Mr. Dave Anthony reports

ASANTE PROVIDES UPDATE ON DISCUSSIONS WITH FUJAIRAH HOLDING LLC IN CONNECTION WITH NON-BINDING EXPRESSION OF INTEREST

Asante Gold Corp. has provided the following update regarding the previously disclosed, unsolicited, non-binding expression of interest from Fujairah Holding LLC to acquire all of the company's issued and outstanding common shares not held by Fujairah.

Fujairah requested a 30-day extension to its exclusivity agreement with Asante, which has been in effect from May 8, 2023. Fujairah has advised that its technical due diligence process has been delayed due to inability of its consultants to conduct their site visit and complete this part of its due diligence process.

While the board welcomes the Fujairah offer, there are other financial opportunities of interest and Asante believes that another extension is not in the best interests of the company. Asante will continue discussions related to other financial opportunities while supporting the Fujairah due diligence process. Should a formal offer from Fujairah materialize, the board would welcome this.

The board is committed to maximizing value for all shareholders and recognizes the offer price of $2.20 per share is very low. It believes that granting further exclusivity to any one party for an extended period is not in the best interests of the process.

On May 16, 2023, Asante announced that it had extended Fujairah's exclusivity until 5 p.m. Toronto time on May 19, 2023, to provide additional time for Fujairah to complete its due diligence review. Although the company has declined to extend Fujairah's exclusivity, it continues to work with Fujairah to support completion of its due diligence review in connection with the non-binding expression of interest and a potential financing transaction.

The company cautions that what it has received to date is a non-binding proposal to transact. There are no binding terms and there can be no certainty that any binding terms will be proposed or agreed or that discussions in relation to such proposal will continue or result in a transaction. The company cautions that shareholders should take no steps in relation to the non-binding expression of interest. The company also reconfirms that it has no indication as to Fujairah's intentions to submit any additional binding or non-binding proposal with respect to the acquisition of the company's common shares not held by Fujairah or any potential financing to be provided by Fujairah. Any such proposals, if received, would be reviewed by the company, in consultation with the company's financial and legal advisers. The company does not undertake any obligation to provide any updates with respect to the non-binding expression of interest or any other proposals, except as required under applicable law.

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. The company continues with detailed technical studies at its Kubi gold project leading to 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.

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 three-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 Nov. 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 Sept. 1, 2022, and the technical report filed on its SEDAR profile on Sept. 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 ounces on a 100-per-cent basis (source: Kinross Gold Corp.).

Qualified person statement

The scientific and technical information contained in this news release has been reviewed and approved by Dave Anthony, PEng, mining and mineral processing, president and chief executive officer of Asante, who is a qualified person under National Instrument 43-101.

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