Asante Gold reports positive financial results for Q1 2025, with increased gold production and EBITDA.

From GlobeNewswire: 2024-06-17 07:00:00

Asante Gold Corporation has announced positive financial results for Q1 2025, with increased gold production and improved EBITDA. Revenue for the quarter was $114 million, a nearly 18% increase from the previous year. Adjusted EBITDA was $13.0 million, a significant improvement from negative $14.9 million in the prior year.

In terms of operations, the company produced 53,379 gold equivalent ounces in Q1 2025, up from 51,372 ounces in Q1 2024. Consolidated all-in-sustaining-costs (AISC) decreased by 14.7% compared to the previous year, primarily due to lower mining costs at the Bibiani mine. The change in AISC was driven by a reduction in waste mining requirements and an increase in gold equivalent ounces sold.

At the Bibiani Gold Mine, ore mined increased by 2.1% in Q1 2025 compared to Q1 2024. However, gold equivalent ounces produced decreased to 19,183 in Q1 2025 from 20,001 in Q1 2024, impacted by factors such as processing of sulphide ore without a treatment plant and temporary power outages. AISC decreased significantly from $2,720 per ounce to $1,752 per ounce, primarily due to a lower strip ratio and reduced mining costs.

Looking ahead, Asante Gold Corporation plans to increase production and decrease unit costs by executing the South cutback of the Bibiani main pit, increasing mining fleet availability, and constructing a planned sulphide treatment plant. The company’s strategy is outlined in the 2024 Bibiani Technical Report, which forecasts significant increases in gold production and reductions in costs over the mine’s life.

The Bibiani mine plan, based on proven and probable reserves, projects significant gold production increases and cost reductions. With the potential for mine life extension based on resource conversion and exploration success, the company expects to produce 110,000 to 120,000 gold equivalent ounces in fiscal 2025. Planned initiatives include completing the cutbacks of the main pit, constructing the sulphide treatment plant, and installing plant upgrades to support increased production and lower costs.



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