Accra: Gold production and exploration firm, Asante Gold Corporation, has recorded a net loss of US$345.44 million for the eleven months ending December 2025, much higher than the US$62.18 million loss the previous year.
According to Ghana Web, the company's financial statements, signed by Directors Alex Heath and David Anthony, showed an increase in revenue to US$482.59 million, primarily due to higher gold prices.
However, the company faced a decline in gold sales, amounting to 143,138 ounces, down from 190,985 ounces, which diminished the benefits of the higher prices. The company's loss per share also rose to US$0.55, indicating weaker performance.
Gold production decreased, with total output dropping to 146,571 ounces. Both Bibiani and Chirano mines experienced reduced gold production due to lower-quality ore and some operational challenges. Additionally, costs rose significantly as the cost of producing gold increased to US$3,902 per ounce, up from US$2,168, mainly due to lower production, more waste removal, and higher spending on operations and equipment.
During the period under review, the company raised significant funds through loans, gold agreements, and equity to support its operations and improve its financial position. Moving forward, Asante Gold is expected to focus on increasing production and reducing costs to help return the business to profitability.