Asante Gold Corporation reported a net loss of US$345.44 million for the eleven months ended December 31, 2025, sharply higher than the US$62.18 million loss a year earlier, according to its audited financial statements released March 31, 2026.
Revenue rose to US$482.59 million from US$458.88 million, driven by a higher average gold price of US$3,372 per ounce, compared with US$2,403 per ounce the previous year. But the company sold fewer ounces of gold, 143,138 compared with 190,985, reflecting declines at both the Bibiani and Chirano mines.
Gold equivalent production fell to 146,571 ounces from 189,600 ounces. At Bibiani Gold Mine, output dropped to 50,497 ounces from 60,760 ounces due to lower-grade plant feed while clearing waste backlogs. Chirano Gold Mine produced 96,074 ounces, down from 128,840 ounces, affected by lower ore grades and processing challenges.
Costs escalated sharply. Consolidated all-in sustaining costs rose to US$3,902 per ounce from US$2,168, with Bibiani reaching US$6,036 per ounce and Chirano US$2,877. The increases were driven by higher stripping requirements, low-grade stockpile processing, and capital expenditure pressures.
To bolster liquidity, Asante completed a financing package including US$150 million senior debt, US$125 million mezzanine debt, US$50 million in gold stream agreements, and roughly US$182 million in equity raises. It also restructured deferred payments to Kinross Gold Corporation, involving cash, share issuance, and a convertible debenture.
Auditors PricewaterhouseCoopers LLP warned of “material uncertainty” over the company’s ability to continue as a going concern, citing a cash balance of US$43.99 million and a working capital deficit of US$229.33 million.
Management has since strengthened liquidity through private placements and an advance deposit from Fujairah for upcoming gold deliveries. A strategic and operational review is underway following management changes, with a focus on integrating mining and processing operations and improving cost discipline. Formal production guidance for 2026 has not been provided.
Ghana’s mining royalty regime also changed during the period, with rates now ranging from 5% to 12% depending on gold prices. The Growth and Sustainability Levy briefly rose to 3% before being reduced back to 1% in March 2026.
Asante’s accumulated deficit stood at US$655.37 million as of December 31, 2025, up from US$320.94 million a year earlier, underscoring the challenge of translating high gold prices into sustainable profitability.
