Asante Gold Corporation has reported a combined 4.6 million ounces of Measured and Indicated Mineral Resources across its Bibiani and Chirano gold mines in Ghana.

The updated estimates are contained in independently prepared NI 43-101 technical reports with an effective date of December 31, 2025. The reports replace the previous technical reports filed in April 2024 and were prepared using gold price assumptions of US$2,500 per ounce for Mineral Resources and US$2,100 per ounce for Mineral Reserves.

Combined resource base remains stable despite production

Asante said the combined Measured and Indicated resource base remained broadly in line with the December 2023 level, despite the company producing and depleting more than 430,000 ounces of gold from the two mines over the two-year period.

The two operations also contain approximately 1.8 million ounces of Inferred Mineral Resources, which could provide a pipeline for future conversion into higher-confidence resource categories through additional drilling.

As at December 31, 2025, the group’s mineral inventory stood at:

Operation M&I Resources Inferred Resources Mineral Reserves
Chirano 2.531 million oz 830,000 oz 1.303 million oz
Bibiani 2.064 million oz 965,000 oz 1.527 million oz
Group total 4.595 million oz 1.795 million oz 2.830 million oz

Mineral Resources are reported inclusive of Mineral Reserves. Resources that have not been classified as reserves do not yet have demonstrated economic viability.

Chirano records strong resource and reserve growth

Chirano reported 2.53 million ounces of Measured and Indicated Resources, contained in 40.01 million tonnes of material grading an average of 1.96 grams of gold per tonne.

The mine also has 830,000 ounces of Inferred Resources and 1.30 million ounces of Mineral Reserves, supporting a current seven-year life-of-mine plan.

Since December 2023, Chirano’s Measured and Indicated Resources increased by 443,000 ounces, while Mineral Reserves grew by 244,000 ounces, even after accounting for approximately 270,000 ounces of production depletion.

The growth followed more than 66,900 metres of drilling across 257 holes since Asante acquired Chirano in August 2022. Exploration additions were recorded across deposits including Obra, Sariehu, Suraw and Akoti South.

Obra Underground was one of the largest contributors, with drilling adding about 242,000 ounces at 1.50 grams per tonne to Mineral Reserves. Drilling at Suraw also added approximately 100,000 ounces at 2.37 grams per tonne to Measured and Indicated Resources.

Asante is evaluating a proposed “North Mine” concept that could combine the Obra, Sariehu and Mamnao deposits into a single mining operation.

Bibiani maintains a nine-year mine plan

Bibiani reported 2.06 million ounces of Measured and Indicated Resources, contained in 30.83 million tonnes grading 2.08 grams per tonne.

The mine also has 965,000 ounces of Inferred Resources and 1.53 million ounces of Mineral Reserves, supporting a current nine-year life-of-mine plan. Underground development is scheduled to begin in late 2026.

However, Bibiani’s Mineral Reserves declined by 22%, while Measured and Indicated Resources fell by 17% compared with the previous estimate.

Asante attributed the reduction to 111,000 ounces of open-pit depletion, a more limited exploration budget than Chirano and refinements to the Main Pit geological model. The company plans to increase exploration spending during its 2027 financial year to rebuild Bibiani’s resource pipeline.

Approximately 43,000 metres of drilling were completed at Bibiani during 2024 and 2025, covering the Main Pit, Russel South and several satellite targets.

Significant underground potential remains

The Bibiani Main Pit currently contains approximately 1.93 million ounces of Measured and Indicated Resources, including the mine’s 1.53 million ounces of reserves, as well as about 925,000 ounces of Inferred Resources.

Although the Main Pit has a mineralised strike length of approximately four kilometres, only around 1.8 kilometres has historically been mined.

Asante said the Main Pit remains open along strike and at depth. Mineralisation has been confirmed to approximately 650 metres below surface, while the geological system is believed to remain open to at least 1,400 metres below surface.

The company has commenced proof-of-concept drilling to test the North, Central and South Deeps targets, with the deepest planned hole targeting a depth of approximately 1,600 metres.

Long-term opportunity along the corridor

Asante controls more than 937 square kilometres of combined tenure across the Chirano-Bibiani Corridor, covering more than 80 kilometres of strike along Ghana’s Sefwi-Bibiani Gold Belt.

The corridor has historically produced more than eight million ounces of gold, but Asante believes large portions remain underexplored, particularly below depths of between 300 and 700 metres.

The company plans to continue near-mine and greenfield exploration at both operations, targeting new resource additions, reserve conversion and possible future mining areas beyond the existing Bibiani and Chirano operations.