Asante Provides Operations Update
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ASANTE PROVIDES OPERATIONS UPDATE
TORONTO, Canada, March 16, 2026 – Asante Gold Corporation (TSXV: ASE | GSE: ASG | OTCQX:
ASGOF) ("Asante" or the " Company") a Ghana-focused emerging mid-tier gold producer, is pleased to
provide an operational update on the Company’s Bibiani Gold Mine (“Bibiani”) and Chirano Gold Mine
(“Chirano”). Unless otherwise stated, all amounts are in U.S. dollars.
Highlights
• Bibiani Operations:
o Seventh consecutive monthly increase in gold production through January 2026
o Highest monthly material movement in January and largest mining fleet since 2023
o Sulphide Treatment Plant meeting expectations; overall gold recovery optimization ongoing
o Plant throughput expansion and de-bottlenecking initiatives yielding positive results
o Equipment availability issues, remediation of southeaster n wall slip and the consequential short -
term resequencing at Main Pit impacting near -term production growth; gradual ramp-up expected
through remainder of 2026
• Chirano Operations:
o Underground fleet now > 95% mobilized following equipment refurbishments and delivery of
Epiroc fleet
o Underground development sustained above 1,100 meters per month since November
• Full year 2025 gold production in line with revised guidance
• January and February 2026 consolidated gold production levels above 20,000 oz each, establishing a
positive quarterly ramp up cadence (Figure 1)
“Asante Gold has started 2026 with the operational momentum to ensure a strong year of execution,” stated
Dave Anthony, President and CEO, who added, “In particular, we are pleased to see tangible progress at
Bibiani over the last few months , culminating in monthly highs for gold production, material movement,
gold recovery and equipment fleet size in January 2026. Notwithstanding a slower than initially expected
ramp up, with our expanded equipment fleet, completion of the sulphide treatment plant and progress with
underground mining activities at both sites, we expect that 2026 will be a transformational year for Asante.”
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Figure 1: Consolidated Gold Production for Eight-Month Period Ended February 28, 2026
Bibiani Operations
Open pit mining activity continues to ramp up with combined material movement in the Main Pit and Russel
Pit advancing to 6.5 million tonnes a month (Figure 2).
Mining operations at the Main Pit continued to progress despite previous delays with equipment
mobilization, lower equipment availability and delays with mobilization of maintenance resources, delayed
Main Pit dewatering, slippage of the southeastern pit wall and management of voids below the Main Pit
floor. Approximately 95% of the fleet required has since been mobilized and a permanent dewatering station
is now controlling water levels (Figure 3). Backfilling of the Walsh Pit has led to achievement of short-haul
dumping efficiencies and Cut-2 has been re-engineered to absorb earlier delays.
A short-term re-sequencing of mining activities has been developed, to manage the slippage event on the
southeast wall that occurred in mid-January. This will result in lower than planned mill feed grades in the
first half of 2026, with higher grade ore from Cut -1 deferred to the second half of the year . No associated
safety incidents have occurred, mining activities in alternate areas of the Main Pit have continued
uninterrupted and minimal impact is expected on ore availability for the plant feed.
The historic, structural conditions along the east wall of the Bibiani Main Pit are being addressed through
the ongoing Cut -2 waste stripping program guided by an independent geotechnical consultant . This is
expected to remediate the southeast wall and enhance long-term pit stability.
Consolidated production for the eight months ended February 28, 2026 shows improvement, as production
ramp up begins (Figure 1). Renewed access to higher-grade Cut-1 material is expected in the second quarter
of 2026, supporting a meaningful uplift in production as higher-grade feed is reintroduced to the mill.
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5,000
10,000
15,000
20,000
25,000
Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26
Gold Production: June 2025 - February 2026
Chirano Bibiani
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Figure 2: Bibiani Main Pit Material Movement from June 2025 to January 2026
At Russel, equipment mobilization and fleet capacity have now been strengthened, following delivery of
the required trucks and excavators. With the enhanced fleet in place, mining progress is accelerating,
supporting improved ore output, higher total ounces delivered and better achievement of planned Vertical
Rate of Advance (VRA) going forward.
In effect and across the two pits, fluctuations in monthly material movement have been caused by logistical
delays in the arrival of contractor equipment plus lower than planned availability from newly refurbished
and commissioned excavators and drill rigs. Equipment procurement and maintenance issues have been
largely resolved, with a total Main Pit fleet of 114 trucks and 26 excavators as well as a Russell Pit fleet of
32 trucks and five excavators now on site.
However, a temporary deficit of four drill rigs has arisen at the Main Pit due to availability issues. This is
currently being addressed in collaboration with the mining contractor through the required increase of
maintenance resources and interventions.
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1.0
2.0
3.0
4.0
5.0
6.0
Jun Jul Au g Sep Oct Nov De c Jan
Bibiani Main Pit Material Movement
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Figure 3: Bibiani Main Pit Equipment Deployment from June 2025 to January 2026
Image 1: Equipment Fleet
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20
40
60
80
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120
140
Jun Jul Au g Sept Oct Nov De c Jan
Main Pit Equipment
Tr u c k s Exc a va tors Rigs
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Image 2: Bibiani Main Pit as of end of January 2026. Note the 50 – 70m slip along the SE wall.
Following completion of the sulphide treatment plant in the third quarter of 2025, the oxygen plant was
completed and started operation in the fourth quarter of 2025. Flotation and leach recovery of gold at the
sulphide treatment plant , which was initially 60%, now exceeds 90% following start of the dedicated
oxygen plant and the Aachen Reactor.
Image 3: Sulphide Treatment Plant (STP), Bibiani Site
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Overall gold recovery at Bibiani has improved from approximately 63% to fluctuating between 75% and
80% at the beginning of 2026, reflecting lower than expected recovery of gold in the CIL and gravity circuits
(Figure 4) . Several optimization initiatives are currently underway across all three gold recovery unit
operations (sulphide recovery, gravity and CIL) to further improve gold recovery. These initiatives include
improved grinding control, surge and level control, reagent optimization, expan ded flotation capacity,
installation of an Aachen reactor for CIL, upgrade of CIL agitators and installation of an additional Knelson
concentrator, among other measures. The Company expects these initiatives to incrementally increase
recovery through the course of the year.
Figure 4: Overall Gold Recovery at Bibiani
Concurrently, initiatives to increase crushing capacity remain ongoing, intended to progressive ly increase
process plant throughput to 4.0 million tonnes per year ( Mt/y) capacity by the end of 2026. Key among
these is the System 3 t ertiary crushing system, slated for commissioning in Q3 2026, along with the new
gyratory crusher, which is expected to come online in Q4 2026.
Installation of a 12 MW backup power facility was completed in December 2025 to enhance emergency
power capacity to support process plant operations during periods of grid power outages.
Image 4: 12 MW Backup Power Facility for STP, Bibiani Site
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Notwithstanding a slower than expected ramp-up in material movement and gold recovery as noted above,
the Bibiani mine met full-year 2025 production guidance and has increased gold production for the seventh
month in a row through January 2026. The Company expects this upward trend to continue through 2026,
with the aim of achieving in average gold production at Bibiani above 20,000 ounces per month by the
fourth quarter of 2026. Based on preliminary unreconciled data as of the date of this news release, Bibiani
produced approximately 9,000 ounces of gold in February 2026.
With respect to the underground mine development initiative, the contractor was mobilized to site in
January 2026. Refurbishment of the historical Greg Hunter portal and decline has started , with
commencement of mining started in March 2026. The underground mining program will support the
Company's development schedule, with the underground mine expected to deliver ore at a rate of 3.2Mt per
year by late 2027 onwards.
Construction activities for the Relocation Action Plan (the “RAP”) have been significantly accelerated at
the beginning of 2026, reflecting productive engagement and strong collaboration with the affected
communities. Approximately 295 houses and 3 3 additional community structures are scheduled to be
completed in the second quarter as part of the Phase 1 scope.
Image 5: Aerial view of Bibiani Resettlement site with the completed school in the foreground
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Image 6: Aerial view of the Bibiani resettlement site showing some of the residential properties
Chirano Operations
Underground operations have made encouraging progress since October 2025, with backfill placement
exceeding expectations and contributing to robust stope access and production of mill feed . Although the
delayed arrival of new Epiroc equipment and earlier development shortfalls temporarily reduced draw point
availability, proactive actions , including opening multiple draw -points at Obra, deploy ment of an
experienced development crew and ensuring effective operation of underground equipment with OEM
maintenance support.
Open-pit activities were also advanced, supported by a growing equipment fleet and a structured plan to
enhance availability across Mamnao Central, Aboduabo, and Kolua.
Lower production in November and December was impacted by bridging of several slot raises. These have
since been resolved and more robust processes implemented to prevent recurrence. Based on preliminary
unreconciled data as of the date of this news release, Chirano produced approximately 11,000 ounces of
gold in February 2026.
At Chirano, the underground fleet has undergone a notable upgrade following delivery of several new
equipment units that had previously been delayed by more than three months. With the expanded fleet now
fully deployed and operational , development at both Tano and Akoti Far South ha s commenced. This is
expected to deliver increased volumes of higher -grade ore to the process plant by mid 2026 , while
supporting a stronger development schedule and consistent underground ore supply.
Open pit mining of the Sariehu Extension and Kolua Pits started in January and February 2026, respectively,
to maintain consistent ore delivery to the mill and stockpiles. Additional equipment was mobilized in
January 2026 to accelerate production at the Sariehu open pit e xtension as planned. Furthermore, two
production rigs have been deployed at the Mamnao Central and Aboduabo open pits to advance 2026
production targets.