- Asante Gold Revenue Hits $300.4m as Production Rises at Bibiani and Chirano
Asante Gold Corporation has reported record quarterly revenue of $300.4 million for the first quarter of 2026, driven by higher gold sales, stronger realised prices and improved production across its Ghana operations, even as the company remained loss-making amid elevated costs, hedging liabilities and continuing operational challenges.
The Ghana-focused miner, which operates the Bibiani and Chirano gold mines, produced 59,803 gold-equivalent ounces in the three months ended March 31, 2026, compared with 51,912 ounces in the prior comparable period. Gold sales rose to 62,996 ounces from 48,190 ounces, while the average realised gold price increased sharply to $4,769 per ounce from $2,946 per ounce.
Revenue more than doubled from $142.0 million to $300.4 million, while gross profit increased to $60.5 million from $6.5 million. Adjusted EBITDA also rose strongly to $102.2 million, compared with $30.7 million a year earlier.
Despite the stronger operating performance, Asante recorded a total comprehensive loss attributable to shareholders of $10.9 million, although this narrowed from a loss of $20.0 million in the prior comparable period. The company attributed the loss partly to derivative liabilities linked to higher projected gold prices relative to contracted forward gold sales, as well as higher production costs, depreciation, depletion and finance charges.
The results come as Asante undergoes a leadership transition and a wider operational reset. Campbell Baird, who was appointed Chief Operating Officer in March 2025, has now been appointed Acting Chief Executive Officer following the retirement of Dave Anthony as President and CEO, effective May 15, 2026.
Mr Baird said the company’s growth opportunity remained substantial, but acknowledged the need to improve reliability and cost performance.
“The growth opportunity in front of Asante is substantial, and I look forward to driving consistency of performance into the business as we pursue the full scope of short- and long-term potential at Bibiani and Chirano,” he said.
He noted that group gold production averaged about 20,000 equivalent ounces per month in the first quarter, a significant improvement on the approximately 13,000 equivalent ounces per month averaged over the 11 months to December 2025. The improvement was achieved despite ongoing mill refurbishment programmes, slower-than-expected contractor and equipment ramp-up, and delayed access to higher-grade ore sources.
“This strengthened production performance contributed to quarterly record revenue of over $300 million, more than double the prior corresponding period, and resulted in an Adjusted EBITDA result of approximately $102 million, also a record for the Company,” Mr Baird said.
At Bibiani, gold-equivalent production increased to 27,679 ounces from 17,241 ounces, supported by higher ore processed, improved grades and stronger recovery. Revenue from Bibiani rose to $142.1 million from $46.7 million. However, all-in sustaining cost also increased to $4,197 per ounce from $3,693 per ounce, mainly due to elevated stripping requirements and higher sustaining capital expenditure.
The company said total material mined at Bibiani reached 18,130 kilotonnes, the highest level since the asset was acquired, following substantial mobilisation of the mining fleet. Asante disclosed that the Main Pit now operates 115 trucks, 22 excavators and 25 drill rigs, while the Russell Pit operates about 41 trucks, eight excavators and 11 drill rigs, representing full planned fleet capacity.
But Bibiani also faced operational constraints during the quarter. Productivity was affected by lower-than-planned equipment availability, dewatering constraints and management of subsurface voids. A slippage event on the southeast wall of the Main Pit in mid-January also delayed access to higher-grade ore from Cut-1 until the second half of the year.
At Chirano, revenue increased to $158.4 million from $95.3 million, helped by higher realised gold prices. But production declined slightly to 32,124 gold-equivalent ounces from 34,671 ounces, reflecting lower grades and reduced recovery rates. AISC at Chirano rose to $3,587 per ounce from $2,587 per ounce, driven by lower recoveries, lower gold production and higher sustaining capital expenditure.
Asante said it is undertaking a comprehensive operational and strategic review of mining and processing activities at both Bibiani and Chirano. The review is aimed at establishing a more executable and robust operating plan, with a focus on tighter operational control, stronger integration between technical and maintenance teams, and high-impact initiatives to improve reliability, recoveries and throughput.
“While the review remains ongoing, early work has reinforced that the assets have the capacity to deliver materially stronger and more consistent production outcomes than are currently being achieved,” the company said.
The miner is also seeking to strengthen liquidity. Asante said it had entered into an agreement with senior lenders to access an unsecured gold forward agreement with an entity related to the company’s Executive Chairman, with negotiations ongoing for an initial deposit of $50 million. The company also committed to obtain additional funding of at least $100 million, excluding the new gold forward agreement, by August 31, 2026.
Asante ended the quarter with cash on hand of $62.2 million.
For investors, the results present a mixed picture. Asante is benefiting from record gold prices and stronger production momentum, but high all-in sustaining costs, hedging-related liabilities and operational instability continue to weigh on profitability.
The company’s immediate challenge is therefore clear: convert rising output and record revenue into consistent, lower-cost production at Bibiani and Chirano, while securing enough liquidity to support its turnaround and growth plans.
