Asante Gold Corporation has announced its financial and operating results for the first quarter of fiscal 2026, covering the three months ended April 30, 2025. The company posted strong revenue growth and outlined several key projects aimed at boosting production in the coming months.
Asante reported revenue of $142 million, a 24% increase compared to $114 million in the same period last year. The boost was largely driven by record-high gold prices, averaging $2,946 per ounce, despite selling fewer ounces than in Q1 2025. Gold equivalent ounces sold were 48,190, down from 53,600.
The company’s adjusted EBITDA more than doubled to $30.7 million, up from $13 million a year earlier, highlighting improved profitability amid strong gold prices. However, overall gold production for the quarter slightly decreased to 51,912 ounces from 53,379 ounces, mainly due to lower feed grades at the Bibiani mine.
At Bibiani, the company achieved its highest material movement in over two years, ramping up stripping operations to prepare for future growth. While ore production declined slightly to 558,133 tonnes, the focus remained on reducing the waste backlog and advancing expansion in the Main Pit and Russel satellite pit.
Gold output from Bibiani stood at 17,241 ounces, down from 19,183 last year. All-in sustaining costs (AISC) rose sharply to $3,693 per ounce due to increased stripping costs, lower-grade ore, and capital investments.
At Chirano, production remained steady with 34,671 ounces produced, up slightly from 34,196 ounces in Q1 2025. The mine saw improvements in plant throughput thanks to better power supply, though grades dropped. AISC at Chirano increased to $2,587 per ounce, up from $1,951, due to higher capital and operating costs.
Looking ahead, Asante plans to complete the commissioning of its new sulphide treatment plant at Bibiani by August 2025, which is expected to significantly improve gold recovery. Other major initiatives include expanding plant throughput, starting underground mining, and exploring new satellite pits.
The company expects to produce between 155,000 and 175,000 ounces at each of its Bibiani and Chirano mines for the fiscal year ending January 31, 2026.
President and CEO Dave Anthony stated, “We are pleased with our progress, especially at Bibiani, where stripping activity has laid the groundwork for strong production ahead. Our sulphide plant commissioning is on track, and we remain focused on delivering on our growth strategy.”
Asante is currently arranging external financing to support these growth plans, with a conclusion expected by the end of July 2025.
