused on resetting the operating plan to one that is executable and
sustainable. While both operations have demonstrated improving production trends in recent months,
performance has not yet reached a level of consistency required to support formal guidance with confidence.
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The operational and strategic review is therefore centered on three key areas:
(i) Operational reliability – ensuring mining, processing and support functions are consistently delivering
to plan;
(ii) Integration of mining and processing – aligning mine sequencing, grade delivery and plant
performance to optimise recovered ounces rather than tonnes moved; and
(iii) Capital discipline and prioritisation – focusing investment on initiatives that directly improve near-term
production, recovery and cash generation.
Bibiani Gold Mine
At Bibiani, recent performance has reflected a combination of operational constraints, including equipment
availability, sequencing disruptions associated with the southeastern wall slip, and a slower-than-expected ramp-
up in plant recovery following commissioning of the sulphide treatment circuit.
It is encouraging that principal indicators show improvement (as previously reported), including increas ed
material movement, improv ed recovery trends and stabili zation of key plant systems. However, these
improvements have not yet translated into consistent delivery of planned gold output.
The operation al and strategic review at Bibiani is therefore focused on establishing a stable and repeatable
production platform, underpinned by:
• Mining performance – improving contractor productivity, equipment availability and maintenance
discipline to reliably deliver required mining volumes and grade;
• Sequencing and grade control – optimizing pit sequencing following the southeastern wall slip to ensure
consistent delivery of mill feed grade through the year;
• Process Plant Performance – accelerating recovery improvement initiatives across gravity, grinding,
flotation and CIL unit operations to achieve sustainable recovery performance;
• Throughput alignment – ensuring crushing and plant expansion projects are delivered in line with mining
capacity and ore supply; and
• Infrastructure reliability – improving power stability and site logistics to reduce unplanned interruptions
to operations.
Completion of remediation works in the southeastern portion of the Main Pit and improved access to higher -
grade material are expected to support improved performance in the second half of the year.
Chirano Gold Mine
At Chirano, the operation has made progress in re -establishing underground mining and improving ore
availability; however, production variability remains, particularly due to development delays, equipment
availability issues and short-term disruptions to stope access.
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The operational and strategic review at Chirano is focused on ensuring robust underground production, supported
by:
• Development discipline – maintaining sustained advance rates to open up sufficient mining fronts and
improve flexibility in ore supply;
• Stope availability and scheduling – improving drawpoint development, access and sequencing to ensure
consistent delivery of higher-grade ore to the plant;
• Fleet reliability – ensuring the recently upgraded underground fleet achieves targeted availability and
utilization levels;
• Process Plant Performance – completing plant upgrades to support increased throughput and recovery
performance; and
• Open pit integration – ensuring satellite pits and surface operations provide consistent, supplementary feed
to stabilize plant throughput.
With requisite resources in place and development activities now advancing across key mining areas, the
Company expects increas ed contribution from higher -grade underground ore over time, supporting improved
production stability.
Path Forward
The Company’s immediate priority is to transition both operations from periods of improving performance to
consistent, repeatable delivery.
This will be achieved through:
• tighter operational control and accountability across mining and processing;
• improved integration between technical, operations and maintenance teams; and
• a disciplined focus on a smaller number of high-impact initiatives.
While the review remains ongoing, early work has reinforced that the assets have the capacity to deliver
significantly stronger and more consistent production outcomes than currently being achieved.
The Company will update the market on the outcomes of this review, including formal 2026 guidance and
medium-term operating parameters, once a revised operating plan has been finalized and validated.
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.
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.
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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 intende d 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 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 V enture Exchange, the Ghana 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.
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: 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; 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 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
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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 risks 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 nat ional 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
raise the neces sary capital or to be fully able to implement its business and growth strategies, the Company’s
inability to negotiate certain amendments to agreements with our lending group; and those risk factors identified
in the Company’s management’s discussions and analysis and the most recent annual information form. 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 IIROC nor any stock exchange or other securities regulatory
authority accepts responsibility for the adequacy or accuracy of this release.