Asante Gold Corporation has reported seven consecutive monthly increases in gold production at its Bibiani Gold Mine in Ghana, with consolidated output at both Bibiani and Chirano crossing 20,000 ounces in each of January and February 2026, as the company presses toward what it describes as a transformational year for its Ghana operations.
The operational update, released from Toronto on Monday, March 16, 2026, covers the company’s two Ghanaian assets and provides the most detailed public account yet of progress since the commissioning of Bibiani’s Sulphide Treatment Plant (STP) and the ramp-up of underground development at Chirano.
At Bibiani, combined material movement across the Main Pit and Russel Pit reached 6.5 million tonnes per month in January 2026, the highest monthly figure since 2023, supported by a Main Pit fleet that has grown to 114 trucks and 26 excavators, alongside a Russel Pit fleet of 32 trucks and five excavators. Gold recovery at the STP, which stood at around 60 per cent at commissioning, now exceeds 90 per cent following the start of the dedicated oxygen plant and the Aachen Reactor in the fourth quarter of 2025. Overall plant recovery across all circuits has improved from approximately 63 per cent to a range of 75 to 80 per cent at the start of 2026, with further optimisation initiatives underway across sulphide recovery, gravity and carbon-in-leach (CIL) circuits.
A southeastern wall slip at the Main Pit in mid-January, measuring 50 to 70 metres, has required short-term resequencing of mining activities, deferring higher-grade Cut-1 ore from the first half of 2026 to the second half of the year. The company said no safety incidents occurred as a result of the slip, and that an independent geotechnical consultant is guiding the ongoing Cut-2 waste stripping programme to remediate the wall and enhance long-term pit stability. Preliminary unreconciled data shows Bibiani produced approximately 9,000 ounces in February 2026, with a target of averaging above 20,000 ounces per month at Bibiani alone by the fourth quarter of 2026.
Underground development at Bibiani has commenced following contractor mobilisation in January 2026, with refurbishment of the historical Greg Hunter portal and decline now underway. The underground mine is expected to deliver ore at a rate of 3.2 million tonnes per year from late 2027.
At Chirano, underground development has been sustained above 1,100 metres per month since November 2025, with the Epiroc fleet now more than 95 per cent mobilised following equipment refurbishments and delayed deliveries. Development has commenced at both Tano and Akoti Far South, with higher-grade ore volumes expected to reach the process plant by mid-2026. Open pit mining at the Sariehu Extension and Kolua Pits began in January and February 2026 respectively to maintain consistent mill feed. Chirano produced approximately 11,000 ounces in February 2026.
On the corporate side, Asante has settled approximately 108,000 ounces of its 154,000-ounce gold swap programme, with the remaining 46,000 ounces contracted at approximately $3,408 per ounce for settlement through May 2026. The company is in discussions with its lending group to defer the majority of remaining swap settlements to the second half of 2026 to support liquidity during the production ramp-up. A $100 million draw under the company’s revolving gold forward facility is scheduled for May 2026. The consolidated cash balance stood at approximately $82 million as of February 28, 2026.
Asante is also seeking amendments from its lenders to short-term production target covenants, with a majority of senior lenders having approved the changes as of the date of the release. The company said full-year 2026 production and cost guidance will be provided alongside the release of fiscal 2025 financial results at the end of March 2026. Updated National Instrument 43-101 compliant technical reports for both mines are expected by early May 2026, and a secondary listing on the Australian Stock Exchange (ASX) is targeted for around the end of the second quarter of 2026.
Dave Anthony, President and Chief Executive Officer, said the company entered 2026 with the operational momentum needed for strong execution. “With our expanded equipment fleet, completion of the sulphide treatment plant and progress with underground mining activities at both sites, we expect that 2026 will be a transformational year for Asante,” he said.
Asante Gold Corporation is listed on the TSX Venture Exchange (TSXV: ASE), the Ghana Stock Exchange (GSE: ASG) and the OTCQX market (ASGOF).
