Kinross Sells Portion of Asante Gold Position

Rhea-AI Summary

Kinross Gold Corporation (NYSE: KGC) has sold its entire direct equity position in Asante Gold Corporation, consisting of 36,927,650 common shares representing approximately 5.2% of outstanding shares. The transaction was executed at C$1.98 per share, generating total proceeds of C$73.1 million.

While Kinross has divested its direct shareholding, it maintains exposure to Asante through convertible instruments representing approximately 8.4% of outstanding shares on a partially diluted basis. The shares sold are subject to a hold period under Canadian securities laws until December 13, 2025.

Positive

• Generated C$73.1 million in cash proceeds from the share sale
• Maintains strategic exposure to Asante through convertible instruments (8.4% on partially diluted basis)
• Successfully executed private placement transaction at C$1.98 per share

Negative

• Complete exit from direct equity ownership in Asante (5.2% stake)
• Reduced total potential ownership from 13.2% to 8.4% on partially diluted basis

Insights

Mining Industry Financial Analyst

Kinross divests full equity stake in Asante Gold for C$73.1M while maintaining exposure via convertible instruments.

Kinross Gold has completed a strategic portfolio adjustment by selling its entire direct equity position in Asante Gold Corporation. The transaction involved C$73.1 million from the sale of 36,927,650 common shares at C$1.98 per share, representing 5.2% of Asante's outstanding shares. This private placement sale comes with a regulatory hold period extending until December 13, 2025.

While Kinross has divested its direct equity position, it's notable that the company maintains investment exposure to Asante through convertible instruments representing approximately 8.4% of outstanding shares on a partially diluted basis. This structure allows Kinross to retain potential upside while freeing up capital from the direct equity position.

The transaction demonstrates Kinross's active portfolio management approach. The company has explicitly stated this sale occurred in the "ordinary course of investments in portfolio companies," suggesting this is part of normal capital allocation strategy rather than a fundamental shift in their view of Asante's prospects. Kinross has left open the possibility of future transactions depending on market conditions, suggesting they remain opportunistic regarding their Asante exposure.

This transaction represents a significant monetization event for Kinross while maintaining a meaningful stake through convertible securities, indicating a balanced approach to their investment in Asante while potentially freeing up capital for core operations or other investments.

(All dollar amounts are expressed in Canadian dollars, unless otherwise noted.)

TORONTO, Sept. 23, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (“Kinross”) (TSX: K, NYSE: KGC) announced today that it has sold an aggregate of 36,927,650 common shares (“Shares”) of Asante Gold Corporation (“Asante”) representing approximately 5.2% of the outstanding Shares and 100% of the Shares held by Kinross. The Shares were sold at a price per Share of C$1.98 (not including commission), representing an aggregate sale price of C$73,116,747. Prior to the sale, Kinross held approximately 5.2% of the outstanding Shares and up to 13.2% of the Shares, on a partially-diluted basis, assuming conversion of all convertible instruments held by Kinross. After the sale, Kinross remains a supportive investor in Asante through our convertible instruments that represent approximately 8.4% of the outstanding Shares on a partially diluted basis.

The Shares were sold on a private placement basis, subject to a hold period under applicable Canadian securities laws until December 13, 2025. Kinross sold the Shares in the ordinary course of investments in portfolio companies. Kinross may or may not purchase or sell securities of Asante in the future on the open market or in private transactions, depending on market conditions and other factors. Kinross currently has no other plans or intentions that relate to its investment in Asante. Depending on market conditions, general economic and industry conditions, Asante’s business and financial condition and/or other relevant factors, Kinross may develop other plans or intentions in the future.

A copy of the early warning report filed by Kinross in connection with the investment will be available on Asante’s profile on SEDAR+ at www.sedarplus.ca. Alternatively, you may contact Luke Crosby, Senior Vice President, General Counsel and Corporate Secretary at 647-788-4478 to obtain a copy of the report. Kinross is organized under the laws of the Province of Ontario and its head office is located at 25 York Street, 17th Floor, Toronto, Ontario M5J 2V5. Asante’s head office is located at 615 – 800 West Pender Street, Vancouver, British Columbia V6C 2V6.

About Kinross Gold Corporation

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).

Media Contact
Samantha Sheffield
Director, Corporate Communications
phone: 416-365-3034 
samantha.sheffield@kinross.com 

Investor Relations Contact
David Shaver
Senior Vice-President, Investor Relations and Communications
phone: 416-365-2761
InvestorRelations@kinross.com 

Source: Kinross Gold Corporation

FAQ

How many Asante Gold shares did Kinross (KGC) sell in September 2025?

Kinross sold 36,927,650 common shares of Asante Gold, representing approximately 5.2% of outstanding shares at C$1.98 per share.

What was the total value of Kinross's (KGC) Asante Gold share sale?

The total value of the share sale was C$73,116,747 (C$1.98 per share, not including commission).

Does Kinross (KGC) still maintain any investment in Asante Gold after the September 2025 sale?

Yes, Kinross maintains exposure to Asante through convertible instruments representing approximately 8.4% of outstanding shares on a partially diluted basis.

When will the hold period for the sold Asante shares expire?

The shares are subject to a hold period under Canadian securities laws until December 13, 2025.

What is Kinross's (KGC) future investment strategy regarding Asante Gold?

Kinross stated it has no current specific plans but may purchase or sell Asante securities in the future depending on market conditions and other factors.