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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$358.82M which is a fall of roughly 25% over the last ten months. As of 09/20/2023 they have ~C$163M debt and ~C$25.32M 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 $358.82M 09/20/2023 $-116.50M
Total Assets: $727.54M $706.92M 09/20/2023 $-20.61M
Total Liabilities: $629.24M $611.41M 09/20/2023 $-17.83M
Current Assets: $111.70M $108.53M 09/20/2023 $-3.16M
Current Liabilities: $529.46M $514.46M 09/20/2023 $-15.00M
Total Debt: $167.55M $162.80M 09/20/2023 $-4.75M
Cash: $26.06M $25.32M 09/20/2023 $-0.74M
Enterprise Value: $616.81M $496.30M 09/23/1985 $-120.51M
Cash Flow: $111.70M $230.31M never $118.61M
Cash Flow Multiple: 4.26 1.56 never -2.70
Net Debt to
Cash Flow Ratio:		 1.27 0.60 never -0.67
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) 
22,241,233		 09/20/2023 466,233
Initial CapEx (Outstanding): $60.00M
12.62% of MCap		 $60.00M
16.72% 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
Total: $1,500 $1,500 09/20/2023 $0.00
Margin (Free Cash Flow): $430 (22%) $886 (37%) $456.20
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
Total: n/a n/a 09/20/2023 $0.00
Margin (Free Cash Flow): n/a $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 5.02M
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 4.27M
Maximum Profit (Gold): $1,022.45M $2,108.20M n/a $1,085.76M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,022.45M $2,108.20M n/a $1,085.76M
Max Profit / Current MCap: 2.151 5.875 n/a 3.724
Max Profit Per Share (Gold): $2.08 $4.29 n/a $2.21
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.08 $4.29 n/a $2.21
Total Free Profit Per Share: $0.78 $3.28 n/a $2.50
FD MCap / Gold Eq.: $199.71 $150.77 n/a $-48.95
FD MCap / Silver Eq.: $2.38 $1.76 n/a $-0.62
FD MCap / Per Metal
as % Spot Price:		 10.35% 6.32% n/a -4.03%
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 5.38M
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 4.51M
Maximum Profit (Gold): $1,080.87M $2,228.67M n/a $1,147.80M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,080.87M $2,228.67M n/a $1,147.80M
Max Profit / Current MCap: 2.274 6.211 n/a 3.937
Max Profit Per Share (Gold): $2.20 $4.54 n/a $2.34
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.20 $4.54 n/a $2.34
Total Free Profit Per Share: $0.90 $3.53 n/a $2.63
FD MCap / Gold Eq.: $188.92 $142.62 n/a $-46.30
FD MCap / Silver Eq.: $2.26 $1.67 n/a $-0.59
FD MCap / Per Metal
as % Spot Price:		 9.79% 5.98% n/a -3.81%

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 8.97M
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 6.04M
Maximum Profit (Gold): $1,446.03M $2,981.60M n/a $1,535.57M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,446.03M $2,981.60M n/a $1,535.57M
Max Profit / Current MCap: 3.042 8.309 n/a 5.267
Max Profit Per Share (Gold): $2.95 $6.07 n/a $3.13
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.95 $6.07 n/a $3.13
Total Free Profit Per Share: $1.65 $5.06 n/a $3.42
FD MCap / Gold Eq.: $141.21 $106.60 n/a $-34.61
FD MCap / Silver Eq.: $1.69 $1.25 n/a $-0.44
FD MCap / Per Metal
as % Spot Price:		 7.32% 4.47% n/a -2.85%

Future Valuation (Cash Flow & Totals)

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