Asante's lenders gave it one more month to find US$100 million

Asante Gold (TSXV: ASE, GSE: ASG) told the market on September 30, the day its deadline expired, that it had not yet closed the new money its lenders require.

The deadline

Under its senior facilities agreement, Asante had to secure "aggregate new funding of at least US$100 million," and deliver a cost to complete certificate to its senior lenders, both by September 30, 2026. The company first disclosed those conditions on August 24.

On September 30 Asante said it had agreed terms for the funding with Fujairah Holding LLC, and that Fujairah "has requested additional time to complete its internal approval processes."

Who signed off on the extension

Four groups had to agree, and all four did:

• the senior lenders
• the mezzanine lenders
• the stream purchaser
• the hedge counterparty

The funding deadline moves to October 31, 2026. The cost to complete certificate moves to March 31, 2027.

What the release does not say

It does not say what form the US$100 million takes: debt, equity, a gold prepayment or something else. It does not give a price, a rate or any security. It does not say what happens if Fujairah's approval does not arrive by October 31.

The release is clear on one point. The money "remains subject to Fujairah's final internal approval process and the execution of the related agreements." Until both happen, there is no binding commitment in the public record.

Fujairah has done this before

This is not a new relationship. In June 2025 Asante announced it had received a second US$100 million advance from Fujairah under a gold forward agreement, bringing Fujairah's advances to US$200 million at that point. Those funds went to the pit expansion and the sulphide treatment plant at the Bibiani mine.

Asante operates two mines in Ghana, Bibiani and Chirano.

What to watch

October 31. The company says it is also working with its lenders, stream partner and Fujairah on "a longer term financing solution."

Sources: Asante Gold news release, September 30, 2026; Asante Gold news release, June 2, 2025.