A summary of the financial and operating results for fiscal 2024 are presented in this news release, together with an outlook for the Bibiani and Chirano mines. For a detailed discussion of results for the full fiscal year and the fourth quarter, please refer to the Management’s Discussion and Analysis dated
FY2024 Summary Financial Results
($000s CAD) except as noted | Q4 2024 | Q4 2023 | 2024 | 2023 | |||
Financial Results | |||||||
Revenue | 176,547 | 158,453 | 575,183 | 274,729 | |||
Total comprehensive loss1 | 40,565 | (106,361) | (129,814) | (160,226) | |||
Adjusted EBITDA2 | 2,218 | (13,445) | (24,102) | (54,642) | |||
Total assets | 915,639 | 977,632 | 915,639 | 977,632 | |||
Non-current liabilities | 161,324 | 133,094 | 161,324 | 133,094 | |||
Operations Results | |||||||
Gold equivalent produced (oz) | 59,418 | 68,736 | 214,950 | 124,177 | |||
Gold sold (oz) | 65,074 | 67,396 | 220,069 | 120,713 | |||
Consolidated average gold price realized per ounce2 ($/oz) | 2,713 | 2,351 | 2,614 | 2,276 | |||
AISC2 (CAD) | 2,528 | 2,317 | 2,732 | 2,390 | |||
Notes:
(1) 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 in FY2024 was
In Q4 2024, the Company achieved positive adjusted EBITDA and comprehensive income for the first time, positively impacted by a higher realized gold price and reversal of provisions.
Q4 2024 | Q4 2023 | 2024 | 2023 | |||
Waste mined (kt) | 3,565 | 11,869 | 21,267 | 49,657 | ||
Ore mined (kt) | 661 | 562 | 2,239 | 1,433 | ||
Total material mined (kt) | 4,226 | 12,431 | 23,507 | 51,091 | ||
Strip ratio (waste:ore) | 5.4 | 21.1 | 9.5 | 34.6 | ||
Ore processed (k/t) | 584 | 692 | 2,222 | 1,493 | ||
Grade (grams/tonne) | 1.81 | 1.74 | 1.57 | 1.63 | ||
Gold recovery (%) | 69% | 85% | 69% | 83% | ||
Gold equivalent produced (oz) | 22,705 | 35,494 | 76,516 | 62,535 | ||
Gold equivalent sold (oz) | 23,906 | 36,659 | 77,030 | 60,883 | ||
Revenue ($ in thousands) | 62,727 | 83,865 | 196,941 | 138,268 | ||
Average gold price realized per ounce1 | 2,624 | 2,288 | 2,557 | 2,271 | ||
AISC1 (CAD) | 2,811 | 1,645 | 3,197 | 2,152 | ||
Note:
(1) 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”.
In FY2024, gold equivalent production increased 22% to 76,516 ounces, primarily reflecting the inclusion of twelve months of operating results in FY2024 relative to approximately six months in FY2023. In the months following first gold pour at Bibiani in
Results for Q4 2024 continued to be impacted by the aforementioned factors, resulting in reported gold recovery of 69% and AISC of
On
- Gold production of 271koz in FY2026 (254% increase over FY2024), enabled by FY2025 investments in the main pit expansion in FY2025 and a sulphide treatment plant to increase gold recovery to 92%
- Commencement of underground mine development in 2025 with first underground ore processed in FY2027; a robust mine plan is underpinned by first-ever underground reserves delineated by Asante
- Significant unit cost reduction by FY2026 reflecting reduced stripping requirements, increased scale, and increased gold recovery; AISC projected to be under
US$1,100 /oz by 2027 - 2.5 million ounces of measured and indicated resources at a grade 2.30g/t gold, a 9% increase compared to the previous technical report, reflecting underground strategy with over 0.9 million ounces of underground reserves
- 1.2 million ounces of inferred resources at a grade of 2.36g/t gold, a 225% increase compared to the previous technical report
The Bibiani mine plan as outlined in the Bibiani 2024 Technical Report is based on proven and probable reserves only, without inclusion of the significant incremental resource base. The Company’s strategic planning envisages the potential for production increases and mine life extension based on continued resource conversion and exploration success.
Consistent with the Bibiani 2024 Technical Report and subject to availability of financing, the Company expects production of 110,000 to 120,000 gold equivalent ounces in FY2025 based on successful execution of the following initiatives:
- Cutting the
Bibiani-Goaso National Highway - Execution of the second cutback of the main pit as envisaged in the Bibiani 2024 Technical Report
- Progression of community relocation and road construction activities
- Construction and commissioning of the sulphide treatment plant by Q4 2025
- Other plant upgrades including installation of a pebble crusher by Q2 2025, completion of the scalping screen supporting the gravity plant, and upgrades and expansions of the CIL and elution facilities
- Development of a starter pit at the South Russell project to supplement ore feed from the main pit
Consistent with the Bibiani 2024 Technical Report, the Company expects that execution of these initiatives will also result in significant increase in production and decrease in costs beyond fiscal 2025.
Q4 2024 | Q4 2023 | 2024 | 2023 | ||||||||
Open Pit Mining: | |||||||||||
Waste mined (kt) | 2,584 | 3,345 | 9,917 | 4,896 | |||||||
Ore mined (kt) | 402 | 387 | 1,801 | 638 | |||||||
Total material mined (kt) | 2,985 | 3,732 | 11,718 | 5,534 | |||||||
Strip ratio (waste:ore) | 6.43 | 8.65 | 5.51 | 7.68 | |||||||
Underground Mining: | |||||||||||
Waste mined (kt) | 181 | 193 | 813 | 362 | |||||||
Ore mined (kt) | 396 | 453 | 1,558 | 816 | |||||||
Total material mined (kt) | 577 | 646 | 2,371 | 1,178 | |||||||
Ore processed (k/t) | 853 | 821 | 3,311 | 1,576 | |||||||
Grade (grams/tonne) | 1.56 | 1.43 | 1.50 | 1.37 | |||||||
Gold recovery (%) | 86% | 88% | 86% | 88% | |||||||
Gold equivalent produced (oz) | 36,713 | 33,242 | 138,434 | 61,642 | |||||||
Gold equivalent sold (oz) | 41,168 | 30,738 | 143,039 | 59,830 | |||||||
Revenue ($ in thousands) | 113,820 | 74,588 | 378,242 | 136,461 | |||||||
Average gold price realized per ounce1 | 2,765 | 2,427 | 2,644 | 2,281 | |||||||
AISC1 (CAD) | 2,364 | 3,119 | 2,482 | 2,632 | |||||||
Note:
(1) 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”.
For the full year, the increase in gold equivalent production from 61,642 ounces in FY2023 to 138,434 ounces in FY2024 primarily reflects the inclusion of twelve months of production in FY2024. Chirano was acquired by the Company in
Results for Q4 2024 include a 4% increase in gold equivalent production to 36,713 ounces driven by a 4% increase in ore processed and a 9% increase in processed grade to 1.56g/t as a result of higher grades mined from the Suraw and Obra underground mines. The decrease in AISC from
On
- Gold production of 178koz in 2025 (a 28% increase over 2023) and exceeding 200koz by 2027
- Underground mine plan focused on expansion of the Obra and Suraw mines
- Lower unit costs from 2025 from increased throughput, efficiencies, improved use of capital
- 2.1 million ounces of measured and indicated resources at a grade of 1.63g/t gold, an 84% increase vs. the previous technical report
- 1.0 million ounces of inferred mineral resources at a grade of 1.60g/t gold, a 177% increase vs. the previous technical report
The Chirano mine plan as articulated in the Chirano 2024 Technical Report is based on proven and probable reserves only, without inclusion of the significant incremental resource base. The Company foresees the potential for production increases and mine life extension based on continued resource conversion and exploration success.
Consistent with the Chirano 2024 Technical Report and subject to the availability of financing, the Company expects production of 160,000 to 170,000 gold equivalent ounces in fiscal 2025.
Near-term initiatives in 2025 include:
- Installation of an Aachen Reactor to enhance leaching kinetics by the end of Q1 2025
- A pebble crusher has been procured and installed on schedule, and throughput capacity has increased from 3.4Mt/y to 3.6Mt/y. Further primary grinding upgrades, CIL upgrades, pump upgrades and cyclone replacement are planned to be operational from Q4 2025 with the aim of increasing process plant throughput capacity from 3.7Mt/y to 4.0Mt/y
- Completion of the second cutback at the Sariehu open pit
- Replacement of the Mamnao central and south pits with Sariehu, Mamnao north and Obra in Q1 2025
Management expects these initiatives will provide access to incremental resources with the ultimate strategy of efficient blend of open pit and underground ore to ensure control of head grade.
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed and approved by the Qualified Persons (as defined under NI 43-101) and authors of the Technical Report,
Other scientific and technical information contained in this news release has been reviewed and approved by David Anthony,
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”), including “all-in sustaining costs” (or “AISC”), average gold price realized, adjusted EBITDA and working capital. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with Asante’s consolidated financial statements. Readers should refer to Asante's Management Discussion and Analysis under the heading "Non-IFRS Measures" for a more detailed discussion of how Asante calculates certain of such measures and a reconciliation of certain measures to IFRS terms.
About
Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in
About the
Bibiani is an operating open pit gold mine situated in the
For additional information relating to the mineral resource and mineral reserve estimates for the
About the
Chirano is an operating open pit and underground mine located in the
For additional information relating to the mineral resource and mineral reserve estimates for the
For further information please contact:
Frederick Attakumah, Executive Vice President and Country Director
info@asantegold.com
+1 604 661 9400 or +233 303 972 147
Cautionary Statement on Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements, including but not limited to, outlook for each Bibiani and Chirano Gold Mines, production and all-in sustaining costs forecasts for the Bibiani and Chirano Gold Mines, estimated mineral resources, reserves, exploration results and potential, development programs and increases in mine-life, starter pit development and potential synergies between Chirano and Bibiani. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company’s inability to raise the necessary capital or to be fully able to implement its business strategies, and the price of gold. The reader is referred to the Company’s public disclosure record which is available on SEDAR (www.sedarplus.ca). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Source:
2024 GlobeNewswire, Inc., source