Asante Gold Corporation is projecting that the annual production of gold from Bibiani and Chirano in the Western North region will grow by 34% to 455,000 ounces in 2026.
This will subsequently increase to more than 500,000 ounces in 2028.
Announcing an updated five-year outlook, it mentioned the cumulative anticipated five-year production of 2.2 million ounces (2025 – 2029), based on reserves only, calculated at $1,700/ounce gold price.
It pointed out that increased reserves of 242,000 ounces at Chirano were delineated since April 2024 Chirano Technical Report.
It disclosed an excellent expansion and mine life extension opportunities at both mines underpinned by a substantial resource base, track record of resource delineation and conversion, planned exploration investment.
“Our updated five-year outlook projects annual gold production exceeding 500,000 ounces by 2028 and more than $2 billion in unlevered free cash flow between 2025 and 2029. As a rapidly growing gold producer in the heart of one of Ghana’s most prolific mineral belts, Asante is well-positioned to offer our shareholders exceptional leverage to rising gold prices at a time of significant global uncertainty. Notably, this outlook is based solely on current reserves, underscoring significant upside potential from ongoing resource conversion, expansion and mine life extension initiatives”, the mining giant stated.
Consistent with the April 2024 Bibiani Technical Report, the Bibiani five-year outlook is based upon rapid production growth enabled by expansion of the Main Pit, increased fleet availability and completion of the sulphide treatment plant in 2025.
In 2025 thus far, mining activities at Russel and Main pits have increased significantly relative to quarter 4 2024 as a result of funding received in December 2024 from the Fujairah Gold Forward agreement. Gold production for the three-month period January to March 2025 increased 120%, relative to the period October – December 2024.
Gold production of 172,000 ounces is planned for 2025, representing a 125% and 183% increase relative to 2024 and 2025 actual production respectively.
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