Asante Gold Corporation

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Primary ticker: CSE:ASE, GSE:ASG, FSE:1A9, OTC:ASGOF
Stage of development: Production, Exploration
Primary minerals: Gold
Project to promote: Bibiani Gold Mine/Chirano Gold Mine
Project location: Ghana
Website: www.asantegold.com

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 2025. The Company continues with preparation of technical studies at its Kubi Gold Project for early production. All mines and 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 and Africa. Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange.
 
Bibiani Gold Mine
Bibiani is an open pit gold mining operation situated in the Western North Region of Ghana, with previous gold production of more than 4 million ounces. It is fully permitted with available mining and processing infrastructure consisting of a 3 million tonne per annum process plant and mining infrastructure. Mining commenced in February 2002, with the first gold pour in on July, 2022. Commercial production was announced November 10, 2022. Gold production in 2023 was approximately 83,000 oz on a 100% basis. Asante plans to develop an underground mine from 2025 and this will extend mine life beyond 12 years.
 
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)
 
Chirano Gold Mine
Chirano is an open-pit and underground mining operation located in the Western Region of Ghana, immediately south of the Company’s Bibiani Gold Mine. Chirano was developed as a large scale mine by Red Back Mining and began production in October 2005. he 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. Life of mine for Chirano exceeds 9 years.
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).
 

Major shareholders:
Emiral Resources Limited – 13.93%
Fujairah Holdings LLC – 11.18%
Kinross Gold Corporation – 7.86%
Minerals Income Investment Fund – 7.36%
Ghana Infrastructure Investment Fund – 6.54%

Management Ownership – 4.98%

Financials

Management Profile

Dave Anthony – President & CEO
Resident of Canada, Mr. David Anthony has +40 years’ experience in mine project development and operation. His experience includes mine and process plant design, permitting, construction and operation. He has also worked in Canada, Ecuador, Brazil, Indonesia, Chile and Argentina to design, deliver and operate open pit and underground mine assets with CAPEX from $100 million to $3.6 billion and with total material movement to 65 million tonnes per year. David holds a B.Sc. Mining Engineering from Queen’s University.
 
Mr. Anthony joined Asante as Chief Operating Officer (“COO”) in July 2021 responsible to build and lead the Company operations team to refurbish the Bibiani Mine and to become a significant gold producer. Before joining Asante he was COO of Cardinal Resources Limited, which developed the seven million-ounce Namdini Gold deposit and project execution plan, prior to its purchase by Shandong Gold for ~AUS$600 million. Previous positions include working with Barrick in Africa for 10 years where he became COO of African Barrick Gold.
 
 
Malik Easah – Executive Chairman
Mr. Easah was a founding Director of Cardinal Resources Limited where he spearheaded the acquisition of all tenements and played a key role in the discovery and development of the seven million-ounce Namdini Gold Project in Northern Ghana. Cardinal Resources was recently purchased by Shandong Gold Company for ~AUS$600 million. Mr. Easah has over fifteen years of exploration, mining, and project development experience; is a resident of Ghana.
 
 
David Wiens – Chief Financial Officer
Mr. Wiens is a resident of Canada, with +20 years’ financial management experience. He has delivered results in progressive corporate and investment banking roles in Canada and the UK. He has spent most of the last ten years in finance, corporate development and investor relations roles with gold and silver producers, including over six years at SSR Mining Inc. when the company transitioned from a single asset silver producer to become a diversified, long-life gold company. Recently he was Chief Financial Officer of Bunker Hill Mining Corp., where he delivered project financing for the mine restart, secured new strategic shareholders, uplisted and grew the company alongside a team of former Barrick executives. Previously, he was a mining investment banker at several financial institutions, including Deutsche Bank AG in London, UK. Mr. Wiens holds a Bachelor of Commerce from the University of British Columbia in Canada and is a CFA® Charterholder

What is your rationale for taking part in 121 Mining Investment?

We are looking for on market support to finance our recent acquisition Chirano Gold Mine. Chirano NI 43-101 highlights significant exploration upside in addition to the developed 11 km of the Chirano Shear Zone.
 

What recent news would you like to highlight to investors attending?

1. 25 September – Asante Announces US$100 Million Non-Brokered Private Placement
 
https://www.asantegold.com/news-releases/asante-announces-us100-million-non-brokered-private-placement
 
2. 19 September – Asante Announces Start of Mining At The Russel Starter Pit At The Bibiani Gold Mine
 
https://www.asantegold.com/news-releases/asante-announces-start-of-mining-at-the-russel-starter-pit-at-the-bibiani-gold-mine
 
3. 16 September – Asante Files Financial And Operating Results For The Quarter Ended July 31, 2024
 
https://www.asantegold.com/news-releases/asante-files-financial-and-operating-results-for-the-quarter-ended-july-31-2024
 
4. 6 August – Asante Provides Update On Project Development And Operations
 
https://www.asantegold.com/news-releases/asante-provides-update-on-project-development-and-operations
 

What are your key goals in 3 months, 6 months, 12 months?

3 Months:

Complete near term financing initiative.

6 Months:
Continue advancement of the Bibiani open pit expansion initiative and bring the sulfide ore treatment plant into operation.

12 Months:
Initiate development of the underground mine at Bibiani.

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Failure to acquire requisite finances will slow down development of the company. A well-known and respected advisor – Endeavour, has been retained to lead a comprehensive financing initiative.

What do you think makes your company such a compelling investment?

Asante has acquired 2 excellent mines over the past 2 years and has more than doubled Life of Mine and NPV. NI – 43-101 updates will be issued at the end of Q1 2024 to demonstrate long term production on the order of 500Koz/y.

What are the top 3 key investor takeaways?

• Asante has been established with an excellent operations and technical leadership team
• Asante has excellent, long term assets, with gold production planned to exceed 500,000 ounces by 2028
• Asante has substantial Ghanaian assets and is positioned to become a mid tier West African gold producer