Asante Gold Corporation announces the filing of its financial statements and management’s discussion and analysis for the three month and nine months ended October 31, 2024 (Q3 2025).
Dave Anthony, President and CEO stated, “We are pleased to report another solid quarter with significant growth in adjusted EBITDA, reflecting the positive impact of ongoing business improvement initiatives at Bibiani and Chirano, combined with the substitutional leverage our operations have to higher gold prices.
The relocation of the Bibiani-Goaso highway was a critical milestone for unlocking further growth at Bibiani, and development of the Russel Starter Pit underlines the district-scale opportunities we have in front of us. Both of these developments justify accelerated stripping in the near term, with a corresponding increase in all-in-sustaining costs to unlock their potential.
Execution of the sulphide treatment plant project at Bibiani, which is expected to increase gold recovery to 92%, remains on track with commissioning planned for March 2025. And at Chirano, metallurgical and throughput projects are starting to pay off. We were also pleased to update the market on a comprehensive package of non-dilutive finance initiatives to fund the organic growth embedded in our operations, and we look forward to providing further updates on our progress in the near term.”
Asante’s revenue for the three months ended October 31, 2024 was $111 million, a 15% increase from $96 million in the same period in 2023. The increase in revenue is attributable to an increase in average gold price realized per ounce of $2,347 for the three months ended October 31, 2024, compared to $1,859 in the same period in 2023.
This was partially offset by a decrease in ounces sold of 43,273 for the three months ended October 31, 2024 compared to 50,573 ounces sold in the same period in 2023. Asante’s revenue for the nine months ended October 31, 2024, was $339 million, a 15% increase from $295 million for the same period in 2023.
Adjusted EBITDA for the three and nine months ended October 31, 2024 was $17,552 and $50,423, respectively, compared to $1,968 and negative $19,457 in the same periods of the prior year. The positive adjusted EBITDA and increase in revenue reflect the rise in gold prices to near all-time highs.
The Company produced 45,273 gold equivalent ounces for the three months ended October 31, 2024, compared to 46,525 gold equivalent ounces in the same period in 2023. The decrease in gold production was primarily the result of lower feed grades, and lower recovery at Bibiani. Asante produced 145,632 gold equivalent ounces for the nine months ended October 31, 2024 compared to 155,532 in the same period in 2023.
Consolidated AISC increased by 26% for the three months ended October 31, 2024 compared to the same period in 2023 primarily due to additional costs at Bibiani resulting from the start of mining at the new Russell satellite pit, plus increased stripping in the Main Pit, lower grade ore and reduced recovery.
Consolidated AISC decreased by 5% for the nine months ended October 31, 2024 compared to the same period in 2023. This decrease was mainly attributed to lower sustaining capital and reduced mining costs per ounce sold at Bibiani, as a result of decreased waste mining earlier in the year.
In the three and nine months ended October 31, 2024, ore mined decreased 57% and 27% compared to the same periods in 2023 primarily due to fleet availability issues caused by funding constraints. Gold equivalent ounces produced was 12,309 in the three months ended October 31, 2024, compared to 16,459 in the same period of 2023, and decreased to 47,945 in the nine months ended October 31, 2024, from 53,811 in the same period of 2023.
This decrease was mainly due to the lower feed grade of plant feed, including the low-grade stockpile draw, and a higher proportion of sulphide ore processed without the benefit of a sulphide treatment plant, which continues to limit gold recovery. Construction of the Company’s sulphide treatment plant is underway, and is scheduled for completion in the first half of 2025, contingent on the availability of sufficient funding.
AISC increased to $3,115 per ounce in the three months ended October 31, 2024, compared to $1,884 per ounce in the same period of 2023, primarily due to elevated stripping requirements and lower grade ore processed.
AISC decreased to $2,286 per ounce in the nine months ended October 31, 2024, compared to $2,588 per ounce in the same period of 2023, driven by lower sustaining capital resulting from decreased waste mining requirements earlier in the year.
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