Asante Reports Results for the Quarter Ended July 31, 2025 and Provides Near-Term Outlook

Financial Performance - Asante Gold Corporation reported revenue of $100.8 million for Q2 2026, an 11% decrease from $113.5 million in Q2 2025, primarily due to a lower volume of gold sold [3][28] - The total comprehensive loss for Q2 2026 was $61 million, compared to a loss of $20 million in Q2 2025 [3][28] - Adjusted EBITDA for Q2 2026 was -$26.3 million, down from $19.8 million in the same period last year [3][29] Operational Results - Gold equivalent production in Q2 2026 was 28,213 ounces, a decrease from 46,979 ounces in Q2 2025, attributed to capital constraints and lower ore grades [3][17] - The average gold price realized per ounce increased to $3,130 in Q2 2026 from $2,338 in Q2 2025 [3] - All-in sustaining costs (AISC) rose to $4,849 per ounce in Q2 2026, compared to $1,921 per ounce in Q2 2025, driven by increased stripping ratios and higher sustaining capital expenditures [3][18] Production Outlook - The company anticipates rapid production growth at both Chirano and Bibiani, with expected production of 125,000 to 130,000 ounces of gold from each operation for the current fiscal year [6] - The consolidated production target for 2026 remains at approximately 450,000 ounces, representing a more than 70% increase over 2025 guidance [6] - The commissioning of the new sulphide treatment plant at Bibiani is expected to significantly improve gold recovery from 60% to up to 92% [11][22] Growth Initiatives - At Bibiani, growth catalysts include the commissioning of the sulphide treatment plant and ongoing plant throughput expansion, which aims to increase processing capacity from 3.0 million tonnes per year to 4.0 million tonnes per year [7] - Chirano is also implementing process plant improvement projects to increase annual production rates and enhance gold recovery [8] - Exploration activities are ramping up at both mines, with advanced drilling programs aimed at developing new satellite pits and supporting future mineral resource growth [15][16] Mine Specifics - At Bibiani, total material mined increased by 253.6% in Q2 2026 compared to Q2 2025, reflecting elevated stripping requirements [21] - Gold equivalent production at Bibiani was 8,257 ounces in Q2 2026, down from 16,452 ounces in the same period last year, due to lower grade plant feed [22] - At Chirano, gold equivalent production was 19,956 ounces in Q2 2026, a decrease from 30,527 ounces in Q2 2025, primarily due to lower ore grades and reduced ore throughput [27]