Mr. Dave Anthony reports

ASANTE GOLD ANNOUNCES BIBIANI GOLD MINE START OF PROCESS PLANT OPERATIONS

Asante Gold Corp. has successfully refurbished, commissioned and started operations of the process plant and associated equipment at the Bibiani gold mine. Following an intensive period of refurbishment and upgrade of the process plant, principal equipment has been commissioned and confirmed operational. A 14-day period of intermittent operation is planned to test controls, calibrate operating systems and align critical equipment under full load. This is expected to lead to 24-hour-per-day operation by the end of June, 2022.

The Bibiani gold mine came out of care and maintenance in September, 2021, and an extensive refurbishment program has continued since that time. With the support of its key contractors, Asante remains on track to pour gold in the third quarter of 2022.

The mining program is on track, with material movement running at six million tonnes per month. Stockpiling of mineralized material on the run-of-mine (ROM) pad has been continuing since mining commenced in February, 2022. As of late May, there are more than 200,000 tonnes of mineralized material on the ROM pad.

Comprehensive refurbishment has been completed on the primary crusher, all conveyors, SAG (semi-autogenous grinding) and ball mills, ancillary equipment, all mechanical drives, lubrication systems, electric motors, pumps, piping, electric systems, instrumentation systems, valves, steelwork, rubber installations, and civil works.

Asante is pleased to recognize and thank the team from Harlequin International, which conducted the refurbishment program and ensured a high level of quality work was completed safely.

Dave Anthony, president and chief executive officer, stated: "We are pleased that our refurbishment efforts at the Bibiani gold mine have been delivered ahead of schedule. The excellent and timely work completed safely by Ghanaian contractors is just another example of how the Ghanaian mining industry is fully resourced to support development and maintenance of modern, large-scale mining operations. With the process plant operational, Asante is now ready to advance with start of operations."

About Asante Gold Corp.

Asante is a gold exploration, project development and operations company with a high-quality portfolio of projects in Ghana, Africa's largest and most reliable gold producer. Asante is currently focused on completing the purchase of the Chirano gold mine, previously announced on April 25, 2022, and developing to production its Bibiani and Kubi gold mines located on the prolific Bibiani and Ashanti gold belts. Asante has an experienced and skilled team of mine finders, builders and operators. Asante is listed on the Canadian Securities Exchange and Frankfurt Stock Exchange and has announced plans to co-list its shares 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.

About the Bibiani gold mine

The Bibiani gold mine is a historically significant Ghanaian gold mine situated in the Western North region of Ghana. Bibiani has previous production of more than four million ounces and is fully permitted, with available mining and processing infrastructure on site consisting of a three-million-tonne-per-annum mill and processing plant.

The current mineral resource estimate for Bibiani, effective as of Nov. 7, 2021, as set out in the technical report titled "Technical Report on the Bibiani Gold Mine, Ghana," prepared by Ian M. Glacken, FAusIMM (CP), FAIG, CEng, of Optiro Pty. Ltd. and assisted by Dan Bansah, MSc, MAusIMM (CP), FWAIMM, MGIG, of Minecon Resources and Services Ltd. as qualified person and filed on SEDAR, is measured and indicated for the Bibiani main pit and the satellite pits at 20.8 million tonnes at 2.71 grams of gold per tonne for 1.81 million ounces of gold; and inferred at 8.41 million tonnes at 2.78 grams of gold per tonne for 753,000 ounces of gold. The mineral resource has been reported above a 0.65-gram-per-tonne-gold cut-off and has been depleted for both historical open-pit and underground development as of Aug. 31, 2017. The technical report was prepared using accepted industry practices in accordance with the JORC Code (JORC (Joint Ore Reserves Committee), 2012). There are no material differences between the definitions of measured, indicated and inferred mineral resources under the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards and the equivalent definitions in the JORC Code. The satellite pit resource is an update completed in 2018 by Resolute Mining Ltd., the former owner of the Bibiani gold mine. The satellite pit resource is also reported above a cut-off grade of 0.65 gram per tonne gold inside a pit shell defined at a gold price of $1,950 (U.S.). Mineral resources that are not mineral reserves do not have demonstrated economic viability.

About the Chirano gold mine

Chirano is an operating open-pit and underground mining operation located in southwestern 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. Gold equivalent production in 2021 was 154,668 ounces on a 100-per-cent basis (source: Kinross Gold Corp.).

Qualified person statement

Scientific and technical information contained in this news release has been reviewed and approved by Kwamina Ackun-Wood, a member of the Australasian Institute of Mining and Metallurgy and the exploration manager for Mensin Gold Bibiani Ltd. (a wholly owned subsidiary of Asante Gold) and who is a qualified person under National Instrument 43-101.

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