Asante Provides Strategic Review and Operational Update

About this update from Asante Gold Corporation

VANCOUVER, British Columbia, June 25, 2026 (GLOBE NEWSWIRE) -- Asante Gold Corporation (TSXV: ASE | GSE: ASG | OTCQX: ASGOF ) ("Asante" or the "Company") is pleased to provide the following update on its strategic review announced earlier this year. Campbell Baird, Acting Chief Executive Officer of Asante, stated, "Our focus in the first three months has been to understand this business from the ground up, stabilize what we have, and put the foundations in place for consistent, sustainable performance. Production has been maintained across both operations. The strategic review is delivering real results: capital discipline has been restored, projects have been rationalised, and the Company is beginning to move as one. Our late-July update will give shareholders a complete picture of where we stand, where we are going, and how we intend to get there." Strategic Review Update Following the initiation of a comprehensive strategic review in Q1 2026, the Company has moved decisively to stabilize production, reduce costs, and strengthen capital discipline across the business. During the current quarter, production at both operations has remained broadly in line with Q1 2026 levels as management continues to focus on restoring operational consistency and improving financial performance. The executive team has been reinforced with the appointment of Glenn Baldwin as Chief Development Officer in June 2026 (see news release of June 4, 2026), alongside experienced external specialists engaged across project management, technical and financial services. A detailed operational outlook, revised guidance and a financial update is expected to be provided by the end of July. During the current quarter, the Company completed structured cost management workshops at both Bibiani and Chirano. These workshops represented comprehensive line-by-line cost accountability reviews undertaken with the full executive leadership team across both operations. The reviews identified specific variances across mining, processing, labour, G&A and capital expenditures, with corrective actions already underway. Key initiatives include the approved removal of third-party equipment hire, renegotiation of contractor agreements, the engagement of a dedicated team to review procurement practices, supply chain performance and stores management. In parallel, a formal stage-gate capital governance framework is being implemented across both operations to strengthen capital allocation decisions. Under Glenn's leadership, a comprehensive review of all planned capital projects has already commenced. As a result, approximately US$50 million of previously planned capital expenditures for 2026 have been deferred or cancelled, materially improving the Company's liquidity position and improving management's forward visibility of cash obligations in the short term. Further reductions to the 2026 and 2027 capital programs are expected to be confirmed in the July update, together with quantified cost reduction targets and timelines, and a site-by-site breakdown of expected savings. While many of these initiatives have already been approved, it will take time for the benefits to be fully reflected in financial results.

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