Asante Gold Corp (ASE)

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ASANTE ANNOUNCES PURCHASE OF
CHIRANO GOLD MINE IN GHANA

Vancouver, British Columbia, April 25, 2022 – Asante Gold Corporation (CSE:ASE |
FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to announce that it has
entered into a share purchase agreement with Kinross Gold Corporation (“Kinross”) to acquire Kinross’
90% interest in the Chirano Gold Mine (“Chirano”) for a total consideration of US$225 million (the
“Chirano Acquisition”). The Ghanaian government retains a 10% carried interest in Chirano.
The upfront consideration for the Chirano Acquisition will be comprised of US$115 million in cash and
US$50 million in common shares of Asante (“Asante Shares”) based on the 30-day volume-weighted
average price of the Asante Shares prior to closing of the Chirano Acquisition (“Closing”) and provided the
issuance of the Asante S hares will not result in Kinross exceeding a 9.9% share ownership in Asante.
Kinross will also receive a total deferred payment of US$60 million in cash, with 50% payable on the first
anniversary of Closing and the balance payable on the second anniversary of Closing. If the 9.9% share
ownership limit is reached, the remainder of the US$50 million in share consideration will be paid by
increasing the deferred cash payments in equal portions. Kinross has agreed that it will hold its Asante
Shares for at least 12 months following the Closing.

The transaction is expected to be completed on or around May 31, 2022. The Government of Ghana has
issued a Letter of No Objection to the change of control of Chirano and the transaction is not subject to a
financing condition.

Dave Anthony, President and CEO of Asante, stated: “We are excited to add the Chirano operation to our
base of gold production in Ghana. It presents an excellent opportunity for synergy with our other Ghanaian
assets and represents “the next step” for our vision to build a leading gold mining company in Ghana and
West Africa. Asante has deep ties to Ghana and is committed to sharing the benefits of its activities with
the local community and Ghana. Chirano is a well-run operation and our intention is to retain its employees,
to ensure a smooth transition of ownership, with uninterrupted production.”

Douglas MacQuarrie, Non-Executive Chairman of Asante, stated: “The Bibiani and Chirano assets will be
combined under one ownership, to cover an entire district scale gold trend exceeding 53km in length and
with past gold production of more than 8 million ounces. With two modern process plants located 20km
apart, exploration success anywhere along the gold trend can be efficiently accessed. Our recent exploration success at Bibiani-South Russel is indicative of the discovery potential that remains along the trend.”

Canaccord Genuity Corp. and Durose Asset Management Inc. are acting as financial advisors to Asante,
with Bennett Jones LLP acting as legal advisor, for the transaction.

About the Chirano Gold Mine
Chirano is an operating open-pit and underground mining operation located in southwestern 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. Gold Equivalent Production in 2021 was 154,668 oz on a 100% basis
(source Kinross Gold Corporation).

About Asante Gold Corporation
Asante is a gold exploration, development and operating company with a high-quality portfolio of projects
in Ghana, Africa’s largest and most reliable gold producer. Asante is currently focused on developing to
production its Bibiani and Kubi Gold mines 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.

Asante is listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange and has announced plans to co-list its shares in Ghana. 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.

Additional information is available on the Company’s website at www.asantegold.com.

About the Bibiani Gold Mine
Bibiani is a historically significant gold mine situated in the western region of Ghana, with previous gold
production close to 5 Moz. It is fully permitted with available mining and processing infrastructure on-site
consisting of a 3 million tonne per annum mill and processing plant, and existing surface and mining
infrastructure. Mining commenced in late February and first gold production is on track for Q3 2022.
The Current Mineral Resource Estimate for Bibiani, as reported in the Technical Report on the Bibiani
Gold Mine, Ghana, by Principal Author Ian M Glacken FAusIMM (CP), FAIG, CEng and Qualified Person
Dan Bansah MSc, MAusIMM (CP), FWAIMM, MGIG, dated November 7, 2021, and filed on SEDAR, is
Measured and Indicated 20.1 million tonnes at 2.71 grams of gold per tonne for 1.81 Moz of gold, plus
Inferred 8.41 million tonnes at 2.78 grams of gold per tonne for 0.75 Moz of gold from an open pit mine.
The Mineral Resource has been reported above a 0.65 g/t gold cut-off and has been depleted for both
historical open pit and underground development as of August 31, 2017. The Bibiani Main Pit mineral
resource has been prepared by Competent Persons (Optiro, 2017) using accepted industry practices and
have been classified and reported in accordance with the JORC Code (JORC, 2012). There are no material
differences between the definitions of Measured, Indicated and Inferred Mineral Resources under the CIM
Definition Standards and the equivalent definitions in the JORC Code. The Satellite pit resource is an
update completed in 2018 by Resolute Mining Limited. The Satellite pit resource is also reported above a
cut-off grade of 0.65 g/t gold inside a pit shell defined at a gold price of US$1,950. Mineral resources that
are not mineral reserves do not have demonstrated economic viability.

For further information please contact:

Dave Anthony, President & CEO: [phone] (Canada) or [phone] (Ghana) or
[e-mail]
Malik Easah, Executive Director, [e-mail]
Alec Rowlands, Capital Markets Consultant, [e-mail]
Valentina Gvozdeva, Manager IR, [e-mail]
Kirsti Mattson, Media Relations, [e-mail]