Asante Gold, which runs the Bibiani and Chirano mines in the Western North Region, reported an all-in sustaining cost (AISC) of US$4,860 an ounce, about GH¢56,800, for July to September 2026. It sold its gold for an average of US$4,178 an ounce, so on the company's own cost measure each ounce cost 16.3% more than it fetched. The company, listed on the Ghana Stock Exchange (ASG), the TSX Venture Exchange in Canada (ASE) and the OTCQX market in the United States, published the results on Friday 13 November.
The gold price has since fallen further. At Friday's LBMA afternoon price of US$3,890.85, Q3-level costs would be 24.9% above the market.
US$ per ounce, 0–8,000. Source: Asante Gold Q3 2026 results (13 Nov 2026); LBMA PM via Ghana Gold Board.
More gold, higher costs
Output rose. The two mines produced 48,517 ounces in the quarter, up 30.0% on the three months to 31 October 2025 (Asante has changed its financial year-end, so the comparison periods differ by a month), though down 15.3% from 57,274 ounces in April to June.
Over nine months output was 165,594 ounces, up 41.0%, and revenue roughly doubled to GH¢8.85bn (US$756.7m), on a 40.2% higher realised price and 45.1% more ounces sold. Quarterly AISC was up from US$4,574 a year earlier and US$4,281 in the second quarter. The company still made a small gross profit of GH¢39.8m (US$3.4m) in the quarter; AISC also counts sustaining capital and overheads.
Chirano did the heavy lifting: 34,420 ounces, up 34.4%, at an AISC of US$3,722 against a realised US$4,301. Even at Friday's price it would clear about US$169 an ounce.
Bibiani is the problem
Bibiani produced 14,097 ounces at an AISC of US$7,681, nearly twice the US$3,873 an ounce it realised. The company blames low equipment availability at its main mining contractor in the Main Pit, which is still being cleared after a wall failure in January; power cuts; lower plant recovery, 57.6% in the quarter against 75.2% in the first half; and slower than expected resettlement.
By 30 September, 457 of 846 Phase 1 households in the Bibiani Old Town and Zongo communities had been relocated, under a programme on which Asante says it has spent about GH¢666m (US$57m).
Asante has withdrawn its 2026 guidance of 275,000 to 300,000 ounces at an AISC of US$3,200 to US$3,600. To reach even the bottom of that range it would have needed 109,406 ounces in the final quarter, 2.26 times its third-quarter output. A second contractor is clearing the Main Pit, with work expected to finish in early December and ore access restored from early 2027.
The balance sheet
At 30 September Asante held cash of GH¢748m (US$64.0m) against a working-capital deficiency of GH¢3.62bn (US$309.7m), 4.8 times its cash. Its comprehensive loss attributable to shareholders was GH¢489.8m (US$41.9m) in the quarter and GH¢973.1m (US$83.2m) over nine months. In the nine months it paid GH¢1.11bn (US$95.2m) to settle gold price-protection agreements.
Its lenders have extended the deadline for Asante to secure at least GH¢1.17bn (US$100m) of new funding three times: to 30 September, then 31 October, and most recently to 30 November. They have also approved a Technical Action Plan for both mines; failing to meet its key performance indicators would be an event of default under the senior debt facility, the company says.
Asante says it "continues to evaluate funding alternatives with its financing partners" and that "these conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern."
What it means
The 2027 Budget reports that gold averaged US$4,554.08 an ounce in the first nine months of 2026. Friday's price is 14.6% below that, which leaves high-cost operations such as Bibiani with little room.
Asante says it will publish a full turnaround plan, including any capital needs, in January 2027. Related: our report on the gold price against the Budget, https://www.statsgh.com/agriculture-and-commodities/gold-november-average-us4004-12-percent-below-2027-budget-2026-11-14.
The 13 November release replaces one dated 12 November that Asante says was issued by a news service without its authorisation. The company says the financial information in the two is "substantially and materially similar" and asks readers to disregard the earlier one; all figures here are from the 13 November version.
Limitations
AISC is a non-IFRS measure defined by the company and may not be comparable with other miners'. Comparative periods end on 31 October 2025, not 30 September, because of the change in year-end. We could not obtain the Q3 management discussion and financial statements, to which the release refers for detail on the going-concern assessment.
We do not know whether Asante will meet the 30 November funding deadline, the size of any capital need in the January plan, or its royalty and tax payments to Ghana this year. The release gives no figure on jobs. We did not contact Asante for comment.
Sources: Asante Gold Corporation, "Asante reports Q3 2026 operating & financial results and issues clarification regarding November 12, 2026 press release", 13 Nov 2026 (Tables 1–3; Liquidity and Financing Update; 2026 Outlook). Asante Gold Corporation, "Asante reports Q2 & H1 2026 operating & financial results", 17 Aug 2026 (Bibiani H1 recovery 75.2%; Q2 output and AISC). Ghana Gold Board, approved purchase price panel, LBMA PM US$3,890.85, Friday 13 Nov 2026, 3:00 PM. Bank of Ghana, Daily Interbank FX Rates, USD/GHS mid 11.6900, 13 Nov 2026. Ministry of Finance, 2027 Budget Statement and Economic Policy, para 771, 12 Nov 2026. StatsGH, "US$4,003.51 November gold average is 12.1% below the Jan–Sep level in the 2027 Budget", 14 Nov 2026.