Asante Provides Operations Update

Executive Summary

• Asante reports a seventh consecutive month of rising gold output at Bibiani and solid production at Chirano, with consolidated monthly production exceeding 20,000 oz in Jan‑Feb 2026.
• The sulphide treatment plant now delivers >90% recovery; overall gold recovery at Bibiani has risen to 75‑80%.
• Liquidity support secured via a $100 M draw on the revolving gold forward facility and short‑term payment deferrals on its gold‑ounce swap program; cash balance stands at ~US$82 M.

Key Details

• Bibiani Mine
• Material movement reached 6.5 Mt/month (Main + Russell pits) in Jan 2026 – highest since 2023.
• Fleet now 114 trucks & 26 excavators (Main Pit) and 32 trucks & 5 excavators (Russell Pit).
• Sulphide treatment plant recovery >90% after oxygen plant and Aachen Reactor commissioning; overall recovery 75‑80% vs ~63% prior year.
• Planned throughput increase to 4.0 Mt/yr by end‑2026 (System 3 tertiary crusher Q3 2026, new gyratory crusher Q4 2026).
• Backup power: 12 MW facility completed Dec 2025.
• Production: ~9,000 oz gold in Feb 2026; target >20,000 oz/month by Q4 2026.

• Underground development to deliver 3.2 Mt/yr ore by late‑2027.

• Chirano Mine

• Underground fleet >95% mobilized; development >1,100 m/month since Nov 2025.
• Production: ~11,000 oz gold in Feb 2026.
• New equipment deliveries completed; underground development at Tano & Akoti Far South underway.

• Open‑pit extensions (Sariehu, Kolua) started Jan‑Feb 2026; additional rigs deployed to meet 2026 targets.

• Corporate / Financial

• Settled ~108,000 oz of the 154,000 oz gold‑ounce swap; remaining 46,000 oz at avg $3,408/oz to be settled by May 2026.
• Secured short‑term deferral for ~9,000 oz of swap settlements; discussions ongoing to defer majority of remaining swaps into H2 2026.
• Anticipated $100 M draw on revolving gold forward facility in May 2026.
• Cash balance as of Feb 28 2026: ≈US$82 M.

• Lender amendment to short‑term production covenants approved by majority; further update pending.

• Guidance & Milestones

• Full‑year 2026 production and cost guidance to be released with FY 2025 results (end of March 2026).
• NI 43‑101 technical reports for Bibiani & Chirano expected early May 2026.
• Target Australian Stock Exchange secondary listing by end of Q2 2026.

Notable Quotes

• “Asante Gold has started 2026 with the operational momentum to ensure a strong year of execution… we expect that 2026 will be a transformational year for Asante.” – Dave Anthony, President & CEO.