Mr. Dave Anthony reports

ASANTE ACCELERATES BIBIANI RAMP-UP

Asante Gold Corp. significantly ramped up activity to accelerate growth initiatives at Bibiani, supported by the immediate deployment of proceeds from the initial $100-million (U.S.) gold forward sale.

Highlights:

• Acceleration of stripping activities at the Main pit and the Russel pit, with 300-per-cent increase in monthly material movement expected by June, 2025, compared with recent levels;
• Sulphide treatment plant commissioning expected to be complete in May, 2025;
• Bibiani monthly gold production expected to increase to 9,000 ounces by February, 2025, and to 23,000 ounces by September, 2025.

Dave Anthony, president and chief executive officer, stated: "We are pleased to report a rapid increase in operational activities at the Bibiani mine, funded by the $100-million [U.S.] gold forward agreement with our key strategic partner, Fujairah. This will more than double monthly gold production by February, 2025, with additional catalysts for growth expected to follow over the course of the year supported by the company's financing plans that continue to advance."

Russel pit rapidly expands beyond starter pit size

Operational activities at the Bibiani mine are accelerating, driven by continuing expansion of the Russel pit and a rapid increase in equipment availability from the primary mining contractor. The Russel pit continues to outperform the company's expectations, with gold production up by more than 700 per cent during the last quarter of 2024 to upward of 7,000 ounces per month. As a result, an aggressive drilling program has been initiated to confirm the southward extension into Cutback No. 3 during the second half of 2025. This will support advancement of waste stripping at the Main pit during the first half of 2025.

Main pit stripping activity accelerates

At the Main pit, mining is ahead of schedule by approximately 200 per cent since starting the buildup program in November, 2024. The mining contractor is increasing its fleet to meet an agreed schedule of the production buildup. Main pit Cutback No. 2 also starts during Q1 2025 to ensure consistent supply of mineralized material. The underground mine project preparation is targeted to start during the last quarter of 2025.

The company expects the primary mine contractor fleet to double by June, 2025, in terms of trucks and excavators at work.

The planned ramp-up activities and completion of commissioning the sulphide treatment plant in May, 2025, will support a sharp increase in monthly gold production to 9,000 ounces by February, 2025, 12,000 ounces by June, 2025, and 23,000 ounces by September, 2025.

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, president and chief executive officer of Asante, 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 newly 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 on April 30, 2024, and the company's press release dated Jan. 14, 2025.

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 on April 30, 2024.

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