Kinross sells portion of Asante Gold shares

Rhea-AI Summary

Kinross Gold Corporation (NYSE: KGC) has announced the sale of 29,850,984 common shares of Asante Gold Corporation at C$1.55 per share, generating total proceeds of C$46.27 million. The transaction represents approximately 4.2% of Asante's outstanding shares and 44.7% of Kinross's holdings in the company.

Following the sale, Kinross retains 36,927,650 shares, along with 5,000,000 warrants and a convertible debenture. This reduces Kinross's ownership to approximately 5.2% of Asante's outstanding shares on a non-diluted basis, and 13.2% on a partially diluted basis. The company executed this sale as part of its ordinary course of investment portfolio management.

Positive

• Generated C$46.27 million in proceeds from share sale
• Maintains significant ownership position with 5.2% stake and additional convertible securities

Negative

• Reduced ownership stake in Asante from 9.4% to 5.2% on a non-diluted basis

Insights

Financial Analyst

Kinross sells nearly half its Asante Gold stake for C$46.3M, reducing ownership from 9.4% to 5.2% while maintaining convertible options.

Kinross Gold has partially divested its position in Asante Gold, selling 29.85 million shares (about 44.7% of its Asante holdings) at C$1.55 per share, generating C$46.27 million in proceeds. This strategic move reduces Kinross's non-diluted ownership from 9.4% to 5.2% of Asante's outstanding shares.

After this transaction, Kinross still maintains 36.93 million shares, along with 5 million warrants and a convertible debenture with a conversion price of C$1.81 per share. On a partially diluted basis (assuming conversion of all instruments), Kinross's potential ownership stands at 13.2%, down from the previous 18%.

The transaction appears to be part of Kinross's normal portfolio management rather than signaling a complete exit strategy, as the company has retained a significant position and convertible instruments. The disclosure indicates Kinross has no immediate plans regarding its remaining investment but leaves open the possibility of future transactions depending on market conditions and Asante's performance.

This partial divestiture provides Kinross with substantial cash proceeds while maintaining exposure to Asante's future potential through its remaining equity stake and convertible securities. The transaction's pricing and structure suggest a balanced approach to portfolio optimization rather than any significant concerns about Asante's prospects.

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

TORONTO, Sept. 08, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (“Kinross”) (TSX: K, NYSE: KGC) announced today that it has sold an aggregate of 29,850,984 common shares (“Shares”) of Asante Gold Corporation (“Asante”) representing approximately 4.2% of the outstanding Shares and approximately 44.7% of the Shares held by Kinross. The Shares were sold at a price per Share of $1.55 (not including commission), representing an aggregate sale price of C$46,269,025.20. Prior to the sale, Kinross held approximately 9.4% of the outstanding Shares and up to 18% of the Shares, on a partially-diluted basis, assuming conversion of all convertible instruments held by Kinross. After the sale, Kinross holds 36,927,650 Shares, 5,000,000 warrants to purchase Shares and a convertible debenture (the “Convertible Debenture”) which is convertible into Shares at the option of Kinross at any time for a period of five years from the date of issuance at a conversion price equal to C$1.81 per Share. Kinross now owns approximately 5.2% of the outstanding Shares, on a non-diluted basis, and 13.2% of the outstanding Shares, on a partially diluted basis assuming the conversion of the convertible securities of Asante held by Kinross.

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 (NYSE:KGC) sell in September 2025?

Kinross sold 29,850,984 common shares of Asante Gold, representing approximately 4.2% of outstanding shares and 44.7% of Kinross's holdings.

What was the sale price per share for Kinross's (NYSE:KGC) Asante Gold share sale?

Kinross sold the Asante Gold shares at C$1.55 per share, generating total proceeds of C$46.27 million.

What is Kinross's (NYSE:KGC) remaining stake in Asante Gold after the September 2025 sale?

After the sale, Kinross holds 5.2% of outstanding shares on a non-diluted basis and 13.2% on a partially diluted basis, including warrants and convertible debentures.

What convertible securities does Kinross (NYSE:KGC) still hold in Asante Gold?

Kinross maintains 5,000,000 warrants and a convertible debenture convertible at C$1.81 per share for a five-year period.