Kinross Gold sells all of its Asante stock

Kinross Gold (TSX: K, NYSE: KGC) has sold its entire shareholding in Asante Gold (TSXV: ASE) at a discount, without providing reasons for the divestment.

Kinross sold about 36.9 million of Asante’s shares, representing 5.2% of those outstanding, at a price of $1.80 per share in Toronto, according to an early warning report on Tuesday. Asante rose 9.6% to close at all-time high of $2.41 on the day, giving it a market capitalization of roughly $1.72 billion.

Kinross had already sold 29.85 million shares of Asante at $1.55 per share two weeks earlier. That represented 4.7% of Asante’s capital, and nearly half of Kinross’s entire holdings. At the time, the Canadian gold miner stated that the move was “part of the ordinary course of portfolio management.”

The two sales this month netted proceeds of C$73.1 million and C$46.3 million, respectively.

Mixed results

The second sale comes a week after Asante reported mixed results for the second quarter of fiscal 2026, during which the West Africa-focused miner saw its production slip and losses widen. Still, the company reaffirmed its guidance despite the shortcomings.

Following these sales, Kinross said it will remain a “supportive investor” in Asante through its holdings of convertible instruments, which would give it an 8.4% stake on a partially diluted basis.

Asante currently operates the Bibiani and Chirano gold mines in Ghana, plus several exploration projects in the West African nation. Kinross previously held the Chirano mine for over a decade, before selling it to Asante in 2022.

Kinross’ latest disclosure also comes a day before Asante is scheduled to commence trading on the TSX Venture Exchange, a move that would broaden the company’s investor base.