Asante Announces Commitments of $470 Million Anchored by Appian and RMB; TSX-V Conditional Acceptance for Listing

(All amounts expressed in U.S. dollars unless otherwise noted)

VANCOUVER, British Columbia, June 17, 2025 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE: ASE | GSE: ASG | FRANKFURT:1A9 | U.S.OTC: ASGOF) (“Asante” or the “Company”) is pleased to announce that it has received $470 million in credit and equity commitments, forming the foundation of a comprehensive financing solution that, when completed, would fully fund the Company’s growth plans and recapitalize its short-term liabilities. This includes a $175 million financing package from private funds advised by Appian Capital Advisory LLP (“Appian”) and a $170 million credit and underwrite commitment from FirstRand Bank Limited (acting through its Rand Merchant Bank division) (“RMB”).   The Company is also pleased to announce that it has received conditional acceptance for the listing of the Common Shares on the TSX Venture Exchange (the “TSX-V”).

The above commitments underpin a non-dilutive financing package comprised of a senior debt facility in the amount of $150 million (the “Senior Debt Facility”), subordinated debt in the amount of up to $125 million (the “Subordinated Debt Facility”), and a gold stream financing in the amount of $50 million (the “Gold Stream”) (collectively the “Financing Package”). Completion of the Financing Package is subject to the negotiation of definitive documentation, satisfaction of customary conditions precedent and the completion of a transaction with Kinross Gold Corporation (“Kinross”) to settle outstanding liabilities. In addition, completion of the Financing Package is conditional on raising approximately $130 million of equity, for which commitments of $85 million (including $10 million from Appian) have been received and discussions with other parties are advanced. The completion of the Financing Package and related transactions is expected to occur by the end of July 2025.

Dave Anthony, President and CEO stated: “This comprehensive Financing Package will allow Asante to realize the true potential of our assets. This will clear the path to achieve our goal of gold production of more than 500,000 ounces per year by 2028 at significantly lower all-in sustaining costs, with over $2 billion of free cash flow generation expected through 2029 as described in our recent five-year outlook (see news release dated May 5, 2025). Our extensive land package at Bibiani and Chirano encompasses 80 kilometres of strike length on some of Ghana’s most prospective ground, with significant exploration upside remaining.”