Asante Gold (ASE) Q3 2025 earnings summary

Executive summary

• Advanced open pit and underground mining at Bibiani and underground development at Chirano, but equipment mobilization delays impacted waste stripping and gold production in Q3 2026.

• Sulphide Treatment Plant at Bibiani began operation, but late oxygen plant delivery led to lower gold recovery and production; recovery improved to 90% after oxygen plant commissioning.

• Fiscal year end changed from January 31 to December 31 for better peer comparability; 2025 fiscal year will be 11 months.

Financial highlights

• Q3 2026 revenue rose 16% year-over-year to $129 million, driven by higher gold prices despite lower sales volume.

• Adjusted EBITDA was negative $6.4 million for Q3 2026, down from positive $17.6 million in Q3 2025, reflecting lower gold sales and higher costs.

• Q3 2026 total comprehensive loss was $215.2 million, compared to $15.5 million in Q3 2025.

• Gold equivalent production for Q3 2026 was 37,333 ounces, down from 45,273 ounces year-over-year.

• Consolidated AISC increased to $4,574/oz in Q3 2026 from $2,347/oz in Q3 2025, mainly due to Bibiani's high stripping ratio and higher sustaining capital at Chirano.

Outlook and guidance

• Initiatives in place for Q4 2026 expected to increase gold production at both mines.

• Bibiani expected to produce 50,000–55,000 ounces in the 11 months ending December 2025; 2026 guidance: 215,000–245,000 ounces.

• Chirano expected to produce 97,500–102,500 ounces in the 11 months ending December 2025; 2026 guidance: 150,000–175,000 ounces.

• Formal 2026 production and cost guidance, and updated long-term outlook, to be provided after Q2 2026 technical report.

• Targeting consolidated annual gold production of 500,000 ounces by 2028.