Asante Gold Corporation has secured $470 million in funding to settle short-term liabilities and drive future growth. The company described the financing as comprehensive and non-dilutive.
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The deal includes a $175 million investment from Appian Capital Advisory LLP and a $170 million credit facility from Rand Merchant Bank, a division of FirstRand Bank. Specifically, the financing package comprises $150 million in senior debt, up to $125 million in subordinated debt, and a $50 million gold stream facility.
Asante needs to finalize legal documentation and resolve outstanding debts to Kinross Gold Corporation before closing the deal. However, the company expects to complete all transactions by the end of July 2025.
In addition, Asante has secured conditional approval to list on the TSX Venture Exchange (TSX-V). This move is expected to increase liquidity and attract more investors.
To complete the financing, Asante must raise $130 million in equity. So far, $85 million is already committed, including $10 million from Appian. Talks with additional equity investors are well underway.
CEO Dave Anthony said the funding will help unlock the true potential of the company’s assets. He noted that the goal is to produce over 500,000 ounces of gold per year by 2028. This target could generate more than $2 billion in free cash flow through 2029.
Anthony also highlighted the value of Asante’s properties in Bibiani and Chirano, which span about 80 kilometers of mineral-rich terrain in one of Ghana’s key gold belts.
CFO David Wiens expressed confidence in the company’s financial position. He said the partnership with Appian and RMB reflects a strong belief in Asante’s long-term strategy.
He also praised the efforts of the internal team and their financial advisor, Endeavour Financial, for securing the commitments.
With the Bibiani and Chirano projects leading the way, Asante Gold is poised to increase output, cut costs, and deliver long-term value to its shareholders.
