Asante Gold closes $179.4 million bought deal financing
Asante Gold Corp. [ASE-TSXV, ASGOF-OTC, 1A9-Frankfurt] said Tuesday it has raised $179.4 million from a bought deal private placement of common shares. The company said it intends to use the net proceeds for continued development and growth expenditures at its Bibiani and Chirano mines in Ghana, West Africa.
Under the terms of the financing, Asante issued 112.1 million common shares priced at $1.60 per share and said the amount raised included the exercise in full of the overallotment option granted to the underwriters who were paid a cash commission of $9.85 million (5.5% of the gross proceeds).
As previously announced, Asante Executive Chairman Malik Easah has agreed to purchase 8.62 million common shares for $1.60 each on a non brokered private placement basis, generating gross proceeds of $13.8 million. The non-brokered offering is scheduled to close on January 30, 2026.
On Tuesday, Asante shares rose 4.2% or $0.07 to $1.74. The shares trade in a 52-week range of $2.62 and 83 cents.
Three years ago, Asante struck a deal to buy Kinross Gold Corp.’s (K-TSX, KGC-NYSE) 90% interest in the Chirano Gold Mine for US$225 million. The Ghanaian government retained a 10% carried interest in the operation.
Chirano is an operating open-pit and underground mining operation located in southwestern Ghana, immediately south of Asante’s Bibiani Gold Mine.
In the nine months ended October 31, 2025, the company said revenue increased by 9.8% to $372.1 million, compared to $338.9 million during the same period in 2024. During the nine months ended October 31, 2025, the company produced 117,459 gold equivalent ounces (AuEq) compared to 145,632 ounces in the same period in 2024.
The company said it expects to producer between 50,000 and 55,000 gold ounces from Bibiani for the 11 months ended December 31, 2025, and between 215,000 and 245,000 ounces in 2026.
At Chirano, the company expects to produce between 97,500 and 102,500 gold ounces for the 11 months ending December 31, 2025. Based on preliminary estimates the target for 2026 is between 150,000 and 175,000 ounces.
Consistent with the company’s plan to achieve annual consolidated produhction of 500,000 ounces by 2028, Asante is anticipating a significant increase in production at both the Chirano and Bibiani mines over the following years.
“Asante continued with initiatives to advance open pit and underground activities at Bibiani and underground development at Chirano during the quarter [ended October 31, 2025],’’ said Asante President and CEO Dave Anthony. “However, the mining contractor encountered difficulty mobilizing equipment as committed for Bibiani,’’ he said. “Therefore, waste stripping and delivery of higher-grade ore did not proceed as planned. At Chirano, delivery of mining equipment to support the planned ramp-up did not progress as planned, resulting in slightly lower production during the quarter.’’
Anthony went on to say in a statement that: “As we progress into Q4, several initiatives are now in place, which we believe will result in increased gold production.’’