The funding includes a US$100 million second advance from Fujairah Holdings under its Gold Forward Agreement and a US$10 million bridge loan from a Ghanaian financial institution, which is expected to make a larger commitment as part of the Corporation’s final capital structure.

The company says the funds will support the ongoing expansion of the Bibiani Main Pit and completion of the sulphide treatment plant, scheduled for commissioning in July 2025.

A portion will also serve as working capital while Asante continues to secure long-term financing. So far, conditional credit offers exceeding US$250 million have been received, with final arrangements expected by the end of July.

In an updated five-year outlook, Asante Gold Corporation projects annual gold production will rise from 455,000 ounces in 2026 to over 500,000 ounces by 2028.

Cumulative output between 2025 and 2029 is forecast at 2.2 million ounces, generating an estimated US$2.1 billion in unlevered free cash flow, based on a gold price of US$3,000 per ounce.

This growth will be driven by increased output at the Bibiani and Chirano mines, supported by improved gold recovery, lower all-in sustaining costs (AISC) and expanded underground development.

AISC is expected to drop below US$1,000/oz by 2028.

At Chirano, additional mineral reserves of 242,000 ounces have been confirmed, extending mine life. Exploration at Obra Underground and Sariehu has also returned encouraging results.

CEO Dave Anthony says the updated outlook, based solely on current reserves, highlights the upside potential of further resource conversion and exploration.

Asante operates in Ghana’s prolific Bibiani and Ashanti gold belts and is listed on the Ghana and Canadian stock exchanges.