Asante Gold revenue up by 18% to $114m in Q1 2025
Asante Gold Corporation posted a robust performance for the first quarter of fiscal 2025, with revenue surging 18% year-on-year to $114 million, driven by elevated gold prices and increased sales volume. This marks a significant improvement from the $97 million recorded in the corresponding period last year.
The average realized gold price climbed to $2,133 per ounce from $1,877 per ounce in Q1 FY2024, while gold ounces sold rose to 53,600 from 51,811 ounces. These factors contributed to a substantial turnaround in adjusted EBITDA, which stood at $13.0 million, compared to a negative $14.9 million in the prior year. The improved EBITDA underscores the impact of higher gold prices and reduced mining costs.
Operationally, Asante Gold produced 53,379 gold equivalent ounces, up from 51,372 ounces in the same quarter last year, driven by enhanced ore processing and improved gold recovery at the Chirano mine. Total ore mined, however, decreased by 9.8%, reflecting a strategic focus on overburden removal rather than ore extraction. Despite this, the company achieved a 14.7% reduction in consolidated All-In Sustaining Costs (AISC), attributed to lower mining costs at the Bibiani mine and increased gold equivalent ounces sold.
Speaking on Asante Gold’s financial performance, Dave Anthony, President and CEO of Asante Gold stated: “We are pleased to report results of the first quarter of fiscal 2025, with increased gold production at lower all-in-sustaining-costs compared to the prior year period, along with the delivery of our second consecutive quarter of positive EBITDA.
“Subject to the achievement of our financing objectives, we are on track to deliver our plan to unlock the untapped district scale potential of Bibiani-Chirano, with annual production expected to grow to nearly 450,000 ounces of gold in fiscal 2026 and more than 500,000 ounces of gold by fiscal 2029, at lower costs and higher margins, as outlined in the recently updated technical reports for the Bibiani and Chirano mines.”
“In addition, the recently announced rerouting of the Bibiani-Goaso highway and the advancement of the Sulphide Treatment Plant project are both important catalysts for the delivery of our growth plans and remain on track,” he added.
Looking ahead, Asante Gold plans to enhance production and reduce unit costs through several strategic initiatives, subject to financing availability. These include expanding the mining fleet, improving gold recovery with recent additions like the gravity and oxygen plants, and advancing underground development at the Obra and Suraw mines.
Asante Gold’s strategic focus on operational efficiency and cost management positions the company for sustained growth and profitability in the forthcoming quarters.
