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Asante Gold adds new Board of Directors

Asante Gold Corporation announces the appointment of David Anthony, Chief Executive Officer of Asante, and Edward Nana Yaw Koranteng, Chief Executive Officer of Minerals Income Investment Fund (“MIIF”), to the Company’s board of directors and the resignation of Nadia Abdul Aziz as a director of the Company, all with immediate effect.

Douglas MacQuarrie, Chair of the Board, stated, “The Board will derive significant benefit from these two new appointments. Dave’s appointment follows naturally from his role as Asante’s Chief Executive Officer for the past year and previously as Chief Operating Officer. Edward’s appointment reflects both his deep experience in mine finance and his perspective as a representative of MIIF, a significant Asante shareholder and a strong supporter of Asante’s gold mining operations in Ghana. We thank Nadia for her outstanding contributions to Asante on the Board, the ESG and the Audit Committees. We look forward to her continued involvement in Asante’s community initiatives.”

David Anthony has more than 40 years of experience in mine project development and operation at the senior management and executive levels. He worked with Barrick in Africa for 10 years and became COO of African Barrick Gold. He has also worked in Canada, Ecuador, Brazil, Indonesia, Chile and Argentina to design, deliver and operate open pit and underground mines. Prior to Asante, he was Chief Operating Officer of Cardinal Resources Limited before its takeover by Shandong Gold for more than $500 million. At the time, Cardinal was developing the 5 million oz (reserve) Namdini Gold Mine in Ghana.

Edward Koranteng is a lawyer and an experienced corporate and investment banker with over 23 years working experience. Since 2021, as Chief Executive Officer of MIIF, a sovereign minerals wealth fund, he oversees the management of Ghana’s equity interest in mining companies and manages all royalties paid to the state from mining activities.

Prior to his appointment to MIIF, Mr. Koranteng was the Business Head for East, Central and Southern Africa for Ghana International Bank plc (GHIB) in the United Kingdom, and was stationed primarily in Nairobi, Kenya where he was also responsible for GHIB’s energy and mining portfolio and led various financing projects in Ethiopia, Tanzania, Kenya and Malawi. Prior to that, Mr. Koranteng worked with the Chase Bank Group (Kenya), now SBM Bank of Mauritius, which included Genghis Investment Bank, as the Group Head for Energy, Oil, Gas and Mining.

He has held executive and senior managerial positions covering corporate, oil and gas and mining for Ecobank Ghana, Access Bank Ghana and Fidelity Bank. He began his career as a Management Consultant with PriceWaterhouseCoopers in 1999 in Ghana. He holds a Master of Laws Degree in International Banking and Finance from the University of Leeds.

In other news, with the Company having fully investigated the matters that arose at the Annual and Special General Meeting held on December 21, 2022, the Executive Committee of the Board that was formed has now been dissolved.

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 with combined forecast production of approximately 400,000 ounces of gold for 2023. The Company continues with detailed technical studies at its Kubi Gold Project for early production.

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 experience 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 near 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. Mining commenced in late February 2022 with the first gold pour announced on July 7, 2022. Commercial production was announced November 10, 2022.

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