• Asante Gold aims to raise annual output at its Bibiani and Chirano mines to 500,000 ounces by 2028, from just over 200,000 ounces in 2024.

• The company has mobilized more than $500 million this year to finance its growth strategy.

• Asante announced a new equity offering of at least C$156 million to fund operations in Ghana.

Asante Gold announced on Tuesday, December 16, a share placement aimed at raising at least 156 million Canadian dollars ($113 million) for its Bibiani and Chirano gold mines in Ghana. The company launched this offering on the Toronto TSX Venture Exchange, marking the latest in a series of fundraising initiatives announced in recent months. Asante uses these financings to support a growth plan that targets annual gold production of 500,000 ounces by 2028.

For this transaction, Asante partnered with BMO Capital Markets, which acts as lead underwriter and sole bookrunner. Investors may subscribe to up to 97.5 million common shares at a price of C$1.60 per share. The company also granted subscribers an option to purchase up to 14.625 million additional common shares at the same price, which could generate gross proceeds of up to C$23.4 million.

Before these financings, Asante completed a funding structure in August designed to raise up to $470 million for its growth plan. The company also raised C$236 million in July 2025 from investors on the Canadian Securities Exchange through a share placement. Asante plans to use these funds to optimize performance at its two Ghanaian mines. The company has already commissioned a sulphide processing plant at Bibiani and has advanced underground development at selected deposits at Chirano.

In addition, Asante plans to list on the Australian Securities Exchange in 2026 to further support this strategy. The company has not disclosed the exact amount allocated to its growth plan. However, operational improvements have already delivered visible results. In 2026, Asante expects Bibiani to produce between 215,000 and 245,000 ounces of gold, while Chirano should deliver between 150,000 and 175,000 ounces. By comparison, Bibiani produced 37,220 ounces and Chirano produced 80,239 ounces during the nine months ended October 31, 2025.

Emiliano Tossou