Asante Announces Partial Sale of Position Held by Kinross

Executive Summary

• Kinross Gold Corporation sold approximately 4.2% of Asante Gold Corporation’s outstanding shares, representing 44.7% of its previous holding in the company.
• The transaction involved the sale of 29,850,984 common shares at a price of $1.55 per share, which was a 10% discount to the closing price on September 5, 2025.
• This sale represents the monetization of shares originally issued to Kinross as partial consideration for the acquisition of the Chirano Mine in 2022.

Key Details

• Transaction Volume: Kinross sold an aggregate of 29,850,984 common shares of Asante.
• Sale Price: $1.55 per share.
• Discount: The sale price represented a 10% discount to the closing price of Asante shares on Friday, September 5, 2025.
• Pre-Sale Holding: Prior to the sale, Kinross held approximately 9.4% of Asante’s outstanding shares and up to 18% on a partially-diluted basis.
• Post-Sale Holding: After the sale, Kinross holds 36,927,650 shares, 5,000,000 warrants, and a convertible debenture.
• Post-Sale Ownership Percentage: Kinross now owns approximately 5.2% of Asante’s outstanding shares on a non-diluted basis and 13.2% on a partially-diluted basis (assuming conversion of convertible securities).
• Context: The shares sold were originally issued to Kinross as partial consideration when Asante purchased the Chirano Mine from Kinross in 2022.
• Remaining Instruments: Kinross retains a convertible debenture convertible into shares at C$1.81 per share for a period of five years from issuance.

Notable Quotes

• Dave Anthony, President and CEO of Asante: “This block of Shares was issued to Kinross as partial consideration when the Company purchased the Chirano Mine from Kinross in 2022. Kinross has been and remains a very supportive partner to Asante and we’re pleased that Kinross has been able to monetize this component of the original share consideration at an increase to the original value.”