Mr. Dave Anthony reports

ASANTE ANNOUNCES TECHNICAL REPORTS DELINEATING ANNUAL GOLD PRODUCTION NEAR 450 KOZ BY 2025, SIGNIFICANT RESOURCE GROWTH

Asante Gold Corp. has filed updated technical reports for the Chirano and Bibiani mines in Ghana, delineating new mineral reserve and mineral resource estimates and life-of-mine plans based on proven and probable reserves.

All dollar figures are in United States dollars unless otherwise indicated. References to years in this news release relate to the 12-month period commencing February of the applicable calendar year, consistent with the company's Jan. 31 fiscal year-end. For example, 2025 refers to the 12-month period of February, 2025, to January, 2026.

Highlights

Consolidated results:

• Rapid production growth to 449,000 ounces in 2025 (up 109 per cent versus 2023 actual) and greater than 500,000 oz in 2028;
• Production of 2.2 million ounces over next five years, before considering resource conversion potential;
• Significant increase in mineral resources at both mines, net of approximately two years of depletion:
  • 4.6 million ounces (up 34 per cent versus previous technical report) in measured and indicated category;
  • 2.2 million ounces (up 200 per cent versus previous technical report) in inferred category.
• Excellent expansion and mine life extension opportunities at both mines underpinned by substantial resource base, record of resource delineation and conversion, and planned exploration investment.

Bibiani technical report:

• Gold production of 271,000 oz in 2025 (up 254 per cent versus 2023 actual), enabled by cutting the Bibiani-Goaso highway, 2024 investments in main pit expansion, sulphide treatment plant to increase recovery to 92 per cent;
• Commencement of underground mine development in 2025 with first underground ore processed in 2026; robust underground mine plan underpinned by first-ever underground reserves delineated by Asante;
• Significant unit cost reduction by 2025 reflecting reduced stripping requirements, increased scale and increased gold recovery; all-in sustaining cost less than $1,100/oz by 2027;
• 2.5 million ounces (up 9 per cent versus previous technical report) of measured and indicated mineral resources:
  • Reflects underground strategy with greater than 900,000 ounces of underground reserves.
• 1.2 million ounces (up 225 per cent relative to previous technical report) of inferred mineral resources;
• Targeted areas for 2024 resource conversion/additions include Walsh/Strauss, Elisabeth Hill Russell.

Chirano technical report:

• Gold production of 178,000 oz in 2025 (up 28 per cent versus 2023 actual) and greater than 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, improved use of capital;
• 2.1 million ounces (up 84 per cent versus previous technical report) of measured and indicated mineral resources;
• One million ounces (up 177 per cent relative to previous technical report) of inferred mineral resources;
• Targeted areas for 2024 resource conversion/additions include depth extensions at Suraw, Akoti South, Tano, Sariehu, Akwaaba, Obra; upgrading resources at GAP, Aboduabo and Magnetic Hinge.

Dave Anthony, president and chief executive officer, stated: "We are excited to report the results of updated technical reports for the Bibiani and Chirano mines that demonstrate the significant production and margin growth at both operations. This includes a 109-per-cent increase in consolidated production to nearly 450,000 ounces in 2025 and a further increase to over 500,000 ounces by 2028 at lower costs. We are also pleased to report a significant increase in mineral resources at both mines, including delineation of the first-ever underground reserves at Bibiani under Asante ownership, which supports long-term strategic planning for expansion and mine life extension opportunities."

Investors are invited to register for a live, interactive webinar to discuss the technical report results at 11 a.m. Pacific Time/2 p.m. Eastern Time on Tuesday, May 7, 2024, to be hosted by CEO Mr. Anthony and chief financial officer David Wiens on-line.

The updated technical reports entitled "NI 43-101 Technical Report and Updated Mineral Resource Estimate, Chirano Gold Mines Limited, Ghana, West Africa," dated April 30, 2024 (with an effective date of Dec. 31, 2023), and "NI 43-101 Technical Report and Updated Mineral Resource Estimate, Mensin Gold Bibiani Limited," dated April 30, 2024 (with an effective date of Dec. 31, 2023), were prepared in accordance with Canada's National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and have been filed on the company's SEDAR+ profile. The updated technical reports supersede the prior technical report for Bibiani dated Aug. 31, 2022 (with an effective date of Feb. 28, 2022), and the prior technical report for Chirano dated Sept. 30, 2022 (with an effective date of Dec. 31, 2021).

Five-year outlook -- Bibiani mine (mineral reserves only)

Key metrics at the Bibiani mine during the 2024 to 2028 period as envisaged in the technical report are noted herein.

The five-year outlook for Bibiani envisages rapid production growth enabled by cutting of the Bibiani-Goaso highway, expansion of the main pit, an increase in fleet availability and completion of a plant upgrades in 2024 to drive gold production of 271,000 ounces in 2025, representing a 254-per-cent increase relative to 2023 actual production. This is envisaged to be followed by commencement of underground development and mining in the 2025 to 2026 period which underpins the majority of gold production from 2028 onward.

The delineation of underground reserves at Bibiani and development of a combined open-pit/underground mining plan is driven by the company's strategy to optimize economic value by reducing previously planned waste cuts in the open pit and providing earlier access to higher-grade underground ore. Supported by the updated resource model and external experts, and leveraging the company's in-house underground mining expertise and experience at Chirano, a robust underground design and mining strategy was developed during the course of 2023 and early 2024. The previous technical report envisaged mining in the open pit only to a depth of approximately 432 metres, while the revised mine plan envisages a terminal open-pit depth of approximately 354 metres, below which underground mining will take place. This design includes establishment of an underground conveyor system in 2026 to feed the process plant area directly, and three access points into the main orebody to establish mine infrastructure and commence stoping operations.

Capital expenditures at Bibiani are elevated in the 2024 to 2026 period primarily as a result of capital projects to deliver (i) stripping related to an expansion of the Bibiani main pit; (ii) underground development activities; (iii) community and social projects, including the planned resettlement of the neighbouring Old Town and Zongo communities; (iv) completion of a sulphide treatment plant and other plant upgrades (pebble crusher, jaw crusher, carbon-in-leach and elution circuit upgrades) that support an increase in gold recovery to 92 per cent and plant throughput to four million tonnes per year. In 2024 in particular, this will have a significant impact on reported AISC, with approximately $683 per ounce attributed to waste stripping.

External financing will be required in order to execute these capital projects in 2024. The company has been in commercial discussions with potential financiers and has received preliminary term sheets which it is currently evaluating. There can be no certainty that the company will be successful in securing sufficient financing on a timely basis.

While the technical report envisages gold production through 2032 based on mineral reserves, the company's strategy is to extend mine life well beyond this time frame through resource conversion, extension of the underground mine, and delineation and expansion of new satellite pits. This strategy is underpinned by the significant resource base at the Bibiani mine (incremental to reserves), high prospectivity of regional geology, and the company's record of resource replacement and growth.

Five-year outlook -- Chirano mine (mineral reserves only)

Key metrics at the Chirano mine during the 2024 to 2028 period as envisaged in the technical report are noted herein.

The technical report envisages Chirano open-pit operations continuing through 2026, maintaining a feed balance with the underground mines to optimize its production profile. Underground production is supported by five mines, with a particular focus on the Suraw and Obra mines in the 2026 to 2028 period. The company's strategy includes comprehensive rebuild and replacement programs of the underground equipment fleet, to increase productivity and reduce mining costs by increasing equipment size.

While the technical report envisages continuation of production at Chirano through 2028 based on mineral reserves, the company's strategy is to extend the mine life well beyond this time frame through resource conversion, development of infrastructure needed to extend the underground mines to lower depth and delineation of new pits.

The company also believes that there is a significant opportunity to connect Chirano's northern mines through a conveyer system feeding directly to the process plant, which could provide significant savings through reduced trucking costs. The company is currently evaluating this opportunity, which has not been included in the technical report.

Mineral resource estimate -- Bibiani mine

The attached table is a summary of the Bibiani mineral resource estimate as of Dec. 31, 2023.

As noted above, delineation of the first-ever underground reserves at Bibiani under Asante ownership, and development of a combined open-pit/underground mining plan, is driven by the company's strategy to optimize economic value by reducing excessive waste cuts in the open pit and provide earlier access to higher-grade underground ore. This approach leverages the company's in-house expertise and experience at the Chirano mine. The previous technical report envisaged mining in the open pit only, resulting in elevated strip ratios. Consistent with this strategy, a new resource model was built from which mining models were modified for dilution and mining losses, taking into account the transition point between open-pit and underground mining. As noted above, the revised envisaged main pit depth is approximately 78 metres shallower due to the transition to underground mining which results in lower open-pit reserves and resources, and higher underground reserves and resources.

Over 12,000 metres of reverse circulation and diamond drilling is planned in 2024 with 7,500 metres allocated specifically for resource extension and definition. The primary focus will be on three main areas: Walsh/Strauss underground, Elisabeth open pit and Russell underground.

Mineral resource estimate -- Chirano mine

The attached table is a summary of the Chirano mineral resource estimate as of Dec. 31, 2023.

The significant increase in resources at Chirano relative to the previous technical report is primarily a result of successful exploration results in 2022 and 2023. This included:

• Obra: inferred resource conversion into indicated, shoot extension along strike and down dip;
• Suraw: resource conversion drilling to upgrade gaps and add inferred resources;
• Aboduabo: drilling aimed at extension of shoots along strike, down dip continuity and infilling;
• Upgrading of resources at Suraw and Obra.

In 2024, planned exploration activities include approximately 34,000 metres of drilling to continue testing and upgrading resources on the mining lease and adjacent prospecting licences with key focus on depth extensions at Suraw, Akoti South, Tano, Sariehu, Akwaaba and Obra; upgrading open-pit resources at GAP, Aboduabo and Magnetic Hinge.

Qualified persons statement

The scientific and technical information contained in this news release has been reviewed and approved by the qualified persons (as defined under NI 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 Mr. Anthony, PEng, mining and mineral processing, president and CEO 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.

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