Campbell Baird appointed as Chief Operating Officer and subsequent to the quarter, appointed Acting Chief Executive Officer.
Q1 group gold production of 59,800 equivalent ounces at All-In-Sustaining-Cost ("AISC") of $3,886 per equivalent ounce.
Monthly average gold production in Q1 approx. 20,000 equivalent ounces, more than 50% increase on 2025 monthly average of ~13,000 equivalent ounces.
Record quarterly revenue of $300.4 million and gross profit of $60.5 million.
Significant investment undertaken in new mining fleet and plant upgrades in Q1.
Strategic operational review of Bibiani and Chirano ongoing; focused on increasing operational reliability and driving additional production growth.
VANCOUVER, British Columbia, May 19, 2026 (GLOBE NEWSWIRE) -- Asante Gold Corporation (TSX.V:ASE, GSE:ASG, FRA:1A9, (TSX.V:ASE | GSE:ASG | FRA:1A9 | OTCQX:ASGOF) ("Asante" or the "Company") announces the filing of its financial statements and management's discussion and analysis ("MD&A") for the three months ended March 31, 2026 ("Q1 2026"). All dollar figures are in United States dollars unless otherwise indicated.
Corporate Leadership UpdateAs announced today (refer Asante news release dated May 19, 2026, Asante Gold Corporation Announces Appointment of Acting Chief Executive Officer), following his appointment as Chief Operating Officer in March 2025, Campbell Baird has been appointed as Acting Chief Executive Officer ("CEO").
During the quarter, the Board also retained Kevin Tomlinson and Michele Muscillo as advisors to support governance, capital and technical initiatives (refer Asante news release dated March 11, 2026).
Mr. Baird's direct involvement during the period, supported by independent technical and capital advisors, provides continuity as the Company finalizes revised operating plans, advances liquidity and stabilization measures. This appointment coincides with the previously announced retirement of Dave Anthony as President and CEO of Asante, which was announced March 11, 2026, and which became effective May 15, 2026.
Comment from Acting Chief Executive Officer
Campbell Baird, Acting CEO, stated, "I am honoured to be appointed Asante's CEO. The growth opportunity in front of Asante is substantial, and I look forward to driving consistency of performance into the business as we pursue the full scope of short- and long-term potential at Bibiani and Chirano.
"There were a number of key developments during Q1 2026. Group gold production averaged approximately 20,000 equivalent ounces per month, a substantial uplift on the approximately 13,000 equivalent ounces per month averaged over the 11 months to December 2025. This increase was delivered notwithstanding ongoing refurbishment programs at our mills, slower than expected mining contractor and equipment ramp-up, and delayed access to higher grade in-pit ore sources.
"This strengthened production performance contributed to quarterly record revenue of over $300 million, more than double the prior corresponding period, and resulted in an Adjusted EBITDA result of approximately $102 million, also a record for the Company. While acknowledging there remains more to do to improve reliability of our production and cost performance- and delivery on our growth potential- these results demonstrate the initial quantum and direction of improvement.
"As announced in early April, we initiated a comprehensive review of our mining and processing activities at Bibiani and Chirano. This review is focused on resetting our operating plan to be executable and robust. While both operations have demonstrated improving production trends in recent months, the Company's immediate priority is to transition both operations from periods of improving performance to consistent, repeatable delivery, and then to unlock further sustainable growth.
"While the review remains ongoing, early work reinforces that these assets can deliver materially stronger production than what was achieved in Q1 2026. We will update the market on the outcomes of this review, including key expected output and cost parameters, once a revised operating plan has been finalized."
Q1 2026 Operational and Financial Highlights
3 Months
3 Months
Ended
Ended
March 31,
April 30,
($000s USD) except as noted
2026
2025
Financial Results
Revenue
300,432
141,982
Gross profit
60,528
6,457
Total comprehensive loss1
-10,865
-20,038
Adjusted EBITDA2
102,213
30,664
Operations Results
Gold equivalent produced (oz)
59,803
51,912
Gold sold (oz)
62,996
48,190
Consolidated average gold price realized per ounce2 ($/oz)
4,769
2,946
AISC2 (USD)
3,886
2,971
Notes:(1) Total comprehensive loss attributable to shareholders of the Company.(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to "Non-IFRS Measures".
Asante's revenue increased by 111.6% to $300.4M for the three months ended March 31, 2026 compared with $142.0M in the prior comparable period, principally reflecting higher realized gold prices and increased volumes of gold sold. The Company realized an average gold price of $4,769 per ounce on sales of 62,996 gold-equivalent ounces in the three months ended March 31, 2026, compared to $2,946 per ounce on sales of 48,190 ounces in the prior comparable period, as spot gold reached record levels.
Comprehensive loss attributable to shareholders narrowed to $10.9M in the three months ended March 31, 2026 compared to $20.0M in the three months ended April 30, 2025. The decrease in comprehensive loss was primarily driven by higher sales. Factors driving comprehensive loss attributable to shareholders include a loss on derivative liabilities resulting from higher projected gold prices relative to contracted forward gold sale transactions, higher production costs, higher depreciation and depletion and higher finance charges related to the loan facilities.
Adjusted EBITDA for the three months ended March 31, 2026 was $102.2M compared with $30.7M in the three months ended April 30, 2025. The increase in Adjusted EBITDA reflects a higher volume of gold sold at a higher average gold price realized in the three months ended March 31, 2026.
As at March 31, 2026, the Company had cash on hand of $62.2M.
Bibiani Gold Mine
Bibiani Q1 2026 Operational and Financial Highlights
3 Months
3 Months
Ended
Ended
March 31,
April 30,
($000s USD) except as noted
2026
2025
Waste mined (kt)
17,456
11,412
Ore mined (kt)
675
558
Total material mined (kt)
18,130
11,970
Strip ratio (waste:ore)
25.9
20.5
Ore processed (kt)
773
581
