Mr. Dave Anthony reports

ASANTE ANNOUNCES PROJECT UPDATE FOR THE SULPHIDE RECOVERY PLANT AT THE BIBIANI GOLD MINE

The principle, long lead equipment for the sulphide recovery plant planned for installation at Asante Gold Corp.'s Bibiani gold mine are expected to be shipped mid-August, 2024.

This facility is key to the company's plans to grow gold production at Bibiani to more than 250,000 ounces per year, with cumulative production of 1.2 million ounces of gold over the next five years, with lower all-in sustaining costs (AISC), as detailed in the 2024 Bibiani technical report. Installation of the sulphide recovery plant is expected to improve gold recovery and have significant impact on the AISC and profit margins at Bibiani. Gold recovery from sulphide ore is expected to increase from 70 per cent to approximately 92 per cent.

The company has made substantial progress toward completion of the sulphide recovery plant with 50 per cent of the civil works for the project completed. Fabrication of the long lead equipment has been completed and the items are currently being prepared for shipment to the Bibiani site, with arrival expected mid-August, 2024.

When the sulphide recovery plant is completed, Asante expects to be producing approximately 20,000 ounces of gold per month at Bibiani, which is in line with the company's long-term plan for the mine. Asante looks forward to the completion of the sulphide recovery plant as the company works to improve and optimize its operating mines.

Qualified person statement

The 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 National Instrument 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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