Asante Gold Raises $500 Million to Expand Ghana Operations and Target 500,000 oz Annual Output by 2028
Canada’s Asante Gold has finalized a $500-million financing package to accelerate the development and expansion of its Bibiani and Chirano gold mines in Ghana, the company announced on Monday.
The package includes net proceeds from a $125-million second utilization under its $150-million senior debt facility.
A first drawdown of $5 million was completed on August 14, while a $20-million revolving credit facility is now fully available.
“Closing this financing is transformative for Asante,” said President and CEO Dave Anthony. “With $500 million in capital secured, we are well-positioned to execute our growth plans for Bibiani and Chirano, targeting annual gold production of more than 500,000 ounces by 2028 at significantly lower all-in sustaining costs.
We remain focused on disciplined execution and delivering results for shareholders as these funds are deployed immediately.”
Proceeds from the financing will support growth and development spending at Bibiani and Chirano, a cash payment to Kinross (completed on August 12), retirement of short-term liabilities, and general working capital.
Price Protection Program
To ensure full access to its senior debt facility, Asante has implemented a price protection strategy.
The program includes a short-term forward sale of about 154,000 oz of gold between September 2025 and April 2026 at an average price of $3,386/oz, as well as the purchase of deferred premium puts covering up to 395,000 oz between May 2026 and January 2028, with strike prices ranging from $3,000/oz to $3,100/oz.
These hedging arrangements, executed with RMB, provide downside protection during the company’s ramp-up phase while preserving full upside potential if gold prices rise.
