10:42 AM EDT, 05/02/2025 (MT Newswires) -- Asante Gold ( ASGOF ) was down near 2% Friday after it reported a swing to a loss in the three months ended Jan. 31, 2025, versus a year ago, as revenues fell amid lower gold equivalent produced and gold sold, but the company said it had done the groundwork to execute on its growth plans, "with a significant increase in production expected over the next five years".

Total comprehensive loss for the fourth quarter was US$10.5 million compared with a profit of US$30.1 million, a year earlier. Revenue for the quarter decreased to US$119.9 million compared with US$130.6 million, a year-ago.

Among operation result highlights, Gold equivalent produced (oz) was 43,968 compared to 59,418, while gold sold (oz) was 45,208 versus 65,074.

In a Bibiani Mine Outlook, the company said it plans to execute on a series of growth initiatives that are expected to significantly increase production from 60,760 ounces in fiscal year 2025 to between 155,000-175,000 ounces for the year ending January 31, 2026.

It added external financing will be required in order to execute this growth strategy. The company is currently pursuing various financing initiatives in fiscal 2026 and, although there is no certainty that such financing initiatives will be completed, it is confident that it will be able to complete such initiatives in the near-term.

Meanwhile, for the year ending January 31, 2026, the company plans to increase production at Chirano through a series of growth initiatives to between 155,000 and 175,000 gold ounces.

"In the fiscal year 2025 we laid the groundwork to execute on our growth plans, with a significant increase in production expected over the next five years," said Asante Gold ( ASGOF ) Chief Executive Dave Anthony. "While lower feed grades impacted production during the year, we achieved an 8% increase in revenue, driven by higher gold prices amid a historic bull market. With transformative projects such as the sulphide treatment plant and throughput expansions at Bibiani, alongside key initiatives at Chirano-including process plant upgrades, underground development, and exploration to extend mine life-we are positioning Asante for sustained success."

Shares of the company were last seen down $0.02 at $1.03 on the Canadian Securities Exchange.

Price: 1.03, Change: -0.02, Percent Change: -1.90