Asante Gold Corporation has successfully closed a landmark $500 million financing package, setting the stage for a major expansion at its Bibiani and Chirano gold mines in Ghana.
The financing, which includes debt facilities and a revolving credit line, is expected to propel the company toward achieving its ambitious target of producing more than 500,000 ounces of gold annually by 2028.
In a statement, the company confirmed receipt of proceeds from a $125 million second drawdown under its $150 million senior debt facility.
This follows an earlier $5 million drawdown completed on August 14, 2025. Alongside the debt facility, a $20 million revolving credit facility has also been made fully available, strengthening Asante’s liquidity and operational flexibility.
“Asante Gold is now fully financed under the $500 million package.
“These funds will be directed towards mine development, growth capital expenditures, a cash payment to Kinross completed on August 12, 2025, the settlement of short-term liabilities, and general working capital.”
Asante Gold Corporation
President and Chief Executive Officer Dave Anthony described the financing as nothing short of “transformative” for the company’s growth trajectory.
“With $500 million in capital secured, we are well-positioned to execute on our growth plans for Bibiani and Chirano, targeting annual gold production over 500,000 ounces by 2028 at significantly lower all-in sustaining costs.”
President and Chief Executive Officer Dave Anthony
Anthony added, “We remain focused on disciplined execution and delivering results for shareholders as these funds are deployed immediately.”
Protecting Gold Margins with a Price Hedging Strategy
As part of the financing package, Asante Gold implemented a price protection programme to ensure predictable cash flows during its production ramp-up phase.
The strategy shields the company against potential gold price volatility while retaining exposure to market upside.
Between September 2025 and April 2026, the company has locked in an average gold price of $3,386 per ounce through swap transactions covering about 154,000 ounces of production. This volume translates into monthly deliveries of 13,000 to 23,000 ounces.
In addition, Asante Gold purchased deferred premium put options covering up to 395,000 ounces of gold to be produced between May 2026 and January 2028.
These contracts, with strike prices of $3,000 to $3,100 per ounce, provide a critical safety net in the event of declining gold prices while preserving upside potential if markets strengthen.
“The price protection measures give us certainty during the most crucial phase of ramp-up.
“It ensures that we protect margins while still capturing value from higher prices when the market is favorable.”
President and Chief Executive Officer Dave Anthony
The price protection programme was structured with RMB under existing credit lines, with obligations secured under a common security package first detailed in the company’s August 11, 2025 announcement.
Strengthening Gold Operations at Bibiani and Chirano
The financing package is expected to significantly enhance the outlook for Asante’s Bibiani and Chirano operations, which are central to its growth strategy in Ghana.
Both mines have undergone extensive investment over the past two years, with Bibiani now emerging as a flagship asset capable of sustained production growth.
At Chirano, capital injection will be directed towards mine optimization, resource extension, and infrastructure improvements. The combination of the two operations positions Asante as one of the most promising mid-tier gold producers in West Africa.
“Our long-term strategy is not just about increasing ounces.
“It is about building a resilient, efficient, and sustainable business that contributes to Ghana’s mining industry and delivers strong returns to investors.”
President and Chief Executive Officer Dave Anthony
The gold market backdrop is favorable. With prices averaging record highs above $3,300 per ounce in 2025, the timing of Asante Gold’s financing package could not be more strategic.
The combination of strong market fundamentals and secured capital gives the company a rare window to expand aggressively while locking in value for shareholders.
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