Asante Provides Operations and Corporate Update - Seite 3

For the fiscal year ending January 31, 2024, the Company expects production of between 145,000 and 155,000 ounces of gold at Chirano. With the execution of the foregoing initiatives, the Company is projecting production of approximately 180,000 ounces of gold for the fiscal year ending January 31, 2025 at all-in sustaining costs of approximately $1,250/oz. See footnote 2 below for assumptions.

Corporate and Financing Update

The Company continues to focus on the execution of its near-term growth plans and financing initiatives, including discussions with potentially interested parties regarding strategic alternatives. Any proposals, if received, will be reviewed by the Company, in consultation with its financial and legal advisors. The Company does not undertake any obligation to provide any updates with respect to any proposals, except as required under applicable law.

The Company is also pleased to report that Malik Easah has accepted the role of Executive Chairman. Mr. Easah was previously an Executive Director of the Company. Mr. Douglas MacQuarrie has stepped down from the Non-Executive Chairman role while remaining a non-executive Director of the Company. The Board thanks Mr. MacQuarrie for his service.

The Company is also pleased to report that it has entered into an agreement (the “Agreement”) with a strategic financial institution (the “Purchaser”) for the forward sale of gold which will provide US$40 million of financing to the Company on a revolving basis over a two-year period. Under the Agreement, a subsidiary of the Company will deliver 4,000 ounces of refined gold per month to the Purchaser for 24 months, commencing in October 2023.

As an advance deposit (the “Deposit”) towards future gold deliveries, the Purchaser will pay the equivalent of US$40 million in local currency to a subsidiary of the Company shortly after execution of the Agreement. Deliveries will be credited against the Deposit and funds will be re-advanced, at the Company’s election, on each fifth monthly anniversary of execution of the Agreement.

The Company continues to pursue other near-term, non-dilutive financing initiatives to support capital investments and working capital requirements.

Dave Anthony, President and CEO of Asante, stated,

“It’s an exciting and busy time at Asante with several near-term catalysts on the horizon, most notably the completion of high-return capital projects that are expected to transform the production and cost profile at both of our operations. With the receipt of funding to backstop near-term liquidity requirements and other near-term financing initiatives well underway, we are confident in our ability to execute on our business plans.