Asante Updates M&i Resource to 4.6 Million Ounces at Bibiani and Chirano GOLD Mines
NEWS RELEASE 5 August 2026
ASANTE UPDATES M&I RESOURCE TO 4.6 MILLION OUNCES
AT BIBIANI AND CHIRANO GOLD MINES
Vancouver, British Columbia, 5 August 2026 – Asante Gold Corporation (TSXV: ASE | GSE: ASG |
OTCQX: ASGOF) ("Asante" or the "Company") is pleased to announce the filing of updated independently
coordinated and prepared NI 43-101 technical reports for its Bibiani and Chirano Gold Mines in Ghana
(effective 31 December 2025). These reports supersede the respective technical reports for Bibiani and
Chirano filed on 30 April 2024 (effective 31 December 2023). Mineral Resources for both operations have been
estimated using a gold price assumption of US$2,500/oz, and Mineral Reserves US$2,100/oz.
HIGHLIGHTS
Consolidated Resource Base
4.6 Moz Measured and Indicated (“M&I”) Mineral Resources across Bibiani and Chirano (inclusive of
Mineral Reserves), in line with December 2023 level despite depletion and production over 430 koz in
the aggregate two-year period.
1.8 Moz Inferred Mineral Resources across both oper ations, providing a str ong near-term conversion
pipeline with active drilling programmes targeting further additions through 2026.
Both Mineral Resource bases remain open at depth and along strike, with current definition extending to
only approximately 300-700m below surface across the +80km Chirano-Bibiani Corridor (“CBC”).
The CBC comprises two principal, parallel Minerali zed structures, the Bibiani Shear Zone (“BSZ”) and
Chirano Shear Zone (“CSZ”), together defining one of West Africa's mo st prospective yet historically
underexplored gold corridors.
Chirano Gold Mine
2.53 Moz M&I Mineral Resources (40. 01 Mt at 1.96 g/t Au, inclusive of Mineral Reserves) and 830 koz
Inferred Mineral Resources (13.8 Mt at 1.87 g/t Au).
Mineral Reserves of 1.30 Moz (23.69 Mt at 1.71 g/t Au) support a current seven-year Life of Mine plan.
More than replaced production depletion with an increase of 443 koz in M&I Mineral Resources and 244
koz in Mineral Reserves (relative to December 2023), net of two years of gold mined.
Approximately 66,900 metres of reverse circulation (“RC”) and diamond drilling saw key additions across
Obra, Sariehu, Suraw, and Akoti South; validates clear potential of the CS Z, which spans 13 deposits
across a ~15 km strike.
Obra Underground remains the priority depth target along the CSZ, with a north-plunging high-grade
shoot that is widening and increasing in grade at depth.
“North Mine” open pit concept being evaluated across the Obra, Sariehu and Mamnao deposits, with infill
drilling successfully demonstrating mineralization between these deposits.
2026 drilling targeting further depth and strike extensions at Obra, Suraw, Sariehu, Tano and the Obra-
Sariehu gap.
Bibiani Gold Mine
2.06 Moz M&I Mineral Resources (30. 83 Mt at 2.08 g/t Au, inclusive of Mineral Reserves) and 965 koz
Inferred Mineral Resources (16.25 Mt at 1.85 g/t Au).
NEWS RELEASE
Mineral Reserves of 1.53 Moz (23.75 Mt at 2.00 g/t Au) support a current nine-year Life of Mine plan.
Mineral Reserves and M&I Resources declined 22% and 17% respectively, reflecting open-pit depletion
of 111,000 oz, constrained exploration budget relative to Chirano, and model refinements to Main Pit; a
revitalised FY2027 drilling programme is planned to rebuild the resource pipeline.
Approximately 43,000 metres of ne ar-mine RC and diamond infill, ex tensional and exploration drilling
undertaken during 2024-2025 across the Main Pit, Russel South and seven key satellite targets.
This drilling has confirmed potential for further extensional open pit and underground Mineral Resource
definition and mining opportunities at Bibiani.
Main Pit remains open at depth to at least 1,400m be low surface, with North, Central and South Deeps
targets planned in 2026-2027 to test depth potential up to 1,600m.
Malik Easah, Chairman of Asante, commented:
"These updated, independently coordinated and prepared technical reports underscore the inherent quality of
Asante's geological endowment in the Chirano-Bibiani Corridor, and reinforce the thesis for long-term potential
at our Chirano and Bibiani operations. Despite mineral inventory depletion from producing over 430,000
ounces across both mines in the past two years, we have maintained our combined Measured and Indicated
Resource base. This is a reassuring reflection of the quality of our near-mine exploration pipeline at both
Bibiani and Chirano. At Bibiani specifically, exploratio n activity was constrained over the 2024-2025 period,
however, enhanced exploration budget is planned going forwar d to rebuild that pipeline. Both assets remain
open at depth along the more than 80-kilometre Chirano-Bibiani Corridor, which is largely untested by drilling
below 300 to 700 metres depth. At Bibiani in particular, the Main Pit is believed to be open to at least 1,400
metres below surface. This represents significant fu rther upside potential for our future underground mine
planning at Bibiani. With a 4.6 million ounce Measured an d Indicated Resource base as our foundation,
Asante's core focus as a company is to vigorously pursue its ongoing operational improvements at both assets
and to thereby translate this geological opportunity into value for shareholders."
GROUP MINERAL RESOURCES – BIBIANI AND CHIRANO – as at 31 December 20250F0F
1
M&I Resources (koz) Inferred Resources (koz) Mineral Reserves (koz)
Chirano 2,531 830 1,303
Bibiani 2,064 965 1,527
Group Total 4,595 1,795 2,830
UNLOCKING VALUE ACROSS THE CHIRANO-BIBIANI CORRIDOR
Asante controls the CBC across +937km 2 of combined Bibiani and Chirano tenure, spanning over 80
kilometres of strike along the Sefwi-Bibiani Belt. The Company considers the CBC, which has produced over
8 million ounces of gold over its mining history, to be one of the most prospective yet historically underexplored
structural settings in West Africa's Birimian gold province. It is interpreted as an ancient crustal-scale structure
that provided the geological conduit responsible for district-scale gold endowment encompassing Bibiani and
1See Appendix for further details. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic vi ability. This table excludes the Company's Kubi Gold Project, which does not curre ntly
have a Mineral Resource or Mineral Re serve estimate reported in accordance with NI 43-101. The scientific and technical informa tion
supporting these estimates has been reviewed and approved by a Qualified Person as defined by NI 43-101. Full Mineral Resource and
Mineral Reserve estimates for Bi biani and Chirano are detailed in the Company's NI 43-101 Technical Reports for each asset, fil ed on
SEDAR+ at www.sedarplus.ca.
NEWS RELEASE
Chirano. The corridor comprises two principal, sub-parallel structures: the BSZ, which extends across both the
Bibiani and southern Chirano tenure, and the CSZ, the main structural control at Chirano.
The Sefwi-Bibiani Belt's structural setting is analogous to other greenstone-hosted gold belts globally, such as
the Lefroy-Boulder Fault Zone within Western Australia's Eastern Goldfields (50+ million ounce endowment)
and the Abitibi Greenstone Belt in Canada (180+ million ounce endowment), both of which have sustained
several mining centres over long production histories along their structural trends. Yet mineralization within the
CBC remains largely untested relative to the scale of its broader structural setting. The CBC offers along strike
potential both between and beyond the existing mine area s, and is open at depth along its extent, which is
largely untested beyond 300 to 700 metres below surface.
Figure 1. Schematic maps comparing the CBC within the Sefwi Bibiani Gold Belt, Ghana, to the Lefroy-Boulder Fault Zone,
showing key gold mines and occurrences.
CHIRANO GOLD MINE - EXPLORATION AND DEVELOPMENT
Chirano comprises thirteen deposits with estimated Mineral Resources across an approximate 15-kilometre
strike, associated with the CSZ within the CBC. Since Asante's acquisition of Chirano in August 2022, over
66,900 metres of drilling and 257 holes have delivered significant Mineral Resource and Reserve growth.
Since December 2023, M&I Mineral Resources have grow n by 443,000 ounces to 2.53 million ounces (as at
31 December 2025). Mineral Reserves also saw drilling more than replace production depletion (which was
approx. 270,000 ounces), with growth in Proven and Pr obable Mineral Reserves of 244,000 ounces to 1.30
million ounces. This supports a seven-year current Life of Mine plan.
NEWS RELEASE
Figure 2. Plan and long section images of t he Chirano 2024-25 Mineral Resource and Reserve drilling, highlighting significant M ineralized intercepts and depth
potential, along with planned 2026-27 drilling.
NEWS RELEASE
Key contributors to the December 2025 Mineral Resource and Reserve additions included:
Obra Underground: 51 diamond drill holes totalling 18,436 metres contributed 242,000 ounces at 1.50g/t
Au to Mineral Reserves, extending the reserve base by 175 metres vertically at depth and confirming a
350 metres strike extension north toward the Sariehu deposit.
Sariehu: 24 RC diamond drill holes for 13,666 metres tested mineralization below 2,000 metres RL,
confirming mineralization at depth and along strike. The programme grew underground Mineral Reserves
to over 169,000 ounces at 1.67g/t Au and supported the growth of M&I Resources to 241,600 ounces at
1.85 g/t Au (with production scheduled for 2029).
Sariehu-Mamnao Gap: 47 RC holes for 8,290 metres successfully closed the gap between the Sariehu
and Mamnao deposits, confirming mineralization over 1 kilometre near-surface and supporting a Sariehu
Extension M&I Mineral Resource of approximately 118,300 ounces at 0.96 g/t Au.
Suraw Underground: Drilling totalling 29 diamond holes for 9,650 metres focused on converting Inferred
Mineral Resources to Indicated classification between 1,700 and 1,650 metres RL, as well as testing the
southern extension of mineralization. The programme added approximately 100,000 ounces at 2.37 g/t
Au to M&I Mineral Resources, now totaling 323,000 ounces at 2.52 g/t Au.
Akoti South: 12 infill holes for 4, 102 metres supported extension and resource upgrade drilling, adding
approximately 12,000 ounces at 1.66 g/t Au to Mineral Reserves.
Mag Hinge: 31 holes over 3,369 me tres of conversion drilling added 15,600 ounces at 1.15 g/t Au to
Mineral Reserves, providing a new source of open-pit material.
Together, Obra, Sariehu, and northern Mamnao form the basis of a "North Mine" concept, which is a plan under
evaluation to link mining of all three deposits into one operation. In 2024, drilling successfully closed the
Sariehu-Mamnao Gap, confirming continuous mineralizati on over 1 kilometre near surface between the two
deposits and added 73,000 ounces at 1.01 g/t Au the open pit Mineral Reserve base. Significant intercepts
included 17m at 1.68 g/t Au from 10m (hole CHRC3495) and 15m at 1.95 g/t Au from 204m (hole CHRC3534).
Additional RC infill drilling was completed at Aboduabo, comprising 45 holes for 5,829 metres, aimed at
improving resource confidence and supporting metallurgical test work. Significant intercepts including 19m at
2.20 g/t Au from 60m (hole CHRC3553) and 16.5m at 5.96 g/t Au from surface (CHRC3547).
Across the broader Chirano system, the 13 deposits collectively host 265,000 ounces of open pit M&I Mineral
Resources at 1.08 g/t Au and over 2.2 million ounces of underground M&I Mineral Resources at 2.17 g/t Au.
Mineralization remains open at depth throughout the system. Mineral Resource definition currently extends to
approximately 600 metres below surface, however depth potential is readily demonstrated by Akwaaba, which
is developed beyond 800 metres below surface, and Paboase, which was previously mined to approximately
950 metres below surface (at a grade of 3.57 g/t Au). This depth potential remains a key focus of exploration
in 2026 and beyond.
2026 CHIRANO EXPLORATION PROGRAMME
Near-mine exploration
Drilling during 2026 directly follows up on the succ ess of results returned in 2024-25, with near-mine drilling
underway at Obra, Suraw, Sariehu, and the Obra-Sariehu and Sariehu-Mamnao gaps. Initial results from this
drilling continue to support the case for a single, consolidated mining ope ration across Obra to Mamnao.
Additional drilling at Akoti South, Tano and Mamnao is scheduled to commence later in the year, with Mag
Hinge to follow in Q4 2026.
At the Obra-Sariehu Gap, drilling is testing near-surface mineralization between the two pits to evaluate open
pit potential and support possible pit-linkage opportuni ties. Year-to-date, 26 RC/RCDD holes totaling 6,015
metres have been completed, confirming mineralizati on and providing encouraging support for an open-pit
NEWS RELEASE
pushback assessment. Significant intercepts include 4.2m at 21.21 g/t Au from 324m, including 2.88m at 30.76
g/t Au from 324m (hole CHDD3771UG); and 12.6m at 1.59 g/t Au from 308m, including 9.6m at 1.88 g/t Au
from 312m (hole CHRC3775D).
At Sariehu itself, drilling in 2026 aims to build on the existing 241,000 ounce underground M&I Mineral
Resource, testing the down-dip extensions of mineral ization between 1,850 - 1,900 metres RL, aiming to
convert additional Inferred Resources to Indicated category ahead of underground development. Year-to-date,
11 diamond holes totaling 3,136 metres have been completed, with assays returning encouraging results that
continue to demonstrate consistent mineralization along strike and at depth, incl uding 20.4m at 1.67 g/t Au
from 543.7m, including 2.4m at 2.75 g/t Au from 544m (hole CHRC3772D) and 6.2m at 2.15 g/t Au from 558m,
including 3.2m at 3.02 g/t Au from 558m (hole CHRC3772DW1).
Suraw depth extension drilling is underway below 1,650 metres RL, aiming to test the strike and depth potential
highlighted by the 2024-25 assay results, where in tercepts of 18m at 3.60 g/t Au from 282m (hole
CHDD3671UG), including 6.56m at 5.72 g/t Au and 12. 5m at 7.30 g/t Au from 272m (hole CHDD3691UG),
indicate further extension potential.
Mamnao drilling targeting the northern extension of the deposit is in pr ogress, building on the successful
infill/closure of the Sariehu-Mamnao Gap in 2024 and in support of further consolidating the North Mine
concept.
At Tano, drilling targets a Mineral Resource upgrade below 1,800 metres RL and extension of mineralization
in the western splays.
Drilling at Akoti South is scheduled to commence in Q3 2026, targeting further extension of the maiden Mineral
Reserve along strike and at depth.
Mag Hinge drilling is scheduled for Q4 2026, targeting furt her Mineral Resource definition along strike and at
depth in order to advance the near-surface oxide tar get from Pre-Feasibility Study stage toward eventual
Mineral Reserve declaration.
BIBIANI GOLD MINE – EXPLORATION AND DEVELOPMENT
The December 2025 Bibiani Mineral Resource is the result of a systematic near-mine drilling programme
during 2024 and 2025 combined with updated geological modelling of the Main Pit. M&I Mineral Resources
total 2.06 million ounces, inclusive of Mineral Reserves, with an additional 965,000 ounces of Inferred Mineral
Resources. Updated Proven and Probable Mineral Reserves of 1.53 million ounces support a current 9-year
Life of Mine plan including both open pit and underground material, with underground development scheduled
to commence in late 2026.
NEWS RELEASE
The BSZ hosts a continuous and structurally controlled Mineralized corridor extending from Russel in the south
through the Main Pit to Little Mug (now "Cut 6" and an extension of the Main Pit) in the north over 3.7 kilometres
of strike - providing the geological framework for Bibiani’s near-mi ne growth strategy. Ongoing Mineral
Resource definition and exploration drilling continues to test extensions of this system, both along strike and
at depth.
Approximately 43,000 metres of near mine drilling wa s completed across the Main Pit and multiple
satellite targets during 2024-25. Mi neral Resource and Reserve movement du ring the period reflects
mining depletion and exploration open pit additions at Walsh, Russel, Grasshopper and Main Pit (open
pit and underground):
Main Pit / Big Mug: Drilling de-risked the underground Mineral Resource, generating a revised geological
model where early reconciliation data shows better representation of the grade distribution.
Russel South: Approximately 12,500 metres of diamond and RC drilling tested strike and depth
extensions, confirming near-surface mineralization 300 metres south of the Russel open pit, and high-
grade results at depth.
Russel Underground: Drilling below the Russel pit shell has confirmed the down-dip extension of a high-
grade shoot, supporting a preliminary assessment of underground potential below the current pit shell.
Main Pit
The Main Pit Mineral Resource, incorporating the Big Mug northern extension, now comprises M&I Mineral
Resources of approximately 1.93 million ounces (inclusive of Mineral Reserves of 1.53 million ounces) and
Inferred Resources of approximatel y 925,000 ounces. Main Pit has a total Mineralized strike length of
approximately 4,000 metres, of which only 1,800 metres has been mined historically, while Mineral Resource
definition currently extends to approximately 600 metres below surface. It remains open along strike and at
depth, with the NNE-SSW trending and steeply dipping ve in system interpreted to continue well below the
current base of the defined Mineral Resource.
Approximately 43,000 metres of drilling in 2024-25 were completed at Bibiani, primarily focused on de-risking
the Main Pit underground Mineral Resource ahead of underground development. Results supported a revised
Mineral Resource evaluation and estimation with enhanced grade distribution, producing a more robust model.
Further drilling is warranted ahead of underground mining and is a focus of the 2026 programme.
NEWS RELEASE
Figure 3. Plan map showing Bibiani operation and drill hol e locations from recent 2024 to 2025 Resource drilling
programmes and planned 2026 programmes.