Asante Gold Corporation (CSE: ASE | GSE: ASG | FRANKFURT:1A9 | U.S.OTC: ASGOF) (“Asante” or the “Company”) is pleased to announce that it has received the second US$100 million advance from Fujairah Holdings LLC (the “Second Advance”), as scheduled under the Gold Forward Agreement (the “Gold Forward Agreement”) described in the Company’s news release of December 19, 2024. Asante has also secured a US$10 million bridge loan facility (the “Bridge Loan”) from a leading financial institution in Ghana, which is expected to make a substantially larger credit commitment as part of the Company’s final capital structure.
The US$110 million proceeds of the Second Advance and the Bridge Loan will be used to advance the ongoing pit expansion at the Bibiani Mine, as well as the completion of the sulphide treatment plant, with commissioning to commence in July 2025. The funds will also provide working capital support pending the completion of the Company’s financing process.
The Company is also pleased to provide an interim update on its previously announced financing process. To date, conditional credit commitments in an aggregate amount of more than US$250 million have been received. The Company will provide a further announcement in due course upon the finalization of key commercial terms and conditions, and the selection of financing partners following final credit approvals. Although there is no certainty that such financing initiatives will be completed, the Company is confident that it will be able to do so by the end of July 2025, as noted in its news release of May 5, 2025.
