Mr. Dave Anthony reports

ASANTE GOLD CORPORATION EXPECTS TO FILE YEAR-END FINANCIAL RESULTS BY LATE MAY AND ANNOUNCES GRANT OF MANAGEMENT CEASE TRADE ORDER

Asante Gold Corp. has applied for, and received, a management cease trade order (MCTO) from the British Columbia Securities Commission pursuant to which the company will have until June 30, 2023, to file its annual financial statements and related chief executive officer and chief financial officer certifications for the years ended Jan. 31, 2023, and Jan. 31, 2022, and its annual information form for the year ended Jan. 31, 2023. The company expects to complete the annual filings by no later than May 31, 2023.

The MCTO prohibits trading in securities of the company by the chief executive officer and the chief financial officer of the company, whether direct or indirect, for so long as the annual filings are not filed, while permitting continued trading by persons other than the chief executive officer and the chief financial officer. The MCTO will remain in effect until the company completes the annual filings.

As a result of the company's listing on the Ghana Stock Exchange on June 29, 2022, the company ceased to be a venture issuer for purposes of National Instrument 51-102 and the filing deadline for the annual filings accelerated from May 31, 2023, to May 1, 2023.

Due to the complexity associated with consolidating the Chirano gold mine acquisition, completed on Aug. 10, 2022, Asante determined that it was not able to meet the May 1, 2023, deadline for its annual filings. Specifically, the company and its auditors are still assessing the accounting process for the purchase price in respect of this acquisition.

The company intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of National Policy 12-203 by issuing biweekly status reports in the form of news releases so long as the annual filings are outstanding.

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 with combined forecast production of approximately 400,000 ounces of gold for 2023.

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