Asante Gold Corporation has announced the successful receipt of a second US$100 million advance from Fujairah Holdings LLC.
The funding was secured under the Gold Forward Agreement first disclosed on December 19, 2024, and marks a major step forward in the company’s development plans.
In addition to the advance, Asante has obtained a US$10 million bridge loan facility from a leading financial institution in Ghana. This lender is expected to make a significantly larger credit commitment as part of the company’s final capital structure.
The combined US$110 million will be directed toward advancing the ongoing pit expansion at the Bibiani Mine and completing the sulphide treatment plant. Commissioning of the plant is set to begin in July 2025.
The funds will also be used to provide working capital support as the company moves toward finalizing its broader financing efforts.
As part of an interim update on its financing process, Asante Gold confirmed that it has received conditional credit commitments totaling more than US$250 million.
Final credit approvals and commercial terms are being reviewed, with the company expecting to announce selected financing partners in the near future.
Although there is no guarantee that the financing initiatives will be completed, Asante Gold remains confident in achieving financial closure by the end of July 2025, consistent with the timeline shared in its May 5 announcement.
The Bibiani Gold Mine remains central to Asante’s operations in Ghana, and the current expansion and plant development are expected to significantly enhance its gold production capacity and long-term profitability.
