Kinross sells 4.2% stake in Asante Gold for C$46.3 million

TORONTO - Kinross Gold Corporation (TSX:K, NYSE:KGC), a $27.77 billion market cap gold producer with a 55-year track record of consecutive dividend payments, announced Monday it has sold 29,850,984 common shares of Asante Gold Corporation, representing approximately 4.2% of outstanding shares, for C$46.3 million.

The shares were sold at C$1.55 per share and constituted about 44.7% of Kinross’s holdings in Asante. Following the transaction, Kinross now owns approximately 5.2% of Asante’s outstanding shares on a non-diluted basis, and 13.2% on a partially diluted basis if all convertible securities held by Kinross were converted. According to InvestingPro analysis, Kinross maintains a GOOD overall financial health score while operating with moderate debt levels.

Kinross retains 36,927,650 common shares, 5,000,000 warrants, and a convertible debenture that can be converted into shares at C$1.81 per share at any time within five years of issuance.

The Canadian gold miner indicated the sale was made "in the ordinary course of investments in portfolio companies" and has no specific plans regarding its remaining investment in Asante. However, the company noted it may purchase or sell Asante securities in the future depending on market conditions and other factors. InvestingPro subscribers have access to 9 additional key insights about Kinross, including detailed analysis of its valuation metrics and growth prospects.

Prior to the sale, Kinross held approximately 9.4% of Asante’s outstanding shares and up to 18% on a partially diluted basis.

An early warning report in connection with the investment will be filed on Asante’s SEDAR+ profile, according to the press release statement.

In other recent news, Kellanova’s second-quarter earnings fell short of both DA Davidson’s and consensus estimates, with the firm maintaining a Neutral rating and an $83.50 price target on the stock. Meanwhile, the European Union has temporarily paused its antitrust review of Mars’ $36 billion acquisition of Kellanova, pending additional data from the involved companies. In a move towards healthier products, Kellanova plans to eliminate FD&C colors from all its U.S. foods by the end of 2027, with significant progress already made in its North American retail and K-12 school food segments. On the other hand, Kinross Gold Corporation has announced a quarterly dividend of $0.03 per share for the second quarter of 2025, payable in early September. These developments provide a snapshot of recent activities and decisions impacting these companies.

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