Asante Gold (ASE) Q2 2024 earnings summary

Executive summary

• Achieved a solid quarter with growth in consolidated adjusted EBITDA, reflecting business improvements at Bibiani and Chirano and a strong gold price environment.

• Relocation of the Bibiani-Goaso highway and development of the Russel Starter Pit mark key operational milestones.

• Sulphide Project at Bibiani is advancing, targeting 92% gold recovery upon completion in early 2025.

Financial highlights

• Revenue for Q2 2025 was $113 million, up 12% year-over-year; YTD revenue reached $228 million, up 14%.

• Adjusted EBITDA for Q2 2025 was $19.8 million, compared to negative $6.5 million in Q2 2024; YTD adjusted EBITDA was $32.9 million, up from negative $21.4 million.

• Total comprehensive loss narrowed to $20.1 million in Q2 2025 from $52.0 million in Q2 2024.

• Average gold price realized per ounce increased to $2,338 in Q2 2025 from $1,934 in Q2 2024.

• All-in sustaining costs (AISC) decreased to $1,921 per ounce in Q2 2025 from $2,321 in Q2 2024.

Outlook and guidance

• Bibiani expects 2025 production of 85,000–95,000 gold equivalent ounces, contingent on financing and operational improvements.

• Chirano targets 2025 production of 150,000–165,000 gold equivalent ounces, with plant upgrades and underground development underway.

• Planned completion of Bibiani Sulphide Project in early 2025 to boost gold recovery to 92%.