Bibiani Gold Mine

Ghana – Major Gold Deposits

• Ghana has the largest gold endowment in West Africa, with over 130Moz in minable reserves. The majority of gold deposits in Ghana are located in or adjacent to the Ashanti Belt and the Bibiani-Sefwi Belt
• The Bibiani deposit is hosted within meta-sediments of the Kumasi-Afema basin, on the eastern margin of the Bibiani-Sefwi Belt
• Other world-class deposits within the Belt include:
Ahafo – 20 Moz(Newmont)
Chirano – 5 Moz (former Kinross)
•Paleoproterozoic Birimian Series hosts all the significant gold deposits in West Africa.

Exploration Overview:

Background
•Drilling activities have been focused on the Bibiani Main Pit deposit from surface and underground positions
•Resolute was successful in expanding the resource base with improved confidence

Drilling Campaigns Under Resolute Ownership

•Phase 1 drilling program (26,100m DD) during 2015 (2015 Resource below)
•Phase 2 drilling program (23,400m DD) during 2016-2017 culminating in updated resource model (2017 Resource below)
•Also: Diamond drilling program at Strauss-Walsh (1,000m DD) during 2017

Drilling Campaigns Under Asante Ownership

•Phase 1 drilling program (15,000m – 20,000m DD) initiated September 2021

• First gold poured July 7. Gold dore’ shipped late July
• Bibiani will produce 175,000 oz in its first 12 months of operation, 230 – 280 Koz / year through 2030
• An extensive IP survey (induced polarization survey) was completed Q4 2021
• Structural mapping of underground & pit workings (to 9 Level) was completed Feb 2022
• Exploration continues, with a view to developing satellite deposits & extending open-pit mining to +12 years
• The Mining Contractor has been mobilized to deliver +3 Mt/y ore to the process plant, from the open pit mines
• 4 stage development of the Main Pit to support mining to +/- 350m depth and +8 years operation. This will access the approximate 2.3 Moz open pit resource.
• Rehabilitation of the Process Plant is complete & full-time operation is underway
• Tailings Dam is fully reconditioned and has 18 months storage capacity. A lift to provide additional 4 years
  storage capacity will start Q1 2023
• The Bibiani NI – 43 – 101 Technical Report was issued mid-July. Some of the recent drilling results have been captured in the Q3 2022 issue. An update will follow at Q1 2023
• Underground mine planning has been initiated, to add 90Koz/y from 2026 and increase LOM to +14years

BIBIANI EXPLORATION OVERVIEW

MAIN PIT

A substantial gold deposit:

• Production to date >4Moz 
• 2Moz Reserve presented in NI 43-101
• Mineralization is continuous to 800m below surface & at least 250m below the resource model. The geology suggests that mineralization may continue to considerable depth below historic underground workings
• Open along strike to North and South
• Near Mine exploration program has achieved significant success to date, with +120,000 oz added
• Several satellite pits in production or development
• Asante controls 53km of the Bibiani shear zone

• Strike extensions of main zone towards Elizabeth Hill, Big Mug and Little

BIBIANI – NEAR MINE EXPLORATION PROGRAM

Very little regional exploration was conducted in the goldfield since the 1990’s when the Bibiani main pit became the focus.  Asante initiated the Near Mine Exploration Program in September 2021 and has achieved excellent results to date

Walsh     2021/22 drill program has delivered +100,000oz to date

Grasshopper     Recent drill results from Grasshopper indicate resource expansion potential. Approximately 50,000oz gold will be mined starting Q2 2023, with upside potential toward Aheman

Elizabeth Hill     Strike extension from the main zone is currently being explored. Early drill results indicate potential for near surface ounces

Satellite Underground Exploration     Drilling has started beneath the Walsh, Strauss and Big Mug pits to determine resource potential at depth. Additional deep drilling is planned

Russell South     Footprint of mineralization has expanded from 200m strike initially to over 500m and remains open along strike and at depth. Drill intercepts to date confirm continuity of high-grade mineralization near surface with consistent grades and widths. Recent drill intercepts include 21.5m at 3.37g/t from 22m down hole. Russell South is expected to connect to the Russell deposit