Asante Gold Posts Higher Revenue but Weaker Earnings as Costs Surge in Q3 2025
Asante Gold Corporation recorded a 16% year-on-year increase in revenue to $129 million for the three months ended October 31, 2025, driven largely by a higher average realised gold price despite a decline in sales volumes.
The Company said the average realised price rose sharply to $3,594 per ounce, compared to $2,552 per ounce in the same period last year. However, gold sold fell to 35,982 ounces from 43,551 ounces, offsetting part of the price-driven revenue gains.
For the nine-month period, revenue rose 9.8% to $372.1 million, up from $338.9 million a year earlier.
Despite higher revenue, earnings weakened significantly. Asante reported an adjusted EBITDA loss of $6.4 million for the third quarter, compared to a positive $17.6 million in 2024. Adjusted EBITDA for the nine months stood at $0.6 million, sharply lower than the $50.4 million recorded in the prior-year period. The Company attributed the decline to lower gold volumes and higher production costs.
Operationally, gold equivalent production fell to 37,333 ounces in the quarter under review from 45,273 ounces in the comparable period of 2024. For the nine months, output declined to 117,459 ounces from 145,632 ounces last year.
Consolidated all-in sustaining costs (AISC) rose steeply to $4,574 per ounce in Q3 and $3,830 per ounce for the nine months, compared to $2,347 and $2,032, respectively, in 2024. Asante said the surge in AISC was primarily driven by activities at the Bibiani Gold Mine, where delayed stripping in the Main Pit resulted in a stripping ratio of 34.46 following limited capital availability over 2023 and 2024.
Lower consolidated gold-equivalent ounces sold, combined with higher sustaining capital expenditures at the Chirano Mine for process plant upgrades and underground development, also contributed to the elevated cost profile.
At Chirano, gold-equivalent output declined to 11,721 ounces in Q3 and 37,220 ounces for the nine months, from 12,309 ounces and 47,945 ounces, respectively, a year earlier. The drop was attributed to reliance on low-grade stockpiles while the mine focused on clearing its waste-stripping backlog.
AISC at Chirano surged to $8,776 per ounce in the third quarter and $6,464 per ounce for the nine months, compared to $3,115 and $2,286 per ounce recorded in 2024. The Company cited higher stripping requirements, lower-grade feed, and increased sustaining capital spending as the main cost drivers.
Asante Gold has not yet provided forward guidance but said it continues to prioritise stripping and capital development to support long-term production stability across its assets.
