Mining giant, Asante Gold has reported a significant ramp-up in activity to accelerate growth initiatives at its Bibiani mine.

This is supported by the immediate deployment of proceeds from the initial US$100 million gold forward sale.

In a statement to investors and the general public, it said the acceleration of stripping activities at the Main pit and the Russel pit, with 300% increase in monthly material movement is expected by June 2025 compared to recent levels.

The Bibiani monthly gold production is expected to increase to 9,000 ounces by February 2025 and to 23,000 ounces by September 2025.

Dave Anthony, President and Chie Executive Officer stated, “We are pleased to report a rapid increase in operational activities at the Bibiani mine, funded by the $100 million gold forward agreement with our key strategic partner Fujairah. This will more than double monthly gold production by February 2025, with additional catalysts for growth expected to follow over the course of the year supported by the Company’s financing plans that continue to advance.”

Operational Activities

The operational activities at the Bibiani Mine are accelerating, driven by ongoing expansion of the Russel pit and a rapid increase in equipment availability from the primary mining contractor.

The Russel pit continues to outperform our expectations, with gold production up by more than 700% during the last quarter of 2024, to upwards of 7,000 ounces per month.

As a result, an aggressive drilling programme has been initiated to confirm the southward extension into Cutback #3 during the second half of 2025. This will support advancement of waste stripping at the Main pit during the first half of 2025.

Main Pit Stripping Activity Accelerates

At the Main pit, Asante Gold said the mining is ahead of schedule by approximately 200% since starting the build-up programme in November 2024.

The mining contractor is increasing its fleet to meet an agreed schedule of the production build-up. Main pit Cutback #2 also starts during Q1 [quarter one} 2025 to ensure consistent supply of mineralized material.

The underground mine project preparation is targeted to start during the last quarter of 2025.

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. It is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project