Asante Gold Corporation · TSXV:ASE
Asante Gold — Investor Presentation (August 2023)
40 slides from Asante Gold's investor presentation, Aug 14, 2023
Slide 1: West African Mid-Tier Gold Producer
WEST AFRICAN MID-TIER GOLD PRODUCER MINE OPERATIONS • PROJECT DEVELOPMENT • EXPLORATION BIBIANI MINE CHIRANO MINE CSE:ASE • GSE:ASG • OTC:ASGOF • FSE:1A9 August 14, 2023
Slide 2: Asante Gold Owner of Two Nearby Gold Mines in Ghana
ASANTE GOLD OWNER OF TWO NEARBY GOLD MINES IN GHANA 2 PRODUCING MINES ➢ Chirano with +7.5 Mtpa MILLING ➢ Bibiani CAPACITY ➢ Total reserves 2.8Moz & resources STRONG OPERATING +5.2Moz BASE... ➢ 2024 Annual Production rate ~400Koz Au …WITH ORGANIC ➢ AISC of US$1,100/oz by 2024 GROWTH ➢ Annual Producti
Slide 3: Regional Prospectivity and Associated Land Holdings
Bibiani Process Plant Chirano Chirano Process Plant REGIONAL ❖ Bibiani & Chirano Gold Mines are consolidated with one owner to create a PROSPECTIVITY highly prospective gold district that exceeds 53km length and 392km2 ASSOCIATED ❖ With two operating process plants nearby, LAND HOLDINGS exploration
Slide 4: Management
MANAGEMENT Dave Anthony President & CEO, BOD Member Mr. Anthony is a resident of Canada and holds a BSc Mining and Mineral Process Engineering from Queen’s University. He has +40 years’ experience in mine project development and operation, at the senior management & executive levels. His experience
Slide 5: Gold Production Planning: The Path to 550Koz/y
GOLD PRODUCTION PLANNING: THE PATH TO 550Koz/y Annual Planned Gold Production 600 500 400 Kounces 300 200 100 - 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Year Bibiani UG Chirano OP Bibiani OP Chirano UG ❖ Fiscal year ends January 31st https://www.asantegold.com/ CSE:ASE • GSE:ASG • OTC:ASGOF
Slide 6: Capital Structure
CAPITAL STRUCTURE CAPITAL STRUCTURE HOLDERS % CSE Symbol ASE.CN Ghanaian Shareholders 37.7% Share Price (August 07, 2023) CAD$1.40 Management & Insiders 5.8% 52 Week Range $0.94 – $2.29 Total Foreign Emiral Resources 14% Holders 54% Issued & Outstanding 443,043,444 (fully diluted) Fujairah Holdings
Slide 7: Asante Gold – Milestone Initiatives
ASANTE GOLD – MILESTONE INITIATIVES Price: $CAD June 2, 2022 - ASE Announces Start of Process Plant Operation at the April 26, 2023 - ASE Share price February 16, 2022 - Bibiani Mine January 19, 2023 - ASE market @ C$2.180 $100 million financing capitalization C$716.5M. Share announced at C$1.75 Jun
Slide 8: How Does Asante Fit into the Current Landscape?
HOW DOES ASANTE FIT INTO THE CURRENT LANDSCAPE? African Gold Producers 1,500 2023 1,200 PRODUCTION 900 400-450 Koz by 2024 RATE 600 (Koz Au) 260 Koz 350 300 0 Endeavour Perseus Asante Resolute WAR Pan African Orezone Firefinch Thor Hummingbird Caledonia Shanta Gold Galiano Robex $1,800 $1,500 US$1,1
Slide 9: Asante Gold Sustainability Model
ASANTE GOLD SUSTAINABILITY MODEL DIGBEE ESG PLATFORM ▪ Asante has engaged the Digbee ESG Platform to conduct an independent audit, to measure our performance and highlight opportunities to continuously improve. Bibiani was rated BB Overall. Chirano audit will PEOPLE be conducted Q2 2023 KEY SUSTAINA
Slide 10: Asante Voluntary Commitments
ASANTE VOLUNTARY COMMITMENTS STANDARD ▪ The UN Sustainable ▪ The UN Voluntary ▪ The ICMM Mining ▪ The UN Guiding ▪ The IFC Performance Development Goals Principles on Security Principles define Principles on provide Standards are an DESCRIPTION provide a framework and Human Rights. good practice a g
Slide 11: Asante Key Social Investments
ASANTE KEY SOCIAL INVESTMENTS SPORTS ENTREPRENEURIAL OPERATOR EDUCATION HEALTH DEVELOPMENT DEVELOPMENT TRAINING Children’s Ward MGBL Basic School Bibiani GoldStars SC Bibiani Hospital Vocational Skills CAT Simulator ▪ Student population – 400 ▪ Only Premier League Club ▪ Fully refurbished the ▪ 12 l
Slide 12: How Do We Deliver Shareholder Return and a Re-Rate? Chirano
HOW DO WE DELIVER SHAREHOLDER RETURN AND A RE-RATE? CHIRANO: Acquired August 2022 DELIVER ON OPERATIONAL EFFICIENCIES AND INCREASE MINE LIFE THROUGH EXPLORATION AT ACQUISITION CURRENT TARGET INITIATIVES PLANNED/TAKEN ✓ +4% improvement to date INCREASE 85% 87% 92% ✓ Gravity Recovery Plant, RECOVERY O
Slide 13: How Do We Deliver Shareholder Return and a Re-Rate? Bibiani
HOW DO WE DELIVER SHAREHOLDER RETURN AND A RE-RATE? BIBIANI From August 2021: DELIVER ON ALL COMMITMENTS = INCREASED OPERATING EFFICIENCIES, INCREASED MINE LIFE THROUGH EXPLORATION AND INCREASED PRODUCTION WITH UNDERGROUND OPERATIONS AT ACQUISITION CURRENT TARGET INITIATIVES PLANNED/TAKEN ✓ Sulfide
Slide 14: How Are Asante Gold Assets Positioned Against Other West African Mines?
AISC: HOW ARE ASANTE GOLD ASSETS POSITIONED AGAINST OTHER WEST AFRICAN MINES? 900 MEGA TIER I MINES 800 Kibola ASANTE PORTFOLIO: Organically re-positioning our assets into the “high quality” category with 400-450Koz Au @ US$1,100 AISC 700 Loulo Delivery = Re-Rate 600 2021 PRODUCTION (KOZ AU) Fekola
Slide 15: Life of Mine: How Do Our Assets Compare with Other West African Mines?
LIFE OF MINE: HOW DO OUR ASSETS COMPARE WITH OTHER WEST AFRICAN MINES? 900 10+ YEAR MINE LIFE ASANTE PORTFOLIO: Through Kibola 800 exploration, aim to grow the Reserve life to 10+ years GHANA GOLD MINES 700 Delivery = Re-Rate Loulo 2021 PRODUCTION (KOZ AU) 600 Fekola Tarkwa 500 Ahafo Essakame Obuasi
Slide 16: Ghana – Major Gold Deposits; Mineralization at Chirano & Bibiani
GHANA – MAJOR GOLD DEPOSITS Most significant gold deposits in West Africa craton are hosted in shear-faults-vein structures and situated in or adjacent to the Ashanti, Sefwi and Asankrangwa Belts The Bibiani & Chirano deposits are hosted in the Bibiani Shear Zone, on the eastern margin of the Sefwi
Slide 17: Chirano Transaction
CHIRANO TRANSACTION ❖ In August 2022 Asante acquired the Kinross’ 90% interest in the Chirano Gold Mine (“Chirano”)1 ❖ Total consideration of US$225 million consisted of: • Upfront consideration • US$36 million in common shares of Asante (“Asante Shares” at C$1.335/sh), 5,000,000 warrants; and • US$
Slide 18: Chirano – Transition Plan & Business Improvement
CHIRANO – TRANSITION PLAN & BUSINESS IMPROVEMENT Increase gold production by 45% and reduce AISC by 20% by 2024 ❖ EXPLORATION • Invest $6M/y in near mine and regional exploration for years 2023, 2024, 2025 to increase LOM from 5 to +10 years ❖ MINE PLANNING • Utilize $1750/oz for resource & reserve
Slide 19: Chirano Mineral Reserve & Resource Overview
CHIRANO MINERAL RESERVE & RESOURCE OVERVIEW Summary of Mineral Reserve at December 31, 2021 Reserve Tonnes Grade Au Ounces Classification (000’s) (g/t) (000’s) Proven 4,777 1.63 250.5 Stockpile(s) 823 0.79 20.9 Subtotal 5,600 1.51 271.4 Probable 10,160 2.2 718.3 TOTAL Mineral Reserves 15,760 1.95 98
Slide 20: Chirano – Forecast Gold Production
CHIRANO – FORECAST GOLD PRODUCTION Annual Planned Gold Production 300,000 250,000 200,000 Kounces 150,000 100,000 50,000 - 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Chirano OP Chirano UG Year ❖ Includes Planned Business Improvement Initiatives https://www.asantegold.com/ 20 See Disclaimer: C
Slide 21: Chirano - Aboduabo Exploration
CHIRANO - ABODUABO EXPLORATION Located on the Bibiani Shear Zone, 1.5km north of Mamnao pit and 5km south of South Russel Plan view map of Aboduabo showing collar locations and selected intercepts with recent drill results in red text, along 1.3km strike 19,417m drilled P-T-D in 84 holes which has i
Slide 22: Bibiani Operation Status
BIBIANI OPERATION STATUS • First gold poured July 7, 2022. Gold shipments from Bibiani to date are +110Koz • Gold production ramp-up is progressing, to produce 225 to + 340Koz/ year through 2032 (with underground mining to commence 2025) • The open pit Mining Contractor will deliver +3 Mt/y ore to t
Slide 23: Bibiani Operation Status
BIBIANI OPERATION STATUS • Tailings Dam is fully reconditioned and has +12 months storage capacity. A lift to provide additional 4 years storage capacity will start Q1 2024 • The Bibiani NI-43-101 Technical Report was issued mid July 2022. An update will follow at Q4 2023, to capture 2022/2023 explo
Slide 24: Bibiani – Forecast Gold Production
BIBIANI – FORECAST GOLD PRODUCTION Annual Planned Gold Production 350 300 250 Kounces 200 150 100 50 - 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Year Bibiani OP Bibiani UG ❖ Includes planned business improvement initiatives ❖ Underground development starts Q4 2024 https://www.asantegold.com/
Slide 25: Bibiani – Current Resource Block Model
BIBIANI –CURRENT RESOURCE BLOCK MODEL https://www.asantegold.com/ 25 See Disclaimer: Cautionary Statement Regarding Forward-Looking Information CSE:ASE • OTC:ASGOF • FSE:1A9
Slide 26: Bibiani Exploration Overview Main Pit
BIBIANI EXPLORATION OVERVIEW MAIN PIT ❖ A substantial gold deposit: • Production to date >4Moz • 2Moz Reserve presented in NI 43-101 • Mineralization is continuous to 800m below surface & at least 250m below the resource model. The geology suggests that mineralization may continue to considerable de
Slide 27: Bibiani – Near Mine Exploration Program
BIBIANI – NEAR MINE EXPLORATION PROGRAM Very little regional exploration was conducted in the goldfield since the 1990’s when the Bibiani main pit became the focus. Asante initiated the Near Mine Exploration Program in September 2021 and has achieved excellent results to date Walsh 2021/22 drill pro
Slide 28: Bibiani – South Russel Exploration & Development
BIBIANI – SOUTH RUSSEL EXPLORATION & DEVELOPMENT Located on the Bibiani Shear Zone, 5km north of Aboduabo and 3.8km south of the Bibiani Process Plant Plan view map of South South Russel Russel starter pit with starter pit Constrained Indicated location Resources of ~210K oz Au. Remarkable explorati
Slide 29: Disclaimer
DISCLAIMER CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospectus and opportunities to differ materially from those ex
Slide 30: Thank You
THANK YOU https://www.asantegold.com/ 30 CSE:ASE • GSE:ASG • OTC:ASGOF • FSE:1A9
Slide 31: Financial, Technical & Operations Leadership
FINANCIAL, TECHNICAL & OPERATIONS LEADERSHIP Eben Swanepoel Adriano Sobreira VP Technical Services and Capital Projects VP Operations A resident of South Africa, Mr. Swanepoel has 43 years experience in open A resident of South Africa, Mr. Sobreira holds a Bachelor of Technology degree in pit and un
Slide 32: Board of Directors
BOARD OF DIRECTORS Malik Easah Alex Heath Executive Director Lead Independent Director, Audit Committee Chair A resident of Ghana, Mr. Easah was a founding Director of Cardinal A resident of Canada, Mr. Heath has 15 years of corporate finance, investment Resources Limited responsible for acquisition
Slide 33: Chirano Obra 2022 Results
CHIRANO OBRA 2022 RESULTS o Obra deposit is dominantly tonalite porphyries + quartz dolerites that are hydrothermally altered, brecciated, veined and bounded by shears with strong foliations. o Mineralization is within breccias and associated with silica-ankerite-sericite alteration with disseminate
Slide 34: Bibiani Main Pit - Cross-Sections from Current Resource
BIBIANI MAIN PIT - CROSS – SECTIONS FROM CURRENT RESOURCE Old Pit As-built Old Pit As-built Ultimate Pit Cut Back Ultimate Pit Cut Back Tonalite BUDD077 51m@4.3g/t Tonalite BUDD089 22m@3.32g/t BUDD040 30.3m@8.92g/t BUDD089 23m@2.38g/t https://www.asantegold.com/ 34 CSE:ASE • GSE:ASG • OTC:ASGOF • FS
Slide 35: Bibiani Gold Production from Satellite Pits
BIBIANI GOLD PRODUCTION FROM SATELLITE PITS Category Tonnes Grade (g/t Au) Contained Au (ounces) ❖ Located 300m – 1km north and east of the Measured & Indicated 1,887,722 1.49 90,610 Bibiani Main Pit ❖ STRAUSS SATELLITE PIT delivered +5,000oz Inferred 250,953 1.18 9,529 ❖ WALSH SATELLITE PIT will de
Slide 36: Bibiani - Chirano Gold Corridor Is Highly Prospective
BIBIANI - CHIRANO GOLD CORRIDOR IS HIGHLY PROSPECTIVE Based on Current Data 1. The Bibiani-Chirano gold corridor is prospective for gold well beyond the current operations 2. The corridor extends for over 50 km Grasshopper Big Mug 3. It is composed of a series for interconnecting gold- Walsh Bibiani
Slide 37: Bibiani - Chirano Gold Corridor Is Highly Prospective
BIBIANI - CHIRANO GOLD CORRIDOR IS HIGHLY PROSPECTIVE Based on Current Data 6. With comparison to West Africa, it is more extensive than Barrick-Randgold Loulo- Gounkoto gold trend in Mali 7. Aboduabo and Russell are showing excellent Grasshopper Big Mug results on focussed exploration drill targeti
Slide 38: Bibiani - Chirano Gold Corridor Is Highly Prospective
BIBIANI - CHIRANO GOLD CORRIDOR IS HIGHLY PROSPECTIVE 11. Even at the scale of single goldfields along the B-C corridor, there are multiple targets established https://www.asantegold.com/ 38 See Disclaimer: Cautionary Statement Regarding Forward-Looking Information CSE:ASE • GSE:ASG • OTC:ASGOF • FS
Slide 39: Kubi Gold Mine - Development
KUBI GOLD MINE - DEVELOPMENT • Preliminary design of portal & underground exploration workings initiated • Excellent mining infrastructure; experienced labor available; near the major high-grade Obuasi mining camp • 20 year renewable mining lease, 6 years remaining • Planned infill phase 1 and phase
Slide 40: Kubi Gold Mine - Development
KUBI GOLD MINE - DEVELOPMENT • AngloGold Ashanti previously mined 58,696 oz Au @ 3.65g/t from surface oxide ore; backfilled pits BIBIANI 6.5 Moz • US$30 million in previous exploration & development by BHP, Nevsun Resources, PMI Gold (now Galiano Gold) • Current NI 43-101 resource estimate, complete