$GAU

Asanko Gold Inc.

CIK:0001377757|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Revenue	$ 447,767	$ 231,339
Realized and unrealized losses on gold hedges	(119,324)	(23,121)
Net revenue	328,443	208,218
Cost of sales:
Production costs	(166,665)	(115,769)
Depreciation and depletion	(62,761)	(23,603)
Royalties	(33,004)	(13,957)
Total cost of sales	(262,430)	(153,329)
Income from mine operations	66,013	54,889
General and administrative expenses	(25,264)	(20,022)
Exploration and evaluation expenditures	(4,206)	(6,142)
Termination of offtake agreement	0	(13,063)
Share of net income related to joint venture	0	2,432
Service fee earned as operators of joint venture	0	976
Gain on derecognition of equity investment in joint venture	0	1,416
Income from operations and joint venture	36,543	20,486
Transaction costs	0	(2,492)
Finance income	6,056	5,853
Finance expense	(17,786)	(15,183)
Foreign exchange gain (loss)	5,669	(123)
Income before taxes	30,482	8,541
Current income tax expense	(38,259)	0
Deferred income tax expense	(23,024)	0
Net (loss) income and comprehensive (loss) income for the year	(30,801)	8,541
Net (loss) income attributable to:
Common shareholders of the Company	(29,290)	6,118
Non-controlling interest	(1,511)	2,423
Net (loss) income for the year	$ (30,801)	$ 8,541
Weighted average number of shares outstanding:
Basic	258,375,097	250,651,506
Diluted	258,375,097	255,772,078
Net (loss) income per share attributable to common shareholders:
Basic	$ (0.11)	$ 0.02
Diluted	$ (0.11)	$ 0.02

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities:
Net (loss) income for the year	$ (30,801)	$ 8,541
Adjustments for:
Depreciation and depletion	62,880	23,737
Share-based compensation	10,306	6,874
Share of net income related to joint venture	0	(2,432)
Gain on derecognition of equity investment in joint venture	0	(1,416)
Transaction costs	0	2,492
Finance income	(6,056)	(5,853)
Finance expense	17,786	15,183
Unrealized loss on gold hedge derivative instruments	74,553	13,606
Unrealized foreign exchange gain	(2,850)	(686)
Income tax expense	38,259	0
Income taxes paid	(34,092)	0
Deferred income tax expense	23,024	0
Operating cash flow before working capital changes	153,009	60,046
Change in working capital	4,985	(4,300)
Cash provided by operating activities	157,994	55,746
Investing activities:
Expenditures on mineral properties, plant and equipment	(114,923)	(66,901)
Deferred consideration paid	(25,000)	0
Net cash and cash equivalents assumed on acquisition	0	47,502
Transaction costs paid	0	(2,492)
Redemption of preferred shares in joint venture	0	25,000
Interest received	3,412	4,707
Purchase of other assets	(460)	(2,027)
Cash (used in) provided by investing activities	(136,971)	5,789
Financing activities:
Lease liability payments	(19,265)	(13,400)
Revolving credit facility related costs	(3,483)	0
Shares issued for cash on exercise of stock options	2,058	2,843
Share issuance costs	0	(41)
Cash used in financing activities	(20,690)	(10,598)
Impact of foreign exchange on cash and cash equivalents	2,219	(432)
Net increase in cash and cash equivalents during the year	2,552	50,505
Cash and cash equivalents, beginning of year	105,775	55,270
Cash and cash equivalents, end of year	$ 108,327	$ 105,775

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 108,327	$ 105,775
Accounts receivable	71	104
Inventories	70,802	42,830
Value added tax receivables	10,808	8,328
Prepaid expenses and other	12,175	8,548
Total current assets	202,183	165,585
Non-current assets
Mineral properties, plant and equipment	388,609	329,429
Other non-current assets	8,259	5,339
Total non-current assets	396,868	334,768
Total assets	599,051	500,353
Current liabilities
Accounts payable and accrued liabilities	87,053	55,064
Income taxes payable	4,167	0
Financial liabilities	77,317	9,284
Lease liabilities	16,806	15,937
Deferred consideration	28,242	23,535
Provisions	6,995	6,995
Total current liabilities	220,580	110,815
Non-current liabilities
Lease liabilities	20,269	22,935
Deferred and contingent consideration	26,308	47,835
Asset retirement provisions	75,732	66,060
Deferred tax liabilities	23,024	0
Other non-current liabilities	11,480	4,939
Total non-current liabilities	156,813	141,769
Total liabilities	377,393	252,584
Common shareholders' equity
Share capital	619,311	616,203
Equity reserves	54,530	52,948
Accumulated deficit	(454,985)	(425,695)
Total common shareholders' equity	218,856	243,456
Non-controlling interest	2,802	4,313
Total equity	221,658	247,769
Total liabilities and equity	$ 599,051	$ 500,353