Asante Gold Corporation announced preparation of an updated NI 43-101 Technical Report for the Bibiani Gold Mine (“Bibiani” or the “Project”), operated by Mensin Gold Bibiani Limited (“Mensin Gold Bibiani”), a 90% owned Ghana subsidiary of Asante (the “2022 Technical Report”). The 2022 Technical Report when filed will supersede the previous Bibiani JORC/NI 43-101 submissions by Resolute Mining Limited ("Resolute") in 2018 (the “Resolute 2018 Technical Report”) and by Asante in November 2021, which were based on geological modelling 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 modelling 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 modelling.

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 Fourth Quarter 2022, with a view toward commencing underground operations in 2024. The 2022 Technical Report will include re-modelled 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, on a 100% owned basis, include: 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); Proved and Probable Mineral Reserves of 28.41Mt at 2.14 g/t Au (1.95 Moz); Project Life of Mine (“LoM”) of 8.3 years (Open Pit); Post-Tax IRR 43% and NPV (5%) of USD 392 million at USD 1,703/oz gold; Cash costs USD 823/oz; AISC USD 1,222/oz; Total gold recovered 1.9 Moz; Payback Period of 2.0 years; Measured + Indicated Mineral Resources Bibiani Main Pit, include a 54% increase in tonnes and a 25% increase in ounces (Indicated portion); 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.