CEO Letter to All Asante Shareholders, Employees, and Contractors

“Painting” by Adjei, Accra, Ghana

CEO letter to All Asante Shareholders, Employees, and Contractors:

Merry Christmas and Happy New Year to you and your families!

It is with a strong sense of accomplishment that I look back at the great achievements that we as a Company have made in the past year. This success was based on the collective work and prayers of each and everyone of you, without exception.
I think our name best sums it up – Asante Gold. Asante translates to – THANK YOU! And of course, gold – is what we do. And gold continues to shine very brightly both as the most stable commodity and the World’s best money.
As we continue to transform from a gold explorer to a gold producer, the transition will be very challenging and will require the best from each and everyone of us. I know we will meet each of the challenges as they arise.
On behalf of the Board, we take this opportunity to wish everyone a safe, healthy, and festive Christmas season and a truly prosperous New Year.

“Douglas R. MacQuarrie “
Chief Executive Officer

Asante Gold Announces Significant Gold Intercepts From Its Near Mine Exploration Drilling At The Bibiani Gold Mine

Asante Gold Announces Significant Gold Intercepts From Its Near Mine Exploration Drilling At The Bibiani Gold Mine

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES


Vancouver, British Columbia – December 15, 2021 – Asante Gold Corporation (CSE: ASE/
FRANKFURT: 1A9/U.S.OTC: ASGOF) (“Asante” or the “Company”) is pleased to announce significant gold intercepts from its ongoing near mine exploration drill program at its Bibiani Gold Mine in Ghana.


Asante initiated the exploration program in late September 2021. This program includes extensive induced polarization and ground magnetic surveys across the entire lease, RC and diamond drilling, plus a highl evel structural geology review targeting near mine areas with high potential for new discoveries. The program objective is to grow the resources to be included in our comprehensive mining plan being prepared for 2nd Qtr 2022, with plant start up scheduled for 3rd Qtr 2022.

The Company is pleased to report early results from the Walsh Satellite pit:

o WADD21-002; 18m @ 3.85g/t Au from 141m; incl. 16m @ 4.22g/t Au
o WADD21-005; 12m @ 4.41g/t Au from 174m
o WADD21-004; 8m @ 4.8g/t Au from 137m
o WADD21-007; 4m @ 7.49g/t Au from 170m
o WADD21-010; 3m @ 5.17g/t Au from 187m
o WADD21-003; 3m @ 5.96g/t Au from 140m;3m @ 4.60g/t Au from 160m

The results confirm the extension and grade continuity of the mineralization beneath the current US$1500 design shell. These recent assay results improve the existing deposit model and will support an update of the Walsh mineral resource estimate. We anticipate adding ounces to the existing resource. Follow-up drilling is continuing, focusing on deepening and extending the Walsh Pit to its economic limit.

Additional near mine targets have been identified and the drilling program will continue into the New Year.

Douglas MacQuarrie, President & CEO states, “Early drilling success at the Walsh Pit is indicative of the high potential and underexplored nature of our Bibiani asset. We thank our exploration team for their hard work and wish them many more successes in 2022.”

“Douglas R. MacQuarrie”
President and CEO

Details of Drill Results

Completed assay results are being reported for six (6) holes. The latest drill results are summarized in the table below:

Table 1: Summary drill results from Walsh extension drilling

Figure 1: Walsh Pit gram-metre longitudinal section showing extension of mineralization and US$1500 design pit shell
Figure 2: Walsh Pit cross-section at 715115N highlighting significant intercepts from Phase 1 drilling

QA/QC
The Company employs a QA/QC program consistent with NI 43-101 standards and industry best practices. Surface drilling was conducted by Geodrill Ghana Limited and Toomahit Drill Limited and was supervised by the Asante/Mensin Gold exploration team. Sampled drill core intervals were sawn in half with a diamond blade saw. Half of the sampled core was left in the core box and the remaining half was bagged and sealed. Asante utilizes accredited laboratories, and the samples were transported to the Intertek laboratory in Tarkwa, Ghana. Gold was analyzed by 50  gram fire assay with AA-finish. Certified reference material (CRM) standards and coarse blank material are inserted every 20 samples. Results from the QC program suggest that the reported results are accurate. Drill intercepts cited do not necessarily represent true widths, unless otherwise noted.

About Asante Gold Corporation
Asante is a pure gold exploration and development company with a high-quality portfolio of projects in Ghana, Africa’s largest and safest gold producer. Asante is focused on developing high margin gold projects including the 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 more than 24Moz of gold resources and reserves discovered
and developed in Ghana. Asante is listed on the Canadian Securities Exchange and 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 our web site at: www.asantegold.com

About the Bibiani Gold Mine
Bibiani is a historically significant Ghanaian gold mine situated in the western region of the country. Bibiani has previous production of +4Moz, 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 underground mining infrastructure. The Current Mineral Resource Estimate for Bibiani, as reported on 7 November 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. 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 31 August 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.

Qualified Person Statement
Scientific and technical information contained in this news release has been reviewed and approved by Kwamina Ackun-Wood, a member of the Australasian Institute of Mining and Metallurgy and the Exploration Manager for Mensin Gold Bibiani Ltd. (a wholly owned subsidiary of Asante Gold Corporation), and who is a “Qualified Person” under NI 43-101.

For further information please contact:
Douglas MacQuarrie, President & CEO, tel: +1 604-558-1134; E-mail: douglas@asantegold.com
Malik Easah, Executive Director, E-mail: malik@asantegold.com
Alec Rowlands, Capital Markets Consultant, E-mail: alec@asantegold.com
Valentina Gvozdeva, Business Development, E-mail: valentina@asantegold.com
Kirsti Mattson, Media Relations, E-mail: kirsti.mattson@gmail.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. No securities of the Company have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release

Bibiani Gold Mine Operations Update

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES



The link to the Asante Sedar file to see Bibiani Technical Report NI 43-101.

Vancouver, British Columbia, November 8, 2021 – Asante Gold Corporation (CSE:ASE/FRANKFURT:1A9/U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to announce that all activities planned to bring its’ Bibiani Mine into production in Q3 2022 are on track.

Asante is preparing a plan to deliver a mine that can produce approximately 190,000 ounces of gold at Bibiani in its first 12 months of operation and circa 240,000 ounces every year thereafter for a minimum of 6 years. Tenders have been invited for the selection of a Mining Contractor. We anticipate mobilization of the Mining Contractor to proceed in Q1 2022. The Process Plant refurbishment is slightly ahead of schedule and on budget. Harlequin International has been contracted to complete the refurbishment EPCM and has mobilized as scheduled. The full EPCM Team, plus requisite complement of tradespeople, is on site, to provide training, safety and project delivery systems and resources needed to ensure achievement of a safe and productive work environment.

All work activities are proceeding as planned. Principal equipment motors and drives have been taken off site, to be serviced as needed. Electrical components, instrumentation and control systems have been tested and are being upgraded as needed to provide improved performance, above the original design. Gravity recovery equipment is being upgraded to “2020” level of competence and automation. This includes the purchase of a new high efficiency 6G Knelson concentrator and Gekko ILR (intensive leach reactor).

Sub-contractors have been engaged, to proceed with sand blasting, metal and pipework repair, painting, installation of liners and belts, and to ensure safe and efficient operation. Equipment that is on site but that was not fully installed by the former owners is in the process of being made ready for operation. As of the last week of October, there are more than 200 workers on site. To date the project remains on budget.

In July 2018, Resolute Mining Limited, based on some 50,500 metres of drilling, released an updated feasibility study for Bibiani (see ASX Announcement dated 13 July 2018) reporting JORC compliant Mineral Resources at Bibiani of 21.7 million tonnes at 3.6 grams of gold per tonne for 2.5Moz of gold.

Optiro Pty Ltd. of Perth, Western Australia, has delivered to the Company a current NI 43-101 compliant Technical Report on the Bibiani Gold Project, Ghana*  (filed on SEDAR). The mineral resources outlined in this report represent material previously planned to be mined via underground methods. Asante plans to mine this resource inside an optimized pit shell defined at a gold price of US$1,950.

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 cutoff 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.

Current Mineral Resources for Bibiani are presented below:

Note: Totals may not sum due to rounding. Reported above a cut-off of 0.65 g/t gold.

Asante is currently preparing a new NI 43-101 mine development technical report based on an open pit mining model for delivery in Q2 2022.

“Douglas R. MacQuarrie”

President and CEO

Qualified Person Statement

*Scientific and technical information contained in this news release that relates to Mineral Resources for the Bibiani Gold Mine, is based on information contained in the Technical Report on the Bibiani Gold Project, Ghana, dated November 7, 2021 and prepared by Optiro Pty Ltd. of Perth, Western Australia (filed on SEDAR) and from information compiled from public disclosure by ASX and LSE listed Resolute Mining Limited, including an updated feasibility study for Bibiani (see ASX Announcement dated 13 July 2018). The information has been reviewed and approved by Dan Bansah the Chairman and MD of Minecon Resources & Services Ltd. of Accra, Ghana, a “qualified person” under NI 43-101. Mr. Bansah has over 30 years of experience in the gold mining industry in Africa including 16 years with Ashanti Goldfields when it operated the Bibiani mine. He has an MSc. in Mineral Exploration with Distinction from Leicester University, UK, is a Member and a Chartered Professional of AusIMM, a Fellow of the West African Institute of Mining, Metallurgy and Petroleum (WAIMM) and a Member of the Ghana Institute of Geoscientists.

About Asante Gold Corporation

Asante is a pure gold exploration and development company with a high-quality portfolio of projects in Ghana, Africa’s largest and safest gold producer. We are focused on developing high margin projects including the Bibiani (5Moz past production) and Kubi Gold mines located on the prolific Bibiani and Ashanti Gold Belts. Refurbishment of the Bibiani Mine processing plant has commenced with completion scheduled for Q3 2022. Asante has an experienced and skilled team of mine finders, builders and operators, with more than 24Moz of gold resources and reserves discovered and developed in Ghana. Asante is listed on the Canadian Securities and Frankfurt Stock Exchanges and has announced plans to co-list its shares in Ghana. We are also exploring our 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 our website at: www.asantegold.com .

For further information please contact:

Douglas MacQuarrie, President & CEO, tel: +1 604-558-1134; E-mail: douglas@asantegold.com
Malik Easah, Executive Director, E-mail: malik@asantegold.com
Alec Rowlands, Capital Markets Consultant, E-mail: alec@asantegold.com
Valentina Gvozdeva, Business Development, E-mail: valentina@asantegold.com
Kirsti Mattson, Media Relations, E-mail: kirsti.mattson@gmail.com

Cautionary Statement on Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the mineral reserves, resources, exploration and development program at Bibiani and Kubi, including results of drilling, and future exploration plans. Factors that could cause actual results to differ materially from these forward-looking

statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company’s inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company’s public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing

the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the Canadian Securities Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. No securities of the Company have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state

securities laws, or an exemption from such registration requirements is available.

LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Samuel A. Jinapor, the Minister for Lands and Natural Resources Ghana visits Asante Gold Corporation (Bibiani Gold Development Project)

Samuel A. Jinapor in a group photo with officials of the company ( Malik Easah, Dave Anthony, Dean Bertram).

Samuel A. Jinapor, the Minister for Lands and Natural Resources on Wednesday, 22nd September, 2021, paid a working visit to the Asante Gold Corporation, a mining company formally known as Mensin Gold during his one-day tour of the Western North Region, to ascertain their level of operations and also to assure them of governments commitment to help them fully maximise profit.

The Minister in his submission, noted that the initial commitment made by the company indicates they needed government’s commitment to help revamp its operations. The Minister expressed his joy over strides the company has made in such a short time considering the challenging state in which it was handed over to him as Minister. He said, “With no discrimination intended but this is the happiest visit that I am making” Hon. Jinapor maintained that he is fervently looking foward to leading the President of the Republic, Nana Addo Dankwa Akuffo-Addo to visit the Mine and pour the first gold.

In his presentation, the Chief Operating Officer of the Bibiani Gold Project, Mr. Dave Anthony disclosed that the project will employ some 300 more workers as an add on to already 138 employed since August 19, 2021. 39.1% of the company is owned by Ghanaians and this the Mr. Anthony said is a feet worth celebrating as no African mining company can boast of same. He said, ” I don’t think there is a single mining company in the world other than Canadian, American and Australian companies that can make such statements” In sharing the prospect, he also noted that the operations of the mine will yield the needed dividends if government support their operations.

 The Board Chair of Mensin, Mr. Kwame Ofosuhene Apenteng, on his part, expressed his gratitude to the Minister for the good works he has stated and asked for a fiscal concession in the already made agreement between government and the company. He also gave the assurance that for the trust reposed in them, his company will not go back on their words of hard work but deliver on the mandate given. He said, ” This is a promise that I’m giving to you, that we are not going to disappoint the Ghana Government, we are not going to disappoint You, the Minister who led us to this point and we are not going to disappoint the Bibiani community”. The Bibiani mine was in a near-folding up situation when Asante Gold Corporation purchased it last month. Asante Gold agreed to buy all of Resolute’s interest in Bibiani, through the purchase of 100% of the shares in Mensin Bibiani Pty Ltd by paying to Resolute

GhanaWeb.com – the Original Source, General News of Thursday, 23 September 2021

Asante Gold Closes Acquisition of Bibiani Mine

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Vancouver, British Columbia – August 19, 2021 – Asante Gold Corporation (CSE:ASE/FRANKFURT:1A9/U.S.OTC:ASGOF) (“Asante” or the “Company”), is pleased to announce the successful completion of the purchase of the Bibiani Gold Mine (Bibiani) in Ghana from Resolute Mining Limited (Resolute) for total cash consideration of US$90 million (see our press release dated 5 August 2021). Resolute has received the initial US$30 million cash payment from Asante with the balance of consideration payable in two equal instalments of US$30 million on or before six and twelve months following closing.
Given the successful closing of the purchase, Asante is now finalizing its team that will develop the Bibiani Mine back to production, and we look forward to sharing those plans once completed.

“Douglas R. MacQuarrie”
President and CEO

About Asante Gold Corporation
Asante is a pure gold exploration and development company with a high-quality portfolio of projects in Ghana, Africa’s largest and safest gold producer. Asante is focused on developing high margin gold projects including our Bibiani and Kubi Gold development projects located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with more than 24Moz of gold resources and reserves discovered and developed in Ghana. Asante is listed on the Canadian Securities Exchange and 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 our web site at: www.asantegold.com

About the Bibiani Gold Mine
Bibiani is a historically significant Ghanaian gold mine situated in the western region of the country. Bibiani has past production of 4Moz, 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 underground mining infrastructure. Resolute acquired Bibiani in 2014, and placed the mine on care and maintenance following their acquisition to complete exploration activities designed to enable the development of an economically viable, long term, large scale underground operation. In July 2018, Resolute, based on some 50,500 metres of drilling completed since 2015, released an updated feasibility study for Bibiani (see ASX Announcement dated 13 July 2018) and published current JORC compliant Mineral Resources of 21.7 million tonnes at 3.6 grams of gold per tonne for 2.5Moz of gold.

Qualified Person Statement
Scientific and technical information contained in this news release that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves for the Bibiani Gold Mine, is based on information compiled from public disclosure by ASX and LSE listed Resolute Mining Limited. The information has been reviewed and approved by Dan Bansah the Chairman and MD of Minecon Resources & Services Ltd. of Accra, Ghana, a “qualified person” under NI 43-101. Mr. Bansah has over 30 years-experience in the gold mining industry in Africa including 16 years with Ashanti Goldfields when it operated the Bibiani mine. He has an MSc. in Mineral Exploration with Distinction from Leicester University, UK, is a Member and a Chartered Professional of AusIMM, a Fellow of the West African Institute of Mining, Metallurgy
and Petroleum (WAIMM) and a Member of the Ghana Institute of Geoscientists.
Mr. Bansah has recently visited the Bibiani mine and reviewed and confirmed the current project
exploration database and based on his review and his experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, there are no differences to the data that would materially affect the mineral resource statements contained in the Bibiani Feasibility Study published by Resolute on 13 July 2018 on the ASX and the Competent Persons Report for the Bibiani Gold Mine dated 17 June 2019 and prepared for Resolute for their London Stock Exchange listing by Optiro Pty Ltd. of Perth, Western Australia.
To the best of the Company’s knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of the Bibiani mineral resources, mineral reserves or results of the Bibiani Feasibility study inaccurate or misleading. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

For further information please contact:
Douglas MacQuarrie, President & CEO, tel: +1 604-558-1134; E-mail: douglas@asantegold.com
Malik Easah, Executive Director, E-mail: malik@asantegold.com
Alec Rowlands, Capital Markets Consultant, E-mail: alec@asantegold.com
Valentina Gvozdeva, Business Development, E-mail: valentina@asantegold.com
Kirsti Mattson, Media Relations, E-mail: kirsti.mattson@gmail.com

LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

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