Asante Gold withdraws guidance as quarterly costs reach US$4,860 an ounce

Asante Gold Corporation CVEASE OTCMKTSASGOF said on Friday it has withdrawn its 2026 production and cost guidance after quarterly all-in sustaining costs reached US$4,860 per ounce. That exceeded its US$4,178 average realized gold price in the quarter ended Sept. 30.

Shares CVEASE fell 33.9 per cent to C$0.41 on the TSX Venture Exchange at the Nov. 13 close, 4 p.m. EST. The replacement release followed at 6:18 p.m. EST.

In its Oct. 30 financing update, Asante said its financing partners extended to Nov. 30 the deadline to secure at least US$100 million in new funding. The Ghana gold producer is preparing a turnaround plan that is expected to quantify remediation capital requirements, with an update planned for January 2027.

For the quarter ended Sept. 30, the replacement release reported revenue of US$212.8 million and a US$41.9 million total comprehensive loss attributable to shareholders. The comparative period ended Oct. 31, 2025 had revenue of US$129.3 million and a US$215.2 million comprehensive loss.

Asante changed its financial year-end to Dec. 31, so the comparative quarters cover different calendar months. It said the Nov. 13 release replaces an unauthorized Nov. 12 announcement in its entirety, while describing the financial information as substantially and materially similar.

Asante produced 48,517 gold equivalent ounces in the third quarter, including 34,420 ounces at Chirano. Higher-grade ore from Aboduabo helped lift Chirano's output by 34.4 per cent against the comparative quarter.

Bibiani produced 14,097 gold equivalent ounces during the quarter, with gold recovery of 57.6 per cent. The mine faced reduced contractor equipment availability, power disruptions and slower resettlement, which contributed to the guidance withdrawal.

A second contractor is accelerating waste clearance following the Main Pit's January 2026 wall failure. Asante expects that work to finish in early December 2026, allowing renewed ore access in the affected area in the first quarter of 2027.

Asante is adding backup generation and automated restart capabilities to improve plant stability and power reliability. Management also plans to accelerate drilling, assaying and mine planning around the Bibiani Bridge area.

Drilling between Bibiani's Main Pit and Cut 5 could support an expanded open pit, potentially deferring underground development spending planned for 2027 and 2028.

"An expanded Main Pit could allow us to access mineralization currently planned for underground mining and potentially defer significant development capital," acting chief executive Campbell Baird said in the release.

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The Oct. 30 waiver extension sets Nov. 30 as the deadline to secure at least US$100 million in new funding.