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Asante Provides Financial and Operating Results for the Quarter Ended March 31, 2026
Key Highlights
- Campbell Baird appointed as Chief Operating Officer and subsequent to the quarter, appointed Acting Chief Executive Officer.
- Q1 group gold production of 59,800 equivalent ounces at All-In-Sustaining-Cost (“AISC”) of $3,886 per equivalent ounce.
- Monthly average gold production in Q1 approx. 20,000 equivalent ounces, more than 50% increase on 2025 monthly average of ~13,000 equivalent ounces.
- Record quarterly revenue of $300.4 million and gross profit of $60.5 million.
- Significant investment undertaken in new mining fleet and plant upgrades in Q1.
- Strategic operational review of Bibiani and Chirano ongoing; focused on increasing operational reliability and driving additional production growth.
VANCOUVER, British Columbia, May 19, 2026 (GLOBE NEWSWIRE) -- Asante Gold Corporation (TSX.V:ASE | GSE:ASG | FRA:1A9 | OTCQX:ASGOF) (“Asante” or the “Company”) announces the filing of its financial statements and management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2026 (“Q1 2026”). All dollar figures are in United States dollars unless otherwise indicated.
Corporate Leadership Update
As announced today (refer Asante news release dated May 19, 2026, Asante Gold Corporation Announces Appointment of Acting Chief Executive Officer), following his appointment as Chief Operating Officer in March 2025, Campbell Baird has been appointed as Acting Chief Executive Officer (“CEO”).
During the quarter, the Board also retained Kevin Tomlinson and Michele Muscillo as advisors to support governance, capital and technical initiatives (refer Asante news release dated March 11, 2026).
Mr. Baird’s direct involvement during the period, supported by independent technical and capital advisors, provides continuity as the Company finalizes revised operating plans, advances liquidity and stabilization measures. This appointment coincides with the previously announced retirement of Dave Anthony as President and CEO of Asante, which was announced March 11, 2026, and which became effective May 15, 2026.
Comment from Acting Chief Executive Officer
Campbell Baird, Acting CEO, stated, “I am honoured to be appointed Asante’s CEO. The growth opportunity in front of Asante is substantial, and I look forward to driving consistency of performance into the business as we pursue the full scope of short- and long-term potential at Bibiani and Chirano.
“There were a number of key developments during Q1 2026. Group gold production averaged approximately 20,000 equivalent ounces per month, a substantial uplift on the approximately 13,000 equivalent ounces per month averaged over the 11 months to December 2025. This increase was delivered notwithstanding ongoing refurbishment programs at our mills, slower than expected mining contractor and equipment ramp-up, and delayed access to higher grade in-pit ore sources.
“This strengthened production performance contributed to quarterly record revenue of over $300 million, more than double the prior corresponding period, and resulted in an Adjusted EBITDA result of approximately $102 million, also a record for the Company. While acknowledging there remains more to do to improve reliability of our production and cost performance- and delivery on our growth potential- these results demonstrate the initial quantum and direction of improvement.
“As announced in early April, we initiated a comprehensive review of our mining and processing activities at Bibiani and Chirano. This review is focused on resetting our operating plan to be executable and robust. While both operations have demonstrated improving production trends in recent months, the Company’s immediate priority is to transition both operations from periods of improving performance to consistent, repeatable delivery, and then to unlock further sustainable growth.
“While the review remains ongoing, early work reinforces that these assets can deliver materially stronger production than what was achieved in Q1 2026. We will update the market on the outcomes of this review, including key expected output and cost parameters, once a revised operating plan has been finalized.”
Q1 2026 Operational and Financial Highlights
| 3 Months | 3 Months | |
| Ended | Ended | |
| March 31, | April 30, | |
| ($000s USD) except as noted | 2026 | 2025 |
| Financial Results | ||
| Revenue | 300,432 | 141,982 |
| Gross profit | 60,528 | 6,457 |
| Total comprehensive loss1 | -10,865 | -20,038 |
| Adjusted EBITDA2 | 102,213 | 30,664 |
| Operations Results | ||
| Gold equivalent produced (oz) | 59,803 | 51,912 |
| Gold sold (oz) | 62,996 | 48,190 |
| Consolidated average gold price realized per ounce2 ($/oz) | 4,769 | 2,946 |
| AISC2 (USD) | 3,886 | 2,971 |
| Notes: (1) Total comprehensive loss attributable to shareholders of the Company. (2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”. | ||
Asante’s revenue increased by 111.6% to $300.4M for the three months ended March 31, 2026 compared with $142.0M in the prior comparable period, principally reflecting higher realized gold prices and increased volumes of gold sold.
The Company realized an average gold price of $4,769 per ounce on sales of 62,996 gold-equivalent ounces in the three months ended March 31, 2026, compared to $2,946 per ounce on sales of 48,190 ounces in the prior comparable period, as spot gold reached record levels.
Comprehensive loss attributable to shareholders narrowed to $10.9M in the three months ended March 31, 2026 compared to $20.0M in the three months ended April 30, 2025. The decrease in comprehensive loss was primarily driven by higher sales. Factors driving comprehensive loss attributable to shareholders include a loss on derivative liabilities resulting from higher projected gold prices relative to contracted forward gold sale transactions, higher production costs, higher depreciation and depletion and higher finance charges related to the loan facilities.
Adjusted EBITDA for the three months ended March 31, 2026 was $102.2M compared with $30.7M in the three months ended April 30, 2025. The increase in Adjusted EBITDA reflects a higher volume of gold sold at a higher average gold price realized in the three months ended March 31, 2026.
As at March 31, 2026, the Company had cash on hand of $62.2M.
Bibiani Gold Mine
Bibiani Q1 2026 Operational and Financial Highlights
| 3 Months | 3 Months | |||
| Ended | Ended | |||
| March 31, | April 30, | |||
| ($000s USD) except as noted |
2026 |
2025 |
||
| Waste mined (kt) | 17,456 | 11,412 | ||
| Ore mined (kt) | 675 | 558 | ||
| Total material mined (kt) | 18,130 | 11,970 | ||
| Strip ratio (waste:ore) | 25.9 | 20.5 | ||
| Ore processed (kt) | 773 | 581 | ||
| Grade (grams/tonne) | 1.39 | 1.33 | ||
| Gold recovery (%) | 76% | 68% | ||
| Gold equivalent produced (oz) | 27,679 | 17,241 | ||
| Gold equivalent sold (oz) | 30,894 | 16,708 | ||
| Revenue ($ in thousands) | 142,057 | 46,674 | ||
| Average gold price realized per ounce1 (USD) | 4,598 | 2,794 | ||
| AISC1 (USD) | 4,197 | 3,693 | ||
| Note: (1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”. | ||||
Open pit mining activity continued to ramp up at the Main Pit during the three months ended March 31, 2026. Total material mined was 18,130kt, a 51.5% increase from 11,970kt in the three months ended April 30, 2025. The material movement in the quarter was the highest at Bibiani since the asset was acquired. The increase reflects the substantial mobilization of the mining fleet finalized during the quarter, with the Main Pit now operating 115 trucks, 22 excavators and 25 drill rugs, and the Russell Pit operating approximately 41 trucks and 8 excavators and 11 drill rigs, representing 100% of planned fleet capacity.
Productivity during the quarter was impacted by lower than planned equipment availability associated with delayed maintenance resource mobilization, dewatering constraints, and management of subsurface voids. In mid-January, a slippage event on the southeast wall of the Main Pit resulted in lower-than-planned mill feed grades in the first quarter of 2026, with access to higher grade ore from Cut-1 deferred to the second half of the year. Mining in alternative areas of the Main Pit has continued uninterrupted and minimal impact is expected on ore availability for plant feed. The historic structural conditions along the east wall of the Bibiani Main Pit are being addressed through the ongoing Cut-2 waste stripping program, guided by an independent geotechnical consultant, which is expected to remediate the southeast wall and enhance long-term pit stability.
Mitigation measures are well advanced, including the addition of maintenance resources, commissioning of a permanent dewatering station, backfilling of the Walsh Pit to improve short-haul dumping efficiency, and re-engineering of Cut-2 to defer a portion of waste haulage into 2027. At Russell Pit, the strengthened fleet has enabled an acceleration of mining activities, supporting increased ore delivery, higher ounces mined and improved progress against the planned vertical rate of advance.
Gold equivalent ounces produced in the three months ended March 31, 2026, was 27,679 compared to 17,241 for the three months ended April 30, 2025. The increase was due to higher ore processed, higher processed grade and higher gold recovery.
The sulphide treatment plant was commissioned in 2025 and has been operational since early October 2025. An oxygen plant was completed and brought into operation in December 2025. Gold recovery increased to 76.0% in the three months ended March 31, 2026 compared to 68.4% in the three months ended April 30, 2025, primarily due to several optimization initiatives across sulphide recovery, gravity, and CIL. These include improved grinding control, surge and level control, reagent optimization, installation of an Aachen reactor for CIL, upgrade of CIL agitators and the addition of a further Knelson concentrator, among other measures. The Company expects these initiatives to deliver an incremental improvement in recovery through 2026.
AISC at Bibiani was $4,197 per ounce in the three months ended March 31, 2026, compared to $3,693 per ounce in the three months ended April 30, 2025. The increase was primarily due to elevated stripping requirements and higher sustaining capital expenditures.
Chirano Gold Mine
Chirano Q1 2026 Operational and Financial Highlights
| 3 Months | 3 Months | ||||
| Ended | Ended | ||||
| March 31, | April 30, | ||||
| ($000s USD) except as noted |
2026 |
2025 |
|||
| Open Pit Mining: | |||||
| Waste mined (kt) | 4,954 | 1,742 | |||
| Ore mined (kt) | 489 | 321 | |||
| Total material mined (kt) | 5,443 | 2,063 | |||
| Strip ratio (waste:ore) | 10.1 | 5.4 | |||
| Underground Mining: | |||||
| Waste mined (kt) | 191 | 204 | |||
| Ore mined (kt) | 451 | 461 | |||
| Total material mined (kt) | 642 | 665 | |||
| Ore processed (kt) | 938 | 929 | |||
| Grade (grams/tonne) | 1.26 | 1.31 | |||
| Gold recovery (%) | 82% | 86% | |||
| Gold equivalent produced (oz) | 32,124 | 34,671 | |||
| Gold equivalent sold (oz) | 32,102 | 31,482 | |||
| Revenue ($ in thousands) | 158,375 | 95,308 | |||
| Average gold price realized per ounce1 (USD) | 4,933 | 3,027 | |||
| AISC1 (USD) | 3,587 | 2,587 | |||
| Note: (1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”. | |||||
Ore mined from open pit operations increased by 52.5% in the three months ended March 31, 2026, compared with the three months ended April 30, 2025, primarily driven by the ramp-up of open-pit activities at Aboduabo in early 2026. Open-pit mining was supported by an expanded contractor fleet and a structured plan to improve equipment availability across Mamnao Central, Aboduabo, Sariehu extension, and Kolua.
Underground operations continued to advance during the quarter, with backfill placement exceeding expectations and supporting stope access and mill feed. Ore mined from underground mining decreased slightly by 2.1% in the three months ended March 31, 2026, compared to the three months ended April 30, 2025, primarily due to lower ore mined at Suraw. The Chirano underground mine fleet was significantly upgraded with the delivery of eleven new equipment units to accelerate development, which is expected to increase ore tonnes and improved grade delivered to the process plant. All new units were delivered in Q4 2025 and early Q1 2026.
Ore processed increased 0.9% in the three months ended March 31, 2026, compared to the three months ended April 30, 2025, primarily reflecting throughput improvements realized from plant upgrade projects. Average processed grade decreased to 1.26g/t from 1.31g/t in the prior comparable period primarily due to lower grades at the Suraw and Obra underground mines. The combination of lower ore grades and reduced recovery rates resulted in gold-equivalent production of 32,124 ounces in the three months ended March 31, 2026, broadly in line with 34,671 ounces reported for the prior comparable period. Lower recoveries reflected a higher proportion of lower grade stockpile feed and temporary CIL circuit constraints, which are being addressed through the ongoing CIL upgrade initiatives.
AISC increased to $3,587 per ounce in the three months ended March 31, 2026 from $2,587 per ounce in the three months ended April 30, 2025. The increase was primarily due to lower recovery rates, lower gold production, and higher sustaining capital expenditures. Key stripping and sustaining capital expenditures included underground development (Obra and Suraw), underground infrastructure, open pit stripping and the tailings storage facility embankment raise.
2026 Outlook and Update
As previously discussed in the Company’s April 1, 2026 press release, the Company continues to undertake a comprehensive operational and strategic review of its mining and processing activities at Bibiani and Chirano to establish an executable and robust operating plan.
The Company’s near-term priorities to transition both operations from periods of improving performance to consistent, repeatable delivery, include:
- Tighter operational control and accountability across mining and processing;
- Improved integration between technical, operations and maintenance teams; and
- Disciplined delivery of a small number of high-impact initiatives to drive reliability, recoveries and throughput.
While the review remains ongoing, early work has reinforced that the assets have the capacity to deliver materially stronger and more consistent production outcomes than are currently being achieved.
The Company will update the market on the outcomes of this review, including medium-term operating parameters, once the revised operating plan has been finalized and validated.
Liquidity and Financing Update
Further to the disclosures in this MD&A, the Company is pleased to announce that it has entered into an agreement with its senior lenders under the Company’s existing debt facility to access an unsecured gold forward agreement (the “New GFA”) with an entity related to the Executive Chairman of the Company, to manage short-term liquidity and working capital. The Company is in negotiations for an initial deposit of $50 million and expects to finalize the agreement in the next few weeks.
Concurrently, the Company has secured a number of amendments to its existing financing agreements to ensure adequate liquidity and compliance with covenants while operational ramp-up and capital project completion continues over the next year. These amendments include (i) a deferral of hedging payment obligations of approximately $55 million to the July through December 2026 period (paid in equal instalments); (ii) a short-term reduction in minimum liquidity requirements; and (iii) an amendment of material movement and gold production performance tests (metrics unchanged from previous disclosure) to be measured over the April through December 2026 period (previously April through August 2026).
The Company has also committed to its lenders that it will obtain additional funding of at least $100 million (excluding the New GFA) in the form of debt and/or equity by no later than August 31, 2026. The Company is evaluating a number of funding alternatives, including an increase in the GFA, mezzanine debt, an extension of the Company’s existing revolving gold forward facility with Fujairah, and/or a capital raise on the Australian Securities Exchange in conjunction with its previously announced planned listing. The Company has engaged specialist debt advisors and progress is well underway in terms of securing the additional liquidity. Although the Company is confident in its ability to achieve such funding, there is no certainty that such funding will be obtained by the August 31, 2026 deadline.
No restructuring fees have been incurred in relation to the above amendments.
As alluded to above, the Company has approximately $55 million of hedging related liabilities that have been deferred. This represents the final outstanding liability associated with the swap portion of the Company’s hedging program as announced in August 2025. As such, the Company retains unlimited upside leverage to the gold price going forward.
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, who is a “qualified person” under NI 43-101.
For a detailed discussion of results for the first quarter, please refer to the Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and Asante’s website at www.asantegold.com.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”) and including “all-in sustaining costs” (or “AISC”), “earnings before interest, taxes, depreciation and amortization” (or “EBITDA”). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with Asante’s consolidated financial statements. Readers should refer to Asante’s Management Discussion and Analysis under the heading “Non-IFRS Measures” for a more detailed discussion of how Asante calculates certain of such measures and a reconciliation of certain measures to IFRS terms.
About Asante Gold Corporation
Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the TSX Venture Exchange, the Ghana Stock Exchange, the Frankfurt Exchange and the OTCQX Best Market. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle. Additional information is available on the Company’s website at www.asantegold.com.
For further information please contact:
Frederick Attakumah, Executive Vice President and Country Director
investor@asantegold.com
+1 604 661 9400 or +233 303 972 147
Cautionary Statement on Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements or forward-looking information. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the Company’s outlook for 2026, expectations regarding increases in gold recovery in 2026, expectations regarding increases in tonnes and grade to the Chirano process plant; and the Company’s plans to provide formal 2026 guidance. The forward-looking statements and information in this news release reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of mineralized material to be mined and processed; future anticipated prices for gold and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; risks related to increased barriers to trade, including tariffs and duties; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations, including contractual rights from third parties and adjacent property owners; whether the Company is able to maintain a strong financial condition and have sufficient capital, or have access to capital, to sustain our business and operations; our ability to successfully negotiate certain amendments to agreements with our lending group; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in the price of gold; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships and claims by local communities; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in countries where the Company may carry on business, including legal restrictions relating to mining, risks relating to expropriation; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company’s inability to raise the necessary capital or to be fully able to implement its business and growth strategies, the Company’s inability to negotiate certain amendments to agreements with our lending group; and those risk factors identified in the Company’s management’s discussions and analysis and the most recent annual information form. The reader is referred to the Company’s public disclosure record which is available on SEDAR+ (www.sedarplus.ca). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
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