Dave Anthony

THE big moment for Dave Anthony’s Asante Gold Corporation in 2025 was a $500m capital raise, comprising $180m in equity, $275m in debt, and a $50m gold stream. South Africa’s Rand Merchant Bank provided a portion of the debt while private equity firm Appian Capital Advisory stepped in on the streaming piece. The finance is to help Asante, which operates Ghana’s Chirano and Bibiani gold mines, to its five-year production target of 450,000 ounces a year from 190,000oz in 2024.

However, the finance package is also about saving the balance sheet after several years of losses. It’s not a great look that, in the teeth of a once-in-a-generation gold rally, Asante is struggling to generate free cash. Asante’s distress, especially following past equity funding, is reflected in the negative share price performance, even as rival gold miners register 100% to 200% improvements in valuation. No doubt key shareholders – which include the Ghana government, a wealth fund belonging to the Fujairah emirate in the United Arab Emirates, and Emiral Resources, founded by former Gazprom executive Boris Ivanov – will take a patient line.

For his part, Anthony reckons Asante is finally set fair to meet its production targets. Key to this is getting higher grades out of Chirano and Bibiani by taking both underground. A recently commissioned sulphide plant at Bibiani is also aimed at lifting recoveries. Part of the financing package involved a listing of Asante’s shares on the Toronto Venture Exchange. Perhaps less risk-averse investors that generally trade on that exchange will take a rosier view of Asante, provided the gold price plays ball. So far, it is.