HIGHLIGHTS
-- Q2 2026 gold production of 57,274 equivalent ounces at consolidated AISC
of $4,281 per ounce; H1 2026 gold production of 117,076 equivalent ounces,
up 46.1% over H1 2025, at consolidated AISC of $4,070 per ounce.
-- Record H1 2026 revenue of $543.8 million, up 124.0% over H1 2025, driven
by a 52.8% increase in average realized gold price together with a 46.6%
increase in gold equivalent ounces sold.
-- Adjusted EBITDA of $160.1 million for H1 2026, compared with $4.4 million
for H1 2025.
-- Full-year 2026 gold production guidance of 275,000 -- 300,000 equivalent
ounces at a consolidated AISC of $3,200 -- 3,600 per ounce, as advised on
August 7, 2026.
-- Substantially higher forecast production and lower costs during H2 2026
(weighted to Q4 2026) set to be driven by progressive access to
higher-grade material at Bibiani in the northern base of Main Pit.
-- Layered program of efficiency initiatives in implementation across mining,
processing, capital projects and supply chain, with approximately $50
million of previously planned capital expenditure deferred or cancelled.
-- Updated NI 43-101 technical reports for Bibiani and Chirano filed on
August 5, 2026; combined Measured and Indicated Mineral Resources of 4.6
million ounces evidence expected longer-term potential of both
operations.
-- Re-energized group exploration focus with $23.4 million budgeted for
2026, targeting strike and high-grade depth extensions of key mineralized
zones at both Bibiani and Chirano.
VANCOUVER, British Columbia, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Asante Gold Corporation (TSXV: ASE | GSE: ASG | OTCQX: ASGOF) ("Asante" or the "Company") is pleased to announce its operating and financial results for Q2 2026 and H1 2026, with highlights provided in Table 1 below. All dollar figures are in United States dollars unless otherwise indicated.
Table 1: Operating and Financial Highlights
Three months ended Six Months Ended
<DELTA>
June 30 July 31 June 30 July 31 H1-2026 vs.
2026 2025 2026 2025 H1 2025
-------------- ----------- -------- -------- -------- ------------
OPERATIONS
RESULTS
-------------- ----------- -------- -------- -------- ------------
Gold equivalent
produced (oz) 57,274 28,213 117,076 80,126 +46.1%
Gold sold (oz) 54,874 32,205 117,871 80,395 +46.6%
Realized gold
price ($/oz) 4,436 3,130 4,614 3,020 +52.8%
AISC ($/oz) 4,281 4,849 4,070 3,496 +16.4%
FINANCIAL
RESULTS
-------------- ----------- -------- -------- -------- ------------
Revenue ($) 243,404 100,801 543,836 242,783 +124.0%
Gross profit
(loss) ($) 15,231 (47,235) 75,759 (40,778) n.a.
Total
comprehensive
loss attrib.
to
shareholders
($) (30,475) (61,030) (41,340) (81,068) +49.0%
Adjusted EBITDA
($) 57,879 (26,309) 160,092 4,355 +3,576.1%
--------------- ------- ------- ------- ------- --------
Campbell Baird, Acting Chief Executive Officer of Asante, commented:
"During Q2 2026, Asante continued to build on the strategic and operational review commenced earlier this year. As noted in our 2026 guidance and operating update last week, we believe the business is beginning to transition from operational platform establishment to more consistent and predictable delivery of the benefits of recent invested capital. We are also positioning for further improvement in operational performance in 2027, underpinned by the operating capacity established over the course of 2026. We are also pleased to have bolstered our senior team in recent months with the addition of a proven mining executive, Glenn Baldwin as Chief Development Officer to support this transition and we expect to make further appointments in the short term.
Operationally, this progress is reflected in performance at both sites during the quarter. At Bibiani, the mining fleet reached full planned capacity during the quarter and we are now transitioning into the higher-grade northern section of the Main Pit, which we expect to be a key driver of a stronger second half. At Chirano, the underground fleet upgrade delivered earlier this year, plus open pit mining at Aboduabo, drove stronger ore delivery. Implementation of our suite of efficiency initiatives is also progressing strongly. Approximately $50 million of previously planned capital expenditure has been deferred or cancelled so far this year, and further cost efficiency work is underway across contractor terms, procurement and supply chain.
We are excited by the further exploration opportunity that exists at both Bibiani and Chirano. Our recently updated NI 43-101 technical reports, filed in early August, demonstrate the sort of mineral inventory additions that can be delivered with relatively modest exploration. Against this backdrop, and our re-energized exploration focus across 2026 (and 2027), we believe there is outstanding potential for strong growth in our Mineral Resource and Reserve bases over coming years.
Together, our operational momentum, strengthened leadership team, and growing exploration potential give us confidence in translating the platform we have built across the first half into a growing, predictable and sustainable operation."
Corporate Leadership Update
During the quarter, Asante strengthened its executive team with the announcement of Campbell Baird as Acting Chief Executive Officer effective May 19, 2026, following the retirement of Dave Anthony as President and CEO (refer to news release dated May 19, 2026). Glenn Baldwin was appointed Chief Development Officer of the Company effective June 4, 2026 (refer to news release dated June 4, 2026). Subsequent to quarter end, David Wiens resigned as Chief Financial Officer, effective August 14, 2026 (refer to news release dated July 27, 2026) after serving as CFO since August 2023 with Dindiok Chialin, Deputy CFO, being appointed Interim CFO. Asante expects to make an appointment to the vacant CFO role shortly.
Operating Summary
Bibiani Gold Mine
Table 2: Operational Overview of Bibiani Gold Mine
Three months ended Six months ended
For the period June 30, July 31, June 30, July 31,
ended 2026 2025 2026 2025
Ore mined (kt) 838.6 276.1 1,513.4 834.2
Waste mined (kt) 13,565.8 12,245.9 31,021.5 23,657.7
Total material mined
(kt) 14,404.4 12,522.0 32,534.9 24,492.0
Stripping ratio 16.18 44.35 20.50 28.36
Ore processed (kt) 695.7 476.4 1,468.5 1,056.9
Grade (g/t) 1.58 0.91 1.48 1.33
Gold recovery (%) 74.4% 55.9% 75.2% 68.4%
Gold equivalent
produced (oz) 24,059 8,257 51,737 25,499
Gold equivalent sold
(oz) 23,257 8,817 54,151 25,525
Revenue (USD in
thousands) 101,446 23,017 243,503 69,691
Average gold price
realized per ounce
($/oz) 4,362 2,611 4,497 2,730
AISC ($/oz) 4,363 9,102 4,268 5,561
-------------------- -------- -------- -------- --------
Total material mined at Bibiani was 32.5 million tonnes for H1 2026, up 32.8% on the prior year comparable period, reflecting full mobilization of the mining fleet, now at 100% of planned capacity across the Main Pit and Russel Pit. While gold recovery improved to 75.2% for H1 2026, from 68.4% in the prior year comparable period, reflecting recovery improvement initiatives across sulphide recovery, gravity and CIL circuits. Progressive access to higher-grade ore in the northern base section of Main Pit is set to be established through H2 2026, and is expected to drive an increase in plant head grade over that period and into 2027.
AISC for H1 2026 was $4,268 per ounce, down from $5,561 per ounce in the prior year comparable period. In Q2, AISC was $4,363 per ounce compared to $4,197 in Q1, primarily reflecting higher gold equivalent ounces sold, partially offset by higher cost of sales and sustaining capital expenditure of $19.5 million related to procuring a cone crusher and jaw crusher, upgrades to the mill motor control system, and the flotation circuit expansion project, together targeting improved throughput and recovery. Historic structural conditions along the east wall of the Main Pit continue to be addressed through the continuous Slope Stability Radar monitoring pit providing real time movement data, the Cut 2 waste stripping program progressing wall stabilization, and drilling of five geotechnical holes into the southeast wall, guided by an independent geotechnical consultant to inform slope angle design for the final Cut 3 pit walls.
The Company's resettlement program for the Bibiani Old Town and Zongo communities, continued to progress during the period. Approximately $57 million has been invested in the program to date, including construction of a new school complex, comprising kindergarten, primary and junior high school facilities together with teacher accommodation, handed over to the Ghana Education Service in April 2026.The first phase of replacement housing is underway and targeted for completion in 2026 (refer to progress photo of RAP site below).
Figure 1: Bibiani Resettlement Project site as at August 2026
Chirano Gold Mine
Comments