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Yahoo
17-07-2025
- Business
- Yahoo
Asante Begins Trading on the OTCQX Market
VANCOUVER, British Columbia, July 17, 2025 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE: ASE | GSE: ASG | FRANKFURT:1A9 | OTCQX: ASGOF) ("Asante" or the "Company") is pleased to announce that the Company has qualified to trade on the OTCQX® Best Market. Asante's common shares will begin trading today on the OTCQX under the symbol 'ASGOF'. Asante's common shares will continue to trade on the Canadian Securities Exchange under the symbol 'ASE'. Trading on the OTCQX Best Market offers companies efficient, cost-effective access to the U.S. capital markets. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Dave Anthony, President and CEO stated: 'We are pleased that Asante's common shares have been approved for trading on the OTCQX Best Market. This quotation will enhance Asante's visibility within the U.S. investment community and provide U.S. investors with the ability to trade Asante's common shares in US dollars. Along with the Company's application and conditional acceptance for listing the Company's common shares on the TSX Venture Exchange, the OTCQX quotation is a further step in Asante's strategy of diversifying the Company's shareholder base by increasing North American market exposure.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on The Company has received conditional acceptance for the listing of the common shares of the Company on the TSX Venture Exchange. Completion of the listing is subject to the satisfaction of certain conditions, including, among others, the completion of the transactions contemplated in the Company's June 17, 2025 news release. About Asante Gold Corporation Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange and the Ghana Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana's Golden Triangle. Additional information is available on the Company's website at For further information please contact: Dave Anthony, President & CEOFrederick Attakumah, Executive Vice President and Country Directorinfo@ 604 661 9400 or +233 303 972 147 Cautionary Statement on Forward-Looking Statements Certain statements in this news release constitute forward-looking statements or forward-looking information. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to conditional acceptance for the listing of the Company's common shares on the TSX Venture Exchange and the enhancement of Asante's visibility within the U.S. investment community as a result of the quotation of the Company's common shares on the OTCQX Best Market. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. The reader is referred to the Company's public disclosure record which is available on SEDAR+ ( Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. LEI Number: 529900F9PV1G9S5YD446. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
17-07-2025
- Business
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Asante Begins Trading on the OTCQX Market
VANCOUVER, British Columbia, July 17, 2025 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE: ASE | GSE: ASG | FRANKFURT:1A9 | OTCQX: ASGOF) ("Asante" or the "Company") is pleased to announce that the Company has qualified to trade on the OTCQX® Best Market. Asante's common shares will begin trading today on the OTCQX under the symbol 'ASGOF'. Asante's common shares will continue to trade on the Canadian Securities Exchange under the symbol 'ASE'. Trading on the OTCQX Best Market offers companies efficient, cost-effective access to the U.S. capital markets. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Dave Anthony, President and CEO stated: 'We are pleased that Asante's common shares have been approved for trading on the OTCQX Best Market. This quotation will enhance Asante's visibility within the U.S. investment community and provide U.S. investors with the ability to trade Asante's common shares in US dollars. Along with the Company's application and conditional acceptance for listing the Company's common shares on the TSX Venture Exchange, the OTCQX quotation is a further step in Asante's strategy of diversifying the Company's shareholder base by increasing North American market exposure.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on The Company has received conditional acceptance for the listing of the common shares of the Company on the TSX Venture Exchange. Completion of the listing is subject to the satisfaction of certain conditions, including, among others, the completion of the transactions contemplated in the Company's June 17, 2025 news release. About Asante Gold Corporation Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange and the Ghana Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana's Golden Triangle. Additional information is available on the Company's website at For further information please contact: Dave Anthony, President & CEOFrederick Attakumah, Executive Vice President and Country Directorinfo@ 604 661 9400 or +233 303 972 147 Cautionary Statement on Forward-Looking Statements Certain statements in this news release constitute forward-looking statements or forward-looking information. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to conditional acceptance for the listing of the Company's common shares on the TSX Venture Exchange and the enhancement of Asante's visibility within the U.S. investment community as a result of the quotation of the Company's common shares on the OTCQX Best Market. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. The reader is referred to the Company's public disclosure record which is available on SEDAR+ ( Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. LEI Number: 529900F9PV1G9S5YD446. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
17-06-2025
- Business
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Asante Announces Commitments of $470 Million Anchored by Appian and RMB; TSX-V Conditional Acceptance for Listing
(All amounts expressed in U.S. dollars unless otherwise noted) VANCOUVER, British Columbia, June 17, 2025 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE: ASE | GSE: ASG | FRANKFURT:1A9 | ASGOF) ('Asante' or the 'Company') is pleased to announce that it has received $470 million in credit and equity commitments, forming the foundation of a comprehensive financing solution that, when completed, would fully fund the Company's growth plans and recapitalize its short-term liabilities. This includes a $175 million financing package from private funds advised by Appian Capital Advisory LLP ('Appian') and a $170 million credit and underwrite commitment from FirstRand Bank Limited (acting through its Rand Merchant Bank division) ('RMB'). The Company is also pleased to announce that it has received conditional acceptance for the listing of the Common Shares on the TSX Venture Exchange (the 'TSX-V'). The above commitments underpin a non-dilutive financing package comprised of a senior debt facility in the amount of $150 million (the 'Senior Debt Facility'), subordinated debt in the amount of up to $125 million (the 'Subordinated Debt Facility'), and a gold stream financing in the amount of $50 million (the 'Gold Stream') (collectively the 'Financing Package'). Completion of the Financing Package is subject to the negotiation of definitive documentation, satisfaction of customary conditions precedent and the completion of a transaction with Kinross Gold Corporation ('Kinross') to settle outstanding liabilities. In addition, completion of the Financing Package is conditional on raising approximately $130 million of equity, for which commitments of $85 million (including $10 million from Appian) have been received and discussions with other parties are advanced. The completion of the Financing Package and related transactions is expected to occur by the end of July 2025. Dave Anthony, President and CEO stated: 'This comprehensive Financing Package will allow Asante to realize the true potential of our assets. This will clear the path to achieve our goal of gold production of more than 500,000 ounces per year by 2028 at significantly lower all-in sustaining costs, with over $2 billion of free cash flow generation expected through 2029 as described in our recent five-year outlook (see news release dated May 5, 2025). Our extensive land package at Bibiani and Chirano encompasses 80 kilometres of strike length on some of Ghana's most prospective ground, with significant exploration upside remaining.' David Wiens, CFO stated: 'We are pleased to partner with Appian and RMB, leading mining-focused financial institutions with a rigorous technical approach, in structuring a comprehensive financing solution for Asante. I would like to thank our technical services, operations, finance and legal teams, as well as our financial advisor Endeavour Financial, for their tireless efforts and support to advance this process. We are on course to being fully funded and well capitalized by the end of July. In addition, a listing on the TSX-V is expected to provide added liquidity and increased exposure to a wider pool of investors.' HIGHLIGHTS $470 million of credit and equity commitments provides anchor for fully funded solution for growth plans and recapitalization needs Appian: $175 million financing package $40 million allocation to Senior Debt Facility syndication structured by RMB $75 million Subordinated Debt Facility $50 million Gold Stream with 100% buyback rights $10 million equity subscription RMB: $170 million credit commitment $110 million of allocation and underwriting commitments to Senior Debt Facility $50 million hedging lines to execute downside gold price protection program $10 million environmental guarantee TSX-V conditional acceptance for listing of common shares received Targeted listing in August 2025, subject to satisfaction of conditions Balance sheet transformation: Elimination of overdue trade payables and existing short-term debt facilities Elimination of short-term Kinross liabilities with comprehensive restructuring agreement Operational use of proceeds, as described in the Company's five-year outlook: Bibiani: pit expansion, sulphide treatment plant completion, community resettlement, underground mine development Chirano: mobile equipment, underground development and expansion, plant upgrades Anticipated closing of all transactions by July 31, 2025 FINANCING PACKAGE Senior Debt Facility: $150 million The Senior Debt Facility will be comprised of a term loan (the 'Term Loan') of approximately $120 million and a revolving credit facility (the 'RCF') of approximately $30 million. The Term Loan will have a five-year term, with an 18-month grace period and principal amortization over the following 42 months, initially bearing interest at a rate of SOFR + 6.50%, subject to reduction upon the achievement of certain operational milestones. The RCF will have a three-year term and will bear interest at a rate of SOFR + 4.50%. RMB and Appian have provided core credit commitments of $60 million and $40 million respectively, with a further underwriting commitment in the amount of $50 million from RMB. The Senior Debt Facility contains an accordion feature for a further $30 million increase at a later date. In connection with the Senior Debt Facility, RMB will provide credit lines of approximately $50 million to support a downside price protection program through 2027, as well as an environmental guarantee in the amount of $10 million. Subordinated Debt Facility: Up to $125 million The Subordinated Debt Facility will be in an amount of up to $125 million, underpinned by $75 million from Appian and a commitment of $50 million from another financial institution, with a maturity of seven years and an interest rate of SOFR plus 9.75%. During the first 24 months of the term of the Subordinated Debt Facility, Asante will have the option to satisfy interest payments in cash or payment-in-kind (PIK), providing the Company with additional flexibility to manage its cash position. The Subordinated Debt Facility will be repaid in twenty equal quarterly instalments, subject to compliance with certain distribution tests as defined under the Senior Debt Facility. Gold Stream: $50 million Appian will provide the Gold Stream of $50 million pursuant to which the Company will sell 1.50% of payable gold sold from the Bibiani Mine and Chirano Mine at 20% of the prevailing market price for 24 months. Thereafter, the Gold Stream will increase to 2.25% until certain delivery thresholds are met, at which point the Gold Stream will be reduced to 0.30%. The Gold Stream contains a provision for Asante to buy back the Gold Stream, subject to certain timing and return thresholds being met. Kinross Agreement Concurrent with the closing of the Financing Package and consistent with the Company's news release dated October 30, 2024, deferred consideration owed to Kinross will be settled through (i) a cash payment of approximately $53 million (less any other payments made to Kinross prior to closing of the Financing Package), (ii) an increase in the equity ownership of Kinross in the Company to 9.9% based on the last equity issue price prior to closing of the transaction (the 'Issuance Price'), (iii) the conversion of a portion of the remaining amounts into a convertible debenture (the 'Convertible Debenture') in a maximum amount such that Kinross will not exceed an 18.0% ownership position in the Company on a partially diluted basis, with a maturity on the later of six months after the maturity of the Senior Debt Facility and the date of maturity of the Subordinated Debt Facility, an interest rate of 3.0% per annum paid in kind ('PIK Interest'), and an equity conversion price that is 25% above the Issuance Price; and (iv) the conversion of any remaining amounts into a non-convertible debt instrument (the 'Deferred Note' and together with the Convertible Debenture, the 'Kinross Obligations') with an interest rate of a 5.0% margin above a base rate (paid in kind) and the same maturity date as the Convertible Debenture (collectively, the "Kinross Obligations"). Upon closing of the Financing Package, Kinross will relinquish its existing security interest in the downstream entities that own the Chirano Mine in favor of a security package that is the same as, but subordinate to, that held by Company's senior lenders, as described below. Security Package The Company's obligations under the Senior Debt Facility, the Subordinated Debt Facility, the Gold Stream and the Kinross Obligations will be guaranteed by Asante and secured by certain assets of the Company, including the Chirano Mine and Bibiani Mine (collectively, the 'Security Package'). The secured obligations will rank in the following order of priority: the Senior Debt Facility, the Subordinated Debt Facility, the Gold Stream, and the Kinross Obligations. Completion of the Financing Package, Kinross agreement and Security Package are conditional upon the satisfaction of certain conditions precedent, including, without limitation, the receipt of all regulatory and stock exchange approvals, and the negotiation, execution and delivery of definitive transaction documentation, including all loan documentation, the stream agreement, the Convertible Debenture, the Deferred Note, and all related intercreditor agreements and security documentation. Accordingly, there can be no assurance that the Company will be able to satisfy the foregoing conditions and complete the Financing Package. TSX-V CONDITIONAL ACCEPTANCE FOR LISTING The Company has received conditional acceptance for the listing of the common shares of the Company on the TSX-V. Completion of the listing is subject to the satisfaction of certain conditions, including, among others, the completion of the transactions contemplated in this news release. Completion of the listing is anticipated to occur in August 2025. Qualified Person Statement The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, Mining and Mineral Processing, President and CEO of Asante, who is a 'qualified person' under NI 43-101. About Asante Gold Corporation Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange and the Ghana Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana's Golden Triangle. Additional information is available on the Company's website at For further information please contact: Dave Anthony, President & CEOFrederick Attakumah, Executive Vice President and Country Directorinfo@ 604 661 9400 or +233 303 972 147 About Appian Capital Advisory LLP Appian Capital Advisory LLP is the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries. Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies in metals, mining, and adjacent industries to achieve their development targets, with a global operating portfolio overseeing approximately 5,000 employees. Appian has a global team of 88 investment professionals, combining financial and technical expertise, with presences in London, New York, Dubai, Belo Horizonte, São Paulo, Beijing, Hong Kong, Toronto, Lima and Perth. For more information, please visit About FirstRand Bank Limited (acting through its Rand Merchant Bank division) ('RMB') RMB is a leading African Corporate and Investment Bank ('CIB'). We partner our clients to deliver advisory, lending, trading, securities, corporate banking, private equity and investment solutions. A presence in London, New York, Shanghai and Mumbai provides our global clients with a network to access African markets. We have a deal footprint in 35 African countries and facilitate cross-border trade and investment on the continent. RMB represents the CIB activities of FirstRand Limited – one of the largest financial services groups in Africa. For more information visit Cautionary Statement on Forward-Looking Statements Certain statements in this news release constitute forward-looking statements, including but not limited to, statements relating to the structure and terms of the Financing Package, the Security Package and their individual components, the timing and ability of the Company to close each transaction comprising the Financing Package (if at all) and on the terms announced, the timing and ability of the Company to receive necessary regulatory approvals in respect of the Financing Package, the Company's ability to negotiate and enter into all definitive transaction documents necessary to complete the Financing Package, Kinross transaction and Security Package, the intended use of proceeds of the Financing Package, the financing initiatives being advanced by the Company, the timing and ability of Kinross and Asante entering into a further amendment to their share purchase agreement, the timing and ability of the Company to complete a listing of the common shares of the Company on the TSX-V, the potential for a meaningful re-rating, the Company's ability to satisfy certain operational milestones and delivery thresholds under the Senior Debt Facility and Gold Stream, respectively, the Company's ability to realize the true potential of its assets; the Company's ability to achieve the projections of gold production and all-in sustaining costs, the significant exploration upside of the Company's properties, and progression of key capital projects at the Company's operating mines. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the Company's inability to complete any or all of the transactions comprising the Financing Package on terms described in this news release or on other terms acceptable to the Company, the Company's inability to receive necessary regulatory approvals in respect of the Financing Package, the Company's inability to enter into a further amendment to the share purchase agreement with Kinross, the Company's inability to complete a listing of the common shares of the Company on the TSX-V, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company's inability to raise the necessary capital or to be fully able to implement its business strategies, and the price of gold. The reader is referred to the Company's public disclosure record which is available on SEDAR+ ( Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. LEI Number: 529900F9PV1G9S5YD446. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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17-06-2025
- Business
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Asante Announces Commitments of $470 Million Anchored by Appian and RMB; TSX-V Conditional Acceptance for Listing
(All amounts expressed in U.S. dollars unless otherwise noted) VANCOUVER, British Columbia, June 17, 2025 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE: ASE | GSE: ASG | FRANKFURT:1A9 | ASGOF) ('Asante' or the 'Company') is pleased to announce that it has received $470 million in credit and equity commitments, forming the foundation of a comprehensive financing solution that, when completed, would fully fund the Company's growth plans and recapitalize its short-term liabilities. This includes a $175 million financing package from private funds advised by Appian Capital Advisory LLP ('Appian') and a $170 million credit and underwrite commitment from FirstRand Bank Limited (acting through its Rand Merchant Bank division) ('RMB'). The Company is also pleased to announce that it has received conditional acceptance for the listing of the Common Shares on the TSX Venture Exchange (the 'TSX-V'). The above commitments underpin a non-dilutive financing package comprised of a senior debt facility in the amount of $150 million (the 'Senior Debt Facility'), subordinated debt in the amount of up to $125 million (the 'Subordinated Debt Facility'), and a gold stream financing in the amount of $50 million (the 'Gold Stream') (collectively the 'Financing Package'). Completion of the Financing Package is subject to the negotiation of definitive documentation, satisfaction of customary conditions precedent and the completion of a transaction with Kinross Gold Corporation ('Kinross') to settle outstanding liabilities. In addition, completion of the Financing Package is conditional on raising approximately $130 million of equity, for which commitments of $85 million (including $10 million from Appian) have been received and discussions with other parties are advanced. The completion of the Financing Package and related transactions is expected to occur by the end of July 2025. Dave Anthony, President and CEO stated: 'This comprehensive Financing Package will allow Asante to realize the true potential of our assets. This will clear the path to achieve our goal of gold production of more than 500,000 ounces per year by 2028 at significantly lower all-in sustaining costs, with over $2 billion of free cash flow generation expected through 2029 as described in our recent five-year outlook (see news release dated May 5, 2025). Our extensive land package at Bibiani and Chirano encompasses 80 kilometres of strike length on some of Ghana's most prospective ground, with significant exploration upside remaining.' David Wiens, CFO stated: 'We are pleased to partner with Appian and RMB, leading mining-focused financial institutions with a rigorous technical approach, in structuring a comprehensive financing solution for Asante. I would like to thank our technical services, operations, finance and legal teams, as well as our financial advisor Endeavour Financial, for their tireless efforts and support to advance this process. We are on course to being fully funded and well capitalized by the end of July. In addition, a listing on the TSX-V is expected to provide added liquidity and increased exposure to a wider pool of investors.' HIGHLIGHTS $470 million of credit and equity commitments provides anchor for fully funded solution for growth plans and recapitalization needs Appian: $175 million financing package $40 million allocation to Senior Debt Facility syndication structured by RMB $75 million Subordinated Debt Facility $50 million Gold Stream with 100% buyback rights $10 million equity subscription RMB: $170 million credit commitment $110 million of allocation and underwriting commitments to Senior Debt Facility $50 million hedging lines to execute downside gold price protection program $10 million environmental guarantee TSX-V conditional acceptance for listing of common shares received Targeted listing in August 2025, subject to satisfaction of conditions Balance sheet transformation: Elimination of overdue trade payables and existing short-term debt facilities Elimination of short-term Kinross liabilities with comprehensive restructuring agreement Operational use of proceeds, as described in the Company's five-year outlook: Bibiani: pit expansion, sulphide treatment plant completion, community resettlement, underground mine development Chirano: mobile equipment, underground development and expansion, plant upgrades Anticipated closing of all transactions by July 31, 2025 FINANCING PACKAGE Senior Debt Facility: $150 million The Senior Debt Facility will be comprised of a term loan (the 'Term Loan') of approximately $120 million and a revolving credit facility (the 'RCF') of approximately $30 million. The Term Loan will have a five-year term, with an 18-month grace period and principal amortization over the following 42 months, initially bearing interest at a rate of SOFR + 6.50%, subject to reduction upon the achievement of certain operational milestones. The RCF will have a three-year term and will bear interest at a rate of SOFR + 4.50%. RMB and Appian have provided core credit commitments of $60 million and $40 million respectively, with a further underwriting commitment in the amount of $50 million from RMB. The Senior Debt Facility contains an accordion feature for a further $30 million increase at a later date. In connection with the Senior Debt Facility, RMB will provide credit lines of approximately $50 million to support a downside price protection program through 2027, as well as an environmental guarantee in the amount of $10 million. Subordinated Debt Facility: Up to $125 million The Subordinated Debt Facility will be in an amount of up to $125 million, underpinned by $75 million from Appian and a commitment of $50 million from another financial institution, with a maturity of seven years and an interest rate of SOFR plus 9.75%. During the first 24 months of the term of the Subordinated Debt Facility, Asante will have the option to satisfy interest payments in cash or payment-in-kind (PIK), providing the Company with additional flexibility to manage its cash position. The Subordinated Debt Facility will be repaid in twenty equal quarterly instalments, subject to compliance with certain distribution tests as defined under the Senior Debt Facility. Gold Stream: $50 million Appian will provide the Gold Stream of $50 million pursuant to which the Company will sell 1.50% of payable gold sold from the Bibiani Mine and Chirano Mine at 20% of the prevailing market price for 24 months. Thereafter, the Gold Stream will increase to 2.25% until certain delivery thresholds are met, at which point the Gold Stream will be reduced to 0.30%. The Gold Stream contains a provision for Asante to buy back the Gold Stream, subject to certain timing and return thresholds being met. Kinross Agreement Concurrent with the closing of the Financing Package and consistent with the Company's news release dated October 30, 2024, deferred consideration owed to Kinross will be settled through (i) a cash payment of approximately $53 million (less any other payments made to Kinross prior to closing of the Financing Package), (ii) an increase in the equity ownership of Kinross in the Company to 9.9% based on the last equity issue price prior to closing of the transaction (the 'Issuance Price'), (iii) the conversion of a portion of the remaining amounts into a convertible debenture (the 'Convertible Debenture') in a maximum amount such that Kinross will not exceed an 18.0% ownership position in the Company on a partially diluted basis, with a maturity on the later of six months after the maturity of the Senior Debt Facility and the date of maturity of the Subordinated Debt Facility, an interest rate of 3.0% per annum paid in kind ('PIK Interest'), and an equity conversion price that is 25% above the Issuance Price; and (iv) the conversion of any remaining amounts into a non-convertible debt instrument (the 'Deferred Note' and together with the Convertible Debenture, the 'Kinross Obligations') with an interest rate of a 5.0% margin above a base rate (paid in kind) and the same maturity date as the Convertible Debenture (collectively, the "Kinross Obligations"). Upon closing of the Financing Package, Kinross will relinquish its existing security interest in the downstream entities that own the Chirano Mine in favor of a security package that is the same as, but subordinate to, that held by Company's senior lenders, as described below. Security Package The Company's obligations under the Senior Debt Facility, the Subordinated Debt Facility, the Gold Stream and the Kinross Obligations will be guaranteed by Asante and secured by certain assets of the Company, including the Chirano Mine and Bibiani Mine (collectively, the 'Security Package'). The secured obligations will rank in the following order of priority: the Senior Debt Facility, the Subordinated Debt Facility, the Gold Stream, and the Kinross Obligations. Completion of the Financing Package, Kinross agreement and Security Package are conditional upon the satisfaction of certain conditions precedent, including, without limitation, the receipt of all regulatory and stock exchange approvals, and the negotiation, execution and delivery of definitive transaction documentation, including all loan documentation, the stream agreement, the Convertible Debenture, the Deferred Note, and all related intercreditor agreements and security documentation. Accordingly, there can be no assurance that the Company will be able to satisfy the foregoing conditions and complete the Financing Package. TSX-V CONDITIONAL ACCEPTANCE FOR LISTING The Company has received conditional acceptance for the listing of the common shares of the Company on the TSX-V. Completion of the listing is subject to the satisfaction of certain conditions, including, among others, the completion of the transactions contemplated in this news release. Completion of the listing is anticipated to occur in August 2025. Qualified Person Statement The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, Mining and Mineral Processing, President and CEO of Asante, who is a 'qualified person' under NI 43-101. About Asante Gold Corporation Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange and the Ghana Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana's Golden Triangle. Additional information is available on the Company's website at For further information please contact: Dave Anthony, President & CEOFrederick Attakumah, Executive Vice President and Country Directorinfo@ 604 661 9400 or +233 303 972 147 About Appian Capital Advisory LLP Appian Capital Advisory LLP is the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries. Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies in metals, mining, and adjacent industries to achieve their development targets, with a global operating portfolio overseeing approximately 5,000 employees. Appian has a global team of 88 investment professionals, combining financial and technical expertise, with presences in London, New York, Dubai, Belo Horizonte, São Paulo, Beijing, Hong Kong, Toronto, Lima and Perth. For more information, please visit About FirstRand Bank Limited (acting through its Rand Merchant Bank division) ('RMB') RMB is a leading African Corporate and Investment Bank ('CIB'). We partner our clients to deliver advisory, lending, trading, securities, corporate banking, private equity and investment solutions. A presence in London, New York, Shanghai and Mumbai provides our global clients with a network to access African markets. We have a deal footprint in 35 African countries and facilitate cross-border trade and investment on the continent. RMB represents the CIB activities of FirstRand Limited – one of the largest financial services groups in Africa. For more information visit Cautionary Statement on Forward-Looking Statements Certain statements in this news release constitute forward-looking statements, including but not limited to, statements relating to the structure and terms of the Financing Package, the Security Package and their individual components, the timing and ability of the Company to close each transaction comprising the Financing Package (if at all) and on the terms announced, the timing and ability of the Company to receive necessary regulatory approvals in respect of the Financing Package, the Company's ability to negotiate and enter into all definitive transaction documents necessary to complete the Financing Package, Kinross transaction and Security Package, the intended use of proceeds of the Financing Package, the financing initiatives being advanced by the Company, the timing and ability of Kinross and Asante entering into a further amendment to their share purchase agreement, the timing and ability of the Company to complete a listing of the common shares of the Company on the TSX-V, the potential for a meaningful re-rating, the Company's ability to satisfy certain operational milestones and delivery thresholds under the Senior Debt Facility and Gold Stream, respectively, the Company's ability to realize the true potential of its assets; the Company's ability to achieve the projections of gold production and all-in sustaining costs, the significant exploration upside of the Company's properties, and progression of key capital projects at the Company's operating mines. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the Company's inability to complete any or all of the transactions comprising the Financing Package on terms described in this news release or on other terms acceptable to the Company, the Company's inability to receive necessary regulatory approvals in respect of the Financing Package, the Company's inability to enter into a further amendment to the share purchase agreement with Kinross, the Company's inability to complete a listing of the common shares of the Company on the TSX-V, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company's inability to raise the necessary capital or to be fully able to implement its business strategies, and the price of gold. The reader is referred to the Company's public disclosure record which is available on SEDAR+ ( Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. LEI Number: 529900F9PV1G9S5YD446. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this in to access your portfolio
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07-06-2025
- Business
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Asante Provides Financial and Operating Results for the Quarter Ended April 30, 2025
VANCOUVER, British Columbia, June 06, 2025 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | ('Asante' or the 'Company') announces the filing of its financial statements and management's discussion and analysis ('MD&A') for the three months ended April 30, 2025 ('Q1 2026'). All dollar figures are in United States dollars unless otherwise indicated. A summary of the financial and operating results for fiscal Q1 2026 are presented in this news release. For a detailed discussion of results for the first quarter, please refer to the Management's Discussion and Analysis filed on SEDAR+ at and Asante's website at Dave Anthony, President and CEO stated, 'We are pleased to report a significant ramp up in stripping operations during the first quarter, including the highest quarterly material movement at Bibiani in more than two years. Commissioning of the sulphide treatment plant will advance through July with full operations in August. Production and cost metrics were in line with annual guidance as noted in our recent five year outlook, which envisages growth to over 500,000 ounces per year by 2028 and free cash flow generation of over $2 billion through 2029. We look forward to updating investors on our financing process, which we expect to conclude by the end of July 2025.' Quarter ended April 30, 2025 Summary Financial Results Three months ended April 30 ($000s USD) except as noted 2025 2024 Financial Results Revenue 141,982 114,311 Total comprehensive loss1 (20,038) (16,036) Adjusted EBITDA2 30,664 13,026 Operations Results Gold equivalent produced (oz) 51,912 53,379 Gold sold (oz) 48,190 53,600 Consolidated average gold price realized per ounce2 ($/oz) 2,946 2,133 AISC2 2,971 1,879 Notes:(1) Total comprehensive loss attributable to shareholders of the Company(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to 'Non-IFRS Measures'. Asante's revenue for the three months ended April 30, 2025 was $142 million, a 24% increase from $114 million in the same period in 2024. The increase in revenue was primarily driven by higher gold prices and partially offset by a lower volume of gold sold. In the three months ended April 30, 2025, the Company realized an average gold price of $2,946 per ounce on the sale of 48,190 gold equivalent ounces, compared to $2,133 per ounce on the sale of 53,600 ounces in the same period in 2024. Adjusted EBITDA for the three months ended April 30, 2025 was $30,664, compared to $13,026 in the same period in 2024. The increase in Adjusted EBITDA reflects gold prices at all-time high only partially offset by a lower volume of gold sold. The Company produced 51,912 gold equivalent ounces for the three months ended April 30, 2025, compared to 53,379 gold equivalent ounces in the same period in 2024. The decrease in gold production in the three-month period ended April 30, 2025 compared to the prior year comparable period was due to lower feed grades at Bibiani. Consolidated AISC increased by 58% for the three months ended April 30, 2025 compared to the same period in 2024 primarily due to additional costs at Bibiani resulting from increased stripping in the Main Pit and lower grade ore. Additionally, higher sustaining capital expenditures at Chirano as well as lower consolidated volume of gold equivalent sold contributed to this increase. Bibiani Mine – Summary of the quarter ended April 30, 2025 Results Three months ended April 30 ($000s USD) except as noted 2025 2024 Waste mined (kt) 11,412 2,472 Ore mined (kt) 558 587 Total material mined (kt) 11,970 3,058 Strip ratio (waste:ore) 20.5 4.2 Ore processed (kt) 581 596 Grade (grams/tonne) 1.33 1.65 Gold recovery (%) 68% 65% Gold equivalent produced (oz) 17,241 19,183 Gold equivalent sold (oz) 16,708 19,363 Revenue ($ in thousands) 46,674 41,309 Average gold price realized per ounce1 2,794 2,133 AISC1 3,693 1,752 Note:(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to 'Non-IFRS Measures'. Total material mined increased by 291.4% in the three months ended April 30, 2025 compared to the three months ended April 30, 2024. In the three months ended April 30, 2025, ore mined totaled 558,133 tonnes, a 4.8% decrease from 586,536 tonnes in the same period in 2024. The increase in total material mined in the three months ended April 30, 2025 and the decrease in ore mined in the three months ended April 30, 2025 reflects the Company's strategy to reduce the waste strip backlog associated with the expansion of the Main Pit, as well as the continued mining activities at the Russel satellite pit. Gold equivalent ounces produced in the three months ended April 30, 2025 was 17,241 compared to 19,183 in the three months ended April 30, 2024. The decrease in the three months ended April 30, 2025 was due to lower grade plant feed, impacted by draws from low-grade stockpiles whilst operations are focused on reducing the backlog of waste stripping. In addition, results were impacted by a high proportion of sulphide ore processed without the benefit of a sulphide treatment plant, which continues to limit gold recovery. AISC increased to $3,693 per ounce in the three months ended April 30, 2025, compared to $1,752 per ounce in the same period of 2024. The increase was primarily due to elevated stripping requirements, lower grade ore processed, and other higher sustaining capital expenditures. Bibiani Mine – Outlook For the year ending January 31, 2026, the Company plans to execute on its growth strategy which includes: The construction, commissioning, and optimization of the sulphide treatment plant with commissioning expected to begin by the end of Q2 2026, and full operations expected to begin in Q3 2026, significantly enhancing gold recovery. Plant throughput expansions including completion of an upgraded crushing system, which has already started and progressing to plan to achieve a throughput increase from 3.0 Mt/y to 4.0 Mt/y and create a robust crushing circuit. Plant upgrades to the carbon-in-leach ('CIL') plant. Road construction connecting Bibiani to Chirano. Backup generator installation to ensure uninterrupted power to operations and reduced plant downtime. Commencement of underground mining. A definitive feasibility study has been completed, with the underground preparation program that already started targeting start of development in Q4 2026. Full production from the underground mine is planned for 2028, with an anticipated delivery of up to 2.6 Mt/year at an average in situ grade of approximately 3.0 g/t Au above the cutoff grade through 2030. Complete the advanced exploration grade control drilling program at Pamunu, Ayiseru, and Asempaneye to facilitate the development of new satellite pits in 2025, with the goal of improving oxide ore feed and maximizing plant throughput. External financing is being arranged to execute this growth strategy. The Company is currently pursuing various financing initiatives, and although there is no certainty that such financing initiatives will be completed, the Company is confident that it will be able to complete such initiatives in the near term. Subject to the availability of sufficient financing, the Company expects to successfully complete the above initiatives and produce between 155,000 and 175,000 gold ounces at Bibiani in the year ending January 31, 2026, including a significant increase in monthly production in the latter part of the fiscal year following advancement of the planned waste stripping program and completion of the sulphide treatment plant. Chirano Mine –Summary of the quarter ended April 30, 2025 Results Three months ended April 30 ($000s USD) except as noted 2025 2024 Open Pit Mining: Waste mined (kt) 1,742 2,734 Ore mined (kt) 321 612 Total material mined (kt) 2,063 3,347 Strip ratio (waste:ore) 5.4 4.5 Underground Mining: Waste mined (kt) 204 210 Ore mined (kt) 461 460 Total material mined (kt) 665 670 Ore processed (kt) 929 840 Grade (grams/tonne) 1.31 1.47 Gold recovery (%) 86% 86% Gold equivalent produced (oz) 34,671 34,196 Gold equivalent sold (oz) 31,482 34,236 Revenue ($ in thousands) 95,308 73,002 Average gold price realized per ounce1 3,027 2,132 AISC1 2,587 1,951 Note:(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to 'Non-IFRS Measures'. Ore mined from open pit mining decreased by 47.6% in the three months ended April 30, 2025 compared to the same period in 2024. Ore mined decreased in the three months ended April 30, 2025, due to decreased ore mining activity as a result of a focus on stripping activities at the Mamnao central, and Aboduabo open pits. Ore mined from underground mining was relatively constant in the three months ended April 30, 2025, compared to the same period in 2024. Obra, Suraw and Akwaaba were the contributors of underground material in the three months ended April 30, 2025 whilst development started at Akoti Far South to establish another stopping area, improving flexibility. Ore processed increased by 10.6% in the three months ended April 30, 2025 compared to the same period in 2024. The increase was mainly due to greater power availability and realised benefits from plant throughput improvement project initiatives. In the three months ended April 30, 2025, ore grade processed decreased to 1.31 grams per tonne (2024 - 1.47 grams per tonne) due to proportionally more plant feed from low grade stockpiles rehandled in 2025 as opposed to open pit ore in the comparable period. The increased in ore processed, offset by lower ore grades, resulted in marginal increased gold equivalent ounces produced of 34,671 ounces in the three months ended April 30, 2025 compared to 34,196 ounces in the three months ended April 30, 2024. AISC increased to $2,587 per ounce in the three months ended April 30, 2025 compared to $1,951 per ounce in the same period of 2024. This increase was primarily driven by higher sustaining capital expenditures and higher indirect costs associated with production as well as lower volume of gold equivalent sold. Chirano Mine – Outlook For the year ending January 31, 2026, the Company plans to execute on its growth strategy which includes: Execution of process plant projects as planned to improve performance and increase the annual mine production rate to 4Mt/annum. This includes vibrating screen for primary jaw crusher installation, run-of-mine bin refurbishment, apron feeder upgrade, cyclone feed hopper upgrade, carbon regeneration kilns upgrade, mill 2 feed end and half shell replacement, installation of 12-ton acid wash and elution columns, installation of thermic oil heaters, water storage facility construction, TSF1 SE stage 2 raise and TSF3 construction. Underground development of the Akwaaba, Tano and Akoti far south mines to ensure robust underground ore delivery. Development of exploration drifts towards the north to explore and target the reclassification of the resource at Sariehu and Mamnao underground mines and to reaffirm the north mine concept of existing continuity between Obra and Sariehu underground deposits. Start of Aboduabo open pit oxide mining. Ongoing underground exploration projects at the Suraw, Obra and open pit mine life extension projects at the Sariehu/Mamnao area are progressing as planned. The Company expects to produce between 155,000 and 175,000 gold ounces at Chirano for the year ending January 31, 2026. Qualified Person Statement The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, Mining and Mineral Processing, President and CEO of Asante, who is a "qualified person" under NI 43-101. Non-IFRS Measures This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ('IFRS'), including 'all-in sustaining costs' (or 'AISC'), 'earnings before interest, taxes, depreciation and amortization' (or 'EBITDA'), and free cash flow. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with Asante's consolidated financial statements. Readers should refer to Asante's Management Discussion and Analysis under the heading "Non-IFRS Measures" for a more detailed discussion of how Asante calculates certain of such measures and a reconciliation of certain measures to IFRS terms. About Asante Gold Corporation Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana's Golden Triangle. Additional information is available on the Company's website at About the Bibiani Gold Mine Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with previous gold production of more than 4.5 million ounces. It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant and existing mining infrastructure. Asante commenced mining at Bibiani in late February 2022 with the first gold pour announced on July 7, 2022. Commercial production was announced November 10, 2022. For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to the 2024 Bibiani Technical Report filed on the Company's SEDAR profile ( on April 30, 2024. About the Chirano Gold Mine Chirano is an operating open pit and underground mine located in the Western Region of Ghana, immediately south of the Company's Bibiani Gold Mine. Chirano was first explored and developed in 1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. For additional information relating to the mineral resource and mineral reserve estimates for the Chirano Gold Mine, please refer to the 2024 Chirano Technical Report filed on the Company's SEDAR profile ( on April 30, 2024. For further information please contact: Dave Anthony, President and CEOFrederick Attakumah, Executive Vice President and Country Director info@ 604 661 9400 or +233 303 972 147 Cautionary Statement on Forward-Looking Statements Certain statements in this news release constitute forward-looking statements or forward-looking information. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: production, free cash flow and all-in sustaining costs forecasts for the Bibiani and Chirano Gold Mines, estimated mineral resources, reserves, exploration results and potential, development programs, expansion and mine life extension opportunities, completion and timing of plant upgrades, commencement of underground mining, and completion and timing of external financing by the Company. These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of mineralized material to be mined and processed; future anticipated prices for gold and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; risks related to increased barriers to trade, including tariffs and duties; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations, including contractual rights from third parties and adjacent property owners; whether the Company is able to maintain a strong financial condition and have sufficient capital, or have access to capital, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in the price of gold; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships and claims by local communities; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in countries where the Company may carry on business, including legal restrictions relating to mining, risks relating to expropriation; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company's inability to raise the necessary capital or to be fully able to implement its business and growth strategies, and those risk factors identified in the Company's management's discussions and analysis and the most recent annual information form. The reader is referred to the Company's public disclosure record which is available on SEDAR ( Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. LEI Number: 529900F9PV1G9S5YD446. 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