Dave Anthony, President and CEO, stated,
"Asante continued with initiatives to advance open pit and underground mining activities at Bibiani and underground development at Chirano during the quarter. However, the mining contractor encountered difficulty mobilizing equipment as committed for Bibiani. 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 gold production during the quarter.
"As we progress into Q4, several initiatives are now in place, which we believe will result in increased gold production. The mining contractor at Bibiani is fully mobilized and sub-contractors engaged effectively. Delivery of new mining equipment to Chirano is now advanced and as of early December, accelerated development of the underground workings is in progress. This has resulted in a significant increase in equipment availability and effectiveness at both of our mines.
"The Sulphide Treatment Plant ("STP") commenced operation in late September and has been working in good order. However, the oxygen plant was delivered 10 weeks late and started operation in early December. Therefore, gold recovery in the quarter was much lower than planned. As a result, gold production at Bibiani has lagged behind expectations. The oxygen plant at Bibiani has now commenced operation and as a result, gold recovery from the sulphide flotation concentrate has increased from 60% to approximately 90%.
"We are pleased to note that material movement and gold production targets for 2026 and beyond are considered achievable."
All dollar figures are in United States dollars unless otherwise indicated. A summary of the financial and operating results for fiscal Q3 2026 are presented in this news release. 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.
Change in Fiscal Year End
Asante's Board of Directors has approved a fiscal year end change for the Company from January 31 to December 31. The year end change was enacted to facilitate better comparability of the Company's financial results to those of Asante's peer companies. As a result of the change in year end, the Company's fourth quarter will contain the two months of November and December 2025 and the Company's fiscal year ended December 31, 2025 will contain eleven months.
Quarterly information for the year ended December 31, 2026 will present prior year comparable information as follows:
Fiscal year end
First quarter
Second quarter
Third quarter
Fourth quarter
December 31, 2026
Three months ended March 31, 2026
Three and six months ended June 30, 2026
Three and nine months ended September 30, 2026
Three and 12 months ended December 31, 2026
December 31, 2025
Three months ended April 30, 2025
Three and six months ended July 31, 2025
Three and nine months ended October 31, 2025
Two and 11 months ended December 31, 2025
Quarter ended October 31, 2025 Summary Financial Results
Three months ended
Nine months ended
October 31
October 31
($000s USD) except as noted
2025
2024
2025
2024
Financial Results
Revenue
129,329
111,140
372,112
338,948
Total comprehensive loss1
(215,202
)
(15,514
)
(296,270
)
(51,642
)
Adjusted EBITDA2
(6,408
)
17,553
597
50,423
Operations Results
Gold equivalent produced (oz)
37,333
45,273
117,459
145,632
Gold sold (oz)
35,982
43,551
116,377
145,778
Consolidated average gold price realized per ounce2 ($/oz)
3,594
2,552
3,197
2,325
AISC2
4,574
2,347
3,830
2,032
Notes:(1) Total comprehensive loss attributable to shareholders of the Company.(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".
The Company's revenue for the three months ended October 31, 2025 was $129 million, a 16% increase over $111 million in the same period in 2024. The increase in revenue was primarily driven by higher average gold price realized per ounce of $3,594/oz compared to $2,552/oz in the same period in 2024. The increase in revenue was partially offset by a lower volume of gold sold of 35,982 ounces compared to 43,551 in the three months ended October 31, 2024. In the nine months ended October 31, 2025, revenue increased by 9.8% to $372.1 million compared to $338.9 million for the corresponding period in 2024.
Adjusted EBITDA for the three and nine months ended October 31, 2025 were negative $6.4 million and positive $0.6 million, respectively, compared to positive $17.6 million and positive $50.4 million for the same periods in 2024. The decrease in Adjusted EBITDA reflects a lower volume of gold sold and higher production costs compared to the same periods of 2024.
The Company produced 37,333 gold equivalent ounces in the three months ended October 31, 2025 compared to 45,273 in the same period in 2024. During the nine months ended October 31, 2025, the Company produced 117,459 gold equivalent ounces compared to 145,632 ounces in the same period in 2024.
Consolidated all-in sustaining cost (AISC) increased to $4,574 and $3,830 in the three and nine months ended October 31, 2025, respectively, compared to $2,347 and $2,032 for the same periods in 2024. The primary driver of increased consolidated AISC was the Bibiani Gold Mine, where stripping activity in the Main Pit resulted in a stripping ratio of approximately 34.46. Stripping was delayed through calendar 2023 and 2024, due to limited availability of capital. Asante also had lower consolidated volume of gold equivalent ounces sold due to lower gold equivalent ounces produced and higher sustaining capital expenditures at the Chirano Mine due to process plant upgrades and the underground development program, further contributing to the increase in consolidated AISC.
Bibiani Mine, Summary of the quarter ended October 31, 2025 Results
Three months ended
Nine months ended
October 31
October 31
($000s USD) except as noted
2025
2024
2025
2024
Waste mined (kt)
16,865
3,872
40,523
9,558
Ore mined (kt)
342
240
