ASANTE ANNOUNCES TECHNICAL REPORTS DELINEATING ANNUAL GOLD PRODUCTION NEAR 450 KOZ BY 2025, SIGNIFICANT RESOURCE GROWTH CEO Dave Anthony and CFO David Wiens to host live, interactive webinar at 11:00am Pacific Time / 2:00pm Eastern time on Tuesday, May 7. Investors are invited to register at link be
ASANTE ANNOUNCES TECHNICAL REPORTS DELINEATING ANNUAL GOLD
PRODUCTION NEAR 450 KOZ BY 2025, SIGNIFICANT RESOURCE GROWTH
CEO Dave Anthony and CFO David Wiens to host live, interactive webinar
at 11:00am Pacific Time / 2:00pm Eastern time on Tuesday, May 7. Investors are invited to register at link below.
Vancouver, British Columbia, May 1 , 2024 – Asante Gold Corporation ( CSE:ASE | GSE:ASG |
FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) announces the filing of updated technical
reports for the Chirano and Bibiani mines in Ghana, delineating new Mineral Reserve and Mineral Resource estimates
and life of mine plans based on proven and probable reserves . All dollar figures are in United States dollars unless
otherwise indicated. References to years in this news release relate to the 12-month period commencing February of
the applicable calendar year, consistent with the Company’s January 31 fiscal year-end. For example, “2025” refers
to the 12-month period of February 2025 – January 2026.
HIGHLIGHTS
Consolidated Results
• Rapid production growth to 449koz in 2025 (+109% vs. 2023 actual) and >500koz in 2028
• Production of 2.2 million ounces over next five years, before considering resource conversion potential
• Significant increase in Mineral Resources at both mines, net of approximately two years of depletion:
• 4.6 million ounces (+34% vs. previous technical report) in Measured and Indicated category
• 2.2 million ounces (+200% vs. previous technical report) in Inferred category
• Excellent expansion and mine life extension opportunities at both mines underpinned by substantial resource base ,
track record of resource delineation and conversion, and planned exploration investment
Bibiani Technical Report
• Gold production of 271koz in 2025 (+254% vs. 2023 actual), enabled by cutting the Bibiani-Goaso highway, 2024
investments in main pit expansion, sulphide treatment plant to increase recovery to 92%
• Commencement of underground mine development in 2025 with first underground ore processed in 2026; robust
underground mine plan underpinned by first-ever underground reserves delineated by Asante
• Significant unit cost reduction by 2025 reflecting reduced stripping requirements, increased scale, and increased
gold recovery; AISC <$1,100/oz by 2027
• 2.5 million ounces (+9% vs. previous technical report) of Measured and Indicated Mineral Resources
o Reflects underground strategy with >0.9 million ounces of underground reserves
• 1.2 million ounces (+225% relative to previous technical report) of Inferred Mineral Resources
• Targeted areas for 2024 resource conversion / additions include Walsh/Strauss, Elisabeth Hill, Russell
Chirano Technical Report
• Gold production of 178koz in 2025 (+28% vs. 2023 actual) and >200koz by 2027
• Underground mine plan focused on expansion of the Obra and Suraw mines
• Lower unit costs from 2025 from increased throughput, efficiencies, improved use of capital
• 2.1 million ounces (+84% vs. previous technical report) of Measured and Indicated Mineral Resources
• 1.0 million ounces (+177% relative to previous technical report) of Inferred Mineral Resources
• Targeted areas for 2024 resource conversion and additions include depth extensions at Suraw, Akoti South, Tano,
Sariehu, Akwaaba, Obra; upgrading resources at GAP, Aboduabo, and Magnetic Hinge
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Dave Anthony, President and CEO stated, “We are excited to report the results of updated technical reports for the
Bibiani and Chirano mines that demonstrate the significant production and margin growth at both operations. This
includes a 109% increase in consolidated production to nearly 450,000 ounces in 2025 and a further increase to over
500,000 ounces by 2028 at lower costs . We are also pleased to report a significant increase in mineral resources at
both mines, including delineation of the first-ever underground reserves at Bibiani under Asante ownership, which
supports long-term strategic planning for expansion and mine life extension opportunities.”
Investors are invited to register for a live, interactive webinar to discuss the technical report results at 11:00 am Pacific
Time / 2:00 pm Eastern time on Tuesday, May 7, 2024 to be hosted by CEO Dave Anthony and CFO David Wiens at
the following link: https://events.6ix.com/preview/asante-gold-investor-update-2.
The updated technical reports entitled “NI 43-101 Technical Report and Updated Mineral Resource Estimate, Chirano
Gold Mines Limited, Ghana, West Africa” dated April 30, 2024 (with an effective date of December 31, 2023) and
“NI 43-101 Technical Report and Updated Mineral Resource Estimate, Mensin Gold Bibiani Limited” dated April 30,
2024 (with an effective date of December 31, 2023) were prepared in accordance with Canada’s National Instrument
43-101 – Standards for Disclosure for Mineral Projects (“NI 43 -101”) and have been filed on the Company’s
SEDAR+ profile (www.sedarplus.ca). The updated technical reports supersede t he prior technical report for Bibiani
dated August 31, 2022 (with an effective date of February 28, 2022) and the prior technical report for Chirano dated
September 30, 2022 (with an effective date of December 31, 2021).
5-Year Outlook (Mineral Reserves Only) - Consolidated
Consolidated gold production from the Bibiani and Chirano mines is envisaged as follows:
This forecast based is solely on Proven and Probable reserves, without consideration of significant resource
conversion, production expansion and cost optimization opportunities utilized in the Company’s strategic planning at
both Bibiani and Chirano.
63 77 118
271 258 267 278
62
138
165
178 187 204 234
124
215
283
449 445 471
512
2022A 2023A 2024E 2025E 2026E 2027E 2028E
Consolidated Gold Production (koz)
Bibiani Chirano
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5-Year Outlook – Bibiani Mine (Mineral Reserves Only)
Key metrics at the Bibiani mine during the 2024-2028 period as envisaged in the technical report include:
2024 2025 2026 2027 2028
5-Year
Total
5-Year
Average
Operations
Ore mined - open pit (kt) 2,594 4,631 4,126 2,285 1,227 14,863 2,973
Waste mined - open pit (kt) 54,771 80,372 64,785 5,376 5,874 211,177 42,235
Total mined - open pit (kt) 57,365 85,003 68,911 7,661 7,100 226,040 45,208
Strip ratio (waste:ore) 21.1x 17.4x 15.7x 2.4x 4.8x 14.2x 14.2x
Grade mined - open pit (g/t) 1.90 2.10 1.95 2.29 2.20 2.06 2.06
Ore mined - underground (kt) - 58 812 1,910 2,639 5,419 1,084
Grade mined - underground (g/t) - 1.00 2.05 1.93 2.42 2.18 2.18
Ore milled (kt) 2,661 3,832 4,000 4,000 4,003 18,497 3,699
Grade milled (g/t) 1.76 2.39 2.18 2.25 2.34 2.21 2.21
Gold recovery (%) 79% 92% 92% 92% 92% 91% 91%
Production (koz) 118 271 258 267 278 1,192 238
Cash Flow @ $1900/oz
Revenue 225 515 490 507 527 2,265 453
Net operating cashflow 55 299 216 232 240 1,042 208
Capex 214 253 193 78 59 798 160
Net cash flow (159) 46 23 154 180 244 49
Net cash flow ($2,300/Oz) (115) 99 88 216 249 537 107
AISC ($/oz) (1) 2,265 1,340 1,457 970 1,088 1,316 1,316
Notes:
Figures expressed on a 100% basis; Asante owns 90% of the Bibiani Mine.
(1) 2024 AISC includes approximately $683 per ounce related to capitalized stripping.
The 5-year outlook for Bibiani envisages rapid production growth enabled by cutting of the Bibiani – Goaso highway,
expansion of the main pit, an increase in fleet availability and completion of a plant upgrades in 2024 to drive gold
production of 271,000 ounces in 2025 , representing a 254% increase relative to 2023 actual production. This is
envisaged to be followed by commencement of underground development and mining in the 2025-2026 period which
underpins the majority of gold production from 2028 onwards.
The delineation of underground reserves at Bibiani and development of a combined open pit / underground mining
plan is driven by the Company’s strategy to optimize economic value by reducing previously planned waste cuts in
the open pit and providing earlier access to higher-grade underground ore. Supported by the updated resource model
and external experts, and leveraging the Company’s in -house underground mining expertise and experience at the
Chirano a robust underground design and mining strategy was d eveloped during the course of 2023 and early 2024.
The previous technical report envisaged mining in the open pit only to a depth of ~432 metres, while the revised mine
plan envisages a terminal open pit depth of ~3 54 metres, below which underground mining will take place. This
design includes establishment of an underground conveyor system in 2026 to feed the process plant area directly, and
three access points into the main orebody to establish mine infrastructure and commence stoping operations.
Capital expenditures at Bibiani are elevated in the 2024-2026 period primarily as a result of capital projects to deliver
(i) stripping related to an expansion of the Bibiani main pit, (ii) underground development activities, (iii) community
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and social projects, including the planned resettlement of the neighboring Old Town and Zongo communities, (iv)
completion of a sulphide treatment plant and other plant upgrades (pebble crusher, jaw crusher, CIL and elution circuit
upgrades) that support an increase in gold recovery to 92% and plant throughput to 4 million tonnes per year. In 2024
in particular, this will have a significant impact on reported AISC , with approximately $683 per ounce attributed to
waste stripping.
External financing will be required in order to execute these capital projects in 2024 . The Company has been in
commercial discussions with potential financ iers and has received preliminary term sheets which it is currently
evaluating. There can be no certainty that the Company will be successful in securing sufficient financing on a timely
basis.
While the technical report envisages gold production through 2032 based on mineral reserves, the Company’s strategy
is to extend mine life well beyond this timeframe through resource conversion, extension of the underground mine,
and delineation and expansion of new satellite pits. This strategy is underpinned by the significant resource base at
the Bibiani mine (incremental to reserves), high prospectivity of regional geology, and the Company’s track record of
resource replacement and growth.
5-Year Outlook – Chirano Mine (Mineral Reserves Only)
Key metrics at the Chirano mine during the 2024-2028 period as envisaged in the technical report include:
2024 2025 2026 2027 2028
5-Year
Total
5-Year
Average
Operations
Ore mined - open pit (kt) 2,000 1,774 589 - - 4,363 873
Waste mined - open pit (kt) 14,857 10,954 1,593 - - 27,404 5,481
Total mined - open pit (kt) 16,857 12,728 2,182 - - 31,767 6,353
Strip ratio (waste:ore) 7.4x 6.2x 2.7x - - 6.3x 6.3x
Grade mined - open pit (g/t) 1.13 1.14 1.18 - - 1.15 1.15
Ore mined - underground (kt) 1,662 2,250 2,724 2,771 3,129 12,535 2,507
Grade mined - underground (g/t) 1.94 1.88 1.91 2.36 2.49 2.15 2.15
Ore milled (kt) 3,842 4,077 4,077 3,584 3,129 18,709 3,742
Grade milled (g/t) 1.47 1.49 1.56 1.93 2.49 1.75 1.75
Gold recovery (%) 90% 91% 91% 92% 93% 92% 92%
Production (koz) 165 178 187 204 234 968 194
Cash Flow @ $1900/oz
Revenue 313 338 355 388 445 1,838 368
Net operating cashflow 44 64 106 140 178 532 106
Capex 57 50 49 16 8 180 36
Net cash flow (13) 13 58 124 170 352 70
Net cash flow ($2,300/Oz) 27 56 103 174 227 588 118
27124
769
564134
16
103337
681
17425
1133
22734
6383
AISC ($/oz) 1,822 1,553 1,268 981 821 1,246 1,246
Note: Expressed on a 100% basis; Asante owns 90% of the Chirano Mine.
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The technical report envisages Chirano open pit operations continuing through 2026, maintaining a feed balance with
the underground mines to optimize its production profile. Underground production is supported by five mines, with a
particular focus on the Suraw and Obra mines in the 2026 -2028 period . The Company’s strategy includes
comprehensive rebuild and replacement programs of the underground equipment fleet, to increase productivity and
reduce mining costs by increasing equipment size.
While the technical report envisages continuation of production at Chirano through 2028 based on mineral reserves,
the Company’s strategy is to extend the mine life well beyond this timeframe through resource conversion,
development of infrastructure needed to extend the underground mines to lower depth, and delineation of new pits.
The Company also believes that there is a significant opportunity to connect Chirano’s northern mines through a
conveyer system feeding directly to the process plant, which could provide significant savings through reduced
trucking costs. The Company is c urrently evaluating this opportunity, which has not been included in the technical
report.
Mineral Resource Estimate – Bibiani Mine
The following is a summary of the Bibiani Mineral Resource Estimate as of December 31, 2023:
Category
Open Pit Underground Total
(Kt)
Au
(g/t)
Au
(Koz) (Kt)
Au
(g/t)
Au
(Koz) (Kt)
Au
(g/t)
Au
(Koz)
Resources
(inclusive)
Measured 179 1.30 7 49 1.49 2 228 1.34 10
Indicated 15,856 2.27 1,155 17,678 2.33 1,325 33,534 2.30 2,481
M&I 16,035 2.26 1,162 17,727 2.33 1,327 33,762 2.30 2,490
Inferred 19 1.12 1 15,158 2.36 1,151 15,178 2.36 1,152
Reserves Proven 180 1.24 10 20 1.44 1 200 1.26 10
Probable 15,100 2.10 1,020 12,120 2.35 920 27,220 2.21 1,940
P&P 15,280 2.09 1,030 12,140 2.35 921 27,420 2.21 1,950
Notes:
(1) Tonnes and ounces have been rounded and this may have resulted in minor discrepancies.
(2) Mineral Resources are not Mineral Reserves.
(3) The Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them.
(4) 1 troy ounce = 31.1035g.
(5) A 0.5g/t gold reporting cut -off has been applied for OP Mineral Resources, constrained within a conceptual pit shell using US$1,950 gold
price to satisfy RPEEE requirements.
(6) UG Mineral Resources are reported within conceptual MSO shapes prepared using a US$1,950 gold price and a cut-off grade of 0.80g/t Au
to satisfy RPEEE requirements.
(7) Density values of 2.75t/m³, 2.50t/m³ and 2.00t/m³ have been applied to blocks flagged as fresh, transition and oxidised sediments respectively,
for all block models.
(8) Geological losses and depletions have been applied.
(9) Inferred Mineral Resources have a lower level of confidence than that applying to Indicated Mineral Resources and have not been converted
to Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to In dicated Mineral
Resources with continued exploration.
(10) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
As noted above, delineation of the first -ever underground reserves at Bibiani under Asante owner ship, and
development of a combined open pit / underground mining plan , is driven by the Company’s strategy to optimize
economic value by reducing excessive waste cuts in the open pit and provide earlier access to higher-grade
underground ore. This approach leverages the Company’s in -house expertise and experience at the Chirano mine .
The previous technical report envisaged mining in the open pit only, resulting in elevated strip ratios. Consistent with
this strategy, a new resource model was built from which mining models were modified for dilution and mining losses,
taking into account the transition point between open pit and underground mining. As noted above , the revised
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envisaged main pit depth is approximately ~78 metres shallower due to the transition to underground mining which
results in lower open pit reserves and resources, and higher underground reserves and resources.
Over 12,000 metres of RC and diamond drilling is planned in 2024 with 7,500 metres allocated specifically for
resource extension and definition. The primary focus will be on three main areas : Walsh/Strauss underground,
Elisabeth open pit, and Russell underground.
Mineral Resource Estimate – Chirano Mine
The following is a summary of the Chirano Mineral Resource Estimate as of December 31, 2023:
Category
Open Pit Underground Total
(Kt)
Au
(g/t)
Au
(Koz) (Kt)
Au
(g/t)
Au
(Koz) (Kt)
Au
(g/t)
Au
(Koz)
Resources
(inclusive)
Measured 2,845 0.90 82 7,918 2.10 534 10,763 1.78 616
Indicated 12,052 1.09 421 17,085 1.91 1,051 29,137 1.57 1,472
M&I 14,898 1.05 503 25,003 1.97 1,585 39,901 1.63 2,088
Inferred 1,711 1.23 68 18,303 1.64 963 20,014 1.60 1,031
Reserves Proven 2,426 0.72 56 2,864 2.26 208 5,290 1.55 264
Probable 3,748 1.13 136 9,671 2.12 659 13,419 1.84 795
P&P 6,174 0.97 192 12,535 2.15 867 18,709 1.76 1,059
Notes:
(1) Mineral Resource Estimate expressed on a 100% basis; Asante owns 90% of the Chirano Mine
(2) Tonnes and ounces have been rounded and this may have resulted in minor discrepancies
(3) Mineral Resources are not Mineral Reserves
(4) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
(5) Mineral Resources are reported inclusive of Mineral Reserves
(6) 2024 Mineral Resource Estimates determined using $1,950/oz gold price, Mineral Reserve Estimates determined using $1,700/oz gold price;
(7) The Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could ma terially affect
the potential exploitation of such Mineral Reserves
The significant increase in resources at Chirano relative to the previous technical report is primarily a result of
successful exploration results in 2022 and 2023. This included:
- Obra: inferred resource conversion into indicated, shoot extension along strike and down dip
- Suraw: resource conversion drilling to upgrade gaps and add inferred resources
- Aboduabo: drilling aimed at extension of shoots along strike, down dip continuity and infilling
- Upgrading of resources at Suraw and Obra
In 2024, planned exploration activities include approximately 34,000 meters of drilling to continue testing and
upgrading resources on the mining lease and adjacent prospecting licenses with key focus on depth extensions at
Suraw, Akoti South, Tano, Sarieh u, Akwaaba and Obra; upgrading open pit resources at GAP, Aboduabo and
Magnetic Hinge.
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed and approved by the
Qualified Persons (as defined under NI 43 -101) and authors of the Technical Report, David Michael Begg of dMb
Management Services Pty Ltd (South Africa), Clive Brown of BARA International, Galen White of Bara Consulting
UK Limited, Glenn Bezuidenhout of GB Independent Consulting Pty Ltd , and Malcolm Titley of Maja Mining
Limited. None of the Qualified Persons hold any interest in Asante, its associ ated parties, or in any of the mineral
properties which are the subject of this news release.
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Other scientific and technical information contained in this news release has been reviewed and approved by David
Anthony, P.Eng., Mining and Mineral Processing, President and CEO of Asante, who is a "qualified person" under
NI 43-101.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not
defined under International Financial Reporting Standards (“IFRS”), including “all -in sustaining costs” (or “AISC”),
“earnings before interes t, taxes, depreciation and amorti zation” (or “EBITDA”), and free cashflow. Non -IFRS
measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to
similar measures employed by other companies. The data presented is intended to provide additional information and
should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS
and should be read in conjunction with Asante’s consolidated financial statements. Readers should refer to Asante's
Management Discussion and Analysis under the heading "Non-IFRS Measures" for a more detailed discussion of how
Asante calculates certain of such measures and a reconciliation of certain measures to IFRS terms.
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 and continues with detailed technical
studies at its Kubi Gold Pr oject. All mines and exploration 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. The Company is listed on the Canad ian 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 Gold en Triangle. Additional
information is available on the Company’s website at www.asantegold.com.
About the Bibiani Gold Mine
Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with previous gold
production of more than 4.5 million ounces. 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.
Asante commenced mining at Bibiani in late February 2022 with the first gold pour announced on July 7, 2022.
Commercial production was announced November 10, 2022.
For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine,
please refer to the 2024 Bibiani Technical Report filed on the Company’s SEDAR profile ( www.sedarplus.ca) on
April 30, 2024.
About the Chirano Gold Mine
Chirano is an operating open pit and underground mine located in the Western Region of Ghana, immediately south
of the Company’s Bibiani Gold Mine. Chirano was first explored and developed in 1996 and began production in
October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano,
Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines.
For additional information relating to the mineral resource and mineral reserve estimates for the Chirano Gold Mine,
please refer to the 2024 Chirano Technical Report filed on the Company’s SEDAR profile ( www.sedarplus.ca) on
April 30, 2024.
For further information please contact:
Dave Anthony, President & CEO
Frederick Attakumah, Executive Vice President and Country Director
+1 604 661 9400 or +233 303 972 147
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Cautionary Statement on Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements, including but not limited to, production
and all-in sustaining costs forecasts for the Bibiani and Chirano Gold Mines, estimated mineral resources, reserves,
exploration results and potential, development programs, expansion and mine life extension opportunities, completion
of plant upgrades and completion of external financing by the Company . Forward-looking statements involve risks,
uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ
materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results
to differ materially from these forward -looking statements include, but are not limited to, variations in the nature,
quality and quantity of any mineral deposits that may be located, t he Company’s inability to obtain any necessary
permits, consents or authorizations required for its planned activities, the Company’s inability to raise the necessary
capital or to be fully able to implement its business strategies, and the price of gold. The reader is referred to the
Company’s public disclosure record which is available on SEDAR ( www.sedarplus.ca). Although the Company
believes that the assumptions and factors used in preparing the forward -looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities
laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention
or obligation to update or revise any forward-looking statement, whether as a result of new information, future events
or otherwise.
LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory
authority accepts responsibility for the adequacy or accuracy of this release.