Asante Gold secures $110m funding; targets 500,000-ounce annual output by 2028

Asante Gold Corporation has secured US$110 million in new funding. This will strengthen its operations in Ghana. The company aims for “transformative growth” over the next five years.

The funding includes a US$100 million advance from Fujairah Holdings. It also includes a US$10 million bridge loan from a Ghanaian bank. This bank is expected to make a larger commitment later.

The funds will support the expansion of the Bibiani Main Pit. They will also help complete the sulphide treatment plant by July 2025. Some funds will be used as working capital while Asante seeks long-term financing.

So far, Asante has received conditional credit offers exceeding US$250 million. Final arrangements are expected by the end of July.

In its updated five-year outlook, Asante projects gold production to rise significantly. Annual production is expected to increase from 455,000 ounces in 2026 to over 500,000 ounces by 2028. Cumulative output between 2025 and 2029 is forecast at 2.2 million ounces.

This output could generate an estimated US$2.1 billion in free cash flow based on a gold price of US$3,000 per ounce. Growth will come from increased output at Bibiani and Chirano mines.

Improved gold recovery and lower all-in sustaining costs (AISC) will support this growth. AISC is expected to drop below US$1,000/oz by 2028.

At Chirano, additional mineral reserves of 242,000 ounces have been confirmed, extending mine life. Exploration at Obra Underground and Sariehu has also shown promising results.

CEO Dave Anthony says the updated outlook highlights potential for further resource conversion and exploration. Asante operates in Ghana’s Bibiani and Ashanti gold belts and is listed on stock exchanges in Ghana and Canada.