Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans
Asante Gold Corporation has completed a $500 million financing package aimed at accelerating growth at its Bibiani and Chirano mines, positioning the company to reach annual gold production of over 500,000 ounces by 2028.
In a statement, the company confirmed it had received the net proceeds from a $125 million second drawdown under its $150 million senior debt facility. A $5 million first utilization under the facility was completed on August 14, 2025, while a $20 million revolving credit facility is now fully available.
“Asante is now fully financed under the $500 million package,” the company noted, adding that proceeds will be deployed towards mine development, growth expenditures, a cash payment to Kinross completed on August 12, 2025, the retirement of short-term liabilities, and general working capital.
President and Chief Executive Officer, Dave Anthony, described the financing as “transformative.”
“With $500 million in capital secured, we are well-positioned to execute on our growth plans for Bibiani and Chirano, targeting annual gold production over 500,000 ounces by 2028 at significantly lower all-in sustaining costs,” Mr Anthony said. “We remain focused on disciplined execution and delivering results for shareholders as these funds are deployed immediately.”
Price protection programme
To satisfy conditions for the senior debt facility, Asante has implemented a price protection strategy to safeguard margins during its ramp-up phase.
Between September 2025 and April 2026, the company has entered into swap transactions covering about 154,000 ounces of gold, effectively locking in an average price of $3,386 per ounce for production volumes ranging between 13,000 and 23,000 ounces per month.
Additionally, Asante has purchased deferred premium put options covering up to 395,000 ounces of gold production between May 2026 and January 2028, with strike prices of $3,000 to $3,100 per ounce. The structure ensures the company remains exposed to upside in gold prices while retaining downside protection in the event of market weakness.
The price protection programme was executed with RMB under existing credit lines, with obligations secured under a common security package outlined in Asante’s August 11, 2025 announcement.
