Appian Capital Advisory Limited (“Appian”), the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries, announces the completion of a US$175 million financing package with Asante Gold Corporation (“Asante” or the “Company”).
Highlights
- Appian is providing a blended US$175 million financing package to Asante, the owner of two gold producing assets in the Republic of Ghana (“Ghana”)
- Strong fit with Appian’s investment mandate, providing a creative solution for Asante and an attractive risk-adjusted return for Appian’s investors with a blend of downside-protected secured debt and upside exposure through stream, equity and warrants
- Both assets are currently in operation and undergoing expansion with good geological potential to further extend the mineral reserve and resource base over the medium term
The financing package delivers strategic capital and enhanced financial flexibility to support Asante’s growth ambitions at its Bibiani and Chirano gold mines in Ghana. The mines are positioned for significant production ramp up, supported by new infrastructure investment and a transition to predominantly underground mining. Asante’s land packages at the two assets also span an 80-kilometre strike length of highly prospective land, with significant exploration upside remaining.
The completed financing package comprises: (i) a US$40 million commitment to a senior secured debt facility (ii), a US$75 million subordinated loan, (iii) a US$50 million gold stream agreement; and (iv) a US$10 million non-brokered private placement of common shares. The creative blended financing structure demonstrates Appian’s ability to provide bespoke and value-add capital solutions to its partners while optimizing risk-adjusted returns for its investors.
FirstRand Bank, acting through its Rand Merchant Bank division (“RMB”), has also provided a US$120 million credit and underwriting package, plus hedging lines, underscoring the strong institutional confidence in the assets.
The deal further builds Appian’s exposure to precious metals, following its investment in July 2025 in the Cariboo Gold Project in Canada. Asante’s mines will provide Appian immediate exposure to current favorable gold market prices with a competitive cost position following production ramp-up. Asante will implement a downside price protection program as part of this financing to de-risk its cash flows during ramp-up.
Asante’s management team has extensive experience, with a strong operating record, in building gold mines in Ghana and Africa. The Company has fostered strong relationships with the host communities at the Bibiani and Chirano mines, with investments in environmental and community development projects focused on education, healthcare, infrastructure and economic empowerment, minimizing its environmental footprint and providing lasting socio-economic benefits.
Michael W. Scherb, Founder and CEO of Appian, commented, “We are pleased to complete this structured financing package with Asante Gold. The deal showcases Appian’s strengths in identifying assets with exciting upside opportunities, and providing strategic, value-accretive capital solutions that can help management realize their ambitions. We look forward to supporting Asante’s growth trajectory as it advances its ramp-up and unlocks the full potential of the assets.“
Fasken Martineau LLP acted as legal counsel for Appian on the deal.
For more information:
Appian Capital Advisory
Andrew Todd, Head of Communications: +44 7990416759 / [email protected]
+44 (0)20 7004 0951 / [email protected]
About Appian Capital Advisory
Appian Capital Advisory Ltd is the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries.
Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies in metals, mining, and adjacent industries to achieve their development targets, with a global operating portfolio overseeing approximately 5,000 employees.
Appian has a global team of 88 experienced investment professionals, combining financial and technical expertise, with presences in London, Abu Dhabi, New York, Dubai, Belo Horizonte, São Paulo, Beijing, Hong Kong, Toronto, Lima and Perth.
For more information, please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Instagram or Twitter/X.
Asante Gold Corporation
Frederick Attakumah, Executive Vice President and Country Director: +1 604 661 9400 or +233 303 972 147/ [email protected]
About Asante Gold Corporation
Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange and the Ghana Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle. Additional information is available on the Company’s website at www.asantegold.com.
