Canadian gold producer Asante Gold Corporation (TSXV:ASE, GSE:ASG, OTCQX:ASGOF) has secured another extension from its creditors, giving it until November 30 to arrange at least $100mn in new financing for its Ghanaian gold mining operations.
The company said on October 30 that its senior and mezzanine lenders, gold stream purchaser and hedge counterparty had agreed to extend waiver arrangements for completing the funding requirement, previously due on October 31.
The latest extension marks the third postponement since August. Under earlier waiver arrangements, Asante was required to secure the funding by August 31, but an August 24 announcement moved the deadline to September 30. Subsequent extensions shifted it to October 31 and then November 30.
In its September 30 announcement, Asante said it had agreed financing terms with UAE-based Fujairah Holding LLC, which required additional time to complete its internal approval procedures. The proposed funding remained subject to final approval and execution of definitive agreements.
However, the October 30 statement omitted Fujairah and said Asante was evaluating several funding alternatives with its financing partners, leaving unclear whether the previously negotiated arrangement remained active. The company did not disclose whether any of the required $100mn had been secured or identify alternative funding sources.
The additional waivers cover obligations involving Asante’s senior and mezzanine lenders, gold stream purchaser and hedge counterparty. They provide more time to meet the funding requirement but do not constitute new capital or confirm that financing has been finalised.
Asante operates the Bibiani and Chirano gold mines in Ghana and is developing the Kubi gold project on the Ashanti Gold Belt. Bibiani entered commercial production in November 2022, while Chirano was acquired in August that year.
A separate deadline for submitting a cost-to-complete certificate to senior lenders was extended in September to March 31, 2027. The company announced no further change to that requirement in its October 30 statement.