Mr. Dave Anthony reports

ASANTE GOLD CLOSES C$179.4 MILLION BOUGHT DEAL PRIVATE PLACEMENT OF COMMON SHARES

Asante Gold Corp. has closed its previously announced bought deal private placement of common shares of the company, pursuant to which the company issued 112,125,000 common shares, including the exercise in full of the option granted to the Underwriters (as defined herein), at a price of $1.60 per common share for aggregate gross proceeds of $179.4-million.

The brokered offering was completed pursuant to the terms of an underwriting agreement dated Jan. 6, 2026, among the company and a syndicate of underwriters led by BMO Capital Markets, as lead underwriter and sole bookrunner, and including National Bank Financial Inc. and Clarus Securities Inc. As consideration for the services provided to the company in connection with the brokered offering, the underwriters were paid a cash commission in the amount of approximately $9.85-million, representing 5.5 per cent of the gross proceeds of the brokered offering, other than in respect of the proceeds received from subscriptions from purchasers included on a president's list formed by the company in connection with the brokered offering.

The company intends to use the net proceeds of the brokered offering for continued development and growth expenditures at the Bibiani and Chirano mines, and for general working capital purposes.

The common shares issued pursuant to the brokered offering are subject to a four-month statutory hold period under applicable Canadian securities laws, expiring on May 7, 2026. The brokered offering remains subject to the final acceptance of the TSX Venture Exchange.

As previously announced, the company has entered into an agreement with Malik Easah, the executive chairman of the company, pursuant to which it has agreed to sell to Mr. Easah, on a non-brokered private placement basis, an aggregate of 8,625,000 common shares at a price of $1.60 per common share for aggregate gross proceeds of $13.8-million. The non-brokered offering is anticipated to close on or about Jan. 30, 2026, and remains subject to the final acceptance of the TSX-V.

Certain insiders of the company subscribed for common shares under the brokered offering on the same terms as arm's-length investors. Each subscription by an insider is considered to be a related-party transaction for the purposes of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the brokered offering in reliance on sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the securities issued to the related parties, nor the fair market value of the consideration for the securities issued to the related parties exceeds 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101. The company did not file a material change report more than 21 days before the expected closing date of the brokered offering as the details of the brokered offering and the participation therein by each related party of the company were not settled until shortly prior to the closing of the brokered offering, and the company wished to close the brokered offering on an expedited basis for sound business reasons.

Closing of accordion feature under term loan

Further to the company's news release dated Dec. 16, 2025, the company also announces that it has closed, effective Dec. 31, 2025, the accordion feature under its existing senior term loan facility, pursuant to which total lender commitments were increased by $30-million (U.S.) to an aggregate of $150-million (U.S.), with the additional commitments provided by GCB Bank PLC.

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 TSX Venture Exchange, the Ghana Stock Exchange and the OTCQX Best Market. 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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