Asante Gold Corporation (TSX-V: ASE | GSE: ASG | OTCQX: ASGOF) posted a net loss of US$345.44 million for the eleven months ended December 31, 2025, nearly six times the loss recorded a year earlier, as soaring costs overwhelmed the benefit of higher gold prices at its two Ghanaian mines.
The audited financial statements, released March 31, 2026, show revenue rose to US$482.59 million from US$458.88 million, lifted by an average realised gold price of US$3,372 per ounce compared with US$2,403 per ounce the previous year. Yet the company sold 143,138 ounces during the period, down from 190,985 ounces, as output declined at both the Bibiani and Chirano gold mines in Western Ghana.
Gold equivalent production fell to 146,571 ounces from 189,600 ounces. Bibiani produced 50,497 ounces, down from 60,760, as the mine cleared waste backlogs on lower-grade feed. Chirano contributed 96,074 ounces, reduced from 128,840, due to lower ore grades and processing difficulties.
The cost picture deteriorated sharply. Consolidated all-in sustaining costs (AISC) rose to US$3,902 per ounce from US$2,168, with Bibiani reaching US$6,036 per ounce. The increases reflected higher stripping activity, low-grade stockpile processing, and capital expenditure pressures tied to the company’s US$507 million financing package completed in August 2025.
Auditors PricewaterhouseCoopers LLP (PwC) flagged a material uncertainty over Asante’s ability to continue as a going concern, noting a cash position of US$43.99 million against a working capital deficit of US$229.33 million as of December 31, 2025. The company’s accumulated deficit widened to US$655.37 million from US$320.94 million a year earlier.
Following management changes announced in March 2026, Asante has initiated a strategic and operational review of its Chirano and Bibiani mines, with a focus on integrating mining and processing operations and tightening cost discipline. The company has not issued formal production guidance for 2026, though earlier targets pointed to approximately 450,000 ounces for the year.
Management has since moved to shore up liquidity through private placements and an advance deposit from Fujairah, a United Arab Emirates (UAE) trade hub, tied to upcoming gold deliveries.
President and Chief Executive Officer (CEO) Dave Anthony described 2025 as a pivotal year, citing the financing package as a foundation for what he characterised as improving operational momentum heading into 2026.
