Mr. Dave Anthony reports

ASANTE RECEIVES SECOND US$100 MILLION ADVANCE FROM FUJAIRAH, PROVIDES INTERIM FINANCING UPDATE

Asante Gold Corp. has received the second $100-million (U.S.) advance from Fujairah Holdings LLC (the second advance), as scheduled under the gold forward agreement described in the company's news release of Dec. 19, 2024. Asante has also secured a $10-million (U.S.) bridge loan facility from a leading financial institution in Ghana, which is expected to make a substantially larger credit commitment as part of the company's final capital structure.

The $110-million (U.S.) proceeds of the second advance and the bridge loan will be used to advance the continuing pit expansion at the Bibiani mine, as well as the completion of the sulphide treatment plant, with commissioning to commence in July, 2025. The funds will also provide working capital support pending the completion of the company's financing process.

The company is also pleased to provide an interim update on its previously announced financing process. To date, conditional credit commitments in an aggregate amount of more than $250-million (U.S.) have been received. The company will provide a further announcement in due course upon the finalization of key commercial terms and conditions, and the selection of financing partners following final credit approvals. Although there is no certainty that such financing initiatives will be completed, the company is confident that it will be able to do so by the end of July, 2025, as noted in its news release of May 5, 2025.

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 and the Ghana 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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