Asante Gold Corporation · TSXV:ASE
Asante Gold — Investor Presentation (May 2023)
39 slides from Asante Gold's investor presentation, May 2023
Slide 1: West African Mid-Tier Gold Producer
azonte WEST AFRICAN MID-TIER GOLD PRODUCER Ae MINE OPERATIONS « PROJECT DEVELOPMENT « EXPLORATION « RESOURCE POTENTIAL BIBIANI MINE CHIRANO MINE CSE:ASE + GSE:ASG » OTC:ASGOF + FSE:1A9 MAY 2023
Slide 2: Asante Gold: Owner of Two Nearby Gold Mines in Ghana
ASANTE GOLD = OWNER OF TWO NEARBY GOLD MINES IN GHANA https://www.asantegold.com/ Chirano Bibiani Annual Production rate ~350Koz Au AISC of US$1,280 -US$1,360/0z Total reserves 2.8Moz & resources +5.2Moz Annual Production rate 400-450Koz Au by Q4 2023, +550 Koz by 2026 AISC of US$1,100/oz by 2024 We
Slide 3: Regional Prospectivity and Associated Land Holdings
T300N eOUN Telok Bokazo ii. +300W Golden Stay, Bogoso VAbosso Goldtelds ‘ie, dec i = a x Kumasi be ox ag) Li Ale i. Kubi ‘we koradi 0 2 40 300W REGIONAL PROSPECTIVITY ASSOCIATED LAND HOLDINGS 130 W. * Bibiani & Chirano Gold Mines are consolidated with one owner to create a highly prospective gold di
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 Asante Gold Corporation Gold Produced 700,000 600,000 500,000 400,000 @ Bibiani UG 300,000 L @ Chirano OP m Bibiani OP 200,000 @ Chirano UG 100,000 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Year Ounces * Fiscal year ends January 3st https://www.
Slide 6: Total Foreign Holders vs Total Ghanaian Holders
Total Foreign Holders 54% (fully diluted) Total Ghanaian Holders 46% (fully diluted) 54.6NNNN Total Foreign Holders Total Ghanaian Holders
Slide 7: Share Price and Corporate Milestones
Price: $CAD January 19, 2023 - ASE market June 2, 2022 - ASE capitalization C$716.5M. Share February 16, 2022 - Announces Start of Process price @ C$1.90 $100 million financing Plant Operation at the announced at C$1.75 Bibiani Mine July 15, 2022 – November 10, 2022) September 5, 2021 - December 29,
Slide 8: Production, AISC and Re-Rate Potential vs Peers
1,500 1,200 900 400-450 Koz by 2024 600 350 ) 300 0 Endeavour Perseus Asante Resolute WAR Pan African Orezone Firefinch Thor Hummingbird Caledonia Shanta Gold Galiano Robex $1,800 $1,500 US$1,100/oz by 2024 $1,320 $1,200 $900 $600 $300 $0 Orezone Thor Endeavour Caledonia Perseus WAR Shanta Gold Robe
Slide 9: Digbee ESG Platform and Key Sustainability Focus Areas
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 SUSTAINABILITY FOCUS AREAS PEOPLE ▪ Healt
Slide 10: Sustainability Standards and Policies
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 global standard for internatio
Slide 11: Sports, Education, Health and Training Development
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 ladies trained in sewing ▪ In c
Slide 12: Chirano: Operational Efficiencies and Increased Mine Life
CHIRANO: Acquired August 2022 DELIVER ON OPERATIONAL EFFICIENCIES AND INCREASE MINE LIFE THROUGH EXPLORATION AT ACQUISITION CURRENT TARGET ✓ +4% improvement to date INCREASE 92% ✓ Gravity Recovery Plant, 85% 89% RECOVERY Oxygen Plant, Aachen Reactor AT ACQUISITION CURRENT TARGET ✓ Aboduabo explorati
Slide 13: Bibiani: Delivering on Commitments
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 ✓ Sulfide flotation and regrind, INCREASE 92% 89% 89% Oxygen Plant, Aachen RECOVERY Reac
Slide 14: Asante Portfolio: Re-positioning into High Quality Category
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 Tarkwa 500 Ahafo Essakane HIGH QUALITY MINES GHANAIAN GOLD MINES 400 Obuasi (2
Slide 15: Asante Portfolio: Growing Reserve Life to 10+ Years
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 (2024+) 400 Akyem Bibiani Sabadola (2024) Sambrado 300 Damang Hounde I
Slide 16: Ghana - Major Gold Deposits
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”)! ** 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 subject to a 12-month lock-up
Slide 18: Chirano - Transition Plan & Business Improvement
CHIRANO - TRANSITION PLAN & BUSINESS IMPROVEMENT Increase gold production by 45% and reduce AISC by 20% by 2024 “3 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 $1700/oz for resource & rese
Slide 19: Mineral Reserve and Resource Summary
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 1.95 989.7 Summary of Mineral Resource at December
Slide 20: Chirano - Forecast Gold Production
CHIRANO - FORECAST GOLD PRODUCTION Chirano Gold Produced 300,000 250,000 200,000 v g € 150,000 i = Chirano OP 100,000 @ Chirano UG 50,000 2023 2025 2027 2029 2031 2032 Year ** Includes Business Improvement Initiatives that have been taken https://www.asantegold.com/ CSE:ASE » GSE:ASG » OTC:ASGOF « F
Slide 21: Chirano - Aboduabo
Tisoond—aeowooni CHIRANO - ABODUABO CHDD3347 43-10m @ 3.10g/t Au Incl. 9.95m @ 6.85g/t Au https://www.asantegold.com/ Located on the Bibiani Shear Zone, 1.5km north of Mamnao pit and 5km south of South Russel. 54 holes drilled 2006 Plan view map of Aboduabo showing collar locations and selected inte
Slide 22: Bibiani Operation Status
BIBIANI OPERATION STATUS * First gold poured July 7. Gold shipments from Bibiani in 2022 were +55Koz * Gold production ramp-up is on track to produce 225 to + 340Koz/ year through 2030 (with underground mining to commence 2025) * The open pit Mining Contractor on track to deliver +3 Mt/y ore to the
Slide 23: Bibiani Operation Status
BIBIANI OPERATION STATUS Tailings Dam is fully reconditioned and has 18 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. Some of the recent drilling success has been captured in the Q3 2022 i
Slide 24: Bibiani - Forecast Gold Production
BIBIANI — FORECAST GOLD PRODUCTION Bibiani Gold Produced 400,000 350,000 300,000 250,000 200,000 m Bibiani OP 150,000 mBibiani UG 100,000 50,000 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Year Ounces * Underground production starts 2025 https://www.asantegold.com/ CSE:ASE - GSE:ASG + OTC:ASGO
Slide 25: Long Section - Looking West
= . —_————E = LONG SECTION-LOOKING WEST . RCD-04-600 Hie Pe Balt BuDD013 | . 25m@6.2git : r —_ BsDD040 7 9 Resource Model (git) A1m@20.1g/t 2.0t03.0 B3.0t05.0 MM >=50 —— Recent Development 2 m0 Historical ——— Stope Outlines https://www.asantegold.com/ CSE:ASE » OTC:ASGOF + FSE:1A9
Slide 26: Phase II Drilling Results
❖ • • • • • • • Phase II Drilling Results
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 Pamunu South Walsh — 20
Slide 28: 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, prospects and opportunities to differ materially from those exp
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Slide 30: Board of Directors
BOARD OF DIRECTORS Douglas R. MacQuarrie Non-Executive Chairman of the Board A resident of Canada, Mr. MacQuarrie is the founder and a major shareholder. Over 29 years operating in West Africa, has contributed to development of two gold producing companies - Asante and PMI Gold (now Galiano Gold), H
Slide 31: Management Team
Eben Swanepoel VP Technical Services and Capital Projects A resident of South Africa, Mr. Swanepoel has 43 years experience in open pit and underground mining. He holds a Masters in Engineering, GDE in Mineral Economics and a 4-year diploma in Mine Survey. Mr. Swanepoel has worked on several mines i
Slide 32: Chirano Obra 2022 Results
CHIRANO OBRA 2022 RESULTS o o o o
Slide 33: Bibiani Main Pit Cross-Sections
BIBIAN RESOURCE MAIN PIT - CROSS — SECTIONS FROM CURRENT Section 5150N Section 5300N io BUDD040 30.3m@8.92g/t SLL Old Pit As-built BUDDO77— 51m@4.3g/t Le BUDDO89 22m@3.32g/t 7 m@3.32g 7 BUDDO89 fe 23m@2.389/t . {Ultimate Pit | Cut Back https://www.asantegold.com/ CSE:ASE » GSE:ASG » OTC:ASGOF « FSE:
Slide 34: Section 6275N Walsh Pit
Grade Contained Au Category Tonnes (g/t Au) (ounces) ❖ Measured & Indicated 1,887,722 1.49 90,610 ❖ Inferred 250,953 1.18 9,529 ❖ Inventory 2,138,675 1.46 100,139 ❖ ➢ ➢ ➢ SECTION 6275N ➢ WALSH PIT
Slide 35: Based on Current Data: Bibiani-Chirano Gold Corridor
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 Main Russell bearing faults and shear zones (the Bibi
Slide 36: Based on Current Data: Comparison to West Africa
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 targeting Walsh Bibiani Main Russell 8. Geophysical and struc
Slide 37: Multiple Targets Along the B-C Corridor
12. Even at the scale of single goldfields along the B-C corridor, there are multiple targets established
Slide 38: 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 2 drill
Slide 39: Kubi Gold Mine - Development
KUBI GOLD MINE - DEVELOPMENT afl Goliano-Goldfields ay. Esoase 6 Moz Au ‘0.000 6 ~ 10.000 m8 * AngloGold Ashanti previously mined 58,696 oz Au @ 3.65g/t from surface oxide ore; backfilled pits BIBIANI * US$30 million in previous exploration & development 8:5 Moz by BHP, Nevsun Resources, PMI Gold (n