Asante Gold Corporation has reported a net loss of $345.44 million for the eleven months ended December 31, 2025, representing a more than 450% increase from the $62.18 million loss reported the previous year, according to the company’s audited consolidated financial statements released on March 31, 2026.
The financial statements, signed by Directors Alex Heath and David Anthony, showed that revenue for the period increased to $482.59 million from $458.88 million, driven by higher gold prices, even as sales volumes declined to 143,138 ounces from 190,985 ounces in the previous year.
Consequently, total comprehensive loss attributable to shareholders widened to $345.44 million from $62.18 million, while loss per share rose to $0.55 from $0.16.
Gold equivalent production fell to 146,571 ounces in the period, down from 189,600 ounces a year earlier. At the Bibiani Gold Mine, output dropped to 50,497 ounces from 60,760 ounces, while Chirano produced 96,074 ounces, compared with 128,840 ounces previously.
The company said the decline at Bibiani was due to lower-grade plant feed, as operations focused on reducing a backlog of waste stripping. At Chirano, lower ore grades and reduced recovery rates, caused by issues with intertank screens at the carbon-in-leach plant, were cited as the main factors.
Consolidated all-in sustaining costs rose sharply to $3,902 per ounce for the eleven-month period, up from $2,168 per ounce in the previous financial year. The Bibiani Gold Mine reported the highest cost at $6,036 per ounce, while Chirano’s AISC came in at $2,877 per ounce.
The surge at Bibiani was mainly driven by higher stripping requirements, processing of lower-grade ore from stockpiles, and increased sustaining capital expenditures. At Chirano, the rise in costs was largely due to reduced gold production, which spread fixed costs over fewer ounces.
During the period, the company completed a financing package comprising a senior debt facility of $150 million, a mezzanine facility of $125 million, gold stream agreements totaling $50 million, and equity raisings of approximately $182 million.
The company also restructured deferred payments owing to Kinross Gold Corporation, making a cash payment of $53.42 million, issuing 36.93 million common shares valued at $44.04 million, and issuing a secured convertible debenture of $77.46 million. The debenture was subsequently converted by Kinross in October 2025, resulting in the issuance of 61.74 million common shares and a loss on conversion of $28.38 million.
The company’s auditors, PricewaterhouseCoopers LLP, drew attention to a material uncertainty that may cast significant doubt on Asante’s ability to continue as a going concern. As of December 31, 2025, the company had cash of $43.99 million and a working capital deficiency of $229.33 million.
“These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern,” the auditor’s report stated.
The company has since strengthened its liquidity position through a bought-deal private placement raising C$179.4 million in January 2026, a non-brokered private placement raising C$13.8 million, and an additional advance deposit of $100 million from Fujairah for gold deliveries scheduled to commence in March 2026.
Meanwhile, in an unrelated development, the Ghana Gold Board (GoldBod) partnered with the Gold Coast Refinery to enhance Ghana’s gold processing capacity.
GoldBod Chief Executive Officer Sammy Gyamfi, at the signing ceremony on Tuesday, January 20, 2026, indicated that the agreement would significantly enhance the implementation of a track-and-trace system across the gold sector.
He added that instead of exporting raw gold, Ghana’s daily gold exports, estimated at one tonne, will now be refined to the highest industry standard of 99.9% purity before shipment.
“This development marks a major milestone in Ghana’s gold trade and will help maximise national benefits from our mineral resources,” Mr. Gyamfi said.
He further highlighted the economic benefits, noting: “The millions of dollars we pay as refinery charges to refineries in Dubai, Switzerland, India, Hong Kong, and other foreign countries will now stay in our banking sector. That money will now stay in our economy.”
On job creation, he added: “What this agreement also means is that we are creating more direct and indirect jobs, particularly because Gold Coast Refinery has committed to operating 24/7 in line with the government’s 24-hour policy.”
This major step was taken towards deepening value addition within Ghana’s gold sector to reduce the country’s long-standing reliance on exporting raw gold. This practice has historically led to significant revenue losses that could otherwise be captured through domestic refining and downstream processing.
GoldBod explained that the partnership will strengthen local gold processing so Ghana can fully benefit from its status as Africa’s top gold producer.
A technical, independent report recently presented to GoldBod by economists from the University of Ghana (UG) and the University of Ghana Business School (UGBS) — Professor Festus Ebo Turkson, Professor Agyapomaa Gyeke-Dako, and economist Peter Junior Dotse — indicated that artisanal and small-scale mining (ASM) gold exports rose by 39.4 tons, increasing from 63.6 tons in 2024 to 103 tons in 2025.
According to the report, GoldBod has mitigated the rate at which gold was being smuggled out of Ghana; trading is now conducted officially through the correct channels, leading to an increase in foreign exchange entering the country. The benefits to the economy are much larger than the trading losses reported by the Bank of Ghana.
The report explains that each ton of gold is worth about $96.5 million. Based on this value, the gold that was brought into the formal system is worth approximately $3.8 billion in foreign currency.
This means the benefits are 18 times greater than the $214 million loss reported by the Bank of Ghana. In fact, the report notes that formalising just 2.2 tons of gold would be enough to cover that loss.
driven by higher gold prices, even as
sales volumes declined to 143,138
ounces from 190,985 ounces in the
previous year.
Consequently, total comprehensive
loss attributable to shareholders
widened to $345.44 million from
$62.18 million, while loss per share
rose to $0.55 from $0.16.
Gold equivalent production fell
to 146,571 ounces in the period,
down from 189,600 ounces a year
earlier. At the Bibiani Gold Mine,
output dropped to 50,497 ounces
from 60,760 ounces, while Chirano
produced 96,074 ounces, compared
with 128,840 ounces previously.
The company said the decline at
Bibiani was due to lower-grade
plant feed, as operations focused
on reducing a backlog of waste
stripping. At Chirano, lower ore
grades and reduced recovery rates,
caused by issues with intertank
screens at the carbon-in-leach
plant, were cited as the main
factors.
Consolidated all-in sustaining costs
rose sharply to $3,902 per ounce for
the eleven-month period, up from
$2,168 per ounce in the previous
financial year. The Bibiani Gold
Mine reported the highest cost at
$6,036 per ounce, while Chirano’s
AISC came in at $2,877 per ounce.
The surge at Bibiani was mainly
driven by higher stripping
requirements, processing of
lower-grade ore from stockpiles,
and increased sustaining capital
expenditures. At Chirano, the rise
in costs was largely due to reduced
gold production, which spread
fixed costs over fewer ounces.
During the period, the company
completed a financing package
comprising a senior debt facility
of $150 million, a mezzanine
facility of $125 million, gold
stream agreements totaling $50
million, and equity raisings of
approximately $182 million.
The company also restructured
deferred payments owing to
Kinross Gold Corporation, making
a cash payment of $53.42 million,
issuing 36.93 million common
shares valued at $44.04 million,
and issuing a secured convertible
debenture of $77.46 million. The
debenture was subsequently
converted by Kinross in October
2025, resulting in the issuance
of 61.74 million common shares
and a loss on conversion of $28.38
million.
The company’s auditors,
PricewaterhouseCoopers LLP, drew
attention to a material uncertainty
that may cast significant doubt
on Asante’s ability to continue as
a going concern. As of December
31, 2025, the company had cash
of $43.99 million and a working
capital deficiency of $229.33
million.
“These conditions indicate the
existence of a material uncertainty
that may cast significant doubt on
the Company’s ability to continue
as a going concern,” the auditor’s
report stated.
The company has since
strengthened its liquidity position
through a bought-deal private
placement raising C$179.4
million in January 2026, a non-
brokered private placement raising
C$13.8 million, and an additional
advance deposit of $100 million
from Fujairah for gold deliveries
scheduled to commence in March
2026.
Meanwhile, in an unrelated
development, the Ghana Gold
Board (GoldBod) partnered with
the Gold Coast Refinery to enhance
Ghana’s gold processing capacity.
GoldBod Chief Executive Officer
Sammy Gyamfi, at the signing
ceremony on Tuesday, January 20,
2026, indicated that the agreement
would significantly enhance the
implementation of a track-and-
trace system across the gold sector.
He added that instead of exporting
raw gold, Ghana’s daily gold
exports, estimated at one tonne,
will now be refined to the highest
industry standard of 99.9% purity
before shipment.
“This development marks a
major milestone in Ghana’s gold
trade and will help maximise
national benefits from our mineral
resources,” Mr. Gyamfi said.
He further highlighted the economic
benefits, noting: “The millions of
dollars we pay as refinery charges
to refineries in Dubai, Switzerland,
India, Hong Kong, and other foreign
countries will now stay in our
banking sector. That money will
now stay in our economy.”
On job creation, he added: “What
this agreement also means is that
we are creating more direct and
indirect jobs, particularly because
Gold Coast Refinery has committed
to operating 24/7 in line with the
government’s 24-hour policy.”
This major step was taken towards
deepening value addition within
Ghana’s gold sector to reduce the
country’s long-standing reliance on
exporting raw gold. This practice
has historically led to significant
revenue losses that could
otherwise be captured through
domestic refining and downstream
processing.
GoldBod explained that the
partnership will strengthen local
gold processing so Ghana can fully
benefit from its status as Africa’s
top gold producer.
A technical, independent report
recently presented to GoldBod by
economists from the University
of Ghana (UG) and the University
of Ghana Business School (UGBS)
— Professor Festus Ebo Turkson,
Professor Agyapomaa Gyeke-
Dako, and economist Peter Junior
Dotse — indicated that artisanal
and small-scale mining (ASM)
gold exports rose by 39.4 tons,