ASANTE PROJECTS TRANSFORMATIVE GROWTH IN UPDATED FIVE-YEAR OUTLOOK: 500,000+ OZ ANNUAL GOLD PRODUCTION BY 2028, >$2 BILLION IN FREE CASH FLOW, INCREASED MINERAL RESERVES CEO Dave Anthony and CFO David Wiens to host live, interactive webinar
ASANTE PROJECTS TRANSFORMATIVE GROWTH IN UPDATED FIVE-YEAR
OUTLOOK: 500,000+ OZ ANNUAL GOLD PRODUCTION BY 2028, >$2 BILLION IN
FREE CASH FLOW, INCREASED MINERAL RESERVES
CEO Dave Anthony and CFO David Wiens to host live, interactive webinar
at 8:00am Pacific Time / 11:00am Eastern time / 3:00pm Ghana time on Thursday, May 8.
Investors are invited to register at the following link: https://6ix.com/event/asante-gold-corporate-update.
Vancouver, British Columbia, May 5, 2025 – Asante Gold Corporation ( CSE:ASE | GSE:ASG |
FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to announce an updated
five-year outlook (2025-2029) highlighting rapid production growth, declining costs, and robust free cash
flow generation from its flagship mines in Ghana. The Chirano outlook also incorporates increased mineral
reserves, marking the second consecutive year of mine life extension since acquisition by Asante. All dollar
amounts are in U.S. dollars unless otherwise noted.
HIGHLIGHTS
• Annual production from Bibiani and Chirano anticipated to grow by 34 % to 455,000 ounces in 2026,
increasing to more than 500,000 ounces in 2028
o Cumulative anticipated five-year production of 2.2 million ounces (2025 – 2029), based on
reserves only, calculated at $1,700/ounce gold price
• Unlevered free cash flow of $2.1 billion anticipated over the same five -year period ( assuming
$3,000/ounce gold price)
o Supported by significantly lower all -in sustaining costs (“ AISC”), reflecting increased scale,
reduced stripping requirements, higher grades and increased gold recovery, with AISC 1
expected to be $1,375/ounce by 2027, <$1,000/ounce by 2028
o Sulphide treatment plant construction is advanced, with start of operation scheduled for July
2025; gold recovery anticipated to be 92%
• Incorporates Bibiani underground feasibility study results announced January 15, 2025
• Increased reserves of 242,000 ounces at Chirano delineated since April 2024 Chirano Technical Report
• Excellent expansion and mine life extension opportunities at both mines underpinned by substantial
resource base, track record of resource delineation and conversion, planned exploration investment
• Financing and liquidity update:
o Financing package announced October 30, 2024 has advanced significantly with closing
targeted in Q2 2025; further announcement expected following final credit commitments
o Near-term liquidity strengthened with $100 million advance from Fujairah gold forward
arrangement, scheduled for May 2025
o Increased Bibiani gold production relative to Q4 2024, and strong gold price environment
1 Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable
measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.
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Dave Anthony, President and CEO stated:
“Our updated five-year outlook projects annual gold production exceeding 500,000 ounces by 2028 and
more than $2 billion in unlevered free cash flow between 2025 and 2029. As a rapidly growing gold
producer in the heart of one of Ghana’s most prolific mineral belts, Asante is well positioned to offer our
shareholders exceptional leverage to rising gold prices at a time of significant global uncertainty. Notably,
this outlook is based solely on current reserves , underscoring significant upside potential from ongoing
resource conversion, expansion and mine life extension initiatives.”
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.
Investors are invited to register for a live, interactive webinar to discuss the technical report results at 8:00
am Pacific Time / 11:00 am Eastern time / 3:00 pm Ghana time on Thursday, May 8, 2025 to be hosted by
CEO Dave Anthony and CFO David Wiens at the following link: https://6ix.com/event/asante-gold-
corporate-update.
Five-Ye a r Outlook (Mineral Reserves Only) - Consolidated
Consolidated annual gold production and AISC from the Bibiani and Chirano mines are planned as follows:
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Five-Ye a r Outlook – Bibiani Mine (Mineral Reserves Only)
Key metrics at the Bibiani mine during the 2025-2029 period include:
2025 2026 2027 2028 2029
5-Year
Total
5-Year
Average
Operations
Ore mined - open pit (kt) 3,549 5,615 4,443 - - 13,606 2,721
Waste mined - open pit (kt) 96,052 79,722 23,537 - - 199,311 39,862
Total mined - open pit (kt) 99,601 85,337 27,980 - - 212,917 53,229
Strip ratio (waste:ore) 27.1 14.2 5.3 - - 14.6x 14.6x
Grade mined - open pit (g/t) 1.90 1.97 2.10 - - 1.99 1.99
Ore mined - underground (kt) - 148 1,253 2,301 2,641 6,344 1,269
Grade mined - underground (g/t)
- 1.74 1.81 2.23 2.45 2.23 2.23
Ore milled (kt) 3,276 4,062 4,055 4,092 3,989 19,474 3,895
Grade milled (g/t) 1.93 2.28 2.22 2.14 1.88 2.10 2.10
Gold recovery (%) 85% 92% 92% 92% 92% 91% 91%
Production (koz) 172 273 266 259 222 1,193 239
Cash Flow @ $3,000/oz
Revenue 517 820 799 778 666 3,580 716
Net operating cashflow 286 427 386 419 354 1,872 374
Capex (306) (260) (134) (59) (27) (786) (157)
Net cash flow (20) 167 251 360 326 1,085 217
AISC ($/oz) 2,494 1,600 1,297 913 992 1,459 1,459
Consistent with the April 2024 Bibiani Technical Report, the Bibiani five-year outlook is based upon rapid
production growth enabled by expansion of the Main Pit, increased fleet availability and completion of the
sulphide treatment plant in 2025.
In 2025 thus far, mining activities at Russel and Main pits have increased significantly relative to Q4 2024
as a result of funding received in December 2024 from the Fujairah Gold Forward agreement. G old
production for the three-month period January to March 2025 increased 120%, relative to the period
October – December 2024. Gold production of 172,000 ounces is planned for 2025, representing a 125%
and 183% increase relative to 2024 and 2025 actual production respectively. Completion of the sulphide
treatment plant and increased rate of mining operations are on track to deliver these results.
Delineation of underground reserves at Bibiani and development of a combined open pit / underground
mining plan is motivated by the Company’s strategy to increase Life of Mine (“LoM”) and optimize
economic value. As a result, previously planned waste cuts in the open pit are eliminated and earlier access
will be provided to higher-grade underground mineralized material.
The underground mine development will start in late 2025, with full production scheduled for 2028. This
includes a robust underground design and mining strategy that includes establishment of an underground
conveyor system in 2026 to feed the process plant area directly. Three access points into the main orebody
will establish a robust mine infrastructure and commence stoping operations. This approach was initially
articulated in the April 2024 Bibiani T echnical Report and has been subsequently validated by the
underground Definitive Feasibility Study (the “DFS”) as outlined in the Company’s news release of January
15, 2025. The results of the DFS are factored into the five-year outlook projections.
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Capital expenditures at Bibiani are elevated in the 2025-2026 period as a result of capital projects to deliver:
(i) completion of the sulphide treatment plant and other plant upgrades (pebble crusher, jaw crusher, CIL
and elution circuit upgrades); (ii) stripping related to expansion of the Bibiani Main Pit; (iii) underground
development activities; and (iv) community and social projects, including the planned resettlement of the
neighboring Old Town and Zongo communities. These initiatives support an increase in gold recovery to
92% and plant throughput to 4 million tonnes per year, which contribute to a significant reduction in unit
costs from 2026 onwards. When these capital projects are delivered, there will be a significant reduction
of AISC.
Consistent with the April 2024 Bibiani Technical Report, the Company expects mining of existing reserves
through early 2032. The Company’s strategy is to extend mine life well beyond this timeframe through
resource conversion, extension of the underground mine , 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.
Five-Year Outlook – Chirano Mine (Mineral Reserves Only)
Key metrics at the Chirano mine during the 2025-2029 period include:
2025 2026 2027 2028 2029
5-Year
Total
5-Year
Average
Operations
Ore mined - open pit (kt) 1,759 415 918 1,758 - 4,850 970
Waste mined - open pit (kt) 9,150 6,768 9,755 5,582 - 31,254 6,251
Total mined - open pit (kt) 10,908 7,182 10,673 7,340 - 36,104 9,026
Strip ratio (waste:ore) 5.2 16.3 10.6 3.2 - 6.4x 6.4x
Grade mined - open pit (g/t) 0.94 1.13 0.82 0.92 - 0.92 0.92
Ore mined - underground (kt) 1,949 2,779 2,656 3,155 2,682 13,221 2,644
Grade mined - underground (g/t) 2.03 1.95 2.14 2.19 2.31 2.13 2.13
Ore milled (kt) 3,987 3,715 3,369 4,114 3,685 18,870 3,774
Grade milled (g/t) 1.47 1.66 1.87 1.99 1.81 1.76 1.76
Gold recovery (%) 89% 91% 92% 92% 92% 91% 91%
Production (koz) 167 182 186 242 197 973 195
Cash Flow @ $3,000/oz
Revenue 501 545 558 725 590 2,919 584
Net operating cashflow 161 230 227 338 295 1,250 250
Capex (78) (90) (32) (11) - (210) (42)
Net cash flow 84 140 195 327 295 1,040 208
AISC ($/oz) 2,115 1,760 1,490 1,091 887 1,469 1,469
The Chirano five-year outlook plans for continuation of open pit operations through 2028, to maintain a
feed balance with the underground mines to optimize its production profile. This represents an extension
of three years of open pit mining relative to the April 2024 Chirano Technical Report, resulting an overall
increase in Chirano’s reserve life by one year relative to the technical report.
Underground production is supported by five mines within the Chirano footprint, 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 development and
productivity, while also reducing mining costs by increasing equipment size.
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While the technical report envisages continuation of production at Chirano through 2029 based on mineral
reserves, the Company’s strategy is to extend mine life well beyond 2029 through resource conversion,
development of infrastructure needed to extend the underground mines to lower depths and delineation of
new pits. The Chirano Mine has an excellent track record of resource to reserve extension since the
commencement of operations in 2005. In addition, s ignificant opportunities include the connection o f
Chirano’s northern mines, where lower costs will be achieved with development of a conveyer system to
feed directly to the process plant . This would provide significant savings and extend mine life through
reduced trucking costs.
Increased Mineral Reserves at Chirano Mine
Newly delineated reserves underpinning the Chirano mine life extension, as noted above, are supported by
successful exploration efforts in 2024 at Obra Underground North Extension, Sariehu North, and Mamnao
South Surface Extensions . A total of 34,363 met res of drilling were completed across 159 drill holes
resulting in an additional 242,000 contained ounces of gold to the reserves and 155,000 ounces in resources
following optimizations and engineering studies. We are excited to note the st rike length for the Obra
deposit has increased from 400 to 700m.
The 2024 drilling program results underscore the potential for discovery of significant resources in the area
and support continuation of exploration efforts to unlock additional value. In 2025, exploration efforts will
continue to focus on upgrading resources and extending the LoM at Chirano. E xploration in 2025 will
target the deepening and lateral extension of mineralized structures, as well as evaluating new exploration
opportunities to enhance our resource base.
Exploration efforts at Obra Underground in 2024 demonstrate a strong linkage with the Sariehu deposit at
depth, returning encouraging intercepts and confirming the presence of a high- grade mineralized shoot
(+2.5g/t Au) plunging to the north. These results indicate significant potential for further mineralization
down dip. The deepest hole drilled in 2024 at Obra returned an impressive intersection of 39.09 metres at
2.63g/t Au (true width), including 5.71 metres at 5.18g/t Au.
A highlight of 2024 was the successful exploration at Obra Underground, which demonstrated a strong,
positive linkage with the Sariehu deposit at depth. Drill results from this area returned encouraging
intercepts, confirming the presence of a high- grade mineralized shoot (+2.5g/t Au) plunging to the north.
These results indicate the potential for further mineralization down dip, with the deepest hole drilled in
2024 at Obra returning an impressive intersection of 39.09 metres at 2.63g/t Au (true width), including 5.71
metres at 5.18g/t Au. These results underscore the potential for high-grade resources in the area and support
the continued exploration efforts to unlock additional value.
Looking ahead to 2025, exploration efforts will continue with a focus on upgrading resources and extending
shoots, with the goal of further increasing the LoM at Chirano. Continued exploration will target the
deepening and lateral extension of mineralized structures, as well as evaluating new exploration
opportunities to enhance the resource base.
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Incremental reserves are summarized as follows:
DECEMBER 31, 2024 CHIRANO RESERVE ADDITIONS
DEPOSIT Classification Tonnes Grade Ounces
(000's) (Au g/t) (000's)
OBRA UG
Proven - - -
Probable 2,327.0 2.27 169.7
Subtotal 2,327.0 2.27 169.7
GSM
Proven - - -
Probable 2,241.1 1.00 72.4
Subtotal 2,241.1 1.00 72.4
- - -
TOTAL TOTAL 4,568.1 1.65 242.1
Notes:
1. The Mineral Reserve has been reported in accordance with the requirements and guidelines of NI 43-101.
2. The Mineral Reserves are reported with appropriate modifying factors and Obra Underground reported using $1,700 metal
price and GSM reported at $1,900 using a cut-off grade input parameter of 1.24g/t and 0.49g/t respectively.
3. Apparent computational errors due to rounding and are not considered significant
4. No Inferred Mineral Resources have been included in the Mineral Reserve estimate for the 2024 additions due to exploration
efforts within the period.
5. Mineral Reserve expressed on a 100% basis; Asante owns 90% of the Chirano Mine.
6. The Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could
materially affect the potential exploitation of such Mineral Reserves.
Financing and Liquidity Update
The Company continues to advance its financing package and expects to provide an announcement in the
coming weeks detailing the final anticipated capital structure, including the participants thereof . The
financing package remains subject to receipt of credit commitments by certain financing counterparties and
negotiating and execution of definitive agreements. Although there is no certainty that such financing
initiatives will be completed, the Company is confident that it will be able to complete such initiatives in
the second quarter of 2025.
As our financing initiatives advance, n ear-term liquidity is expected to be strengthened from (i) a $100
million advance from Fujairah scheduled for May 2025 for the future delivery of gold, (ii) increased Bibiani
gold production relative to Q4 2024 and (iii) a strong gold price environment.
Qualified Person Statement
The 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”). 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
7
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 Project. 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 expe rience in Ghana. The Company 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. 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 or forward-looking information.
All statements, other than statements of historical fact, are forward-looking statements or information. Forward-
looking statements or information in this news release relate to, among other things: production, free cash flow
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 a nd completion of external financing by the Company. These
forward-looking statements and information reflect the Company’s current views with respect to future events
and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are
inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies.
These assumptions include: the impact of inflation and disruptions to the global, regional and local supply
chains; tonna ge of mineralized material to be mined and processed; future anticipated prices for gold and
assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including
anticipated sustaining, project, and exploration expenditures; risks related to increased barriers to trade,
including tariffs and duties; ore grades and recoveries; capital, decommissioning and reclamation estimates; our
mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy
inputs, labour, materials, supplies and services (including transportation); no labour -related disruptions at any
of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses
and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain
title and ownership to mineral properties and the surface rights necessary for our operations, including
contractual rights from third parties and adjacent property owners; whether the Company is able to maintain a
strong financial condition and have sufficient capital, or have access to capital, to sustain our business and
operations; and our ability to comply with environmental, health and safety laws. T he foregoing list of
assumptions is not exhaustive.
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, the duration and effect of local and world-wide inflationary pressures
and the potential for economic recessions; fluctuations in the price of gold; fluctuations in currency markets;
operational risks and hazards inherent with the business of mining (including environmental accidents and
hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations,
cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers,
refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain
insurance, to cover these risks and hazards; employee relations; relationships and claims by local communities;
changes in laws, regulations and government practices in the jurisdictions where we operate, including
environmental, export and import laws and regulations; changes in nat ional and local government, legislation,
taxation, controls or regulations and political, legal or economic developments in countries where the Company
may carry on business, including legal restrictions relating to mining, risks relating to expropriation; 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, the Company’s inability to
raise the necessary capital or to be fully able to implement its business strategies, and those risk factors identified
in the Company's management's discussions and analysis and the most recent annual information form . 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.