Asante Gold Corporation, a gold exploration, development and operating company has announced an updated five-year outlook (2025-2029) highlighting rapid production growth, declining costs, and robust free cash flow generation from its flagship mines in Ghana.
The Chirano outlook also incorporates increased mineral reserves, marking the second consecutive year of mine life extension since acquisition by Asante.
The company is positioning itself as a rising force in West Africa’s mining sector with significant production increases and extended mine life now firmly in place.
Annual gold production from the two mines is set to increase by 34% to 455,000 ounces in 2026, climbing to more than 500,000 ounces in 2028. Over the five-year period, Asante plans to deliver 2.2 million ounces of gold based solely on current mineral reserves, calculated at a gold price of $1,700 per ounce.
Assuming a gold price of $3,000 per ounce, Asante anticipates generating $2.1 billion in unlevered free cash flow during the same period. These gains are supported by significantly lower all-in sustaining costs (AISC), which are expected to fall to $1,375 per ounce by 2027 and drop below $1,000 per ounce by 2028.
President and CEO Dave Anthony emphasized the company’s strong position in the market. “Our updated five-year outlook shows annual gold production exceeding 500,000 ounces by 2028 and more than $2 billion in unlevered free cash flow between 2025 and 2029. As a rapidly growing gold producer in Ghana’s highly prospective belts, Asante offers exceptional leverage to rising gold prices at a time of global uncertainty. Importantly, these results are based entirely on existing reserves, highlighting the potential for further upside through resource expansion and conversion,” he said.
A key driver of this growth is the advanced construction of a sulphide treatment plant at Bibiani, which is expected to begin operation in July 2025. This will increase gold recovery to 92% and support an annual processing capacity of four million tonnes.
Mining activities at the Bibiani Main and Russell pits have ramped up significantly in early 2025, fueled by a $100 million advance from the Fujairah gold forward arrangement received in December 2024. Gold production from January to March 2025 rose by 120% compared to Q4 2024. The company has set a production target of 172,000 ounces for 2025 — up 125% from the previous year.
Underground mine development at Bibiani is scheduled to commence in late 2025, with full production expected by 2028. This includes the installation of an underground conveyor system and three separate access points into the main orebody, providing early access to high-grade material. These plans are aligned with the findings of the January 2025 Definitive Feasibility Study.
Capital expenditures at Bibiani will be elevated through 2026 to complete the sulphide plant, undertake open-pit stripping, establish underground operations, and support social investment programs such as the resettlement of the Old Town and Zongo communities. These initiatives will contribute to reduced unit costs and long-term operational efficiency.
At Chirano, the company has extended open pit mining through 2028, while underground operations will be driven by production from the Suraw and Obra mines. This mine life extension builds on the April 2024 Chirano Technical Report and includes newly delineated reserves of 242,000 ounces following over 34,000 metres of drilling in 2024.
The Obra deposit alone has seen its strike length increase from 400 to 700 metres. Drill results from 2024 confirmed high-grade mineralization at depth, including a 39.09-metre intersection at 2.63g/t gold, with a sub-interval of 5.71 metres at 5.18g/t. Exploration efforts in 2025 will continue to build on these results, targeting further extensions of mineralized structures and identifying new opportunities.
Looking beyond the current reserve base, Asante aims to extend mine life at both Bibiani and Chirano through ongoing exploration and resource conversion. With a strong track record of replacing and expanding resources, the company is confident in its ability to unlock additional value.
On the financing front, Asante reports that its funding package announced in October 2024 is progressing, with final commitments expected by Q2 2025. Near-term liquidity has been bolstered by the Fujairah advance, improved Bibiani production, and a favorable gold price environment.
With rapid production gains, declining costs, and substantial free cash flow on the horizon, Asante Gold is advancing its position as a key player in the Ghanaian gold industry.
