Asante Gold Secures $470m Financing Commitments to Recapitalise Liabilities and Boost Growth Prospects
Asante Gold Corporation has secured a total of $470 million in credit and equity commitments to fully fund its short-term liabilities and long-term growth ambitions, the gold mining company has announced.
The financing, described by the company as “comprehensive” and “non-dilutive”, includes a $175 million investment package from private funds advised by Appian Capital Advisory LLP and a $170 million credit and underwrite commitment from FirstRand Bank Limited, acting through its Rand Merchant Bank (RMB) division.
The total package comprises a $150 million senior debt facility, up to $125 million in subordinated debt, and a $50 million gold stream facility. These are subject to the execution of definitive documentation and other customary closing conditions, including a pending settlement of outstanding liabilities owed to Kinross Gold Corporation.
In addition, Asante Gold disclosed that it has received conditional approval for the listing of its common shares on the TSX Venture Exchange (TSX-V), a move expected to enhance the company’s liquidity and broaden its investor base.
To complete the full financing package, the company needs to raise approximately $130 million in equity, of which $85 million has already been committed, including $10 million from Appian. Discussions with additional equity investors are said to be at an advanced stage. The company expects all related transactions to close by the end of July 2025.
Commenting on the development, President and CEO Dave Anthony said, “This comprehensive financing package will allow Asante to realize the true potential of our assets. This will clear the path to achieve our goal of gold production of more than 500,000 ounces per year by 2028 at significantly lower all-in sustaining costs, with over $2 billion of free cash flow generation expected through 2029.”
Mr. Anthony further highlighted the potential of the company’s land holdings, particularly at Bibiani and Chirano, which together cover approximately 80 kilometres of mineralised strike length in one of Ghana’s most prospective gold belts.
Chief Financial Officer David Wiens also noted, “We are pleased to partner with Appian and RMB, leading mining-focused financial institutions with a rigorous technical approach, in structuring a comprehensive financing solution for Asante.”
He expressed appreciation to the firm’s internal teams and financial advisor, Endeavour Financial, for their efforts in securing the commitments, stressing that the company is “on course to being fully funded and well capitalized by the end of July.”
Asante Gold’s Bibiani and Chirano operations are central to its growth outlook, with a stated ambition to unlock exploration upside and long-term value for shareholders.
