Mr. Dave Anthony reports

ASANTE ANNOUNCES US$500 MILLION GOLD FORWARD PURCHASE AGREEMENT

Asante Gold Corp.'s subsidiary, Asante Gold Bibiani Ltd. (Asante Bibiani), which owns the Bibiani mine, has entered into an agreement with Fujairah Holdings LLC for the forward sale of $500-million (U.S.) in gold, which will provide $100-million (U.S.) of financing to the company on a revolving basis over a period of approximately two years on terms described below.

Dave Anthony, president and chief executive officer, stated: "We are pleased to announce this gold forward agreement with Fujairah, a strategic and foundational partner for Asante. This agreement will enable us to immediately accelerate the ramp-up of mining activities and completion of the sulphide treatment plant. We plan to increase gold production beyond 15,000 ounces per month at Bibiani by midyear, while we work to complete our other funding initiatives."

As an advance deposit toward future gold deliveries, Fujairah has paid $100-million (U.S.) to Asante Bibiani. Under the gold forward agreement, there is a three-month grace period in respect of the initial deposit, following which the company will deliver $100-million (U.S.) of refined gold to Fujairah commencing March 28, 2025, through June 28, 2025, with such deliveries to be credited against the initial deposit.

Following the initial deposit, a series of four additional advance deposits and gold deliveries will be made in an aggregate amount of $400-million (U.S.) over a period of 22 months. There will be a two-month grace period in respect of each such $100-million (U.S.) additional advance deposit, following which the company will deliver $100-million (U.S.) of refined gold to Fujairah over four months. All gold deliveries will be priced at a discount of 7 per cent to the market price of gold at the time of delivery.

The proceeds of the initial deposit will primarily be used to advance growth initiatives at the company's operations, including accelerated ramp-up of mining activities and completion of a sulphide treatment plant at the Bibiani mine.

Asante Bibiani's obligations under the gold forward agreement will be secured by a parent guarantee from Asante and by a debenture in respect of Asante Bibiani's assets. Fujairah has agreed to a subordinated position to senior lenders and bondholders following the effectiveness of an intercreditor agreement that is expected to be entered into in connection with the company's proposed financing package announced on Oct. 30, 2024.

With regard to the previously announced $100-million (U.S.) non-brokered private placement, the company confirms that closing of the $40-million (U.S.) third tranche has not as yet occurred. The company is determining modification or cancellation of the third tranche of the private placement, and will provide an update when determination has been made.

Qualified person statement

The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, PEng, mining and mineral processing, 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, 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. 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 refurbished three-million-tonne-per-annum process plant and existing mining infrastructure. Asante commenced mining at Bibiani 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 the 2024 Bibiani technical report filed on the company's SEDAR+ profile.

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.

For additional information relating to the mineral resource and mineral reserve estimates for the Chirano gold mine, please refer to the 2024 Chirano technical report filed on the company's SEDAR+ profile.

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