Mr. Dave Anthony reports

ASANTE GOLD ANNOUNCES FY 2023 RESULTS

Asante Gold Corp. has filed its audited financials, management's discussion and analysis, and annual information form for the year ended Jan. 31, 2023.

All financial information provided in this news release is audited and dollar figures are Canadian dollars unless otherwise stated.

Fiscal year 2023 highlights:

• No lost time injuries recorded.
• Gold production and sales of 120,713 ounces.
• Revenue of $274.7-million.
• Net comprehensive loss of $169.5-million.
• Completed $60-million (U.S.) in deferred payments for Bibiani acquisition.
• Completed $52-million (U.S.) in payments pursuant to the company's gold forward sale agreement.
• Closed acquisition of an indirect 90-per-cent interest in the Chirano gold mine on Aug. 10, 2022.
• Synergies between Chirano and Bibiani (approximately 15 kilometres apart) have been identified, including procurement of services and consumable materials, shared services, technical services, and training initiatives, with expected savings of approximately $5.5-million to $7-million per year. Initiatives have been taken to capture these opportunities and will continue to be rolled out through Q3 2023.
• The Bibiani exploration program targeting increased mine life beyond 8.3 years continues to meet success.
• The exploration program at Chirano that targets increased mine life beyond five years has been successful, with the Aboduabo prospect emerging as a significant, long-term opportunity.
• The Chirano business improvement plan that includes several process plant upgrades and accelerated mine development is advancing as planned. This program targets a 30-per-cent increase in production and a 10-per-cent decrease in all-in sustaining cost for calendar 2024.

Filing of the annual filings satisfies the conditions for revocation of the management cease trade order (MCTO) granted by the British Columbia Securities Commission (BCSC) on May 3, 2023, and the company intends to file an application with the BCSC to have the MCTO revoked.

Dave Anthony, president and chief executive officer of Asante, stated: "Over the past 18 months Asante has been transformed from an early-stage exploration company to a mid-tier gold producer. In fiscal 2023, we made payments totalling $60-million (U.S.) towards closing our Bibiani acquisition, repaid $52-million on our gold forward sale agreement and closed the Chirano acquisition. With consolidation of two operating mines near each other, we have control of a district-scale land package with significant gold resources and exploration upside. Previously announced value creation initiatives are proceeding across our business as we look to make the Bibiani-Chirano complex one of the top mining districts in Africa."

Current activities:

• Underground mine planning for Bibiani is advanced, with start of development anticipated for Q2 2024.
• Bibiani ramp-up includes development of the Grasshopper satellite pit, which is expected to operate through Q1 2024 and deliver in excess of 50,000 oz gold in 2023.
• Chirano is achieving target production levels of gold in 2023.
• The pebble crusher at Chirano started operation in April, 2023, bringing throughput to four million tonnes/year.
• The gravity recovery plant and oxygen plant at Chirano will start operation in Q3 2023.
• The Bibiani pebble crusher will start operation in Q4 2023, bringing throughput to 3.6 million tonnes/year.
• The sulphide treatment plant at Bibiani is planned to start operation in Q4 2023.
• The Aboduabo starter pit is expected to begin development in Q4 2023.
• The South Russell starter pit is expected to begin development in Q4 2023.

Qualified person statement

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

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.

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