Asante Gold Corporation (Asante) is accelerating operations at the Bibiani Mine in Ghana, leveraging a $100m (C$145.2m) gold forward sale to support growth initiatives.

The development is attributed to the expansion of the Russel pit and improved equipment availability from the primary mining contractor.

The Russel pit has exceeded expectations, with gold production increasing by more than 700% in the last quarter of 2024, reaching more than 7,000oz per month.

To maintain this growth, an intensive drilling programme has been initiated to verify the southern extension into cutback #3 during the latter half of 2025. This initiative will facilitate waste stripping at the main pit in early 2025.

Mining at the main pit is progressing ahead of schedule, with a 200% increase since the build-up programme, which was initiated in November 2024.

Asante Gold president and CEO Dave Anthony said: “We are pleased to report a rapid increase in operational activities at the Bibiani mine, funded by the $100m gold forward agreement with our key strategic partner Fujairah.

“This will more than double monthly gold production by February 2025, with additional catalysts for growth expected to follow over the course of the year supported by the company’s financing plans that continue to advance.”

The mining contractor is also expanding its fleet to adhere to the production schedule. Asante anticipates doubling the primary mine contractor fleet by June 2025, increasing the number of trucks and excavators in operation.

Main pit cutback #2 is set to commence in the first quarter of 2025, ensuring a steady supply of mineralised material.

Preparation for the underground mine project is set to begin in the last quarter of 2025.

These efforts, along with the planned commissioning of the sulphide treatment plant in May 2025, are expected to boost monthly gold production to 9,000oz by February 2025, 12,000oz by June 2025 and 23,000oz by September 2025.