Mr. Dave Anthony reports

ASANTE ANNOUNCES RECEIPT OF NET PROCEEDS FROM C$237M EQUITY OFFERING, COMPLETION OF KINROSS RESTRUCTURING

Asante Gold Corp., further to its news release dated Aug. 11, 2025, announcing the execution of definitive agreements relating to an approximately $500-million financing package, has satisfied the conditions to first drawdown under such definitive agreements, resulting in the satisfaction by the company of the escrow release conditions relating to the bought deal private placement of 163.3 million subscription receipts of the company at a price of $1.45 (Canadian) per subscription receipt for aggregate gross proceeds of approximately $237-million (Canadian), which was completed on July 7, 2025. All amounts are in U.S. dollars unless otherwise indicated.

In connection with the satisfaction of the escrow release conditions, the proceeds of the offering and accrued interest thereon, net of the commission and expenses payable to the underwriters of the offering, have been released to the company by the subscription receipt agent and each subscription receipt automatically converted into one common share of the company.

The common shares issued upon conversion of the subscription receipts remain subject to a statutory four-month hold period pursuant to applicable Canadian securities laws, which will expire on Nov. 8, 2025.

In accordance with the terms of the definitive agreement entered into with Kinross Gold Corp., as announced Aug. 11, 2025, the company has restructured certain obligations owing to Kinross by: (i) paying to Kinross an aggregate of $53-million in cash; (ii) issuing to Kinross an aggregate of 36,927,650 common shares at a deemed issue price of $1.45 (Canadian) per common share; and (iii) issuing to Kinross a secured convertible debenture in a principal amount of approximately $80-million. In connection with the foregoing, Kinross has also relinquished its existing security interest in the downstream entities that own the Chirano mine in favour of a security package that is the same as, but subordinate to, that held by company's senior lenders.

The common shares and convertible debenture issued to Kinross are subject to a statutory four-month hold period pursuant to applicable Canadian securities laws, which will expire on Dec. 13, 2025.

As noted in the company's news release dated Aug. 11, 2025, the offering is a component of the first stage of the financing package that is expected to close by Aug. 15, 2025, which also includes the $125-million mezzanine facility, the $50-million gold stream, the $10-million non-brokered private placement and a $5-million utilization of the senior debt facility (each as defined in the earlier news release). For additional information in respect of the financing package, the Kinross agreement and the convertible debenture, please refer to the company's news release dated Aug. 11, 2025.

In connection with the $175-million participation of certain funds advised by Appian Capital Advisory Ltd. in the financing package, the company granted Appian 16,180,864 non-transferable common share purchase warrants. Each warrant entitles Appian to purchase one common share at an exercise price of $1.67 (Canadian) per common share on or prior to Aug. 11, 2029 (four years from issuance), subject to certain acceleration provisions. The warrants are subject to a statutory four-month hold period pursuant to applicable Canadian securities laws, which will expire on Dec. 12, 2025.

The company intends to use the net proceeds of the offering, together with the proceeds of the financing package, for development and growth expenditures at the Bibiani and Chirano mines, the above-noted cash payment to Kinross, which has been satisfied, and the retirement of short-term liabilities, and for general working capital purposes.

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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