Mr. Dave Anthony reports

ASANTE ANNOUNCES CLOSING OF SECOND TRANCHE OF US$100 MILLION NON-BROKERED PRIVATE PLACEMENT

On Friday, Nov. 15, 2024, Asante Gold Corp. closed the second tranche of $35-million (U.S.) of the previously announced $100-million (U.S.) non-brokered private placement.

"Subsequent to the company's financing package announcement on Oct. 30, several Ghanaian service providers embraced the opportunity to participate in the private placement. Therefore, the second tranche of our $100-million (U.S.) private placement has been configured to settle a variety of short-term liabilities through issue of equity. This represents a significant vote of confidence in the long-term future of Asante by key Ghanaian suppliers and partners who have chosen to participate as shareholders in the company," said Dave Anthony, Asante's president and chief executive officer. "With these short-term liabilities now addressed, we continue to focus on accelerating completion of the remaining elements of our financing package, which will fully fund our growth plans at Bibiani and Chirano."

Pursuant to the second-tranche closing, the company issued 31,896,857 common shares to settle outstanding debts in the aggregate amount of $35-million (U.S.) owed to arm's-length creditors, each at a deemed price of $1.50 (Canadian) per common share.

The third tranche of the offering of $40-million (U.S.) is expected to be completed on or about Dec. 5, 2024. Pursuant to an amendment to the equity financing agreement with the strategic investor announced by the company on Sept. 24, 2024, such investor will subscribe for the third tranche of the offering of gross proceeds of $40-million (U.S.) at a purchase price of $1.50 (Canadian) per share.

The securities issued under the second-tranche closing are subject to a hold period expiring four months and one day, in accordance with applicable securities laws. No commissions or finders' fees were paid by the company in connection with the second-tranche closing.

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. 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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