Asante Gold Corporation has reported a net loss of $345.44 million for the eleven months ended December 31, 2025, representing a more than 450% increase from the $62.18 million loss reported the previous year, according to the company’s audited consolidated financial statements released on March 31, 2026.

The financial statements, signed by Directors Alex Heath and David Anthony, showed that revenue for the period increased to $482.59 million from $458.88 million, driven by higher gold prices, even as sales volumes declined to 143,138 ounces from 190,985 ounces in the previous year.

Consequently, total comprehensive loss attributable to shareholders widened to $345.44 million from $62.18 million, while loss per share rose to $0.55 from $0.16.

Gold equivalent production fell to 146,571 ounces in the period, down from 189,600 ounces a year earlier. At the Bibiani Gold Mine, output dropped to 50,497 ounces from 60,760 ounces, while Chirano produced 96,074 ounces, compared with 128,840 ounces previously.

The company said the decline at Bibiani was due to lower-grade plant feed, as operations focused on reducing a backlog of waste stripping. At Chirano, lower ore grades and reduced recovery rates, caused by issues with intertank screens at the carbon-in-leach plant, were cited as the main factors.

Consolidated all-in sustaining costs rose sharply to $3,902 per ounce for the eleven-month period, up from $2,168 per ounce in the previous financial year. The Bibiani Gold Mine reported the highest cost at $6,036 per ounce, while Chirano’s AISC came in at $2,877 per ounce.

The surge at Bibiani was mainly driven by higher stripping requirements, processing of lower-grade ore from stockpiles, and increased sustaining capital expenditures. At Chirano, the rise in costs was largely due to reduced gold production, which spread fixed costs over fewer ounces.

During the period, the company completed a financing package comprising a senior debt facility of $150 million, a mezzanine facility of $125 million, gold stream agreements totaling $50 million, and equity raisings of approximately $182 million.

The company also restructured deferred payments owing to Kinross Gold Corporation, making a cash payment of $53.42 million, issuing 36.93 million common shares valued at $44.04 million, and issuing a secured convertible debenture of $77.46 million. The debenture was subsequently converted by Kinross in October 2025, resulting in the issuance of 61.74 million common shares and a loss on conversion of $28.38 million.

The company’s auditors, PricewaterhouseCoopers LLP, drew attention to a material uncertainty that may cast significant doubt on Asante’s ability to continue as a going concern. As of December 31, 2025, the company had cash of $43.99 million and a working capital deficiency of $229.33 million.

"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," the auditor’s report stated.

The company has since strengthened its liquidity position through a bought-deal private placement raising C$179.4 million in January 2026, a non-brokered private placement raising C$13.8 million, and an additional advance deposit of $100 million from Fujairah for gold deliveries scheduled to commence in March 2026.

Meanwhile, in an unrelated development, the Ghana Gold Board (GoldBod) partnered with the Gold Coast Refinery to enhance Ghana’s gold processing capacity.

GoldBod Chief Executive Officer Sammy Gyamfi, at the signing ceremony on Tuesday, January 20, 2026, indicated that the agreement would significantly enhance the implementation of a track-and-trace system across the gold sector.

He added that instead of exporting raw gold, Ghana’s daily gold exports, estimated at one tonne, will now be refined to the highest industry standard of 99.9% purity before shipment.

"This development marks a major milestone in Ghana’s gold trade and will help maximise national benefits from our mineral resources," Mr. Gyamfi said.

He further highlighted the economic benefits, noting: "The millions of dollars we pay as refinery charges to refineries in Dubai, Switzerland, India, Hong Kong, and other foreign countries will now stay in our banking sector. That money will now stay in our economy."

On job creation, he added: "What this agreement also means is that we are creating more direct and indirect jobs, particularly because Gold Coast Refinery has committed to operating 24/7 in line with the government’s 24-hour policy."

This major step was taken towards deepening value addition within Ghana’s gold sector to reduce the country’s long-standing reliance on exporting raw gold. This practice has historically led to significant revenue losses that could otherwise be captured through domestic refining and downstream processing.

GoldBod explained that the partnership will strengthen local gold processing so Ghana can fully benefit from its status as Africa’s top gold producer.

A technical, independent report recently presented to GoldBod by economists from the University of Ghana (UG) and the University of Ghana Business School (UGBS) — Professor Festus Ebo Turkson, Professor Agyapomaa Gyeke-Dako, and economist Peter Junior Dotse — indicated that artisanal and small-scale mining (ASM) gold exports rose by 39.4 tons, increasing from 63.6 tons in 2024 to 103 tons in 2025.

According to the report, GoldBod has mitigated the rate at which gold was being smuggled out of Ghana; trading is now conducted officially through the correct channels, leading to an increase in foreign exchange entering the country. The benefits to the economy are much larger than the trading losses reported by the Bank of Ghana.

The report explains that each ton of gold is worth about $96.5 million. Based on this value, the gold that was brought into the formal system is worth approximately $3.8 billion in foreign currency.

This means the benefits are 18 times greater than the $214 million loss reported by the Bank of Ghana. In fact, the report notes that formalising just 2.2 tons of gold would be enough to cover that loss.