Asante Gold Corporation, a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana has reported a pivotal financial year marked by stronger revenues, rising costs, and operational challenges as it advances a major growth and restructuring strategy.
The company announced the filing of its financial statements and management’s discussion and analysis for the two months and 11 months ended December 31, 2025, highlighting a year shaped by financing activities and efforts to stabilize production.
“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,” said President and CEO Dave Anthony.
“Entering 2026, we have built operational momentum and are now seeing results, with improvements in mining rates and productivity, 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.”
Revenue for the 11 months of FY2025 rose to $483.0 million from the sale of 143,138 ounces of gold, compared to $458.9 million from 190,985 ounces in the prior year. The increase was largely driven by a higher average gold price of $3,372 per ounce, offsetting lower sales volumes.
However, gold production declined to 146,571 gold equivalent ounces from 189,600 ounces previously, reflecting operational constraints and a shift toward waste stripping activities, particularly at the Bibiani Gold Mine. This also contributed to a sharp rise in all-in sustaining costs (AISC), which climbed to $3,902 per ounce for the period, up from $2,168 per ounce a year earlier.
The company reported a net loss of $345.4 million, significantly higher than the $62.6 million loss recorded in the previous year. The increase was attributed to higher cost of sales, operating expenses, and costs associated with the financing package. Net loss per share widened to $0.55 from $0.16.
Adjusted EBITDA for the year stood at $33.4 million, down from $58.1 million, reflecting lower gold sales volumes and higher production costs.
Operationally, Asante reported progress at Bibiani, where total material mined reached 53.7 million tonnes for FY2025, supported by a substantial increase in contractor equipment. Despite this, mining rates were affected by equipment availability issues, dewatering constraints, and subsurface challenges, which the company said are being addressed through targeted interventions.
At Chirano, underground operations improved in the latter part of the year, with increased ore mining driven by activities at key deposits including Obra, Suraw, and Akwaaba. However, delays in equipment delivery and development setbacks impacted overall production consistency.
Gold recovery rates declined to 69.9% in the fourth quarter, down from 76.7% in the prior comparable period, mainly due to reduced oxide ore feed. The company has launched several optimization initiatives, including process upgrades and new equipment installations, aimed at improving recovery rates through 2026.
Looking ahead, Asante has initiated a comprehensive operational and strategic review following recent management changes, including the appointment of a new Chief Operating Officer. The review focuses on improving operational reliability, integrating mining and processing, and strengthening capital discipline.
The company said its priority is to transition from improving performance to consistent and repeatable production, with an updated operating plan and formal 2026 guidance expected once the review is completed.
