Asante Provides Financial and Operating Results for the Quarter Ended October 31, 2025

Core Viewpoint - Asante Gold Corporation reported challenges in gold production due to equipment mobilization issues at its Bibiani and Chirano mines, but anticipates improvements in Q4 2025 with new initiatives in place to enhance production levels [1][2][3]. Financial Performance - Revenue for Q3 2026 was $129.3 million, a 16% increase from $111.1 million in Q3 2025, primarily driven by a higher average gold price of $3,594 per ounce compared to $2,552 per ounce in the same period last year [10]. - Total comprehensive loss for Q3 2026 was $(215.2) million, compared to $(15.5) million in Q3 2025 [8]. - Adjusted EBITDA for Q3 2026 was $(6.4) million, down from $17.6 million in Q3 2025, reflecting lower gold sales and higher production costs [11]. Production and Operations - Gold equivalent production for Q3 2026 was 37,333 ounces, down from 45,273 ounces in Q3 2025, with gold sold decreasing to 35,982 ounces from 43,551 ounces [12][21]. - The all-in sustaining cost (AISC) increased to $4,574 per ounce in Q3 2026, compared to $2,347 per ounce in Q3 2025, driven by increased stripping requirements and lower grade ore processed [13][22]. Mine-Specific Updates Bibiani Mine - Material movement increased significantly, with total material mined up 318% in Q3 2026 compared to Q3 2025, marking the highest quarterly material mined in three years [16]. - The stripping ratio at Bibiani was approximately 49.4 in Q3 2026, compared to 16.1 in Q3 2025, indicating increased waste removal [14]. - Gold recovery rates improved from 60% to approximately 90% following the operation of the oxygen plant [3]. Chirano Mine - Ore processed increased by 15.3% in Q3 2026 compared to Q3 2025, attributed to stable power availability and plant throughput improvements [32]. - AISC for Chirano increased to $2,964 per ounce in Q3 2026 from $2,031 in Q3 2025, primarily due to lower gold production [34]. Strategic Initiatives - The company plans to enhance production capabilities at both mines, including the full mobilization of equipment and the construction of a road connecting Bibiani to Chirano, expected to be completed by Q2 2026 [23]. - Asante aims to produce between 215,000 and 245,000 ounces of gold at Bibiani in 2026, with a target of achieving annual consolidated gold production of approximately 500,000 ounces by 2028 [24][35]. Management Changes - Asante appointed Patrick Padmore as Vice President of Finance, bringing over 17 years of experience in the resource sector [37].