Highlights:

• Asante aims to raise $470 million through loans and equity for expansion

• Targeting 500,000 ounces of gold output by 2028 from Bibiani and Chirano mines

• Package includes $345 million from Appian Capital and Rand Merchant Bank

Asante Gold is advancing a growth strategy to raise its annual gold production in Ghana to 500,000 ounces by 2028. As part of the plan, a sulphide treatment plant is being built at the Bibiani mine, alongside continued development activities at the Chirano mine.

To fund the expansion, the Canadian mining company is seeking $470 million through a combination of loans and equity. In a June 17 statement, Asante confirmed that the financial package will support its production targets across the Bibiani and Chirano operations.

The financing includes a $175 million commitment from investment advisory firm Appian Capital Advisory and a $170 million facility arranged by Rand Merchant Bank (RMB). Additionally, Asante plans to secure a gold sales agreement valued at $50 million. Completion of these transactions is anticipated by the end of July, pending the finalization of all documentation.

“This comprehensive Financing Package will allow Asante to realize the true potential of our assets. It clears the path to achieving our goal of producing over 500,000 ounces of gold annually by 2028, with over $2 billion in projected free cash flow through 2029,” said Dave Anthony, Asante’s CEO.

Asante currently operates the Bibiani and Chirano gold mines in Ghana. Planned upgrades include a sulphide processing plant at Bibiani and underground development at Chirano. These investments are expected to boost production beginning this year, contingent on the timely availability of funds.

The company estimates that each mine could produce between 155,000 and 175,000 ounces annually, with a combined potential output of up to 350,000 ounces. This compares to the 189,600 ounces produced in 2024.