Mr. Dave Anthony reports

ASANTE PROVIDES OPERATIONS AND CORPORATE UPDATE

Asante Gold Corp. has provided an update on its operations and corporate activities.

Operations update -- Bibiani mine

The Bibiani process and mine facilities are operating on a 24-hour-per-day basis with throughput of approximately three million tonnes (Mt) per year. Completion of critical plant upgrades and other capital initiatives, as outlined below, are expected to enable material increases in throughput, gold recovery and production levels with a commensurate decrease in all-in sustaining costs per ounce in Q4 2023. The company continues to advance near-term financing initiatives to provide the required capital to achieve these initiatives.

Recent achievements and planned initiatives at Bibiani include:

• Exploration of near-mine targets proved to be successful with the Grasshopper satellite pit coming into production in Q2 2023. At the South Russel deposit, a starter pit is planned to be developed during Q4 with delivery of mineralized material expected to occur by January, 2024.
• The gravity plant was upgraded prior to start of production in July, 2022, and continues operation achieving 25-per-cent to 35-per-cent gold recovery, as planned. The installation of a scalping screen is planned to increase gravity gold recovery by 5 per cent, with expected completion in late October, 2023.
• The oxygen plant, installed on schedule, has been providing oxygen to the process plant from September, 2023. Installation of a Mach-reactor to increase oxygen utilization will be completed this week.
• A pebble crusher has been ordered and will be installed in the coming months to increase process plant throughput capacity from three million to 3.4 million tonnes per year.
• The sulphide recovery plant long-lead items are expected to ship in September, 2023. Construction of the plant is planned to be five months from the time of delivery to site. When in operation, the sulphide recovery plant is expected to improve gold recovery to over 90 per cent.
• Construction of the planned detour road is nearly complete, allowing the highway to be cut and providing access to higher-grade mineralized material from the main pit by early 2024.
• Other cost-saving and productivity improvement initiatives have started, with implementation planned over the coming months.

For the fiscal year ending Jan. 31, 2024, the company expects production of approximately 80,000 ounces to 90,000 oz gold at Bibiani. Subject to receipt of the requisite financing and completion of capital projects, as outlined above, Asante expects Bibiani to produce approximately 180,000 ounces of gold for the fiscal year ending Jan. 31, 2025, with all-in sustaining costs of $1,325/oz.

Operations update -- Chirano mine

The Chirano process and mine facilities are operating on a 24-hour-per-day basis at a current throughput of approximately 3.6 million tonnes per year.

Recent achievements and planned initiatives at Chirano include:

• Gravity plant design, procurement and installation is advanced, with completion expected in October, 2023, to increase gold recovery at Chirano by 5 per cent.
• Oxygen addition to the CIL (carbon-in-leach) plant is proceeding and the oxygen plant is planned for installation prior to Nov. 30, 2023.
• A pebble crusher was procured and installed on schedule in May, 2023, increasing plant throughput from 3.4 million to 3.6 million tonnes per year.
• Further primary grinding upgrades are planned to be operational late this year to increase process plant throughput from 3.6 million to four million tonnes per year.
• Relocation of minor infrastructure and facilities planned to provide access to and expansion of the Akoti South open pit, and the second cutback at the Sariehu open pit is progressing well.
• Mining from the Mamnao central and south pits is expected to be completed during Q3 2024. This production is expected to be replaced by Sariehu and Mamnao north pits. These initiatives would provide access to incremental resources and sustained gold production.
• Studies and associated initiatives are progressing on schedule to be finalized late 2024, with design to improve the current material handling systems and to deliver mineralized material to the process plant at lower cost.
• Initiatives to capture synergies to yield benefits related to the supply of principal consumable materials between the Bibiani and Chirano mines are being advanced, with an overall objective of saving approximately $10-million per year.
• Other cost-saving and productivity improvement initiatives have advanced, with results expected to be achieved later this year.
• Development of Obra, Suraw and the lower Tano underground mines have been accelerated facilitating earlier-than-planned underground mining at the Obra mine, which supplements plant feed and has improved the grade from 1.2 grams per tonne (g/t) to 1.6 g/t for the year to date.
• Exploration projects such as the Suraw mine, Obra mine and open-pit mining life extension projects at the Sariehu/Mamnao area are progressing as planned to support a robust mining program and extend the mining life.

For the fiscal year ending Jan. 31, 2024, the company expects production of between 145,000 oz and 155,000 oz of gold at Chirano. With the execution of the foregoing initiatives, the company is projecting production of approximately 180,000 ounces of gold for the fiscal year ending Jan. 31, 2025, at all-in sustaining costs of approximately $1,250/oz.

Corporate and financing update

The company continues to focus on the execution of its near-term growth plans and financing initiatives, including discussions with potentially interested parties regarding strategic alternatives. Any proposals, if received, will be reviewed by the company, in consultation with its financial and legal advisers. The company does not undertake any obligation to provide any updates with respect to any proposals, except as required under applicable law.

The company is also pleased to report that Malik Easah has accepted the role of executive chairman. Mr. Easah was previously an executive director of the company. Douglas MacQuarrie has stepped down from the non-executive chairman role while remaining a non-executive director of the company. The board thanks Mr. MacQuarrie for his service.

The company is also pleased to report that it has entered into an agreement with a strategic financial institution (the purchaser) for the forward sale of gold which will provide $40-million (U.S.) of financing to the company on a revolving basis over a two-year period. Under the agreement, a subsidiary of the company will deliver 4,000 ounces of refined gold per month to the purchaser for 24 months, commencing in October, 2023.

As an advance deposit toward future gold deliveries, the purchaser will pay the equivalent of $40-million (U.S.) in local currency to a subsidiary of the company shortly after execution of the agreement. Deliveries will be credited against the deposit and funds will be readvanced, at the company's election, on each fifth monthly anniversary of execution of the agreement.

The company continues to pursue other near-term, non-dilutive financing initiatives to support capital investments and working capital requirements.

Dave Anthony, president and chief executive officer of Asante, stated:

"It's an exciting and busy time at Asante with several near-term catalysts on the horizon, most notably the completion of high-return capital projects that are expected to transform the production and cost profile at both of our operations. With the receipt of funding to backstop near-term liquidity requirements and other near-term financing initiatives well under way, we are confident in our ability to execute on our business plans.

"On behalf of the management team, I would also like to thank Douglas MacQuarrie for his service to the company as non-executive chairman of the board for the past 18 months. We are pleased that he has agreed to continue to serve as a director of the company and that Malik Easah has agreed to assume the role of executive chairman."

Qualified person statement

Scientific and technical information contained in this news release has been reviewed and approved by Kwamina Ackun-Wood, a member of the Australasian Institute of Mining and Metallurgy, and the exploration manager for Mensin Gold Bibiani Ltd., and by Daniel Apau, a member of the Australasian Institute of Geoscientists, and the exploration manager for Chirano Gold Mines Ltd., and by Mr. Anthony, PEng, mining and mineral processing, president and CEO of Asante, all of whom are qualified persons 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, and continues with detailed technical studies at its Kubi gold project. 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.

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 news releases dated July 18, 2022, and Sept. 1, 2022, and the technical report filed on the company's 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.

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