Updated NI-43-101 Technical Report For Bibiani Gold Mine

VANCOUVER - Asante Gold Corporation reported an updated NI 43-101 Technical Report for the Bibiani Gold Mine. The 2022 Technical Report has been prepared to the level of confidence of a Pre-Feasibility Study. The 2022 Technical Report when filed will supersede the previous Bibiani JORC/NI 43-101 submissions by Resolute Mining Limited and by Asante in November 2021, which were based on geological modeling for development of an underground mine (the “2021 Technical Report”). By re-configuring to open pit mining, Asante increased the 2021 Project Measured + Indicated Mineral Resources by 26.4% to 2.29 Moz. The Mineral Resource estimate included in the 2021 Technical Report does not include significant gold mineralization outlined beneath the current pit shells.

In July 2018, Resolute, released an updated feasibility study for Bibiani reporting JORC compliant Mineral Resources of 21.7 Mt at 3.6 g/t Au for 2.5Moz of gold, to be mined using underground methods to a depth of 475m. In November 2021, Asante released the 2021 Technical Report that was based on Resolute’s underground modeling and interpretations that considered open pit mining. It defined a 1.8M oz resource to be mined using open pit mining practices to a depth of 350m. The mineralized material from the Resolute 2018 Technical Report located below the pit bottom was not included in Asante’s 2021 Technical Report.

The 2022 Technical Report is based on updated geological data and resource modeling. It specifically reflects development of open pit mining plans, plus start of mining operation and processing facilities. The Measured and Indicated Mineral Resources have been increased to 2.29 Moz and are further classified as 1.95 Moz of Mineral Reserves. The open pit mine life has been increased from 6 years to 8.3 years, with more than 1.9 Moz of gold expected to be produced. The Bibiani Mine orebody remains open at depth and along strike. The Company continues with exploration at surface and will start an underground mine design project during Q4 2022, with a view toward commencing underground operations in 2024.

The 2022 Technical Report will include re-modeled and updated Mineral Resource and Mineral Reserve Estimates along with a detailed mining schedule and economic analysis relevant for an open pit mining operation. Asante plans to mine using staged cut-backs of the Bibiani Main Pit and two satellite pits, Walsh and Strauss. Key highlights of the 2022 Technical Report include: 1) Measured + Indicated Mineral Resources of 31.57MT at 2.25g/t Au (2.29 Moz) and Inferred Mineral Resources of 4.02Mt at 2.75 g/t Au (0.355 Moz). 2) Proved and Probable Mineral Reserves of 28.41Mt at 2.14 g/t Au (1.95 Moz). 3) Project Life of Mine (“LoM”) of 8.3 years (Open Pit). 4) Post-Tax IRR 43% and NPV (5%) of US$392 million at US$1,703/oz gold. 5) Cash costs US$823/oz. 6) AISC US$1,222/oz. 7) Total gold recovered 1.9 Moz. 8) Payback Period of 2.0 years. 9) Measured + Indicated Mineral Resources Bibiani Main Pit, include a 54% increase in tonnes and a 25% increase in ounces (Indicated portion). 10) Measured + Indicated Mineral Resources Walsh Pit, include a 16% increase in tonnes, a 45% increase in grade, and a 68% increase in ounces.

The mine design and schedule results in a mining inventory of 28.41Mt at 2.14g/t Au. The LoM is 8.3 years at a steady state of 4.0Mtpa from 2025. The total material mined reaches a maximum of approximately 8Mtpm with an average LoM strip ratio of 17. The 3Mtpa Bibiani mine process plant has been refurbished and updated to 2022 standards, and 24 hour per day operation has started. Current plans are to treat approximately 3Mtpa of ore from 2022 - 2023, comprised of both fresh and oxide ore from the Bibiani Main and satellite pits. Asante plans to expand the processing capabilities to 4.0Mtpa throughput by 2025 to meet the requirements of the LoM Plan.

“We purchased the Bibiani Gold Mine in August 2021 and have recently announced the start of operations. We are pleased to report that our initiatives to conduct extensive near mine exploration, resume open pit operations and refurbish the Process Plant, have resulted in a significant increase to mine life and expected gold production at Bibiani. We continue our work to define and capture opportunity for significant upside at Bibiani. The Company continues with surface exploration activity and anticipates extending open pit mine life. An underground mine design program will start in Q4 2022, with a goal to start underground mining in 2024. These exploration, design and production initiatives are not considered in the 2022 Technical Report. Recently, we announced a forward gold financing agreement that will account for less than 30% of the next 12 months expected gold production at Bibiani. This agreement puts the Company on solid financial footing as we move forward,” said Dave Anthony, President and CEO.