Asante Provides Operations and Corporate Update - Seite 2

For the fiscal year ending January 31, 2024, the Company expects production of approximately 80,000 to 90,000 ounces gold at Bibiani. Subject to receipt of the requisite funding and completion of capital projects as outlined above, Asante expects Bibiani to produce approximately 180,000 ounces of gold for the fiscal year ending January 31, 2025 with all-in sustaining costs of $1,325/oz. See footnote 1 below for assumptions.

Operations Update – Chirano Mine

The Chirano process and mine facilities are operating on a 24 hour per day basis at a current throughput of approximately 3.6M tonnes per year.

Recent achievements and planned initiatives at Chirano include:

• Gravity plant design, procurement and installation is advanced, with completion expected in October 2023 to increase gold recovery at Chirano by 5%;
• Oxygen addition to the CIL (carbon-in-leach) plant is proceeding and the oxygen plant is planned for installation prior to November 30, 2023;
• A pebble crusher was procured and installed on schedule in May 2023 increasing plant throughput from 3.4 million to 3.6 million tonnes per year;
• Further primary grinding upgrades are planned to be operational late this year to increase process plant throughput from 3.6 million to 4.0 million tonnes per year;
• Relocation of minor infrastructure and facilities planned to provide access to and expansion of the Akoti South open pit and the second cutback at the Sariehu open pit is progressing well;
• Mining from the Mamnao central and south pits is expected to be completed during Q3 2024. This production is expected to be replaced by Sariehu and Mamnao north pits. These initiatives would provide access to incremental resources and sustained gold production;
• Studies and associated initiatives are progressing on schedule to be finalized late 2024, with design to improve the current material handling systems and to deliver mineralized material to the process plant at lower cost;
• Initiatives to capture synergies to yield benefits related to the supply of principal consumable materials between the Bibiani and Chirano mines are being advanced with an overall objective of saving approximately $10 million per year;
• Other cost saving and productivity improvement initiatives have advanced, with results expected to be achieved later this year;
• Development of Obra, Suraw and the lower Tano underground mines have been accelerated facilitating earlier than planned underground mining at the Obra mine which supplements plant feed and has improved the grade from 1.2 g/t to 1.6 g/t for the year to date; and
• Exploration projects such as the Suraw mine, Obra mine and open pit mining life extension projects at the Sariehu/Mamnao area are progressing as planned to support a robust mining program and extend the mining life.