Asante Reports Results for the Quarter Ended July 31, 2025 and Provides Near-Term Outlook

VANCOUVER, British Columbia, Sept. 15, 2025 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE:ASE | GSE: ASG OTCQX: ASGOF), (CSE: ASE | GSE: ASG OTCQX:ASGOF) (“Asante” or the “Company”) today reported its second quarter 2026 financial and operating results. The Company is also pleased to provide a near-term outlook, including a monthly production forecast for the remainder of the fiscal year and an update on the sulphide treatment plant for the Bibiani Gold Mine (“Bibiani Mine” or “Bibiani”). All dollar figures are in United States dollars unless otherwise indicated.

“While capital constraints impacted operating and financial performance at both Bibiani and Chirano during the second quarter, with our $500 million financing package now complete, we have the resources to fully execute our business plan to deliver long-term value to shareholders and stakeholders. Deployment of capital is already underway and we expect to demonstrate improved results beginning in the third quarter,” stated Dave Anthony, President and CEO. “We are positioned to deliver rapid production growth over the coming months, driven by greater equipment availability, a lower stripping ratio, higher-grade ore and increased plant throughput. We are also pleased that the Bibiani sulphide treatment plant will commence operations imminently, increasing gold recovery from 60% to more than 90%. All of this is in keeping with our plans to increase annual production to approximately 450,000 ounces by next year. In addition, we expect to satisfy the conditions to listing on the TSX Venture Exchange this month, which will provide greater exposure and enhanced liquidity for shareholders.”

Investors are invited to attend a live, interactive virtual investor event with CEO Dave Anthony and CFO David Wiens, hosted by BMO Capital Markets, at 11:00AM Eastern time / 8:00AM Pacific time on Thursday, September 18^th on the following link: Register here.

Summary Financial and Operational Results for the Quarter ended July 31, 2025

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”.

For a discussion of the quarterly results, please see the “Q2 Financial Results” and “Q2 Operating Results” sections of this news release below.

Near-Term Production Outlook

With the benefit of deployment of funds from the financing package completed in late August 2025, the Company expects rapid production growth at Chirano and Bibiani in the near-term, with anticipated production of between 125,000 and 130,000 ounces of gold (“oz”) from each operation for the current fiscal year. The Company’s 2026 consolidated production target of approximately 450,000 ounces remains unchanged from its five-year outlook provided in May 2025, representing an increase of more than 70% over 2025 guidance.

Growth catalysts at Bibiani include commissioning and operation of the new sulphide treatment plant in Q3, with full optimization in Q4 to support a significant improvement in gold recovery. Plant throughput expansion is ongoing and includes the processing of newly accessed, higher-grade ore from the Main Pit after advancement of the current waste stripping program. The crushing facility is being upgraded, to achieve a throughput increase from 3.0 million tonnes per year (“Mt/y”) to 4.0 Mt/y.

Chirano also has several growth initiatives underway, namely process plant improvement projects to increase the annual mine production rate to 4Mt/y, increase gold recovery and continue underground development of the Akwaaba, Tano and Akoti mines to ensure robust underground ore delivery.

These plans at Bibiani and Chirano are expected to result in a significant increase in monthly production in the latter part of the fiscal year (see Figure 1 below).

Figure 1: 2025 Monthly Production Outlook (000s oz)

Sulphide Treatment Plant Update

Commissioning of the new sulphide treatment plant at Bibiani is well advanced. The commencement of operations and optimization is targeted to begin in September 2025, with focus on ramp-up, testing and optimization during October 2025, with the full benefit of this project to be effective during Q4, to deliver a projected significant improvement of gold recovery from 60% to up to 92%.

Figure 2: Bibiani, New Sulphide Treatment Plant

Figure 3: Bibiani, New Sulphide Treatment Plant

Exploration

Exploration activities are being ramped up at both mines. At Bibiani, an advanced exploration grade control drilling program focused on facilitating development of new satellite pits in 2025 is ongoing. The goal of this program is to provide oxide ore feed and maximize plant throughput.

At Chirano, development of exploration drifts toward Obra North is underway, along with establishment of a drill cuddy at Suraw (1875m RL), to facilitate drilling outside the current mineral reserves and along the prospective mineralized trend. Exploration objectives are expected to support future mineral resource growth and potential life-of-mine extensions at both Obra and Mag Hinge.

Q2 Operating Results

The Company produced 28,213 gold equivalent oz in fiscal Q2 2026, compared to 46,979 oz in fiscal Q2 2025. The decrease was a result of capital limitations that resulted in reduced access to ore, lower process plant feed grades and lower gold recovery at both the Bibiani and Chirano mines.  

Consolidated all-in sustaining costs (“AISC”) increased to $4,849/oz in the quarter compared to $1,921/oz for the same period in Q2 2025. The primary driver of the increase in consolidated AISC was the Bibiani Mine, where planned stripping activity in the Main Pit resulted in a stripping ratio of approximately 44:1. Stripping was deferred through calendar 2023 and 2024, due to limited availability of capital. As a result, a lower volume of gold equivalent oz was sold due to grade and recovery constraints. Asante also had lower consolidated volume of gold equivalent oz sold and higher sustaining capital expenditures at the Chirano Mine, further contributing to the increase in consolidated AISC. Going forward, delivery of ore with improved grade is expected to increase, now that the stripping program has advanced. This initiative is anticipated to deliver increased ounces in the third and fourth quarters of fiscal 2026.

Bibiani Mine