Mr. Dave Anthony reports

ASANTE ANNOUNCES US$100 MILLION NON-BROKERED PRIVATE PLACEMENT

Asante Gold Corp. has entered into an equity financing agreement with a strategic investor, pursuant to which Asante will sell, on a non-brokered private placement basis, 90,666,667 common shares at a purchase price of $1.50 for aggregate gross proceeds of $136-million ($100-million (U.S.)).

Closing of the offering will occur in three tranches, with the first tranche in the amount of $25-million (U.S.) scheduled to close on Oct. 15, 2024, the second tranche in the amount of $35-million (U.S.) scheduled to close on Nov. 14, 2024, and the third tranche in the amount of $40-million (U.S.) scheduled to close Dec. 5, 2024, subject to receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.

The use of proceeds from the offering may include the funding of growth and development initiatives at the Bibiani and Chirano mines, as well as acquisition opportunities and refinancing of liabilities.

"This offering is a significant component of the comprehensive financing initiative that Asante has advanced. Another component, the Ghanaian bond program was announced on Sept. 19, 2024. This initiative is also advancing in good order," stated Dave Anthony, Asante's president and chief executive officer, who added, "We look forward to providing additional updates on our financing initiatives to fund the company's development and recapitalize our short-term liabilities."

The common shares to be issued under the offering will be subject to a four-month hold period from the date of issue in accordance with applicable Canadian securities laws.

Asante also announces that it has agreed to non-binding terms on an amended repayment schedule with Kinross Gold Corp. in relation to the remaining consideration amounts due to Kinross in connection with the company's purchase of all of the issued and outstanding shares of Red Back Mining Pty. Ltd. (now renamed Asante Chirano Australia Pty. Ltd.) which indirectly holds a 90-per-cent interest in the Chirano gold mine. Kinross and Asante expect to enter into a further amendment to its original share purchase agreement. Asante will issue full details on the amended repayment schedule when documentation is finalized.

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 and the Ghana 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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