Due mainly to a full year of production at both mines (Bibiani and Chirano Gold Mines), Asante Gold’s revenue in FY2024 increased by 109% to $575 million from $275 million in the previous fiscal year.

This is in contrast to the production results for roughly six months at each mine in FY2023 following the acquisition of Chirano in August 2022 and the first gold pour at Bibiani in July 2022. 214,950 ounces of gold were produced overall in FY2024, a 73% increase over FY2023. Compared to $160 million in the previous fiscal year, the company reported a total comprehensive loss of $130 million that was attributable to its shareholders.

For the first time, the Company’s adjusted EBITDA and comprehensive income were positive in Q4 2024, helped by a higher realized gold price and reversal of provisions.

Gold equivalent production rose 22% to 76,516 ounces in FY2024, mostly as a result of operating results being included for a full year in FY2024 as opposed to roughly six months in FY2023. Oxide material accounted for the majority of the mined and processed ore in the months after the first gold pour at Bibiani in July 2022. Consequently, despite a few plant upgrades that remained unfinished in 2023, an 83% gold recovery rate was attained.

Unfortunately, access to oxide ore below the Goaso highway was delayed as the mining sequence at the Bibiani main pit continued into FY2024. A sulphide treatment plant was necessary as more and more sulphide material was mined in order to maximize gold recovery.

The Company’s planned project could not be completed in FY2024 due to a lack of capital funding, and as a result, the gold recovery fell below 70%. Concurrently, mining capacity was adversely affected by decreased contractor equipment availability brought on by liquidity constraints. The main causes of the increase in AISC from $2,152 per ounce in FY2023 to $3,197 per ounce in FY2024 were these factors.

Results for Q4 2024 continued to be impacted by the aforementioned factors, resulting in reported gold recovery of 69% and AISC of $2,811 per ounce.

About Asante Gold Corporation

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange.