Mr. Campbell Baird reports

ASANTE PROVIDES 2026 GUIDANCE AND OPERATING UPDATE

Asante Gold Corp. has provided production and cost guidance for full-year 2026, together with an update on operational initiatives at the Bibiani and Chirano gold mines.

Highlights

• Strategic operating review has yielded an operating plan for the next 12 months and beyond that is set to deliver a more efficient, predictable and sustainable gold production platform.
• Full-year 2026 gold production is expected to be 275,000 to 300,000 ounces at an all-in-sustaining cost (AISC) of $3,200 (U.S.) to $3,600 (U.S.) per ounce.
• Substantially higher production and lower costs during H2 2026 (weighted to Q4) are expected to be driven by progressive access to higher-grade material at Bibiani in the northern base of Main Pit.
• Layered program of initiatives in implementation across both operations spanning mining, processing, capital projects and supply chain to enhance production and reduce costs, with approximately $50-million (U.S.) of previously planned capital expenditure already deferred or cancelled, and further initiatives targeting continued cost-efficiency through H2 2026 and into 2027.
• Updated National Instrument 43-101 mineral resource and reserve disclosures for Bibiani and Chirano (see news release dated Aug. 5, 2026) evidence the expected longer-term potential of both operations.

Campbell Baird, acting chief executive officer of Asante, commented:

"The first half of 2026 has been characterized by significant investment in mining capacity, operational infrastructure and process plant improvements across both operations. While the entire Asante team recognizes there remains considerable work ahead, we believe the business is beginning to transition from establishing its operational platform to consistently delivering the benefits of those investments.

"We recognize that sustainable improvement is not measured by the completion of projects alone, but by consistently delivering safe, reliable operating performance and stronger financial outcomes. Our focus is firmly on disciplined execution, accountability, and delivery of the operational and financial results enabled by the substantial investments made across both of our operations. At a granular level, this translates to delivering predictable gold production, continued improvement in metallurgical recoveries and plant utilization, reduction of operating costs through increased operational discipline and efficiency, and delivering strengthened free cash flow generation."

Group outlook

Over the past four months, new management has prioritized stabilizing production across the Chirano and Bibiani operations, while undertaking a comprehensive review of mining and processing activities, capital projects, and operating costs. The company has worked to resolve immediate operating pressure points and establish the foundations of a more stable and long-term operating platform. This has been driven by completing critical infrastructure and process plant upgrades, strengthening operational planning and identifying opportunities to improve productivity and reduce unit operating costs.

Many of these initiatives are now well advanced with much of the operational foundation required to support improved performance now established (noting some projects, particularly at Bibiani, remain in progress). Focus has now shifted toward disciplined operational execution with the objective of converting recent capital investment into higher production, improved recoveries, lower unit operating costs and stronger operating cash generation. To date in 2026, approximately $50-million (U.S.) of previously planned capital expenditure has been deferred or cancelled, and additional cost-efficiency reviews are under way, including scrutiny of contractor and supply chain agreements. As a result, Asante expects a substantial uplift in gold production through H2 2026, matched with a significant reduction in unit costs. These dynamics are expected to be weighted heavily to Q4 2026.

Full-year 2026 gold production is expected to be 275,000 to 300,000 ounces at an AISC of $3,200 (U.S.) to $3,600 (U.S.) per ounce. A key driver of the performance uplift during H2 2026 is progressive establishment of access to higher-grade material at Bibiani in the northern base of Main Pit. The company is positioning for further improvement in operating performance in 2027, underpinned by the operating capacity established over the course of 2026.

Updated NI 43-101 mineral resource and reserve disclosures for Bibiani and Chirano (see news release of Aug. 5, 2026), evidence the longer-term potential of both operations and new management's focus on exploration as a key driver for future growth. Current measured and indicated resources across both operations total 4.6 million ounces (effective Dec. 31, 2025), in line with December, 2023, levels despite mining over 430,000 ounces in two years, together with a further 1.8 million ounces of inferred mineral resources (effective Dec. 31, 2025) providing a strong, near-term conversion pipeline. Approximately $23.4-million (U.S.) is budgeted across exploration activities in 2026, including near-mine and greenfields exploration drilling programs. For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani and Chirano, please refer to the technical report filed on the company's SEDAR+ profile on Aug. 5, 2026.

The company's financing partners remain engaged and discussions are continuing. The company will provide a further update on its financing initiatives to the market as appropriate.

Bibiani mine

At Bibiani, mining is transitioning into the higher-grade northern section of Main Pit, which is set to drive a progressive increase in plant head grade through H2 2026. Continued waste stripping in the southern cutbacks is progressively opening future mining areas set to support open pit production through 2027 and beyond.

Substantial investment in processing plant infrastructure over the past 18 months has financed a series of projects now approaching completion. These projects are drivers of process throughput (acquisition of two replacement secondary electric crushing systems to replace inefficient hire units and the pending installation of a pebble crusher) and recovery uplift (grinding circuit optimisation, gravity circuit upgrades with additional Knelson concentrators and flotation circuit expansion). Improved power reliability is also being unlocked with additional 10-megawatt back-up gensets, and the Genser power line project (set to deliver privately generated power via Chirano from Q3 2027).

As these projects are progressively commissioned and optimized during the second half of the year, it is expected that plant stability, metallurgical recoveries and overall operating efficiency will continue to improve, supporting higher throughput and lower cost per ounce processed into future years.

Chirano mine

Chirano has established a stabilized operating platform following investment in underground mining capacity and continued development across both the underground and open pit operations. Within the underground operations, reduced reliance on single active mining fronts is expected to drive more consistent ore delivery to the plant. Initiatives targeted at increased fleet utilization are also expected to support higher development rates without the need for additional equipment.

Consistent with the company's disciplined approach to capital allocation, a number of plant upgrade opportunities at Chirano are under review to ensure capital is directed to the highest-value initiatives, including the installation of quaternary and gyratory crushers to increase crusher and mill throughput, and an elution circuit upgrade and additional CIP tank to reduce gold in circuit and improve recovery. Approved projects will target more predictable and efficient gold production, and reduced unit operating costs.

Qualified persons statement

The scientific and technical information in this news release has been reviewed and approved by Dean Bertram, vice-president, geology, of Asante, a qualified person as defined by National Instrument 43-101.

About Asante Gold Corp.

Asante is a growing mid-tier gold producer, developer and explorer with a high-quality portfolio of assets located on two of West Africa's most prolific and prospective gold belts in Ghana. The company operates the Bibiani and Chirano gold mines on the Sefwi-Bibiani gold belt in Ghana's Western North region, where it holds an extensive and underexplored land position spanning more than 80 kilometres of strike. Asante is also advancing its Kubi gold project on the Ashanti gold belt, extending the company's footprint across Ghana's most productive gold corridor.

Committed to responsible mining and the creation of lasting value for its shareholders, people and host communities, Asante is listed on the TSX Venture Exchange, the Ghana Stock Exchange and the OTCQX Market in the United States.

About the Bibiani gold mine

Bibiani is an operating open pit gold mine situated in the Western North region of Ghana, with historical gold production of more than 4.5 million ounces. The mine is fully permitted with mining and processing infrastructure on site, including a refurbished process plant and associated mining infrastructure. Asante commenced mining at Bibiani in late-February, 2022, with commercial production announced on Nov. 10, 2022.

About the Chirano gold mine

Chirano is an operating open pit and underground mine located in the Western region of Ghana. The mine was first explored and developed in 1996, and began production in October, 2005. Chirano comprises multiple open pit and underground operations and has produced over three million ounces of gold. Asante acquired its 90-per-cent interest in Chirano in August, 2022.

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