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Asante Gold Corp

www: www.asantegold.com   email: Douglas@asantegold.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
CNSX:ASE CAD
OTCMKTS:ASGOF USD

Description

Asante Gold Corp are a gold focused mid-tier producer with one mine in development in Ghana and five exploration properties. They have approximately 5Moz. of gold in the reserves and resources category of which 3Moz. are in the measured and indicated category. They have a market capitalisation of ~C$438.63M which is a fall of roughly 8% over the last seven months. As of 09/20/2023 they have ~C$165M debt and ~C$25.63M cash. They have 443M shares outstanding and trade on the Canadian Securities Exchange and the over-the-counter markets.

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General Details

Financial 09/20/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $475.32M $438.63M 09/20/2023 $-36.69M
Total Assets: $727.54M $715.41M 09/20/2023 $-12.13M
Total Liabilities: $629.24M $618.75M 09/20/2023 $-10.49M
Current Assets: $111.70M $109.84M 09/20/2023 $-1.86M
Current Liabilities: $529.46M $520.63M 09/20/2023 $-8.83M
Total Debt: $167.55M $164.76M 09/20/2023 $-2.79M
Cash: $26.06M $25.63M 09/20/2023 $-0.43M
Enterprise Value: $616.81M $577.76M 04/22/1988 $-39.04M
Cash Flow: $111.70M $217.75M never $106.05M
Cash Flow Multiple: 4.26 2.01 never -2.24
Net Debt to
Cash Flow Ratio:		 1.27 0.64 never -0.63
Finance within 1 year: 09/20/2023 n/a
Misc 09/20/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 443,000,000 443,000,000 09/20/2023 0
Shares (FD): 491,000,000 491,000,000 09/20/2023 0
Insider Ownership: n/a 35% 03/22/2024 35%
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 06/01/2022 09/20/2023 n/a
Production (Gold Eq Oz.): (guess) 
260,000		 (guess) 
260,000		 09/20/2023 0
Production (Silver Eq Oz.): (guess) 
21,775,000		 (guess) 
22,384,899		 09/20/2023 609,899
Initial CapEx (Outstanding): $60.00M
12.62% of MCap		 $60.00M
13.68% of MCap 		09/20/2023 $0.00M
Funding Option: n/a n/a 09/20/2023 n/a
Documentation: none PRODUCER 03/22/2024 n/a
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 04/24/2023 0
Cash Flow Multiplier: 8 8 09/19/2023 0.00

Resource Data

GOLD 09/20/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.80M 2.80M 09/20/2023 0.00M
Measured & Indicated: 3.00M 3.00M 09/20/2023 0.00M
Inferred: 2.00M 2.00M 09/20/2023 0.00M
Reserves & Resources: 5.00M 5.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.38M 2.38M 09/20/2023 0.00M
Measured & Indicated: 2.52M 2.52M 09/20/2023 0.00M
Inferred: 0.85M 0.85M 09/20/2023 0.00M
Reserves & Resources: 3.37M 3.37M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
260,000oz.		 (guess) 
260,000oz.		 09/20/2023 0oz.
Cash Cost: $1,000 $1,000 09/20/2023 $0.00
Extra Operating Cost: $500 $500 09/20/2023 $0.00
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 09/20/2023 n/a
Open Pit (Avg): n/a 1.00 g/t 03/22/2024 1.00 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 03/22/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 09/20/2023 0.00M
Annual Production: 350,000oz. 350,000oz. 09/20/2023 0oz.
Cash Cost: $1,000 $1,000 09/20/2023 $0
Extra Operating Cost: $500 $500 09/20/2023 $0
SILVER 09/20/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 09/20/2023 0.00M
Measured & Indicated: n/a n/a 09/20/2023 0.00M
Inferred: n/a n/a 09/20/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/20/2023 0.00M
Measured & Indicated: n/a n/a 09/20/2023 0.00M
Inferred: n/a n/a 09/20/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/20/2023 $0.00
Extra Operating Cost: n/a n/a 09/20/2023 $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 09/20/2023 n/a
Open Pit (Avg): n/a n/a 09/20/2023 n/a
Recovery Rate: n/a n/a 09/20/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/20/2023 0.00M
Annual Production: n/a n/a 09/20/2023 n/a
Cash Cost: n/a n/a 09/20/2023 n/a
Extra Operating Cost: n/a n/a 09/20/2023 n/a

Property

Last Analysis Data  (09/20/2023)
Stage Name Owned Au Ag Cu Notes
Dev Kubi 50% show
350,000 oz high grade deposit.

50% JV

Production in 2018 or 2019 at 35,000 oz (500 tpd).
Exp Betenase 100% show
Early exploration.
Exp Bibiani 100% show
2.5 million oz deposit.
Exp Chirano 100% show
150,000 oz to 200,000 oz producer

1 million oz of reserves
1 million oz of M&I
Exp Fahiakoba 95% show
Good location, next to two large mines. Early exploration. Very little drilling.
Exp Keyhole 100% show
Early Exploration.
Total Land Package Size (ha): 4,100  
Current Data
Stage Name Owned Au Ag Cu Notes
Dev Kubi 50% show
350,000 oz high grade deposit.

50% JV

Production in 2018 or 2019 at 35,000 oz (500 tpd).
Exp Betenase 100% show
Early exploration.
Exp Bibiani 100% show
2.5 million oz deposit.
Exp Chirano 100% show
150,000 oz to 200,000 oz producer

1 million oz of reserves
1 million oz of M&I
Exp Fahiakoba 95% show
Good location, next to two large mines. Early exploration. Very little drilling.
Exp Keyhole 100% show
Early Exploration.
Total Land Package Size (ha): 4,100  

Profitability (by resource)

Proven &
Probable		 09/20/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 2.80M 2.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 6.57M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.38M 2.38M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.58M
Maximum Profit (Gold): $1,022.45M $1,993.25M n/a $970.80M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,022.45M $1,993.25M n/a $970.80M
Max Profit / Current MCap: 2.151 4.544 n/a 2.393
Max Profit Per Share (Gold): $2.08 $4.06 n/a $1.98
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.08 $4.06 n/a $1.98
Total Free Profit Per Share: $0.78 $2.84 n/a $2.06
FD MCap / Gold Eq.: $199.71 $184.30 n/a $-15.41
FD MCap / Silver Eq.: $2.38 $2.14 n/a $-0.24
FD MCap / Per Metal
as % Spot Price:		 10.35% 7.88% n/a -2.47%
Measured &
Indicated		 09/20/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 3.00M 3.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 7.04M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.52M 2.52M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.90M
Maximum Profit (Gold): $1,080.87M $2,107.15M n/a $1,026.28M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,080.87M $2,107.15M n/a $1,026.28M
Max Profit / Current MCap: 2.274 4.804 n/a 2.530
Max Profit Per Share (Gold): $2.20 $4.29 n/a $2.09
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.20 $4.29 n/a $2.09
Total Free Profit Per Share: $0.90 $3.07 n/a $2.17
FD MCap / Gold Eq.: $188.92 $174.34 n/a $-14.58
FD MCap / Silver Eq.: $2.26 $2.02 n/a $-0.23
FD MCap / Per Metal
as % Spot Price:		 9.79% 7.46% n/a -2.33%

Reserves &
Resources		 09/20/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 5.00M 5.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 11.73M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.37M 3.37M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 7.90M
Maximum Profit (Gold): $1,446.03M $2,819.03M n/a $1,372.99M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,446.03M $2,819.03M n/a $1,372.99M
Max Profit / Current MCap: 3.042 6.427 n/a 3.385
Max Profit Per Share (Gold): $2.95 $5.74 n/a $2.80
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.95 $5.74 n/a $2.80
Total Free Profit Per Share: $1.65 $4.52 n/a $2.88
FD MCap / Gold Eq.: $141.21 $130.31 n/a $-10.90
FD MCap / Silver Eq.: $1.69 $1.51 n/a $-0.17
FD MCap / Per Metal
as % Spot Price:		 7.32% 5.57% n/a -1.74%

Future Valuation (Cash Flow & Totals)

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