Asante Provides Operations and Corporate Update - Seite 2

The MRE confirms a clear high-grade shoot intersected in the footwall domain with an average grade of 8.26g/t over an interval of 15m; and

Additional drilling has commenced, to include infill of the inferred mineral resource areas within the constrained shell, grade control drilling and also to grow the mineral resources to the south.

Drilling programs at the Grasshopper and Elizabeth satellite deposits are advanced and the Company continues its near mine development exploration program with planned drilling of approximately 25,000 metres per year.

The Company is progressing with an underground mine planning study to define development of an underground mine operation that would access mineralized deposits below the Bibiani Main Pit and the satellite pits. The Company anticipates that the underground mine program initiative will begin in 2025 and will increase annual gold production significantly from 2026. It will extend mine life beyond the period of open pit mining toward 2035. The results of this study and 2023 exploration results will be reported in detail in the NI-43-101 update noted below.

Bibiani is focused on increasing gold production and reducing unit operating costs through the following initiatives:

• The gravity recovery plant is performing as planned with up to 35% of gold being recovered by this facility;
  
• The oxygen plant has been installed on schedule and has been providing oxygen to the plant since September 2023. In addition, a MACH Reactor will be installed to increase oxygen utilization during fiscal Q1 of this year;
  
• A pebble crusher has been acquired with plans for installation during fiscal Q2 this year, with the aim of increasing process plant throughput from 3.0 Mt/y to 4.0Mt/y in the next two years;
  
• The primary crusher upgrade has been completed;
  
• Sulphide recovery plant long lead items are ready to be shipped for installation with 60% of civil works currently complete;
  
• Upgrades and expansions of the CIL and elution facilities are in progress and expected to be completed during fiscal Q1 of this year;
  
• Other cost saving and productivity improvement initiatives are ongoing;
  
• The Company has developed a 12-year operational strategy as part of its LOM extension program which is systematically updated; and
  
• Exploration of near mine targets proved to be successful with the South Russell project, where a starter pit is planned by April 2024.