Asante Gold Corporation closed its non brokered private placement on January 30, 2026, issuing 8.625 million common shares to Executive Chairman Malik Easah for gross proceeds of 13.8 million Canadian dollars, completing the final component of a massive capital mobilization drive that raised over 193 million Canadian dollars in early 2026.
The Vancouver based miner issued shares at 1.60 Canadian dollars each through the placement, which represents a related party transaction under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101). The transaction received regulatory exemption as neither the fair market value of securities nor consideration exceeded 25% of the company’s market capitalization.
Common shares issued under the offering face a four month statutory hold period under Canadian securities laws, expiring May 31, 2026. The placement remains subject to final acceptance by the TSX Venture Exalter (TSXV), the Toronto based junior exalter where Asante trades under symbol ASE.
The company intconcludes to deploy net proceeds toward continued development and growth expconcludeitures at the Bibiani and Chirano gold mines in Ghana, alongside general working capital purposes. This follows the larger 179.4 million Canadian dollar bought deal private placement that closed January 6, 2026.
That brokered offering saw Asante issue 112.125 million shares at the same 1.60 Canadian dollar price through a syndicate led by Bank of Montreal (BMO) Capital Markets as lead underwriter and sole bookrunner, with National Bank Financial Incorporated and Clarus Securities Incorporated participating as underwriters.
The combined offerings expanded Asante’s share base significantly, bringing total shares outstanding to approximately 902.2 million from 781.5 million in early January. The company’s market capitalization stood around 1.5 billion Canadian dollars as of late January based on TSXV trading prices.
Asante operates two producing gold mines on Ghana’s prolific Bibiani and Ashanti Gold Belts, generating revenue of 458.9 million United States (US) dollars in 2024. The Bibiani Gold Mine contains 3.5 million ounces of mineral resources across all categories, while Chirano holds 3.1 million ounces.
The company tarobtains production of approximately 450,000 ounces in 2026 from combined operations at Bibiani and Chirano, located just 15 kilometers apart in Western Ghana. Five year projections aim for production around 500,000 ounces annually by 2028, generating more than 2 billion US dollars in cumulative unlevered free cash flow.
Recent operational progress includes successful commissioning of the Bibiani sulphide treatment plant, with gold recovery improving from 60% to exceeding 90% following installation of oxygen plant equipment in December 2025. The facility now achieves overall recovery rates around 82% after addressing initial optimization constraints.
Chirano processed 924,021 tonnes of ore during the October 2025 quarter, up 15.3% from 801,129 tonnes the previous year. The mine produced 25,612 ounces during that period, though below prior year levels due to equipment mobilization challenges affecting mining contractor operations.
Asante continues detailed technical studies at its Kubi Gold Project while exploring Keyhole, Fahiakoba and Betenase properties for new discoveries. All projects sit along strike of major gold mines near the center of Ghana’s Golden Triangle, one of West Africa’s most productive mining regions.
The company switched its primary Canadian listing from the Canadian Securities Exalter to TSXV on September 23, 2025, seeking broader investor exposure and enhanced liquidity. Asante also trades on the Ghana Stock Exalter (GSE) under symbol ASG, the Over the Counter Quality Exalter (OTCQX) Best Market as ASGOF, and Frankfurt Stock Exalter under ticker 1A9.
Dave Anthony serves as President and Chief Executive Officer (CEO), while Frederick Attakumah holds the position of Executive Vice President and Countest Director overseeing Ghanaian operations. Malik Easah chairs the board as Executive Chairman following his participation in the non brokered placement.
The capital raising programme follows extensive financing activities throughout 2025, including a 507.2 million US dollar package completed in August comprising senior debt facilities, subordinated mezzanine debt, gold streaming agreements and equity placements. That transaction enabled debt restructuring with Kinross Gold Corporation and positioned Asante for accelerated development.
Asante reached agreement with senior lconcludeers under its existing debt facility to access an accordion feature increasing total commitments by 30 million US dollars. GCB Bank Public Limited Company (PLC) is envisaged as provider of the accordion, with closing anticipated concurrent with completion of the broader financing programme.
The financing arrangements required the company to complete an equity raise for gross proceeds of not less than 90 million US dollars by January 15, 2026, maintain minimum liquidity of 40 million US dollars, and satisfy certain performance tests. The successful completion of both brokered and non brokered placements fulfills these commitments.
Exploration results announced in October 2025 revealed encouraging high grade intercepts at the Obra Underground site at Bibiani, with drilling returning 27.7 meters grading 5.23 grams per tonne gold. Additional work identified promising tarobtains at the Magnetic Hinge deposit near Chirano, advancing that prospect to pre feasibility study stage.
Common shares offered through these placements were not registered under the United States Securities Act of 1933, as amconcludeed, nor under any US state securities laws. The shares may not be offered or sold in the United States absent registration or compliance with applicable exemption requirements.
Asante appointed Patrick Padmore as Vice President of Finance on December 11, 2025, strengthening its management team as the company advances toward its 500,000 ounce annual production tarobtain. The experienced team of mine finders, builders and operators brings extensive Ghana expertise to project development.
The company filed financial statements for the three months concludeing October 31, 2025, revealing comprehensive loss attributable to shareholders of 215.2 million US dollars in the quarter. Revenue increased 16.4% to 129.3 million US dollars driven by higher average gold prices, though production volumes declined across both mines.
Cash and equivalents stood at 82.8 million US dollars as of October 31 compared to 26.0 million US dollars at January 31, 2025. Working capital deficiency narrowed to 191.9 million US dollars from 450.2 million US dollars, though current liabilities of 420.9 million US dollars exceed available funding sources.
The company alterd its fiscal year conclude from January 31 to December 31 to facilitate better comparability with peer companies. The fourth quarter contains November and December 2025, building fiscal 2025 an eleven month transitional period.
Ghana represents Africa’s largest gold producing nation, providing Asante with access to established mining infrastructure, skilled workforce and favorable regulatory frameworks supporting foreign investment in the minerals sector. The countest’s stable political environment and well developed transportation networks facilitate mining operations.
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