Mr. Dave Anthony reports

ASANTE GOLD CORPORATION PROVIDES STATUS UPDATE ON MANAGEMENT CEASE TRADE ORDER

Asante Gold Corp. has provided its first biweekly status update in connection with a management cease trade order (MCTO) granted by the British Columbia Securities Commission. Asante confirms there have been no material changes to the information provided in its May 3, 2023 news release.

Pursuant to the MCTO, the Company has until June 30, 2023 to file its annual financial statements, and related CEO and CFO certifications, for the years ended January 31, 2023 and January 31, 2022 and its annual information form for the year ended January 31, 2023 (collectively, the "Annual Filings").

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, until its Annual Filings are completed. Other shareholders may continue to trade the Company's securities during this period.

The Company intends to continue providing bi-weekly status reports in the form of news releases until the Annual Filings are completed.

About Asante Gold Corporation

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. The Company continues with detailed technical studies at its Kubi Gold Project for early production. 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 Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. 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. Additional information is available on the Company's website at www.asantegold.com.

About the Bibiani Gold Mine

Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with previous gold production of more than 4.5 million ounces. It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant and existing mining infrastructure. Mining commenced in late February 2022 with the first gold pour announced on July 7, 2022. Commercial production was announced November 10, 2022.

For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to Asante's press releases dated July 18, 2022 and September 1, 2022 and the technical report filed on its SEDAR profile (www.sedar.com) on September 1, 2022.

About the Chirano Gold Mine

Chirano is an operating open-pit and underground mine located in the Western Region of 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 oz on a 100% basis (source Kinross Gold Corporation).

For further information please contact: Dave Anthony, President & CEO: +233 55 879 3309 (Ghana) or +1 647 382 4215 (Canada) or, dave@asantegold.com

Frederick Attakumah, Executive Vice President, frederick@asantegold.com

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed and approved by Dave Anthony, P. Eng., Mining and Mineral Processing, President and CEO of Asante, who is a "qualified person" under NI 43-101.

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