Asante Gold Corporation today, Thursday confirmed a 20.7% increase in average monthly gold production for November and December 2022, as compared with the prior two months, from its Bibiani Gold Mine and Chirano Gold Mine in Ghana.

In November and December, gold production on a combined basis for Bibiani and Chirano increased to a total of 47,954 ounces for a monthly average of 23,977 ounces, up 20.7% from previous 39,731 ounces or a monthly average of 19,866 ounces for September and October.

The November and December gold production monthly average was up 34.4% from the monthly average of 17,834 ounces of gold from August to October, 2022, Asante’s third fiscal quarter.

Asante expects to disclose its production results for the period November 2022 to January 2023 and the full fourth fiscal quarter in March 2023.

The Bibiani process plant and mine facilities are operating on a 24 hour per day basis, with ~230,000 tonnes of ore treated in each of November and December, 18% ahead of the ramp up schedule. Asante plans to increase throughput to 250,000 tonnes ore per month by end of March 2023. Preliminary gold production in December was 12,171 ounces, with 86.3% recovery from 1.70 g/t average gold grade feeding the mill. We note that as the mine development continues into Q3 2023, the process plant feed grade is planned to increase to approximately 3 g/t.

A dedicated power supply line was completed in December enabling the Process Plant to operate with fewer power disruptions. This will support initiatives to improve operating results going forward.

The mine plan and mine to mill reconciliation for the Walsh satellite pit and Main Pit remain on target. The underground mine program study initiated in the fall of 2022 remains on track, with completion expected in June 2023.

Highlights of the Chirano Mine suggests that its process plant and mine facilities are operating on a 24 hour per day basis, with ~285,000 tonnes of ore treated in December, as budgeted. Preliminary gold production in December was 12,011 ounces, with 89% recovery from 1.46 g/t average mill feed gold grade.

The Company continues with roll out of its Chirano Business Improvement Plan targeting increased gold recovery to +91%, increase gold production by 30% and reduce AISC by 10% for calendar 2024.

Dave Anthony, President and CEO, stated, “Over the past 12 months Asante has been transformed from an early-stage exploration company to a mid-tier gold producer. The significant production gains in November and December bode well for the achievement of our 400,000 ounce target from Bibiani and Chirano for the fiscal year ending January 31, 2024. Over the past five months we have made payments totaling US$83.6 million towards closing our Bibiani acquisition and repaying our gold forward sale agreement. Looking forward, we continue to capture the benefits of owning these two nearby operating mines, which incorporate a district scale land package with significant exploration potential. Value creation initiatives are proceeding across our business as we look to make Asante one of the top mining companies in Africa.”

Asante is also providing herein other operations updates for Bibiani and Chirano. Currency is Canadian dollars unless otherwise stated. There are no comparable year-earlier results as Bibiani gold production commenced in July 2022 and Chirano was acquired on August 10, 2022. Asante’s fiscal year ends on January 31, 2023.

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 combined forecast production of approximately 400,000 ounces of gold for 2023. 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.