Mr. Dave Anthony reports

ASANTE ANNOUNCES CONVERSION OF CONVERTIBLE DEBENTURE

Kinross Gold Corp., the holder of a secured convertible debenture issued on Aug. 12, 2025, by Asante Gold Corp., has elected to convert the entire principal amount of the convertible debenture, together with accrued and unpaid interest thereon, in the amount of approximately $80-million (U.S.) into common shares of the company in accordance with the terms of the convertible debenture.

Under the terms of the convertible debenture, the Canadian-dollar equivalent of the conversion amount is convertible into shares at a price of $1.81 per share. As a result, the company will be issuing an aggregate of 61,735,867 shares to Kinross. Upon conversion, all obligations relating to the convertible debenture have been extinguished, and the convertible debenture is no longer outstanding.

Dave Anthony, chief executive officer of Asante, stated: "This debenture conversion strengthens our balance sheet by eliminating debt and removing the potential overhang from our recently completed financing. We would like to thank Kinross for the support they have shown during an instrumental period of project funding and capital allocation, and we look forward to executing our plans to advance our expansion projects at both Bibiani and Chirano, where we remain focused on growing high-grade gold ounces and creating long-term shareholder value."

The shares issued to Kinross are subject to a statutory hold period under applicable Canadian securities laws, which will expire on Dec. 13, 2025.

No commission or bonus shares were paid in connection with the conversion.

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 TSX Venture 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.

We seek Safe Harbor.