Asante Gold (ASE) Q3 2026 earnings summary

Executive summary

• 9M revenue rose to $756,668 thousand and gold-equivalent production reached 165,594 oz; net loss narrowed to $84,385 thousand from $297,035 thousand.

• 9M operating cash flow was positive at $233,386 thousand, but a $309,744 thousand working capital deficiency and lender conditions leave material going-concern uncertainty.

• 2026 production and AISC guidance was withdrawn following Bibiani operational underperformance.

Financial highlights

• Q3 revenue was $212,832 thousand, up 64.6% YoY; 9M revenue was $756,668 thousand, up 103.3%, driven by higher realized gold prices and sales volumes.

• Q3 gross profit was $3,402 thousand versus an $18,953 thousand loss; 9M gross profit was $79.2M versus a $59.7M loss.

• Q3 net loss was $44,933 thousand versus $217,778 thousand; 9M net loss was $84,385 thousand versus $297,035 thousand.

• Adjusted EBITDA was $34.7M in Q3 and $194.8M in 9M, versus $(6.4)M and $0.6M in comparable 2025 periods.

• 9M operating cash flow was $233,386 thousand versus cash used of $123,750 thousand; investing cash use was $226,638 thousand.

Outlook and guidance

• 2026 production guidance of 275,000–300,000 oz and consolidated AISC guidance of $3,200–$3,600/oz were withdrawn; 9M production was 165,594 oz at AISC of $4,308/oz.

• Bibiani priorities include restoring Main Pit ore delivery, stabilizing processing and recovery, and completing Phase 1 resettlement by year-end 2026.

• Main Pit southeast wall remediation is targeted for early December 2026, with increased higher-grade ore delivery expected from Q1 2027; additional generator capacity is expected by year-end 2026.

• A comprehensive operational turnaround plan is expected in January 2027; capital needs will be evaluated with funding alternatives.

• Required qualifying debt and/or equity funding of $100,000 thousand was extended to November 30, 2026; receipt of Fujairah’s sixth gold-forward deposit can satisfy the requirement.