Asante Gold Increases Previously Announced Bought Deal Private Placement to C$156 Million

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Not for distribution to United States news wire services or for dissemination in the United States

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VANCOUVER, British Columbia, Dec. 16, 2025 (GLOBE NEWSWIRE) — Asante Gold Corporation (TSX-V: ASE | GSE: ASG | OTCQX: ASGOF) (“Asante” or the “Company“) is pleased to announce that it has entered into an agreement with BMO Capital Markets (“BMO“), pursuant to which BMO has agreed to act as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters (together with BMO, the “Underwriters“), to increase the size of the previously announced bought deal private placement to an aggregate of 97,500,000 common shares in the capital of the Company (“Common Shares“) at a price of C$1.60 per Common Share (the “Offering Price“) for aggregate gross proceeds of C$156,000,000 (the “Brokered Offering“).

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In addition, the Company has also granted the Underwriters an option, exercisable in whole or in part up to 48 hours prior to the closing date of the Brokered Offering, to purchase up to an additional 14,625,000 Common Shares at the Offering Price for additional gross proceeds of up to C$23,400,000.

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The Company intends to use the net proceeds of the Brokered Offering, together with the proceeds of the Non-Brokered Offering (as defined below), for continued development and growth expenditures at the Bibiani and Chirano mines, and for general working capital purposes.

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The Brokered Offering is anticipated to close on or about January 6, 2026 or such other date as the Company and the Underwriters may agree. Completion of the Brokered Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals for the Brokered Offering, including the acceptance of the TSX Venture Exchange.

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The Common Shares will be offered: (a) by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (b) in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to the exemptions from the registration requirements provided for under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“); and (c) in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. The Common Shares issued pursuant to the Brokered Offering will be subject to a four month statutory hold period pursuant to applicable Canadian securities laws.

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Non-Brokered Private Placement

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The Company is also pleased to announce that it has entered into an agreement with Malik Easah, the Executive Chairman of the Company, pursuant to which it has agreed to sell to Mr. Easah, on a non-brokered private placement basis, an aggregate of 8,625,000 Common Shares at the Offering Price for aggregate gross proceeds of C$13,800,000 (the “Non-Brokered Offering” and, together with the Brokered Offering, the “Offerings“).

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The Non-Brokered Offering is anticipated to close on or about January 30, 2026. Completion of the Non-Brokered Offering is subject to certain conditions, including, but not limited to, the receipt of all necessary and regulatory approvals for the Non-Brokered Offering, including the acceptance of the TSX Venture Exchange.

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The Common Shares issued pursuant to the Non-Brokered Offering will be subject to a four month statutory hold period pursuant to applicable Canadian securities laws.

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The Non-Brokered Offering constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Non-Brokered Offering in reliance on sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the securities issued to the related party nor the fair market value of the consideration for the securities issued to the related party exceeds 25% of the Company’s market capitalization as calculated in accordance with MI 61-101.