News Bureau

January 27, 2023

Asante gold production increase 20.7%!

Asante Gold Corporation announces a 20.7% increase in average monthly gold production for November and December 2022, as compared with the prior two months, from its Bibiani Gold Mine and Chirano Gold Mine in Ghana.

Consolidated preliminary gold production of 23,760 and 24,180 ounces registered respectively for November and December. Completed ~US$54 million in first and second tranche payments on the Company’s gold forward sale agreement in October 2022 and January 2023 through the delivery of 16,249.60 and 14,113.51 ounces of gold, respectively.

The Chirano business improvement plan is advanced, targeting a 30% increase in production and a 10% decrease in AISC for calendar 2024. Bibiani ramp up on track with ~230,000 tonnes of ore processed in each of November and December, approximately 18% above plan while Chirano is achieving target production levels with ~285,000 tonnes of ore processed in December, up 7.5% from ~265,000 tonnes in November.

Bibiani and Chirano have combined forecast production of approximately 400,000 ounces of gold for 2023

Asante is also providing herein other operations updates for Bibiani and Chirano.  Currency is Canadian dollars unless otherwise stated. There are no comparable year-earlier results as Bibiani gold production commenced in July 2022 and Chirano was acquired on August 10, 2022. Asante’s fiscal year ends on January 31, 2023.



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