Asante Reports Q2 & H1 2026 Operating & Financial Results
HIGHLIGHTS
- Q2 2026 gold production of 57,274 equivalent ounces at consolidated AISC of $4,281 per ounce; H1 2026 gold production of 117,076 equivalent ounces, up 46.1% over H1 2025, at consolidated AISC of $4,070 per ounce.
- Record H1 2026 revenue of $543.8 million, up 124.0% over H1 2025, driven by a 52.8% increase in average realized gold price together with a 46.6% increase in gold equivalent ounces sold.
- Adjusted EBITDA of $160.1 million for H1 2026, compared with $4.4 million for H1 2025.
- Full-year 2026 gold production guidance of 275,000 – 300,000 equivalent ounces at a consolidated AISC of $3,200 – 3,600 per ounce, as advised on August 7, 2026.
- Substantially higher forecast production and lower costs during H2 2026 (weighted to Q4 2026) set to be driven by progressive access to higher-grade material at Bibiani in the northern base of Main Pit.
- Layered program of efficiency initiatives in implementation across mining, processing, capital projects and supply chain, with approximately $50 million of previously planned capital expenditure deferred or cancelled.
- Updated NI 43-101 technical reports for Bibiani and Chirano filed on August 5, 2026; combined Measured and Indicated Mineral Resources of 4.6 million ounces evidence expected longer-term potential of both operations.
- Re-energized group exploration focus with $23.4 million budgeted for 2026, targeting strike and high-grade depth extensions of key mineralized zones at both Bibiani and Chirano.
VANCOUVER, British Columbia, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Asante Gold Corporation (TSXV: ASE | GSE: ASG | OTCQX: ASGOF) ("Asante" or the "Company") is pleased to announce its operating and financial results for Q2 2026 and H1 2026, with highlights provided in Table 1 below. All dollar figures are in United States dollars unless otherwise indicated.
Table 1: Operating and Financial Highlights
| Three months ended | Six Months Ended | |||||||||||
| June 30 2026 | July 31 2025 | June 30 2026 | July 31 2025 | Δ H1-2026 vs. H1 2025 | ||||||||
| OPERATIONS RESULTS | ||||||||||||
| Gold equivalent produced (oz) | 57,274 | 28,213 | 117,076 | 80,126 | +46.1 | % | ||||||
| Gold sold (oz) | 54,874 | 32,205 | 117,871 | 80,395 | +46.6 | % | ||||||
| Realized gold price ($/oz) | 4,436 | 3,130 | 4,614 | 3,020 | +52.8 | % | ||||||
| AISC ($/oz) | 4,281 | 4,849 | 4,070 | 3,496 | +16.4 | % | ||||||
| FINANCIAL RESULTS | ||||||||||||
| Revenue ($) | 243,404 | 100,801 | 543,836 | 242,783 | +124.0 | % | ||||||
| Gross profit (loss) ($) | 15,231 | (47,235 | ) | 75,759 | (40,778 | ) | n.a. | |||||
| Total comprehensive loss attrib. to shareholders ($) | (30,475 | ) | (61,030 | ) | (41,340 | ) | (81,068 | ) | +49.0 | % | ||
| Adjusted EBITDA ($) | 57,879 | (26,309 | ) | 160,092 | 4,355 | +3,576.1 | % | |||||
Campbell Baird, Acting Chief Executive Officer of Asante, commented:
“During Q2 2026, Asante continued to build on the strategic and operational review commenced earlier this year. As noted in our 2026 guidance and operating update last week, we believe the business is beginning to transition from operational platform establishment to more consistent and predictable delivery of the benefits of recent invested capital. We are also positioning for further improvement in operational performance in 2027, underpinned by the operating capacity established over the course of 2026. We are also pleased to have bolstered our senior team in recent months with the addition of a proven mining executive, Glenn Baldwin as Chief Development Officer to support this transition and we expect to make further appointments in the short term.
Operationally, this progress is reflected in performance at both sites during the quarter. At Bibiani, the mining fleet reached full planned capacity during the quarter and we are now transitioning into the higher-grade northern section of the Main Pit, which we expect to be a key driver of a stronger second half. At Chirano, the underground fleet upgrade delivered earlier this year, plus open pit mining at Aboduabo, drove stronger ore delivery. Implementation of our suite of efficiency initiatives is also progressing strongly. Approximately $50 million of previously planned capital expenditure has been deferred or cancelled so far this year, and further cost efficiency work is underway across contractor terms, procurement and supply chain.
We are excited by the further exploration opportunity that exists at both Bibiani and Chirano. Our recently updated NI 43-101 technical reports, filed in early August, demonstrate the sort of mineral inventory additions that can be delivered with relatively modest exploration. Against this backdrop, and our re-energized exploration focus across 2026 (and 2027), we believe there is outstanding potential for strong growth in our Mineral Resource and Reserve bases over coming years.
Together, our operational momentum, strengthened leadership team, and growing exploration potential give us confidence in translating the platform we have built across the first half into a growing, predictable and sustainable operation.”
Corporate Leadership Update
During the quarter, Asante strengthened its executive team with the announcement of Campbell Baird as Acting Chief Executive Officer effective May 19, 2026, following the retirement of Dave Anthony as President and CEO (refer to news release dated May 19, 2026). Glenn Baldwin was appointed Chief Development Officer of the Company effective June 4, 2026 (refer to news release dated June 4, 2026). Subsequent to quarter end, David Wiens resigned as Chief Financial Officer, effective August 14, 2026 (refer to news release dated July 27, 2026) after serving as CFO since August 2023 with Dindiok Chialin, Deputy CFO, being appointed Interim CFO. Asante expects to make an appointment to the vacant CFO role shortly.
Operating Summary
Bibiani Gold Mine
Table 2: Operational Overview of Bibiani Gold Mine
| Three months ended | Six months ended | ||||||||
| For the period ended | June 30, 2026 | July 31, 2025 | June 30, 2026 | July 31, 2025 | |||||
| Ore mined (kt) | 838.6 | 276.1 | 1,513.4 | 834.2 | |||||
| Waste mined (kt) | 13,565.8 | 12,245.9 | 31,021.5 | 23,657.7 | |||||
| Total material mined (kt) | 14,404.4 | 12,522.0 | 32,534.9 | 24,492.0 | |||||
| Stripping ratio | 16.18 | 44.35 | 20.50 | 28.36 | |||||
| Ore processed (kt) | 695.7 | 476.4 | 1,468.5 | 1,056.9 | |||||
| Grade (g/t) | 1.58 | 0.91 | 1.48 | 1.33 | |||||
| Gold recovery (%) | 74.4 | % | 55.9 | % | 75.2 | % | 68.4 | % | |
| Gold equivalent produced (oz) | 24,059 | 8,257 | 51,737 | 25,499 | |||||
| Gold equivalent sold (oz) | 23,257 | 8,817 | 54,151 | 25,525 | |||||
| Revenue (USD in thousands) | 101,446 | 23,017 | 243,503 | 69,691 | |||||
| Average gold price realized per ounce ($/oz) | 4,362 | 2,611 | 4,497 | 2,730 | |||||
| AISC ($/oz) | 4,363 | 9,102 | 4,268 | 5,561 | |||||
Total material mined at Bibiani was 32.5 million tonnes for H1 2026, up 32.8% on the prior year comparable period, reflecting full mobilization of the mining fleet, now at 100% of planned capacity across the Main Pit and Russel Pit. While gold recovery improved to 75.2% for H1 2026, from 68.4% in the prior year comparable period, reflecting recovery improvement initiatives across sulphide recovery, gravity and CIL circuits. Progressive access to higher-grade ore in the northern base section of Main Pit is set to be established through H2 2026, and is expected to drive an increase in plant head grade over that period and into 2027.
AISC for H1 2026 was $4,268 per ounce, down from $5,561 per ounce in the prior year comparable period. In Q2, AISC was $4,363 per ounce compared to $4,197 in Q1, primarily reflecting higher gold equivalent ounces sold, partially offset by higher cost of sales and sustaining capital expenditure of $19.5 million related to procuring a cone crusher and jaw crusher, upgrades to the mill motor control system, and the flotation circuit expansion project, together targeting improved throughput and recovery. Historic structural conditions along the east wall of the Main Pit continue to be addressed through the continuous Slope Stability Radar monitoring pit providing real time movement data, the Cut 2 waste stripping program progressing wall stabilization, and drilling of five geotechnical holes into the southeast wall, guided by an independent geotechnical consultant to inform slope angle design for the final Cut 3 pit walls.
The Company's resettlement program for the Bibiani Old Town and Zongo communities, continued to progress during the period. Approximately $57 million has been invested in the program to date, including construction of a new school complex, comprising kindergarten, primary and junior high school facilities together with teacher accommodation, handed over to the Ghana Education Service in April 2026.The first phase of replacement housing is underway and targeted for completion in 2026 (refer to progress photo of RAP site below).
Figure 1: Bibiani Resettlement Project site as at August 2026
Chirano Gold Mine
Table 3: Operational Overview of Chirano Gold Mine
| Three months ended | Six months ended | ||||||||
| For the period ended | June 30, 2026 | July 31, 2025 | June 30, 2026 | July 31, 2025 | |||||
| Open Pit Mining: | |||||||||
| Ore mined (kt) | 547.9 | 184.3 | 1,037.0 | 504.9 | |||||
| Waste mined (kt) | 5,447.5 | 1,800.4 | 10,401.3 | 3,542.8 | |||||
| Total material mined (kt) | 5,995.4 | 1,984.7 | 11,438.3 | 4,047.7 | |||||
| Stripping ratio | 9.94 | 9.77 | 10.03 | 7.02 | |||||
| Underground Mining: | |||||||||
| Ore mined (kt) | 411.2 | 347.4 | 862.5 | 808.5 | |||||
| Waste mined (kt) | 170.5 | 170.5 | 361.5 | 374.6 | |||||
| Total material mined (kt) | 581.7 | 517.9 | 1,224.0 | 1,183.1 | |||||
| Ore processed (kt) | 990.6 | 830.4 | 1,928.4 | 1,759.9 | |||||
| Grade (g/t) | 1.30 | 0.93 | 1.28 | 1.13 | |||||
| Gold recovery (%) | 79.8 | % | 82.0 | % | 81.0 | % | 84.4 | % | |
| Gold equivalent produced (oz) | 33,215 | 19,956 | 65,339 | 54,627 | |||||
| Gold equivalent sold (oz) | 31,617 | 23,388 | 63,720 | 54,870 | |||||
| Revenue (USD in thousands) | 141,958 | 77,784 | 300,333 | 173,092 | |||||
| Average gold price realized per ounce ($/oz) | 4,490 | 3,326 | 4,713 | 3,155 | |||||
| AISC ($/oz) | 4,221 | 3,246 | 3,901 | 2,536 | |||||
Open pit ore mined at Chirano increased substantially in H1 2026, driven by the ramp up of open pit activities at Aboduabo, supported by an expanded contractor fleet. Underground ore mined also increased, primarily due to higher ore tonnes mined at Akoti and Tano, following delivery of over 11 new equipment units between Q4 2025 and early Q1 2026, primarily replacing retired underground fleet, resulting in a cost saving of approximately $530,000 between Q1 2026 and Q2 2026.
Gold equivalent production for H1 2026 was 65,339 ounces, up from 54,627 ounces in the prior year comparable period, reflecting higher ore processed and higher grade, partially offset by a slightly lower recovery rate due to a higher proportion of Aboduabo material in the blend. AISC for H1 2026 increased to $3,901 per ounce, from $2,536 per ounce in the prior year comparable period, primarily due to higher royalties reflecting the Company's revenue-based royalty structure in Ghana combined with the higher average realized gold price, and higher sustaining capital expenditures which included open pit stripping, process plant upgrades, the TSF1 southeast embankment raise, sustaining exploration, equipment replacement, and underground development at Obra and Suraw.
Key project milestones during H1 2026 included progress on the CIL intertank screen and carbon advance pump installations, fabrication of the crushing circuit dust scrubber, corrosion control works across plant structures, and ongoing construction of the TSF1 southeast stage 2 raise.
Exploration
In early August, the Company filed updated, independently prepared NI 43-101 technical reports for Bibiani and Chirano (refer to news release dated August 5, 2026), each with an effective date of December 31, 2025, superseding the reports filed April 30, 2024 (effective December 31, 2023). Combined Measured and Indicated Mineral Resources across both operations totalled 4.6 million ounces, in line with December 2023 levels despite mining over 430,000 ounces of gold in the prior two years. A further 1.8 million ounces of Inferred Mineral Resources provides a near term conversion pipeline supported by active drilling programs.
The Company is re-energizing its focus on exploration as a key driver of future growth following a constrained 2024-2025 exploration period. Approximately $23.4 million of spend is budgeted across near mine and greenfield exploration programs in 2026, up by $14.5 million compared to 2025. During H1 2026, Asante’s total exploration expenditure amounted to $10.7 million, of which $4.9 million was spent in Q2 2026. A total of 51,560 metres of drilling was completed in H1 2026, of which 19,153 meters were completed during Q2 2026 with drilling activity moderating in line with a broader efficiency and capital-deferral review and programs planned to accelerate in the second half of the year. Building on the 2026 program, an expanded exploration budget is planned for Bibiani in 2027, targeting increased near mine drilling metres to rebuild the resource pipeline. This renewed focus reflects management's view that Asante's holding of tenure along the Bibiani and Chirano shear zones, together with the wider Chirano-Bibiani Corridor, represents substantial exploration upside that has not been fully tested in recent years.
2026 Outlook
In early August, Asante provided full year 2026 gold production guidance of 275,000 to 300,000 equivalent ounces at consolidated AISC of $3,200 to $3,600 per ounce (refer to news release dated August 7, 2026).
This guidance incorporates substantially higher forecast production and lower costs in H2 2026 (relative to H1 2026, which was 117,076 equivalent ounces at AISC of $4,070 per ounce), driven strongly via Bibiani mining progressing into the higher-grade northern section of the Main Pit. This forecast H2 2026 performance is expected to be weighted to Q4 2026.
A layered program of efficiency initiatives is in implementation across both operations spanning mining, processing, capital projects and supply chain to enhance production and reduce costs. Approximately $50 million of previously planned capital expenditure has been deferred or cancelled to date in 2026, with further cost efficiency initiatives targeted through the balance of the year and into 2027. This reflects the cancellation of the System 3 crusher project, and reduction in planned spend on underground development at Bibiani (including limiting portal development from three to two, comprising the Greg Hunter and North Portals), and the deferral or cancellation of approximately over 30 further projects across both operations assessed as not value accretive or currently necessary.
At Bibiani, processing plant projects approaching completion include two replacement secondary electric crushing systems, a pending pebble crusher installation, grinding circuit optimization, gravity circuit upgrades and flotation circuit expansion, alongside additional backup power capacity and the Genser power line project, targeted to deliver privately gas generated power via Chirano from Q3 2027. Prior to the 2027 power line upgrade new diesel gensets are expected to be commissioned and online by end of October 2026, offsetting grid stability issues that Bibiani has faced in 2026. While at Chirano, a series of plant upgrade opportunities are under review, including installation of quaternary and gyratory crushers to increase crusher and mill throughput, and an elution circuit upgrade and additional CIP tank to reduce gold in circuit and improve recovery.
Liquidity and Financing Update
As at June 30, 2026, the Company had cash of $57.8 million and a working capital deficiency of $217.6 million (December 31, 2025: $229.3 million). Cash provided by operating activities in H1 2026 was $126.2 million, offset by $155.2 million used in investing activities, primarily to support plant upgrades at Bibiani and performance improvement projects at Chirano. Investing activities for H1 include $77.7 million for the purchases of property, plant and equipment, $70.6 million for expenditures on mineral properties and $6.9 million for expenditures on exploration and evaluation assets.
Subsequent to quarter end, the Company entered into a new gold forward agreement (the "New GFA") with a party related to the Executive Chairman of the Company for a deposit of $50 million, of which $20 million was received on July 27, 2026, with the balance expected by the end of August 2026. Gold deliveries under the New GFA commence November 30, 2026 through February 28, 2027, priced at a 7.00% discount to the market price of gold at the time of delivery.
On May 4, 2026, the Company obtained a waiver to defer $52.6 million in settlement payments under its price protection agreements, to be paid in six monthly instalments from July through December 2026. On May 14, 2026, the Company entered into a consolidated waiver and consent letter with its senior debt facility, mezzanine facility, price protection agreement and gold stream agreement counterparties (the "May 2026 Waiver"), which waived the liquidity covenant test that would otherwise have applied at the end of April 2026, revised minimum liquidity requirements through August 2027, and extended the performance reporting review period to run from April 1, 2026 to December 31, 2026, with reporting due January 31, 2027.
The Company is actively progressing a range of financing initiatives to strengthen its liquidity position and support the ramp up of both operations. Under the May 2026 Waiver, the Company is required to secure aggregate funding of at least $100 million, excluding the New GFA, by August 31, 2026. Additionally, on June 30, 2026 and July 31, 2026, the Company entered into further amendments to the waiver arrangements under its senior debt facility agreement, extending the deadline for delivery of a cost to complete certificate, most recently to August 20, 2026.
The Company has been and remains in active discussions with its lenders regarding the extension of the date for satisfaction of these conditions. Additionally, Asante is in discussions with its lenders regarding the potential variation of the conditions of these two requirements, and/or further extensions to the deadlines to align them with Asante’s mine plans and financial forecasts. These discussions also extend to potential additional debt facilities which Asante may seek to implement, as well as a potential restructuring of its debt.
QUALIFIED PERSON STATEMENT
The scientific and technical information contained in this news release has been reviewed and approved by Campbell Baird, Acting Chief Executive Officer of the Company and a "qualified person" under NI 43-101. For a detailed discussion of results for the second quarter and first half, please refer to the Management's Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and Asante's website at www.asantegold.com.
NON-IFRS MEASURES
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "all in sustaining costs" (or "AISC") and "earnings before interest, taxes, depreciation and amortization" (or "EBITDA"). Non-IFRS measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS, and should be read in conjunction with Asante's consolidated financial statements. Readers should refer to Asante's Management Discussion and Analysis under the heading "Non-IFRS Measures" for a more detailed discussion of how Asante calculates these measures and a reconciliation to the most directly comparable IFRS measures.
CONTACT INFORMATION
Camilla Golding – Investor Relations Manager
investor@asantegold.com
+1 604 661 9400 or +233 303 972 147
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 TSX Venture Exchange, the Ghana Stock Exchange and the OTCQX Best Market. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana's Golden Triangle. Additional information is available on the Company's website at www.asantegold.com.
Figure 2: Asante Portfolio, Ghana
CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS
Certain statements in this news release constitute forward-looking statements or forward-looking information. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: production and all-in sustaining costs forecasts for the Bibiani and Chirano Gold Mines, improvement of results, exploration results and potential development programs, expansion and mine life extension opportunities, completion and timing of plant upgrades, grade ore improvements and plant throughput increases, and timing of satisfying conditions of listing on the TSX Venture Exchange. These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of mineralized material to be mined and processed; future anticipated prices for gold and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; risks related to increased barriers to trade, including tariffs and duties; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations, including contractual rights from third parties and adjacent property owners; whether the Company is able to maintain a strong financial condition and have sufficient capital, or have access to capital, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in the price of gold; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships and claims by local communities; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in countries where the Company may carry on business, including legal restrictions relating to mining, risks relating to expropriation; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company’s inability to raise the necessary capital or to be fully able to implement its business and growth strategies, and those risk factors identified in the Company’s management’s discussions and analysis and the most recent annual information form. The reader is referred to the Company’s public disclosure record which is available on SEDAR (www.sedarplus.ca). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
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