Ghana Producer Re-Rates on Strategic Review Progress

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Thursday, June 25, 2026

West African gold producers are back in focus as investors reward operators that can hold mine output steady while cutting discretionary spend. With bullion still a core hedge asset and mine costs under pressure across the sector, names that stabilize operations and tighten capital plans are drawing interest on stock-specific sessions rather than broad index moves.

Asante Gold Corporation (TSX-Venture: ASE) (OTCQX: ASGOF) provided a strategic review and operational update, outlining progress since management launched a full business review in the first quarter of 2026. Acting Chief Executive Officer Campbell Baird said the team has spent the past three months stabilizing both mines, restoring capital discipline, and rationalizing projects ahead of a fuller update expected by late July.

On the strategic side, Asante said production at Bibiani and Chirano has remained broadly in line with first-quarter 2026 levels through the current quarter. Cost workshops flagged variances across mining, processing, labour, G&A, and capital spending, with corrective work underway on third-party equipment hire, contractor terms, and procurement and stores management. A project review led by Chief Development Officer Glenn Baldwin, appointed in June 2026, deferred or cancelled roughly US$50 million of previously budgeted 2026 capital, improving near-term liquidity. The banking syndicate remains supportive, according to the release.

At Chirano, production has tracked expectations. At Bibiani, work targets recovery of about 5,000 ounces of gold in the processing circuit, with that material expected to add a one-off production benefit in the fourth quarter of 2026. Management is also shifting underground development to a single decline starting in the fourth quarter of 2026 instead of three portals, a more capital-efficient plan before south-portal stoping in 2027 and 2028. Phase 1 of the Bibiani Resettlement Action Plan is complete, with relocation of the first group of about 300 households expected in early July after roughly US$50 million invested in the program.

ASE / ASGOF trades at C$0.73 and US$0.51, up 9.0% and 11.1%, respectively. Investors will watch for the late-July update, which is expected to include revised guidance, cost targets, and a clearer 2026 capital and exploration plan.

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