Asante GOLD Announces US$100 Million Financing

ASANTE GOLD ANNOUNCES US$100 MILLION FINANCING

FOR IMMEDIATE RELEASE

Vancouver, British Columbia, February 16, 2022 – Asante Gold Corporation (CSE: ASE/

FRANKFURT: 1A9/U.S.OTC: ASGOF) (“Asante” or the “Company”) is pleased to announce that it has

received significant investor interest in a private placement of common shares of the Company to raise up

to US$100 million at a price of CAD$1.75 per common share.

All securities issued will be subject to a four month and one day hold period under Canadian securities

legislation. Closing is expected by February 18, 2022.

Emiral Resources Limited (“Emiral”), which currently holds approximately 19.6% of the Company’s

outstanding common shares, has indicated that it intends to participate in the Offering at a level sufficient

to maintain its current percentage shareholding in the Company. Emiral is considered a “related party” of

the Company and, accordingly, it’s subscription will constitute a “related party transaction” within the

meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special

Transactions (“MI 61-101”). The Emiral subscription will be exempt from the minority approval

requirement of Section 5.6 and the formal valuation requirement of Section 5.4 of MI 61-101 as neither the

fair market value of the Emiral subscription, nor the fair market value of the consideration for the Emiral

subscription, will exceed 25% of the Company’s market capitalization. A material change report in

connection with the Emiral subscription will be filed less than 21 days before the closing of the Offering.

This shorter period is reasonable and necessary in the circumstances as the Company wishes to complete

the Offering in a timely manner.

Funds will be used for working capital, including the payment of the second US$30 million payment to

Resolute Mining Limited for the Bibiani Mine acquisition, initial mine development costs at the Bibiani

Mine, and for other potential opportunities.

"Douglas R. MacQuarrie"

President & CEO

About Asante Gold Corporation

Asante is a pure gold exploration and development company with a high-quality portfolio of projects in

Ghana, Africa’s largest gold producer. Asante is focused on developing high margin gold projects including

the Bibiani and Kubi Gold mines located on the prolific Bibiani and Ashanti Gold Belts. Asante has an

experienced and skilled team of mine finders, builders, and operators. Asante is listed on the Canadian

Securities Exchange and Frankfurt Stock Exchange and has announced plans to co-list its shares in Ghana.

Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or

along strike of major gold mines near the center of Ghana’s Golden Triangle. Additional information is

available on our web site at: www.asantegold.com

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About the Bibiani Gold Mine

Bibiani is a historically significant Ghanaian gold mine situated in the western region of the country. Bibiani

has previous gold production of near 5 Moz, is fully permitted with available mining and processing

infrastructure on-site consisting of a 3 million tonne per annum mill and processing plant, and existing

surface and underground mining infrastructure. Mill refurbishment commenced in September 2021 and is

expected to be completed for a targeted first gold pour in Third Qtr. 2022.

The Current Mineral Resource Estimate for Bibiani, as reported on 7 November 2021 and filed on SEDAR,

is Measured and Indicated 20.1 million tonnes at 2.71 grams of gold per tonne for 1.81 Moz of gold, plus

Inferred 8.41 million tonnes at 2.78 grams of gold per tonne for 0.75 Moz of gold. The Mineral Resource

has been reported above a 0.65 g/t gold cut-off and has been depleted for both historical open pit and

underground development as of 31 August 2017. The Bibiani Main Pit mineral resource has been prepared

by Competent Persons (Optiro, 2017) using accepted industry practices and have been classified and

reported in accordance with the JORC Code (JORC, 2012). There are no material differences between the

definitions of Measured, Indicated and Inferred Mineral Resources under the CIM Definition Standards and

the equivalent definitions in the JORC Code. The Satellite pit resource is an update completed in 2018 by

Resolute Mining Limited. The Satellite pit resource is also reported above a cut-off grade of 0.65 g/t gold

inside a pit shell defined at a gold price of US$1,950. Mineral resources that are not mineral reserves do

not have demonstrated economic viability.

For further information please contact:

Douglas MacQuarrie, President & CEO, tel: +1 604-558-1134; E-mail: [email protected]

Malik Easah, Executive Director, E-mail: [email protected]

Alec Rowlands, Capital Markets Consultant, E-mail: [email protected]

Valentina Gvozdeva, Business Development, E-mail: [email protected]

Kirsti Mattson, Media Relations, E-mail: [email protected]

Cautionary Statement on Forward-Looking Statements

This news release 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

expressed or implied by such forward-looking statements, including statements regarding the resources, reserves,

exploration, and development program at Bibiani, including timing of future mine development and the start of

production.

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, the Company's

inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the

Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader

is referred to the Company's public disclosure record which is available on SEDAR ( www.sedar.com). 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 Canadian Securities Exchange, 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.