Asante Gold Corporation has announced that its Company has completed the second US$10 million payment to Resolute Mining Limited pursuant to an amendment letter agreement that was signed on August 24, 2022.

The deal provided for a 90 day extension of time for the final tranche deferred payment of US$30 million (plus US$2.7 million in respect of an environmental bond) in connection with the US$90 million acquisition of Mensin Gold Bibiani Limited, which subsidiary company owns a 90% interest in the Bibiani Gold Mine.

The revised payment terms provided for payment of US$10 million on or before September 19, 2022 (completed), US$10 million on or before October 19, 2022 (completed) and US$12.7 million and interest payable on or before November 18, 2022. To date, Asante has paid Resolute US$80 million in cash with the final payment scheduled for mid-November.

Asante also announces that it has completed its first quarterly tranche payment on its forward gold purchase agreement through the delivery of 16,249.6 ounces gold.

About Asante Gold Corporation

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with a combined forecast production of 335,000 oz of gold over the next 12 months. The Company continues with detailed technical studies at its Kubi Gold Project for early production.

All mines and projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle.

About the Bibiani Gold Mine

Bibiani is a historically significant gold mine situated in the Western Region of Ghana, with previous gold production of more than 4Moz. It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant, and existing mining infrastructure. Mining commenced in late February with the first gold pour announced on July 7, 2022, with forecast 12 month gold production of 175,000 oz.