Mr. Dave Anthony reports

ASANTE GOLD CORPORATION PROVIDES STATUS UPDATE ON MANAGEMENT CEASE TRADE ORDER

Asante Gold Corp. has provided its second biweekly status update in connection with a management cease trade order (MCTO) granted by the British Columbia Securities Commission (BCSC). 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 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 (collectively, the annual filings).

The company expects to complete the annual filings by no later than May 31, 2023. Asante confirms that there has been no failure to fulfill its stated intentions with respect to the annual filings and that there is no subsequent specified default anticipated. The company further confirms that there is no other material information concerning the affairs of the company that has not been generally disclosed.

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 biweekly status reports in the form of news releases until the annual filings are completed.

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 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. 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.

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 CEO of Asante, who is a qualified person under National Instrument 43-101.

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