Asante Reports Q3 2026 Operating & Financial Results
HIGHLIGHTS
- Q3 2026 gold production of 48,517 equivalent ounces at a consolidated AISC of $4,860 per ounce; nine month 2026 gold production of 165,594 equivalent ounces, up 41.0% year-on-year, at a consolidated AISC of $4,308 per ounce.
- Chirano delivered improved quarterly production of 34,420 gold equivalent ounces, up 34.4% year-on-year, primarily driven by higher-grade ore from Aboduabo.
- Bibiani production was impacted by operational challenges, including reduced availability of the principle mining contractor in the Main Pit, lower plant recovery, power disruptions and slower than anticipated resettlement. As a result, 2026 production and AISC guidance has been withdrawn. A second contractor has been onboarded to expedite waste clearance from the January 2026 south-east wall failure in the Main Pit. This is expected to be completed in early December 2026, allowing renewed ore access in that area by Q1 2027.
- Nine month 2026 revenue of $756.7 million, up 103.3% on the prior year comparable period, driven by a 40.2% increase in average realized gold price together with a 45.1% increase in gold equivalent ounces sold.
- Adjusted EBITDA increased to $194.8 million for the nine months ended September 30, 2026, compared with $0.6 million for the prior year comparable period, and $34.7 million for Q3 2026.
- Encouraging initial drill results from the Bridge area between the Bibiani Main Pit and Cut 5, including intercepts of 48m at 2.11 g/t Au from 42m, 25m at 4.95 g/t Au from 119m and 6m at 62.48 g/t Au from 136m, support further evaluation of the potential to extend open-pit mining at Bibiani.
- Expanding the Main Pit would enable portions of the northern Main Pit underground Mineral Resource to be accessed from surface, bringing additional resources into the LOM plan and deferring significant underground development capital expenditure currently planned for 2027 and 2028. Management plans to accelerate drilling, assaying, and mine planning in this area with results to be incorporated into an updated Main Pit Mineral Resource model and revised mine plan.
Vancouver, British Columbia, November 13, 2026 – Asante Gold Corporation (TSXV: ASE | GSE: ASG | OTCQX: ASGOF) (“Asante” or the “Company”) reports its operating and financial results for the three and nine months ended September 30, 2026, with highlights provided in Table 1 below. All dollar figures are in United States dollars unless otherwise indicated. Following the change in the Company’s financial year end to December 31, comparative figures are for the three and nine months ended October 31, 2025.
| Three months ended | Nine Months Ended | |||||
| September 30 2026 | October 31 2025 | September 30 2026 | October 31 2025 | Δ 9M 2026 vs. 9M 2025 | ||
| OPERATIONS RESULTS | ||||||
| Gold equivalent produced (oz) | 48,517 | 37,333 | 165,594 | 117,459 | +41.0% | |
| Gold sold (oz) | 50,943 | 35,982 | 168,814 | 116,377 | +45.1% | |
| Realized gold price ($/oz) | 4,178 | 3,594 | 4,482 | 3,197 | +40.2% | |
| AISC ($/oz) | 4,860 | 4,574 | 4,308 | 3,830 | +12.5% | |
| FINANCIAL RESULTS | ||||||
| Revenue ($) | 212,832 | 129,329 | 756,668 | 372,112 | +103.3% | |
| Gross profit (loss) ($) | 3,402 | (18,953) | 79,161 | (59,731) | n.a. | |
| Total comprehensive loss attrib. to shareholders ($) | (41,900) | (215,202) | (83,240) | (296,270) | +71.9% | |
| Adjusted EBITDA ($) | 34,669 | (6,408) | 194,761 | 597 | n.m. | |
Campbell Baird, Acting Chief Executive Officer of Asante, commented:
“We continue to make progress in resetting the business, although there is still considerable work ahead of us. Our priority remains on improving operational performance across both mines and establishing a more consistent and sustainable production base in order to realise the true organic potential of Chirano and Bibiani, which we believe to be substantial. We are in the process of finalizing a comprehensive operational turnaround plan, which diagnoses the individual drivers of the persistent underperformance of the assets and which will define the corresponding remediation steps required for resolution. That plan is expected to set timelines for the achievement of remediation milestones and to quantify any related capital requirements. Asante will communicate the elements of the turnaround plan to the market once finalized.
Chirano delivered a stronger quarter, with production up 34% on the comparable quarter in 2025, and we continue to identify opportunities to improve productivity and efficiency. At Bibiani, reduced contractor availability in the Main Pit impacted production during the quarter, and as a result we have withdrawn our 2026 guidance. We have since brought in a second mining contractor and revised the mining sequence, with remediation of the Main Pit expected to be completed in early December, supporting improved ore delivery from Q1 2027.
At the same time, we’re encouraged by the initial drilling results at the Bibiani Bridge area, which are highlighting a significant opportunity to improve the mine plan that must be fast-tracked. An expanded Main Pit could allow us to access mineralization currently planned for underground mining and potentially defer significant development capital. This is an important part of our broader efforts to improve capital efficiency and unlock greater value from our existing operations.”
Operating Summary
Bibiani Gold Mine
Table 2: Operational Overview of Bibiani Gold Mine
| Three months ended | Nine months ended | |||
| For the period ended | September 30, 2026 | October 31, 2025 | September 30, 2026 | October 31, 2025 |
| Ore mined (kt) | 556.3 | 341.6 | 2,069.7 | 1,175.8 |
| Waste mined (kt) | 13,437.7 | 16,865.3 | 44,459.2 | 40,523.1 |
| Total material mined (kt) | 13,994.0 | 17,207.0 | 46,528.9 | 41,698.9 |
| Stripping ratio | 24.16 | 49.37 | 21.48 | 34.46 |
| Ore processed (kt) | 675.6 | 650.6 | 2,144.1 | 1,707.5 |
| Grade (g/t) | 1.10 | 0.91 | 1.36 | 1.08 |
| Gold recovery (%) | 57.6% | 55.9% | 70.7% | 63.2% |
| Gold equivalent produced (oz) | 14,097 | 11,721 | 65,835 | 37,220 |
| Gold equivalent sold (oz) | 14,636 | 9,969 | 68,787 | 35,494 |
| Revenue (USD in thousands) | 56,685 | 29,115 | 300,188 | 98,806 |
| Average gold price realized per ounce ($/oz) | 3,873 | 2,921 | 4,364 | 2,784 |
| AISC ($/oz) | 7,681 | 8,776 | 4,994 | 6,464 |
Total material mined at Bibiani was 46.5 million tonnes for the nine months ended September 30, 2026, an increase of 11.6% on the prior year comparable period, with mining rates increasing from Q4 2025 through the first five months of 2026. In Q3 2026, total material mined was 14.0 million tonnes, a decrease of 18.7% on the prior year comparable period, primarily due to reduced availability of the main mining contractor in the Main Pit, which slowed remediation of the Main Pit southeast wall and access to higher grade ore. Outstanding resettlement of Phase 1 households also restricted blasting and access to planned mining areas in the Main Pit. A second contractor has been onboarded to augment production, and the Walsh Pit is being backfilled to provide short haul opportunities.
Russel Pit was completed during Q3 2026, with 9,187 ounces of gold contained in ore mined during the quarter and 93,875 contained ounces mined over the life of the pit. Main Pit Cut 6, a satellite deposit north of the Main Pit, was also commissioned to maintain ore delivery, and Main Pit Cut 2 was re-engineered to absorb the waste movement deficit. Remediation of the Main Pit south-east wall slip that occurred in January, is expected to be completed by Q1-, supporting increased ore delivery in Q1 2027.
Gold equivalent production at Bibiani was 14,097 ounces for Q3 2026 and 65,835 ounces for the nine months ended September 30, 2026, compared to 11,721 ounces and 37,220 ounces in the prior year comparable periods, reflecting increased ore processed, higher plant feed grades and improved recovery. Gold recovery increased to 57.6% and 70.7%, respectively, from 55.9% and 63.2%, reflecting marginal recovery improvement. Recovery in Q3 2026 was lower than the 75.2% achieved in the first half of 2026. An independent technical review completed in September 2026 identified the crushing and grinding circuit as the main constraint on plant performance, and a plant stability and reliability program is being implemented. AISC decreased to $7,681 per ounce for Q3 2026 and $4,994 per ounce for the nine months, from $8,776 per ounce and $6,464 per ounce, respectively, primarily due to higher gold equivalent ounces sold, partially offset by higher cost of sales and sustaining capital expenditures.
The Company’s resettlement programme for the Bibiani Old Town and Zongo communities continued to progress during the period. Approximately $57 million has been invested in the programme to date, including the construction of a new school complex. Relocation of Phase 1 households to the new site commenced in late July 2026, with implementation advancing at a measured pace as the Company continues engaging closely with affected households. As at September 30, 2026, 457 of 846 Phase 1 households had been relocated, with the monthly rate increasing from 12 households in July to 201 households in August and 244 households in September. The Company is working with the remaining households with the aim of completing the Phase 1 relocation by the end of 2026.
Chirano Gold Mine
Table 3: Operational Overview of Chirano Gold Mine
| Three months ended | Nine months ended | |||
| For the period ended | September 30, 2026 | October 31, 2025 | September 30, 2026 | October 31, 2025 |
| Open Pit Mining: | ||||
| Ore mined (kt) | 584.8 | 242.1 | 1,621.8 | 747.1 |
| Waste mined (kt) | 4,591.6 | 2,929.0 | 14,992.9 | 6,471.9 |
| Total material mined (kt) | 5,176.4 | 3,171.2 | 16,614.7 | 7,218.9 |
| Stripping ratio | 7.85 | 12.10 | 9.24 | 8.66 |
| Underground Mining: | ||||
| Ore mined (kt) | 462.7 | 487.6 | 1,325.2 | 1,296.1 |
| Waste mined (kt) | 183.8 | 153.1 | 545.3 | 527.7 |
| Total material mined (kt) | 646.6 | 640.7 | 1,870.6 | 1,823.7 |
| Ore processed (kt) | 961.7 | 924.0 | 2,890.1 | 2,683.9 |
| Grade (g/t) | 1.33 | 0.93 | 1.30 | 1.12 |
| Gold recovery (%) | 84.1% | 82.0% | 82.0% | 83.6% |
| Gold equivalent produced (oz) | 34,420 | 25,612 | 99,759 | 80,239 |
| Gold equivalent sold (oz) | 36,307 | 26,013 | 100,027 | 80,883 |
| Revenue (USD in thousands) | 156,147 | 100,214 | 456,480 | 273,306 |
| Average gold price realized per ounce ($/oz) | 4,301 | 3,852 | 4,564 | 3,379 |
| AISC ($/oz) | 3,722 | 2,964 | 3,836 | 2,673 |
Open pit ore mined at Chirano increased by 141.5% and 117.1% in Q3 2026 and the nine months ended September 30, 2026, respectively, compared to the prior year comparable periods, primarily driven by the ramp up of open pit activities at Aboduabo in early 2026, supported by an expanded contractor fleet. Underground ore mined decreased by 5.1% in Q3 2026, primarily due to fewer ore tonnes mined from Suraw, and increased by 2.2% for the nine months, primarily due to higher ore tonnes mined from Akoti and Tano.
Gold equivalent production at Chirano was 34,420 ounces for Q3 2026 and 99,759 ounces for the nine months, up from 25,612 ounces and 80,239 ounces in the prior year comparable periods, reflecting higher ore processed and higher grade, partially offset by a slightly lower recovery rate for the nine months due to a higher proportion of Aboduabo material in the blend. AISC increased to $3,722 per ounce for Q3 2026 and $3,836 per ounce for the nine months, from $2,964 per ounce and $2,673 per ounce, respectively, 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, including underground development at Obra and Suraw, open pit stripping at Sariehu and the tailings storage facility embankment raise.
Key project milestones included completion of the crushing circuit upgrade, which became operational at the end of October 2026, replacement of the Mill 02 feed end half shell, installation of a carbon regeneration kiln with commissioning scheduled for November 2026, installation of CIL intertank screens and carbon advance pumps, and progress on the TSF1 southeast stage 2 raise, with Phase 1 approximately 95% complete as at September 2026.
Exploration
Exploration expenditure at Bibiani and Chirano totalled $4.5 million for Q3 2026 and $16.6 million for the nine months ended September 30, 2026, with 26,234 metres drilled during the quarter and 83,963 metres for the nine months.
Bibiani:
During Q3 2026, the Company completed a review of near mine exploration opportunities at Bibiani, identifying priority targets with the potential to support open pit extensions, including the Bridge area between the Main Pit and Cut 5, the gap between Cut 5 and Cut 6, and down dip extensions beneath Cut 5. An 8,000m reverse circulation and diamond drilling programme commenced during the period to test these targets, planned over approximately 350m of strike and to a depth of approximately 150m.
The Bridge hosts approximately 297,000 ounces of Indicated and Inferred Mineral Resources, of which approximately 200,000 ounces of Indicated Mineral Resources are incorporated in the current underground mine design. With previous mine planning focused on underground development, the potential to access this mineralization through an expanded open pit had not been fully evaluated.
Subsequent to quarter end, initial results from infill drilling at the Bridge were received, supporting the continuity of mineralization between the Main Pit and Cut 5. Significant intercepts include 48m at 2.11 g/t Au from 42m in hole MGRC26‑741, ending in mineralization at 90m; 25m at 4.95 g/t Au from 119m in MGRC26‑762B; 40m at 2.76 g/t Au from 65m in MGRC26‑743; 13m at 5.59 g/t Au from 85m and 60m at 3.13 g/t Au from 103m in MGRC26‑763; and 6m at 62.48 g/t Au from 136m in MGRC26‑765 (refer to news release, “Bridge Drilling Programme Results”, dated November 13, 2026).
The current Bibiani underground plan is based on the 2025 Definitive Feasibility Study, which favoured an earlier transition from open pit to underground mining beneath the Main Pit. The results received to date are supportive of an alternative scenario that would extend open pit operations between the existing pits, including access to parts of the northern Main Pit underground Mineral Resource from surface.
Continued success from the Bibiani Bridge drill programme could increase open pit ore availability and extend surface operations, which could in turn result in the deferral of the underground development and related capital expenditure currently planned for 2027 and 2028. Any revision to the mine plan remains subject to the results of further drilling and technical and economic evaluation. No firm estimate of additional tonnes, grade, mine life extension has been made at this stage. The 8,000m drilling programme is expected to be completed in Q4 2026, and the results will be incorporated into an updated Main Pit Mineral Resource model and revised mine plan.
Chirano
Exploration continued during Q3 2026 at Obra North Extensions, Suraw, Sariehu UG and Mamnao North. At Mamnao North, mineralization has been extended laterally by approximately 250m along strike and 200m vertically at depth. Resource models for Sariehu UG, Suraw and Obra UG have been completed for further engineering studies. At the Anansu Prospecting Licence, all drill platforms are ready for the commencement of drill testing in Q4 2026.
Corporate Update
During the quarter, David Wiens resigned as Chief Financial Officer, effective August 14, 2026, with Dindiok Chialin, Deputy CFO, appointed Interim CFO (refer to news release dated July 27, 2026).
Liquidity and Financing Update
As at September 30, 2026, the Company had cash of $64.0 million and a working capital deficiency of $309.7 million. Cash provided from operating activities for the nine months ended September 30, 2026 was $233.4 million, offset by $226.6 million used in investing activities, including $135.3 million of expenditures on mineral properties, $84.4 million of purchases of property, plant and equipment and $7.0 million on exploration and evaluation assets. Cash provided from financing activities was $14.0 million, including $140.1 million of proceeds from private placements, offset by $95.2 million paid to settle price protection agreements and $21.4 million of interest paid.
During the quarter, the Company received the remaining $30.0 million under its $50.0 million gold forward agreement (refer to news release dated August 14, 2026), following novation of the agreement to a third party. The Company’s lenders also agreed to extend the deadline to secure aggregate new funding of at least $100.0 million, initially to September 30, 2026 and subsequently to October 31, 2026, and to extend the deadline for delivery of the cost to complete certificate to March 31, 2027, to extend the deadline for delivery of the updated base case model to December 31, 2026, to permit the funding requirement to be satisfied by gold forward deposits, and to consent to a sixth $100.0 million deposit under the Company’s gold forward agreement with Fujairah Holdings LLC (refer to news releases dated August 24, 2026 and September 30, 2026).
Subsequent to quarter end, the deadline to secure the new funding was further extended to November 30, 2026, and the minimum liquidity requirement for October 2026 was reduced to $20.0 million, which the Company met (refer to news release dated October 30, 2026), and the Company’s senior lenders approved a Technical Action Plan setting out operational improvement initiatives and performance measures for the Bibiani and Chirano mines. Failure to meet the key performance indicators under the Technical Action Plan would result in an event of default under the Company’s senior debt facility. The Company continues to evaluate funding alternatives with its financing partners. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern (refer to the Company’s MD&A and condensed interim consolidated financial statements for the three and nine months ended September 30, 2026).
2026 Outlook
On August 7, 2026, the Company provided full year 2026 production guidance of 275,000 to 300,000 equivalent ounces at consolidated AISC of $3,200 to $3,600 per ounce. Production for the nine months ended September 30, 2026 was 165,594 equivalent ounces at consolidated AISC of $4,308 per ounce. As a result of operational underperformance at Bibiani in the third quarter, including lower than planned contractor equipment availability in the Main Pit, reduced plant recovery, power disruptions and a slower than anticipated resettlement program, the Company no longer expects to achieve its 2026 guidance and has withdrawn it. Remediation of the Main Pit is expected to be completed in early December 2026, supporting increased delivery of higher grade ore from Q1 2027. The Company expects to provide 2027 guidance with its full year 2026 results.[CG1]
QUALIFIED PERSON STATEMENT
The scientific and technical information in this news release has been reviewed and approved by Dean Bertram, Vice President, Geology and Exploration of the Company and a “qualified person” as defined under National Instrument 43-101. 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. Drilling results referred to in this news release are disclosed in the Company’s news release titled “[Bridge release title]” dated November 13, 2026, which includes details of sampling, analytical and QAQC procedures and data verification.
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 Gold Corporation is a growing mid-tier gold producer, developer and explorer with a high-quality portfolio of assets located on two of West Africa’s most prolific and prospective gold belts in Ghana. The Company operates the Bibiani and Chirano Gold Mines on the Sefwi-Bibiani Gold Belt in Ghana’s Western North Region, where it holds an extensive and underexplored land position spanning more than 80 kilometres of strike. Asante is also advancing its Kubi Gold Project on the Ashanti Gold Belt, extending the Company’s footprint across Ghana’s most productive gold corridor. Committed to responsible mining and the creation of lasting value for its shareholders, people and host communities, Asante is listed on the TSX Venture Exchange, the Ghana Stock Exchange, and the OTCQX Market in the United States. Additional information is available on the Company’s website at www.asantegold.com.
Figure 1: 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 programmes, expansion and mine life extension opportunities, completion and timing of plant upgrades, grade ore improvements and plant throughput increases, the results and timing of drilling at Bibiani, the review of the Bibiani mine plan, the potential expansion of open pit mining and deferral of underground development capital expenditure, the timing of remediation of the Bibiani Main Pit, and financing and lender arrangements. 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 CIRO nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.