Vancouver, British Columbia – December 19, 2022 – Asante Gold Corporation (“Asante” or the
“Company” CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) today reported its
operating and financial results for the three months ended October 31, 2022 (“FY 2023 Q3” or “Q3”) and
provides an update and status report for the initiatives the Company has undertaken at its Bibiani Gold Mine
(“Bibiani”) and Chirano Gold Mine (“Chirano”) in Ghana. All financial information provided in this news
release is unaudited and dollar figures are Canadian dollars unless otherwise stated.
Q3 HIGHLIGHTS
• No Lost Time Injuries recorded
• Gold production and sales of 53,503 ounces
• Revenue of $116.3 million
• Cash balance $74.9 million at October 31, 2022
• Completed US$20 million in deferred payments for Bibiani acquisition
• Completed US$26.8 million payment on the Company’s gold forward sale agreement
• Closed Chirano acquisition on August 10, 2022
• Identified synergies between Chirano and Bibiani (~15 km apart) of approximately $5.5 to $7 million
per year, with related initiatives scheduled to be rolled out through Q2 2023
• Continued exploration at Bibiani targeting an increase in mine life from 8.3 to +10 years
• Initiated exploration program at Chirano targeting an increase in mine life from 5 to +10 years
• Initiated a Chirano business improvement plan targeting 30% increase in production and 10% decrease
in AISC for calendar 2024
SUBSEQUENT TO QUARTER END – NOVEMBER 2022 HIGHLIGHTS
• Bibiani ramp up on track with ~230,000 tonnes of ore processed, 18% above plan
• Chirano achieving target production levels with ~265,000 tonnes of ore processed
• Consolidated preliminary gold production of 23,760 ounces with 24,562 ounces delivered to refinery
• Gold sold in the month totaled 29,550 gold equivalent ounces
• Completed US$10 million payment for Bibiani, finalizing the US$90 million acquisition
• Bibiani and Chirano Gold Mines have combined forecast production of approximately 400,000 ounces of gold for 2023

see & read more on
https://asantegold.com/asante-completes-final-paym/