Mr. Dave Anthony reports

ASANTE FILES FINANCIAL AND OPERATING RESULTS FOR THE YEAR ENDED JANUARY 31, 2024

Asante Gold Corp. has filed its audited financial statements, and management's discussion and analysis (MD&A) for the three months and fiscal year ended Jan. 31, 2024 (FY 2024).

A summary of the financial and operating results for fiscal 2024 is presented in this news release, together with an outlook for the Bibiani and Chirano mines. For a detailed discussion of results for the full fiscal year and the fourth quarter, please refer to the management's discussion and analysis dated April 30, 2024, filed on SEDAR+ and Asante's website.

Asante's revenue in FY 2024 was $575-million, a 109-per-cent increase from $275-million in the prior fiscal year, primarily reflecting a full year of production at both mines. This compares with approximately six months of production results at each mine in FY 2023 post-first-gold pour at Bibiani in July, 2022, and the acquisition of Chirano in August, 2022. Consolidated gold production in FY 2024 totalled 214,950 ounces, a 73-per-cent increase relative to FY 2023. The company reported total comprehensive loss attributable to shareholders of the company of $130-million, relative to $160-million in the prior fiscal year.

In Q4 2024, the company achieved positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and comprehensive income for the first time, positively impacted by a higher realized gold price and reversal of provisions.

Bibiani mine -- summary of Q4 and FY 2024 results

In FY 2024, gold equivalent production increased 22 per cent to 76,516 ounces, primarily reflecting the inclusion of 12 months of operating results in FY 2024 relative to approximately six months in FY 2023. In the months following first gold pour at Bibiani in July, 2022, mined and processed ore was primarily oxide material. As a result, notwithstanding several plant upgrades that were not yet completed in 2023, gold recovery of 83 per cent was achieved. However, as the mining sequence at the Bibiani main pit continued into FY 2024, access to oxide ore below the Goaso highway was delayed. Progressively more sulphide material was mined, which required a sulphide treatment plant to optimize gold recovery. Due to lack of capital financing, the company was unable to complete this planned project in FY 2024, and gold recovery consequently decreased below 70 per cent. Concurrently, lower contractor equipment availability, as a result of liquidity constraints, negatively impacted mining capacity. These factors were the primary drivers of an increase in AISC (all-in sustaining costs) from $2,152 per ounce in FY 2023 to $3,197 per ounce in FY 2024.

Results for Q4 2024 continued to be impacted by the aforementioned factors, resulting in reported gold recovery of 69 per cent and AISC of $2,811 per ounce.

Bibiani mine -- outlook

On April 30, 2024, the company filed an updated National Instrument 43-101 technical report for the Bibiani mine, with highlights as follows:

• Gold production of 271,000 oz (ounces) in FY 2026 (254-per-cent increase over FY 2024), enabled by FY 2025 investments in the main pit expansion in FY 2025 and a sulphide treatment plant to increase gold recovery to 92 per cent;
• Commencement of underground mine development in 2025 with first underground ore processed in FY 2027; a robust mine plan is underpinned by first-ever underground reserves delineated by Asante;
• Significant unit cost reduction by FY 2026, reflecting reduced stripping requirements, increased scale and increased gold recovery; AISC projected to be under $1,100 (U.S.)/oz by 2027;
• 2.5 million ounces of measured and indicated resources at a grade 2.30 grams per tonne (g/t) gold, a 9-per-cent increase compared with the previous technical report, reflecting underground strategy with over 900,000 ounces of underground reserves;
• 1.2 million ounces of inferred resources at a grade of 2.36 g/t gold, a 225-per-cent increase compared with the previous technical report.

The Bibiani mine plan as outlined in the Bibiani 2024 technical report is based on proven and probable reserves only, without inclusion of the significant incremental resource base. The company's strategic planning envisages the potential for production increases and mine life extension based on continued resource conversion and exploration success.

Consistent with the Bibiani 2024 technical report and subject to availability of financing, the company expects production of 110,000 ounces to 120,000 ounces gold equivalent in FY 2025, based on successful execution of the following initiatives:

• Cutting the Bibiani-Goaso National Highway;
• Execution of the second cutback of the main pit as envisaged in the Bibiani 2024 technical report;
• Progression of community relocation and road construction activities;
• Construction and commissioning of the sulphide treatment plant by Q4 2025;
• Other plant upgrades, including installation of a pebble crusher by Q2 2025, completion of the scalping screen supporting the gravity plant, and upgrades and expansions of the CIL (carbon-in-leach) and elution facilities;
• Development of a starter pit at the South Russell project to supplement ore feed from the main pit.

Consistent with the Bibiani 2024 technical report, the company expects that execution of these initiatives will also result in significant increase in production and decrease in costs beyond fiscal 2025.

Chirano mine -- summary of Q4 and FY 2024 results

For the full year, the increase in gold equivalent production from 61,642 ounces in FY 2023 to 138,434 ounces in FY 2024 primarily reflects the inclusion of 12 months of production in FY 2024. Chirano was acquired by the company in August, 2022, and, therefore, the prior period represents approximately six months of operations. To improve plant recovery and throughput, a gravity plant was completed and commissioned in November, 2023, and an oxygen plant was constructed in December, 2023. For the full year, AISC decreased to $2,482 per ounce in 2024, positively impacted by improved grades.

Results for Q4 2024 include a 4-per-cent increase in gold equivalent production to 36,713 ounces driven by a 4-per-cent increase in ore processed and a 9-per-cent increase in processed grade to 1.56 g/t, as a result of higher grades mined from the Suraw and Obra underground mines. The decrease in AISC from $3,119 per ounce in Q4 2023 to $2,364 per ounce in Q4 2024 benefited from increased gold sales, ore processed and higher grades.

Chirano mine -- outlook

On April 30, 2024, the company filed an updated National Instrument 43-101 technical report for the Chirano mine, with highlights as follows:

• Gold production of 178,000 oz in 2025 (a 28-per-cent increase over 2023) and exceeding 200,000 oz by 2027;
• Underground mine plan focused on expansion of the Obra and Suraw mines;
• Lower unit costs from 2025 from increased throughput, efficiencies and improved use of capital;
• 2.1 million ounces of measured and indicated resources at a grade of 1.63 g/t gold, an 84-per-cent increase versus the previous technical report;
• One million ounces of inferred mineral resources at a grade of 1.6 g/t gold, a 177-per-cent increase versus the previous technical report.

The Chirano mine plan as articulated in the Chirano 2024 technical report is based on proven and probable reserves only, without inclusion of the significant incremental resource base. The company foresees the potential for production increases and mine life extension, based on continued resource conversion and exploration success.

Consistent with the Chirano 2024 technical report and subject to the availability of financing, the company expects production of 160,000 ounces to 170,000 ounces gold equivalent in fiscal 2025.

Near-term initiatives in 2025 include:

• Installation of an Aachen reactor to enhance leaching kinetics by the end of Q1 2025;
• A pebble crusher has been procured and installed on schedule, and throughput capacity has increased from 3.4 Mt/y (million tonnes per year) to 3.6 Mt/y. Further primary grinding upgrades, CIL upgrades, pump upgrades and cyclone replacement are planned to be operational from Q4 2025, with the aim of increasing process plant throughput capacity from 3.7 Mt/y to four Mt/y;
• Completion of the second cutback at the Sariehu open pit;
• Replacement of the Mamnao central and south pits with Sariehu, Mamnao north and Obra in Q1 2025.

Management expects these initiatives will provide access to incremental resources with the ultimate strategy of efficient blend of open pit and underground ore to ensure control of head grade.

Qualified person statement

The scientific and technical information contained in this news release has been reviewed and approved by the qualified persons (as defined under National Instrument 43-101) and authors of the technical report, David Michael Begg of dMb Management Services Pty. Ltd. (South Africa), Clive Brown of BARA International, Galen White of Bara Consulting U.K. Ltd., Glenn Bezuidenhout of GB Independent Consulting Pty. Ltd., and Malcolm Titley of Maja Mining Ltd. None of the qualified persons hold any interest in Asante, its associated parties or in any of the mineral properties which are the subject of this news release.

Other scientific and technical information contained in this news release has been reviewed and approved by David Anthony, PEng, mining and mineral processing, president and chief executive officer of Asante, who is a qualified person under NI 43-101.

About Asante Gold Corp.

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano gold mines, and continues with detailed technical studies at its Kubi gold project. All mines and exploration projects are located on the prolific Bibiani and Ashanti gold belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The company is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana's Golden Triangle.

About the Bibiani gold mine

Bibiani is an operating open-pit gold mine situated in the western north region of Ghana, with previous gold production of more than 4.5 million ounces. It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished three-million-tonne-per-annum process plant and existing mining infrastructure. Mining commenced in late February, 2022, with the first gold pour announced on July 7, 2022. Commercial production was announced Nov. 10, 2022.

For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani gold mine, please refer to the 2024 Bibiani technical report entitled "NI 43-101 technical report and updated mineral resource estimate, Mensin Gold Bibiani Ltd.," dated April 30, 2024 (with an effective date of Dec. 31, 2023), filed on the company's SEDAR+ profile.

About the Chirano gold mine

Chirano is an operating open-pit and underground mine located in the western region of Ghana, immediately south of the company's Bibiani gold mine. Chirano was first explored and developed in 1996, and began production in October, 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits, and the Akwaaba and Paboase underground mines.

For additional information relating to the mineral resource and mineral reserve estimates for the Chirano gold mine, please refer to the 2024 Chirano technical report entitled "NI 43-101 technical report and updated mineral resource estimate, Chirano Gold Mines Ltd., Ghana, West Africa," dated April 30, 2024 (with an effective date of Dec. 31, 2023), filed on the company's SEDAR+ profile.

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