Asante Gold Corporation has reported a staggering net loss of US$345.44 million for the eleven months ended December 31, 2025 — more than five times the US$62.18 million loss recorded in the previous financial year.
The audited consolidated financial statements, released on March 31, 2026, reveal a company under severe pressure despite higher gold prices. Revenue edged up to US$482.59 million from US$458.88 million, driven by an average realised gold price of US$3,372 per ounce — well above the previous year’s US$2,403. However, gold sales volumes tumbled to 143,138 ounces from 190,985 ounces.
Total comprehensive loss attributable to shareholders widened dramatically, with basic and diluted loss per share jumping to US$0.55 from US$0.16.
Production declines at both mines
Gold equivalent production fell sharply to 146,571 ounces from 189,600 ounces.
At the Bibiani Gold Mine, production dropped to 50,497 ounces from 60,760 ounces, which the company blamed on lower-grade plant feed as operations focused on reducing a backlog of waste stripping.
The Chirano Gold Mine fared worse, producing 96,074 ounces — down from 128,840 ounces — due to lower ore grades and reduced recovery rates linked to problems with intertank screens at the carbon-in-leach plant.
All-in sustaining costs spiral
Consolidated all-in sustaining costs more than doubled to US$3,902 per ounce from US$2,168 previously. Bibiani recorded an eye-watering AISC of US$6,036 per ounce, while Chirano’s stood at US$2,877.
The surge at Bibiani reflects elevated stripping requirements, lower-grade ore processed from stockpiles, and higher sustaining capital expenditure.
Going concern warning
Auditors PricewaterhouseCoopers LLP have issued a material uncertainty warning, casting significant doubt on Asante’s ability to continue as a going concern. As of December 31, 2025, the company held just US$43.99 million in cash against a working capital deficiency of US$229.33 million.
The company has since raised fresh funds, including a C$179.4 million bought-deal private placement in January 2026, a C$13.8 million non-brokered placement, and a US$100 million advance deposit from Fujairai for gold deliveries starting March 2026.
Royalty squeeze from Ghana
Asante disclosed that Ghana has introduced a sliding-scale royalty rate linked to gold prices, ranging from 5 to 12 per cent. When gold reaches or exceeds US$4,500 per ounce, the royalty rate hits 12 per cent.
Additionally, the Growth and Sustainability Levy was raised to 3 per cent on gross production from April 2, 2025, before being reduced back to 1 per cent in March 2026 following an amendment bill.
Strategic review underway
Following recent management changes — including the appointment of Campbell Baird as Chief Operating Officer on March 11, 2026 — the company has launched a comprehensive operational and strategic review across both mines. The review aims to reset operating plans with a focus on reliability, integration of mining and processing, and capital discipline.
The company has not provided formal production guidance for 2026 pending completion of this work.
As of December 31, 2025, Asante had 781.5 million common shares outstanding and an accumulated deficit of US$655.37 million, up from US$320.94 million at the end of the prior financial year.
