Asante delivers record Q1 revenue, appoints acting CEO

Baird is a mining executive with more than 30 years’ experience in the mining industries of Africa, Australia and North America.

Asante is confident he has a proven track record of delivering operational improvement, including during his time as COO of Asante since March 11.

Baird has been working closely with management and technical teams at Asante’s Bibiani and Chirano operations, in Ghana, having led a focused operational review to strengthen execution discipline and identify opportunities for improved performance and efficiency.

Meanwhile, Asante produced 59 800 gold-equivalent ounces (GEOs) in the first quarter of the year, with its monthly average gold production being 20 000 GEOs currently, compared with 13 000 GEOs produced monthly in 2025. This marks a 50% increase in output.

The company posted record quarterly revenue of $300-million and gross profit of $60.5-million in the first quarter. This while the company is undertaking significant investment in new mining fleet and plant upgrades.

Having realised an average gold price of $4 769/oz in the quarter, on sales of 62 996 GEO in the three months ended March 31, Asante narrowed its comprehensive loss attributable to shareholders to $10.9-million. This compares to an attributable loss of $20-million having been reported in the three months ended April 30, 2025.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter under review was $102-million, compared with adjusted Ebitda of $30.7-million in the prior comparable quarter. Asante says the increase in earnings reflects a higher volume of gold sold at a higher average realised price.

Asante had $62-million of cash on hand at the end of March.

OUTLOOK

The company continues to undertake a comprehensive operational and strategic review of its mining and processing activities at Bibiani and Chirano to establish an executable and robust operating plan.

The company’s near-term priorities to transition both operations from periods of improving performance to consistent, repeatable delivery, include: tighter operational control and accountability across mining and processing; improved integration between technical, operations and maintenance teams; and disciplined delivery of a small number of high-impact initiatives to drive reliability, recoveries and throughput.

While the review remains ongoing, early work has reinforced that the assets have the capacity to deliver materially stronger and more consistent production outcomes than are currently being achieved.

Asante will update the market on the outcomes of this review, including medium-term operating parameters, once the revised operating plan has been finalised and validated.