Asante Gold (ASE) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2026 rose 24% year-over-year to $142 million, driven by higher gold prices despite lower sales volume.

• Adjusted EBITDA more than doubled to $30.7 million, reflecting record gold prices.

• Total comprehensive loss widened to $20 million from $16 million year-over-year.

• Production and cost metrics aligned with annual guidance, supporting a five-year growth outlook targeting over 500,000 ounces per year by 2028.

Financial highlights

• Gold equivalent ounces produced fell to 51,912 from 53,379 year-over-year due to lower feed grades at Bibiani.

• Gold sold dropped to 48,190 ounces from 53,600, but average realized gold price surged to $2,946/oz from $2,133/oz.

• Consolidated AISC increased 58% to $2,971/oz, mainly from higher stripping costs and lower grades at Bibiani and higher sustaining capital at Chirano.

Outlook and guidance

• Bibiani expects to commission its sulphide treatment plant by Q3 2026, enhancing gold recovery.

• Plant throughput expansions and upgrades are underway, with underground mining development targeting full production by 2028.

• Bibiani and Chirano each forecast production of 155,000–175,000 ounces for the year ending January 31, 2026.

• Financing initiatives are in progress to support growth plans, with completion expected by July 2025.