Asante Gold Corporation (TSX-V:ASE) (GSE:ASG) (FRA:1A9) (OTCQX:ASGOF) announces the filing of its financial statements and management’s discussion and analysis for the three months ended March 31, 2026. All dollar figures are in United States dollars unless otherwise indicated.

Key Highlights

• Campbell Baird appointed as Chief Operating Officer and subsequent to the quarter, appointed Acting Chief Executive Officer.
• Q1 group gold production of 59,800 equivalent ounces at All-In-Sustaining-Cost of $3,886 per equivalent ounce.
• Monthly average gold production in Q1 approx. 20,000 equivalent ounces, more than 50% increase on 2025 monthly average of ~13,000 equivalent ounces.
• Record quarterly revenue of $300.4 million and gross profit of $60.5 million.
• Significant investment undertaken in new mining fleet and plant upgrades in Q1.
• Strategic operational review of Bibiani and Chirano ongoing; focused on increasing operational reliability and driving additional production growth.

Corporate Leadership Update

As announced today (refer Asante news release dated May 19, 2026, Asante Gold Corporation Announces Appointment of Acting Chief Executive Officer), following his appointment as Chief Operating Officer in March 2025, Campbell Baird has been appointed as Acting Chief Executive Officer.

During the quarter, the Board also retained Kevin Tomlinson and Michele Muscillo as advisors to support governance, capital and technical initiatives (refer Asante news release dated March 11, 2026).

Mr. Baird’s direct involvement during the period, supported by independent technical and capital advisors, provides continuity as the Company finalizes revised operating plans, advances liquidity and stabilization measures. This appointment coincides with the previously announced retirement of Dave Anthony as President and CEO of Asante, which was announced March 11, 2026, and which became effective May 15, 2026.

Comment from Acting Chief Executive Officer

Campbell Baird, Acting CEO, stated, “I am honoured to be appointed Asante’s CEO. The growth opportunity in front of Asante is substantial, and I look forward to driving consistency of performance into the business as we pursue the full scope of short- and long-term potential at Bibiani and Chirano.

“There were a number of key developments during Q1 2026. Group gold production averaged approximately 20,000 equivalent ounces per month, a substantial uplift on the approximately 13,000 equivalent ounces per month averaged over the 11 months to December 2025. This increase was delivered notwithstanding ongoing refurbishment programs at our mills, slower than expected mining contractor and equipment ramp-up, and delayed access to higher grade in-pit ore sources.

“This strengthened production performance contributed to quarterly record revenue of over $300 million, more than double the prior corresponding period, and resulted in an Adjusted EBITDA result of approximately $102 million, also a record for the Company. While acknowledging there remains more to do to improve reliability of our production and cost performance- and delivery on our growth potential- these results demonstrate the initial quantum and direction of improvement.

“As announced in early April, we initiated a comprehensive review of our mining and processing activities at Bibiani and Chirano. This review is focused on resetting our operating plan to be executable and robust. While both operations have demonstrated improving production trends in recent months, the Company’s immediate priority is to transition both operations from periods of improving performance to consistent, repeatable delivery, and then to unlock further sustainable growth.

“While the review remains ongoing, early work reinforces that these assets can deliver materially stronger production than what was achieved in Q1 2026. We will update the market on the outcomes of this review, including key expected output and cost parameters, once a revised operating plan has been finalized.”

Q1 2026 Operational and Financial Highlights

Asante’s revenue increased by 111.6% to $300.4M for the three months ended March 31, 2026 compared with $142.0M in the prior comparable period, principally reflecting higher realized gold prices and increased volumes of gold sold.
The Company realized an average gold price of $4,769 per ounce on sales of 62,996 gold-equivalent ounces in the three months ended March 31, 2026, compared to $2,946 per ounce on sales of 48,190 ounces in the prior comparable period, as spot gold reached record levels.

Comprehensive loss attributable to shareholders narrowed to $10.9M in the three months ended March 31, 2026 compared to $20.0M in the three months ended April 30, 2025. The decrease in comprehensive loss was primarily driven by higher sales. Factors driving comprehensive loss attributable to shareholders include a loss on derivative liabilities resulting from higher projected gold prices relative to contracted forward gold sale transactions, higher production costs, higher depreciation and depletion and higher finance charges related to the loan facilities.

Adjusted EBITDA for the three months ended March 31, 2026 was $102.2M compared with $30.7M in the three months ended April 30, 2025. The increase in Adjusted EBITDA reflects a higher volume of gold sold at a higher average gold price realized in the three months ended March 31, 2026.

As at March 31, 2026, the Company had cash on hand of $62.2M.

Bibiani Gold Mine

Bibiani Q1 2026 Operational and Financial Highlights

Open pit mining activity continued to ramp up at the Main Pit during the three months ended March 31, 2026. Total material mined was 18,130kt, a 51.5% increase from 11,970kt in the three months ended April 30, 2025. The material movement in the quarter was the highest at Bibiani since the asset was acquired. The increase reflects the substantial mobilization of the mining fleet finalized during the quarter, with the Main Pit now operating 115 trucks, 22 excavators and 25 drill rugs, and the Russell Pit operating approximately 41 trucks and 8 excavators and 11 drill rigs, representing 100% of planned fleet capacity.

Productivity during the quarter was impacted by lower than planned equipment availability associated with delayed maintenance resource mobilization, dewatering constraints, and management of subsurface voids. In mid-January, a slippage event on the southeast wall of the Main Pit resulted in lower-than-planned mill feed grades in the first quarter of 2026, with access to higher grade ore from Cut-1 deferred to the second half of the year. Mining in alternative areas of the Main Pit has continued uninterrupted and minimal impact is expected on ore availability for plant feed. The historic structural conditions along the east wall of the Bibiani Main Pit are being addressed through the ongoing Cut-2 waste stripping program, guided by an independent geotechnical consultant, which is expected to remediate the southeast wall and enhance long-term pit stability.

Mitigation measures are well advanced, including the addition of maintenance resources, commissioning of a permanent dewatering station, backfilling of the Walsh Pit to improve short-haul dumping efficiency, and re-engineering of Cut-2 to defer a portion of waste haulage into 2027. At Russell Pit, the strengthened fleet has enabled an acceleration of mining activities, supporting increased ore delivery, higher ounces mined and improved progress against the planned vertical rate of advance.

Gold equivalent ounces produced in the three months ended March 31, 2026, was 27,679 compared to 17,241 for the three months ended April 30, 2025. The increase was due to higher ore processed, higher processed grade and higher gold recovery.

The sulphide treatment plant was commissioned in 2025 and has been operational since early October 2025. An oxygen plant was completed and brought into operation in December 2025. Gold recovery increased to 76.0% in the three months ended March 31, 2026 compared to 68.4% in the three months ended April 30, 2025, primarily due to several optimization initiatives across sulphide recovery, gravity, and CIL. These include improved grinding control, surge and level control, reagent optimization, installation of an Aachen reactor for CIL, upgrade of CIL agitators and the addition of a further Knelson concentrator, among other measures. The Company expects these initiatives to deliver an incremental improvement in recovery through 2026.

AISC at Bibiani was $4,197 per ounce in the three months ended March 31, 2026, compared to $3,693 per ounce in the three months ended April 30, 2025. The increase was primarily due to elevated stripping requirements and higher sustaining capital expenditures.

Chirano Gold Mine

Chirano Q1 2026 Operational and Financial Highlights

Ore mined from open pit operations increased by 52.5% in the three months ended March 31, 2026, compared with the three months ended April 30, 2025, primarily driven by the ramp-up of open-pit activities at Aboduabo in early 2026. Open-pit mining was supported by an expanded contractor fleet and a structured plan to improve equipment availability across Mamnao Central, Aboduabo, Sariehu extension, and Kolua.

Underground operations continued to advance during the quarter, with backfill placement exceeding expectations and supporting stope access and mill feed. Ore mined from underground mining decreased slightly by 2.1% in the three months ended March 31, 2026, compared to the three months ended April 30, 2025, primarily due to lower ore mined at Suraw. The Chirano underground mine fleet was significantly upgraded with the delivery of eleven new equipment units to accelerate development, which is expected to increase ore tonnes and improved grade delivered to the process plant. All new units were delivered in Q4 2025 and early Q1 2026.

Ore processed increased 0.9% in the three months ended March 31, 2026, compared to the three months ended April 30, 2025, primarily reflecting throughput improvements realized from plant upgrade projects. Average processed grade decreased to 1.26g/t from 1.31g/t in the prior comparable period primarily due to lower grades at the Suraw and Obra underground mines. The combination of lower ore grades and reduced recovery rates resulted in gold-equivalent production of 32,124 ounces in the three months ended March 31, 2026, broadly in line with 34,671 ounces reported for the prior comparable period. Lower recoveries reflected a higher proportion of lower grade stockpile feed and temporary CIL circuit constraints, which are being addressed through the ongoing CIL upgrade initiatives.

AISC increased to $3,587 per ounce in the three months ended March 31, 2026 from $2,587 per ounce in the three months ended April 30, 2025. The increase was primarily due to lower recovery rates, lower gold production, and higher sustaining capital expenditures. Key stripping and sustaining capital expenditures included underground development (Obra and Suraw), underground infrastructure, open pit stripping and the tailings storage facility embankment raise.

2026 Outlook and Update

As previously discussed in the Company’s April 1, 2026 press release, the Company continues to undertake a comprehensive operational and strategic review of its mining and processing activities at Bibiani and Chirano to establish an executable and robust operating plan.

The Company’s near-term priorities to transition both operations from periods of improving performance to consistent, repeatable delivery, include:

• Tighter operational control and accountability across mining and processing;
• Improved integration between technical, operations and maintenance teams; and
• Disciplined delivery of a small number of high-impact initiatives to drive reliability, recoveries and throughput.

While the review remains ongoing, early work has reinforced that the assets have the capacity to deliver materially stronger and more consistent production outcomes than are currently being achieved.

The Company will update the market on the outcomes of this review, including medium-term operating parameters, once the revised operating plan has been finalized and validated.

Liquidity and Financing Update

Further to the disclosures in this MD&A, the Company is pleased to announce that it has entered into an agreement with its senior lenders under the Company’s existing debt facility to access an unsecured gold forward agreement with an entity related to the Executive Chairman of the Company, to manage short-term liquidity and working capital. The Company is in negotiations for an initial deposit of $50 million and expects to finalize the agreement in the next few weeks.

Concurrently, the Company has secured a number of amendments to its existing financing agreements to ensure adequate liquidity and compliance with covenants while operational ramp-up and capital project completion continues over the next year. These amendments include (i) a deferral of hedging payment obligations of approximately $55 million to the July through December 2026 period (paid in equal instalments); (ii) a short-term reduction in minimum liquidity requirements; and (iii) an amendment of material movement and gold production performance tests (metrics unchanged from previous disclosure) to be measured over the April through December 2026 period (previously April through August 2026).

The Company has also committed to its lenders that it will obtain additional funding of at least $100 million (excluding the New GFA) in the form of debt and/or equity by no later than August 31, 2026. The Company is evaluating a number of funding alternatives, including an increase in the GFA, mezzanine debt, an extension of the Company’s existing revolving gold forward facility with Fujairah, and/or a capital raise on the Australian Securities Exchange in conjunction with its previously announced planned listing. The Company has engaged specialist debt advisors and progress is well underway in terms of securing the additional liquidity. Although the Company is confident in its ability to achieve such funding, there is no certainty that such funding will be obtained by the August 31, 2026 deadline.

No restructuring fees have been incurred in relation to the above amendments.

As alluded to above, the Company has approximately $55 million of hedging related liabilities that have been deferred. This represents the final outstanding liability associated with the swap portion of the Company’s hedging program as announced in August 2025. As such, the Company retains unlimited upside leverage to the gold price going forward.

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, who is a “qualified person” under NI 43-101.

For a detailed discussion of results for the first quarter, please refer to the Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and Asante’s website at 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 and continues with detailed technical studies at its Kubi Gold Project. 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 TSX Venture Exchange, the Ghana Stock Exchange, the Frankfurt Exchange and the OTCQX Best Market. 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.

For further information please contact:

Frederick Attakumah, Executive Vice President and Country Director
investor@asantegold.com
+1 604 661 9400 or +233 303 972 147