Asante Provides Financial and Operating Results for the Quarter Ended October 31, 2025

2025-12-11

TSXV - TSX Venture Exchange · Gold · Silver · Canada

VANCOUVER, British Columbia, Dec. 11, 2025 (GLOBE NEWSWIRE) -- Asante Gold Corporation (TSX-V:ASE | GSE:ASG | OTCQX:ASGOF) (“Asante” or the “Company”) announces the filing of its financial statements and management’s discussion and analysis (“MD&A”) for the three months and nine months ended October 31, 2025 (“Q3 2026”).

Dave Anthony, President and CEO, stated,

“Asante continued with initiatives to advance open pit and underground mining activities at Bibiani and underground development at Chirano during the quarter. However, the mining contractor encountered difficulty mobilizing equipment as committed for Bibiani. Therefore, waste stripping and delivery of higher-grade ore did not proceed as planned. At Chirano, delivery of mining equipment to support the planned ramp-up did not progress as planned, resulting in slightly lower gold production during the quarter.

“As we progress into Q4, several initiatives are now in place, which we believe will result in increased gold production. The mining contractor at Bibiani is fully mobilized and sub-contractors engaged effectively. Delivery of new mining equipment to Chirano is now advanced and as of early December, accelerated development of the underground workings is in progress. This has resulted in a significant increase in equipment availability and effectiveness at both of our mines.

“The Sulphide Treatment Plant (“STP”) commenced operation in late September and has been working in good order. However, the oxygen plant was delivered 10 weeks late and started operation in early December. Therefore, gold recovery in the quarter was much lower than planned. As a result, gold production at Bibiani has lagged behind expectations. The oxygen plant at Bibiani has now commenced operation and as a result, gold recovery from the sulphide flotation concentrate has increased from 60% to approximately 90%.

“We are pleased to note that material movement and gold production targets for 2026 and beyond are considered achievable.”

All dollar figures are in United States dollars unless otherwise indicated. A summary of the financial and operating results for fiscal Q3 2026 are presented in this news release. For a detailed discussion of results for the third quarter, please refer to the Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and Asante’s website at www.asantegold.com .

Change in Fiscal Year End

Asante’s Board of Directors has approved a fiscal year end change for the Company from January 31 to December 31. The year end change was enacted to facilitate better comparability of the Company’s financial results to those of Asante’s peer companies. As a result of the change in year end, the Company’s fourth quarter will contain the two months of November and December 2025 and the Company’s fiscal year ended December 31, 2025 will contain eleven months.

Quarterly information for the year ended December 31, 2026 will present prior year comparable information as follows:

Quarter ended October 31, 2025 Summary Financial Results

| | Three months ended | Nine months ended | | | | | | | | | October 31 | October 31 | | | | | | | | ($000s USD) except as noted | 2025 | 2024 | 2025 | 2024 | | | | | | Financial Results | | | | | | | | | | Revenue | 129,329 | | 111,140 | | 372,112 | | 338,948 | | | Total comprehensive loss 1 | (215,202 | ) | (15,514 | ) | (296,270 | ) | (51,642 | ) | | Adjusted EBITDA 2 | (6,408 | ) | 17,553 | | 597 | | 50,423 | | | Operations Results | | | | | | | | | | Gold equivalent produced (oz) | 37,333 | | 45,273 | | 117,459 | | 145,632 | | | Gold sold (oz) | 35,982 | | 43,551 | | 116,377 | | 145,778 | | | Consolidated average gold price realized per ounce 2 ($/oz) | 3,594 | | 2,552 | | 3,197 | | 2,325 | | | AISC 2 | 4,574 | | 2,347 | | 3,830 | | 2,032 | |

Notes: (1) Total comprehensive loss attributable to shareholders of the Company. (2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

The Company’s revenue for the three months ended October 31, 2025 was $129 million, a 16% increase over $111 million in the same period in 2024. The increase in revenue was primarily driven by higher average gold price realized per ounce of $3,594/oz compared to $2,552/oz in the same period in 2024. The increase in revenue was partially offset by a lower volume of gold sold of 35,982 ounces compared to 43,551 in the three months ended October 31, 2024. In the nine months ended October 31, 2025, revenue increased by 9.8% to $372.1 million compared to $338.9 million for the corresponding period in 2024.

Adjusted EBITDA for the three and nine months ended October 31, 2025 were negative $6.4 million and positive $0.6 million, respectively, compared to positive $17.6 million and positive $50.4 million for the same periods in 2024. The decrease in Adjusted EBITDA reflects a lower volume of gold sold and higher production costs compared to the same periods of 2024.

The Company produced 37,333 gold equivalent ounces in the three months ended October 31, 2025 compared to 45,273 in the same period in 2024. During the nine months ended October 31, 2025, the Company produced 117,459 gold equivalent ounces compared to 145,632 ounces in the same period in 2024.

Consolidated all-in sustaining cost (AISC) increased to $4,574 and $3,830 in the three and nine months ended October 31, 2025, respectively, compared to $2,347 and $2,032 for the same periods in 2024. The primary driver of increased consolidated AISC was the Bibiani Gold Mine, where stripping activity in the Main Pit resulted in a stripping ratio of approximately 34.46. Stripping was delayed through calendar 2023 and 2024, due to limited availability of capital. Asante also had lower consolidated volume of gold equivalent ounces sold due to lower gold equivalent ounces produced and higher sustaining capital expenditures at the Chirano Mine due to process plant upgrades and the underground development program, further contributing to the increase in consolidated AISC.

Bibiani Mine – Summary of the quarter ended October 31, 2025 Results

| | Three months ended | Nine months ended | | | | | | | | | October 31 | October 31 | | | | | | | | ($000s USD) except as noted | 2025 | 2024 | 2025 | 2024 | | | | | | Waste mined (kt) | 16,865 | | 3,872 | | 40,523 | | 9,558 | | | Ore mined (kt) | 342 | | 240 | | 1,176 | | 1,153 | | | Total material mined (kt) | 17,207 | | 4,112 | | 41,699 | | 10,711 | | | Strip ratio (waste:ore) | 49.4 | | 16.1 | | 34.5 | | 8.3 | | | Ore processed (kt) | 651 | | 546 | | 1,707 | | 1,766 | | | Grade (grams/tonne) | 0.91 | | 1.08 | | 1.08 | | 1.33 | | | Gold recovery (%) | 56 | % | 56 | % | 56 | % | 56 | % | | Gold equivalent produced (oz) | 11,721 | | 12,309 | | 37,220 | | 47,945 | | | Gold equivalent sold (oz) | 9,969 | | 12,695 | | 35,494 | | 48,399 | | | Revenue ($ in thousands) | 29,115 | | 32,401 | | 98,806 | | 115,068 | | | Average gold price realized per ounce 1 | 2,921 | | 2,552 | | 2,784 | | 2,377 | | | AISC 1 | 8,776 | | 3,115 | | 6,464 | | 2,286 | |

Note: (1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.

Total material mined increased by 318% and 289% in the three and nine months ended October 31, 2025, compared to the same periods in 2024. This represents the highest quarterly material mined at the Bibiani Mine for the last three years. Ore mined increased by 42.4% to 341,619 tonnes in the three month period and by 2.0% to 1,175,841 tonnes in the nine-month period.

Notwithstanding increased material movement during the three month period, the second half of the quarter was negatively impacted by poor performance by the primary mining contractor at the Main Pit relative to commitments for equipment mobilization and availability. Underlying issues included late arrival of equipment and spare parts, port clearance delays, slower than expected refurbishment of on-site equipment, and breakdowns associated with sustained operation of previously idle equipment. This persisted through most of November 2025, disrupting traffic management and delivery of the mine plan. These issues have now been largely resolved with a current operating fleet of 101 haul trucks and 15 excavators as of December 9, 2025, and an incremental 25 trucks and 3 excavators due to arrive on site by year-end. Lastly, extreme rainfall events have made it necessary to increase Main Pit dewatering facilities by 200% to draw down the water level and sustain access to higher grade ore.

To mitigate the risk of similar performance issues in 2026, key initiatives have included: (i) utilization of equipment from sub-contractors to support the primary contractor fleet; (ii) utilization of conservative equipment availability assumptions with respect to fleet size to deliver the 2026 mine plan; and (iii) an amended open pit mine plan for 2026 is being implemented to reduce life of mine waste stripping requirements, thereby allowing earlier access to higher-grade ore from the underground mine.

Ore processed increased by 19% in the three months ended October 31, 2025 compared to 2024, primarily driven by the introduction of additional crushing capacity in the current period. Ore processed decreased by 3.3% in the nine months ended October 31, 2025 compared to 2024, mainly due to operational issues with crushing in the previous six months.

The STP was commissioned during the three months ended October 31, 2025 and has been operational since early October. However, the oxygen plant was not completed as committed by the oxygen contractor. Therefore, the gold recovery increase was on the order of 10% (from approximately 57% to 67%) and not +30% as expected.

Gold equivalent ounces produced in the three and nine months ended October 31, 2025 were 11,721 and 37,220, respectively, compared to 12,309 and 47,945, respectively in the same periods in 2024. The decrease was due to lower grade plant feed, impacted by drawing from low-grade stockpiles while operations were focused on reducing the backlog of waste stripping.

AISC increased to $8,776 and $6,464, respectively, per ounce in the three and nine months ended October 31, 2025, compared to $3,115 and $2,286, respectively, per ounce in the same periods of 2024. The increase was primarily due to elevated stripping requirements, lower grade ore processed from low-grade stockpiles, and higher sustaining capital expenditures.

Bibiani Mine – Near-Term Strategy and Outlook

The Company plans to execute on its growth strategy at the Bibiani Gold Mine, which includes the following initiatives:

Engage the full fleet of trucks, excavators, and rigs required to mine approximately 6.5 million tonnes per month at the Main Pit by the end of 2025. Plant throughput expansions, including upgrading the crushing system, to achieve a throughput increase from 3.0 Mtpa to 3.2 Mtpa by end of Q1 2026, 3.8 Mtpa by end of Q2 2026 and 4.0 Mtpa thereafter. Road construction connecting Bibiani to Chirano is expected to be completed in Q2 2026. Backup generator installation to provide 12 MW capacity, which is 95% complete, with full automation expected to be complete by end of December 2025. This is intended to ensure uninterrupted power supply to operations and reduced plant downtime. Underground mining contractor has started mobilization, with mining to commence in February 2026 to deliver the three-year development schedule. Full production from the underground mine is targeted for 2028. Complete the advanced exploration grade control drilling program at Asempaneye, Little Mug and Asheresu to facilitate development of new satellite pits in 2026, with the goal of improving oxide ore feed and maximizing plant throughput. Complete infill drilling to de-risk potential grade estimation inconsistencies at the Main Pit south. Achieve a targeted 92% recovery rate by March 2026 from the Bibiani STP after successful commissioning of the oxygen plant and optimization processes.

The Company expects to produce between 50,000 and 55,000 gold ounces at Bibiani for the eleven months ending December 31, 2025. Based on preliminary budgetary estimates, the Company expects to produce between 215,000 and 245,000 ounces of gold at the Bibiani Mine in 2026. Formal 2026 production and cost guidance will be provided early in the fiscal year, with an updated longer-term outlook to be provided following the release of an updated technical report that is scheduled for Q2 2026. Consistent with the Company’s plan to achieve annual consolidated gold production of approximately 500,000 ounces by 2028, the Company expects a significant increase in annual gold production at Bibiani over the following two years.

Chirano Mine –Summary of the quarter ended October 31, 2025 Results

| | | Three months ended | Nine months ended | | | | | | | | | | October 31 | October 31 | | | | | | | | ($000s USD) except as noted | | 2025 | 2024 | 2025 | 2024 | | | | | | Open Pit Mining: | | | | | | | | | | | Waste mined (kt) | | 2,929 | | 2,492 | | 6,472 | | 7,724 | | | Ore mined (kt) | | 242 | | 424 | | 747 | | 1,597 | | | Total material mined (kt) | | 3,171 | | 2,916 | | 7,219 | | 9,321 | | | Strip ratio (waste:ore) | | 12.1 | | 5.9 | | 8.7 | | 4.8 | | | Underground Mining: | | | | | | | | | | | Waste mined (kt) | | 153 | | 220 | | 528 | | 624 | | | Ore mined (kt) | | 488 | | 428 | | 1,296 | | 1,370 | | | Total material mined (kt) | | 641 | | 647 | | 1,824 | | 1,994 | | | Ore processed (kt) | | 924 | | 801 | | 2,684 | | 2,550 | | | Grade (grams/tonne) | | 0.93 | | 1.47 | | 1.12 | | 1.40 | | | Gold recovery (%) | | 82 | % | 87 | % | 84 | % | 86 | % | | Gold equivalent produced (oz) | | 25,612 | | 32,964 | | 80,239 | | 97,687 | | | Gold equivalent sold (oz) | | 26,013 | | 30,856 | | 80,883 | | 97,379 | | | Revenue ($ in thousands) | | 100,214 | | 78,739 | | 273,306 | | 223,880 | | | Average gold price realized per ounce 1 | 3,852 | | 2,552 | | 3,379 | | 2,299 | | | | AISC 1 | | 2,964 | | 2,031 | | 2,673 | | 1,905 | |

Ore mined from open pit mining decreased by 42.9% and 53.2%, respectively, in the three and nine months ended October 31, 2025, compared to the same periods in 2024. Ore mined decreased due to later than planned mining from the Aboduabo open pit and a focus on stripping activities at the Mamnao central and Aboduabo open pits.

Ore mined from underground mining increased by 14.0% in the three months ended October 31, 2025, compared to the same period in 2024, primarily due to higher ore tonnes mined from Suraw UG. Ore mined from underground mining decreased by 5.4% in the nine months ended October 31, 2025 compared to the same period in 2024, primarily due to explosives challenges as well as equipment availability and water in-rush delaying development at Tano and Akoti. Underground ore in the nine months ended October 31, 2025 was mainly provided from Obra, Suraw, and Akwaaba.

The Chirano underground mine fleet is in the process of a significant upgrade. This includes delivery of several new equipment units, to accelerate development, leading to increased production and grade to the process plant. Delivery of these units was late by more than three months, resulting in delayed mine development. The equipment is now either at site or will be at site in December 2025.

Ore processed increased by 15.3% and 5.3%, respectively, in the three and nine months ended October 31, 2025, compared to the same periods in 2024. The increase was due to stable power availability and realized benefits from plant throughput improvement initiatives.

During the three and nine months ended October 31, 2025, average ore grade (in grams per tonne) declined to 0.93 and 1.12, respectively, from 1.47 and 1.40, respectively, in the same periods of 2024. This decrease was primarily due to a higher proportion of plant feed sourced from low-grade stockpiles, as opposed to higher-grade open pit ore processed in the prior year comparable periods. The combination of lower ore grades and decreased recovery rates due to challenges with intertank screens at the carbon-in-leach plant resulted in gold equivalent ounces produced of 25,612 and 80,239 ounces for the three and nine months ended October 31, 2025, respectively, which is down from 32,964 and 97,687 ounces in the same periods of 2024.

AISC increased to $2,964 and $2,673 per ounce in the three and nine months ended October 31, 2025, respectively, from $2,031 and $1,905 in the same periods of 2024. The increase was primarily due to lower gold production during the three and nine months ended October 31, 2025, as compared to the prior year periods.

Chirano Mine – Near-Term Strategy and Outlook

The Company plans to execute on its growth strategy at the Chirano Gold Mine, which includes the following initiatives:

Execution of process plant projects as planned to improve crushing performance and increase the annual mine production rate from 3.0 Mt/annum to 3.4 Mt/annum by end of Q1 and 3.6 Mt/annum by end of Q2 to 4 Mt/annum thereafter. Resource mobilization efforts are underway to accelerate development at the Tano and Akoti Far South mines Ore production at Akoti and Tano is expected to commence by the end of Q2 2026, supporting robust underground ore. Open pit mining continues at Mamnao Central and Aboduabo. Two extra production rigs to be mobilized by the end of December 2025 to accelerate production target for 2026. Kolua and Sariehu Extension Pits are expected to be added in Q1 2026. Extra resources to be mobilized by Q1 to accelerate production at Sariehu Extension as planned. Development of exploration drifts toward Obra North is underway, along with the establishment of a cuddy at Suraw (1875m RL), to facilitate drilling outside the current reserves and along the prospective mineralized trend. Underground exploration at the Obra Depth Extension.

The Company expects to produce between 97,500 and 102,500 gold ounces at Chirano for the 11 months ending December 31, 2025. Based on preliminary budgetary estimates, the Company expects to produce between 150,000 and 175,000 ounces of gold at the Chirano Mine in 2026. Formal 2026 production and cost guidance will be provided early in the fiscal year, with an updated longer-term outlook to be provided following the release of an updated technical report that is scheduled for Q2 2026. Consistent with the Company’s plan to achieve annual consolidated gold production of 500,000 ounces by 2028, the Company expects a significant increase in annual gold production at Chirano over the following two years.

Appointment of Vice President, Finance

Asante confirms that it has appointed Patrick Padmore to the position of Vice President, Finance. Mr. Padmore joined Asante as a Finance Consultant in October 2023. Mr. Padmore is a finance professional with over 17 years expertise with a focus on the resource sector. He has strengths in public company reporting, capital markets, debt financing, treasury management and corporate development. He has participated in multiple equity, debt, lease and stream financings during his career in both the resources and shipping industries. Mr. Padmore holds several professional designations, including Chartered Professional Accountant (CPA-CA), Chartered Business Valuator (CBV) and Chartered Financial Analyst (CFA). In connection with the appointment, the Company has agreed to issue 100,000 restricted share units to Mr. Padmore.