Asante Announces $525 Million Financing Package

Asante Gold Corporation (CSE: ASE | GSE: ASG | FRANKFURT:1A9 | U.S.OTC: ASGOF) has announced a comprehensive financing package totaling $525 million, aimed at funding its growth plans and recapitalizing short-term liabilities. This strategic move will enable Asante to execute its growth plan, targeting gold production above 500,000 ounces per year by 2028, at significantly lower all-in sustaining costs.

The financing package, structured in two stages, includes a previously announced $100 million equity private placement, along with additional financing transactions such as a comprehensive refinancing agreement with Kinross Gold Corporation, issuance of senior debt, Ghanaian bond, and gold stream agreements. Asante plans to close $325 million of the financing package by the end of 2024, with the remaining $200 million expected to be completed in early 2025.

Key components of the financing package include:

1. **Kinross Refinancing**: A $100 million refinancing agreement with Kinross Gold Corporation, including an increased shareholding in Asante to 9.9%. This agreement will enable Asante to recapitalize its short-term liabilities and fund key capital projects at its operating mines.
2. **Senior Debt Financing**: A $150 million senior debt facility arranged by FirstRand Bank Limited (acting through its Rand Merchant Bank division ("RMB")) as Initial Mandated Lead Arranger and Bookrunner. This facility will support Asante's growth plans and capital projects.
3. **Ghanaian Bond and Gold Stream Agreements**: Asante plans to issue a local currency, dollar-linked bond funded by strategic Ghanaian institutions and a syndicated gold stream facility. These agreements will further strengthen Asante's balance sheet and support its growth initiatives.

Asante's President and CEO, Dave Anthony, stated, "Completion of this comprehensive Financing Package will mark a breakthrough moment in Asante's history. It will transform our balance sheet and support execution of our growth plan to achieve gold production above 500,000 ounces per year by 2028, at significantly lower all-in sustaining costs."

The financing package will enable Asante to fund key capital projects at its Bibiani and Chirano mines in Ghana, including pit expansion, sulphide plant construction, community resettlement, and underground mine development. These projects are expected to contribute to Asante's growth and enhance its competitive position in the global gold mining industry.



Asante's strategic financing package, coupled with its ambitious growth plan, positions the company to capitalize on the growing demand for gold and the potential for significant cost savings. Investors are encouraged to monitor Asante's progress and evaluate the company's potential as a key player in the global gold mining sector.