Mr. Dave Anthony reports

ASANTE FILES FINANCIAL AND OPERATING RESULTS FOR THE QUARTER ENDED JULY 31, 2024

Asante Gold Corp. has filed its financial statements and management's discussion and analysis (MD&A) for the three month and six months ended July 31, 2024 (Q2 (second quarter) 2025).

Dave Anthony, president and chief executive officer, stated: "We are pleased to report a solid quarter with growth in consolidated adjusted EBITDA. This reflects positive developments at Bibiani and Chirano as we continue to implement business improvement initiatives at both mines, as well as a strong gold price environment. At Bibiani, relocation of the Bibiani-Goaso highway is a breakaway milestone and development of the Russel starter pit underlines the potential of the district-scale opportunities we have in front of us, that go well beyond current operations. Execution of the sulphide project is advanced with planned completion in early 2025 at Bibiani and will lead to 92 per cent gold recovery. At Chirano, the metallurgical and throughput projects are starting to pay off. We look forward to updating the market on our comprehensive non-dilutive finance initiatives to fund our growth initiatives, which are expected to bear fruit in the near term."

All dollar figures are in U.S. dollars unless otherwise indicated. A summary of the financial and operating results for fiscal Q2 2025 is presented in this news release. For a detailed discussion of results for the second quarter, please refer to the MD&A filed on SEDAR+ and Asante's website.

Second quarter 2025 summary financial results

Asante's revenue for the three months ended July 31, 2024, was $113-million, a 12-per-cent increase from $102-million in fiscal Q2 2024. This is attributable to an increase in average gold price realized per ounce of $2,338, compared with $1,934 in fiscal Q2 2024, partially offset by a decrease in ounces sold to 48,542 in fiscal Q2 2025, compared with 52,661 in fiscal Q2 2024. Asante's revenue for the six months ended July 31, 2024, was $228-million, a 14-per-cent increase from $199-million for fiscal YTD (year to date) 2024.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in the three and six months ended July 31, 2024, were $19,844 and $32,870, respectively, compared with negative $6,518 and $21,425, respectively, in the prior-year comparable periods. The positive current-year adjusted EBITDA and increase in revenue primarily reflect the increase in gold prices to near all-time highs and a reduction in mining costs per ounce sold during the three and six months ended July 31, 2024. In fiscal Q2 2025, the company achieved positive adjusted EBITDA for the third quarter in a row.

The company produced 46,979 gold equivalent ounces in fiscal Q2 2025, respectively, compared with 57,625 gold equivalent ounces in fiscal Q2 2024. The decrease in gold production was primarily the result of lower feed grades at both mining sites and lower material movement and recovery at Bibiani. Asante produced 100,359 gold equivalent ounces for fiscal YTD 2025, compared with 108,997 in fiscal YTD 2024.

Consolidated AISC (all-in sustaining cost) decreased by 17.3 per cent in fiscal Q2 2025, compared with fiscal Q2 2024, and by 16.1 per cent in fiscal YTD 2025, compared with fiscal YTD 2024, primarily due to lower mining costs per ounce sold at Bibiani, resulting from the reduction in waste mining requirements, and cost-efficiencies at Chirano.

Bibiani mine -- summary of Q2 2025 results

In fiscal Q2 2025, ore mined decreased 27 per cent compared with fiscal Q2 2024. Fiscal YTD 2025 ore decreased by 11 per cent compared with fiscal YTD 2024, primarily due to fleet availability issues caused by financing constraints. Gold equivalent ounces produced decreased to 16,452 in fiscal Q2 2025 from 17,351 in fiscal Q2 2024 and decreased to 35,636 in fiscal YTD 2025 from 37,352 in fiscal YTD 2024, driven by the lower feed grade of purchased ore and low-grade stockpile draw, as well as a higher proportion of sulphide ore being processed without the benefit of a sulphide treatment plant to optimize gold recovery.

The decrease in AISC from $3,129 per ounce in fiscal Q2 2024 to $2,276 per ounce in fiscal Q2 2025 and from $2,907 in fiscal YTD 2024 to $1,992 in fiscal YTD 2025 was primarily driven by a significantly lower strip ratio, reducing waste mining and lowering mining costs per ounce of gold. Total material mined decreased by 50 per cent in fiscal Q2 2025 and by 54 per cent in fiscal YTD 2025 compared with the same periods in the prior year, primarily due to lower mining equipment availability resulting from liquidity constraints.

Bibiani outlook

Subject to availability of financing, the company expects production of 85,000 to 95,000 gold equivalent ounces in fiscal 2025 based on successful execution of the following initiatives:

• Near-term ramp-up in mining fleet availability concurrent with financing of the mining contractor;
• Installation of an auxiliary primary crushing facility by fiscal Q3 (third quarter) 2025;
• Development of a starter pit at the South Russell project to supplement ore feed from the main pit by Q3 2025;
• The Bibiani Goaso highway was relocated in Q2 2025. Asante is now developing working benches and access to oxide at the south end of the main pit.

The company has plans to execute the following initiatives beyond fiscal 2025 that it expects will result in increased in production and decreased in costs in future years:

• Construction and commissioning of the sulphide treatment plant during fiscal 2026, which will increase gold recovery;
• Community relocation and road construction activities;
• Other plant upgrades, including installation of a pebble crusher and secondary crusher during fiscal 2026, to achieve throughput increase from 3.0 million tonnes per year to 4.0 million tonnes per year.

Chirano mine -- summary of Q1 (first quarter) 2025 results

Ore mined increased 29 per cent in fiscal Q2 2025 over fiscal Q2 2024 and 6 per cent in fiscal YTD 2025 over fiscal YTD 2024, due to increased mining activity at the Sariehu open pit, which was in the stripping stage during fiscal Q2 2024, as well as increased activity at the Suraw and Obra underground mines. Ore grade decreased by of 18 per cent in fiscal Q2 2025 over fiscal Q2 2024 and 9.6 per cent in fiscal YTD 2025 over fiscal YTD 2024, resulting from lower-than-expected grade mined from Suraw and Obra. The lower grade resulted in a reduction of gold equivalent ounces produced to 30,527 in fiscal Q2 2025 from 40,274 in fiscal Q2 2024 and 64,723 in fiscal YTD 2025, compared with 71,645 in fiscal YTD 2024.

The decrease in AISC to $1,740 per ounce in fiscal Q2 2025 and $1,846 in fiscal YTD 2025 from $1,946 per ounce in fiscal Q2 2024 and $1,915 in fiscal YTD 2024 was primarily driven by lower gold production costs, including reduced consumable and maintenance expenses, as well as obsolete materials and supplies inventory write-offs, partially offset by higher sustaining capital expenditures in the current periods compared.

Chirano outlook

Subject to the availability of financing, the company expects production of 150,000 to 165,000 gold equivalent ounces in fiscal 2025. Near-term initiatives include:

• Execution of plant projects to improve performance and increase the annual mine production rate to four million tonnes per year, including CIL (carbon-in-leach) agitators upgrade, tertiary crusher upgrade, carbon safety screens, mill discharge pumps upgrade, gold room electrowinning cells and rectifiers upgrade;
• Tertiary crusher upgrade, scheduled for completion in fiscal Q3 2025;
• Underground development of the Obra (wide orebody) and Suraw underground mines to ensure consistent ore delivery;
• Underground development of the Akwaaba, Tano and Akoti mines to supplement flexibility in underground ore delivery;
• Continuing underground exploration projects at the Suraw, Obra and open-pit mine life extension projects at the Sariehu/Mamnao area are progressing as planned;
• 3-D litho-structural modelling at the Obra mine is continuing to support mine life extension.

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.

Non-IFRS (international financial reporting standards) measures

This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under IFRS, including AISC, average gold price realized, adjusted EBITDA and working capital. Non-IFRS measures do not have any standardized meaning prescribed under IFRS and therefore they may not be comparable with similar measures employed by other companies. The data presented are intended to provide additional information, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS, and should be read in conjunction with Asante's consolidated financial statements. Readers should refer to Asante's management's discussion and analysis (MD&A) for a more detailed discussion of how Asante calculates certain of such measures and a reconciliation of certain measures to IFRS terms.

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 northwestern 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 refurbished three-million-tonne-per-year process plant and existing mining infrastructure. Asante commenced mining at Bibiani 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 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 filed on the company's SEDAR+ profile.

We seek Safe Harbor.