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Asante Gold reports $483M revenue but faces steep losses in 2025

Record gold sales drove Asante's revenue to $483M—but soaring costs and a $345M loss overshadowed the gains. Can the company turn the tide in 2026?

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The image shows a graph depicting the official U.S. gold reserves and gold price from 1900 to 2008....
The image shows a graph depicting the official U.S. gold reserves and gold price from 1900 to 2008. The graph is accompanied by text that provides further information about the data.

Asante Gold reports $483M revenue but faces steep losses in 2025

Asante Gold Corporation (TSX-V: ASE | GSE: ASG | OTCQX: ASGOF) announces the filing of its financial statements and management's discussion and analysis (MD&A) for the two months and 11 months ended December 31, 2025 (Q4 2025 and FY 2025, respectively). All dollar figures are in United States dollars unless otherwise indicated.

"2025 was a pivotal year for Asante, highlighted by the completion of our Financing Package, which strengthened our balance sheet, funded transformational growth initiatives and allowed us to restructure near-term liabilities," commented Dave Anthony, President and CEO. "Entering 2026, we have built operational momentum and are now seeing results, with improvements in mining rates and productivity, process plant performance and underground development. Our focus this year is to execute a disciplined ramp-up strategy, optimizing operations, generating robust cash flow from our producing assets and maintaining a strong commitment to financial discipline."

Asante's revenue for FY 2025 was $483.0 million from the sale of 143,138 ounces of gold, compared to $458.9M in revenues from the sale of 190,985 oz for the year ended January 31, 2025. The increase in revenue was primarily due to a higher average gold price realized in FY 2025 at $3,372/oz over the year ended January 31, 2025.

Asante produced 146,571 gold equivalent ounces (AuEq oz) in FY 2025 compared to 189,600 for the year ended January 31, 2025. Consolidated AISC increased to $4,220/oz and $3,902/oz in the two and 11 months ended December 31, 2025 compared to $2,610/oz and $2,168/oz for the fourth quarter and year ended January 31, 2025, respectively, which was a result of increased stripping activity in the Main Pit at the Bibiani Gold Mine ("Bibiani").

FY 2025 net loss attributed to Asante shareholders was $345.4M compared to $62.6M for the year ended January 31, 2025. This change was primarily due to the increase in cost of sales, operating expenses, and other costs resulting from the Financing Package (see news release dated August 25, 2025). Net loss per share attributed to shareholders of the Company was $0.55 for the 11 months ended December 31, 2025, versus $0.16 reported for the 12 months ended January 31, 2025, due to increased net loss.

Adjusted EBITDA for Q4 and FY 2025 was $27.0M and $33.4M, respectively, compared with $14.4M and $58.1M in the three months and the year ended January 31, 2025. The decrease in 2025 adjusted EBITDA reflects a lower volume of gold sold and higher production costs compared with the previous fiscal year.

As at December 31, 2025, the Company had cash on hand of $44.0M.

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