Asante Gold (ASE) Q2 2025 earnings summary

Executive summary

• Q2 2026 saw operational and financial performance impacted by capital constraints at Bibiani and Chirano, but a $500M financing package was completed, enabling execution of growth plans.

• Production is expected to ramp up in H2 2026, with the Bibiani sulphide treatment plant commencing operations to boost gold recovery rates.

• Annual production is targeted to reach approximately 450,000 ounces by 2026, a 70% increase over 2025 guidance.

Financial highlights

• Q2 2026 revenue was $101M, down 11% year-over-year due to lower gold sales volume (32,205 oz vs. 48,542 oz in Q2 2025).

• Adjusted EBITDA for Q2 2026 was ($26M), compared to $20M in Q2 2025, reflecting lower sales and higher costs.

• Consolidated all-in sustaining costs (AISC) rose to $4,849/oz from $1,921/oz year-over-year, mainly due to increased stripping at Bibiani and higher sustaining capital at Chirano.

• Total comprehensive loss for Q2 2026 was $61M, compared to $20M in Q2 2025.

Outlook and guidance

• Consolidated production target for 2026 remains at 450,000 ounces, unchanged from the five-year outlook.

• Bibiani and Chirano each expected to produce 125,000–130,000 ounces in the current fiscal year.

• Bibiani sulphide treatment plant to be fully operational in Q4 2026, increasing gold recovery from 60% to up to 92%.

• TSX Venture Exchange listing expected in September 2025 to enhance liquidity.