AROBUSTGROWTHPLANANDSTRONGCASHGENERATION

ExpansionDefinitiveFeasibilityStudyResultsInvestorPresentation

June5,2017

This document has been prepared by Asanko Gold Inc. (the “Company”)solely for informational purposes. This presentation is the soleresponsibility of the company. Information contained herein does notpurport to be complete and is subject to certain qualifications andassumptions and should not be relied upon for the purposes of making aninvestment in the securities or entering into any transaction. Theinformation and opinions contained in the presentation are provided as atthe date of this presentation and are subject to change without noticeand, in furnishing the presentation, the company does not undertake oragree to any obligation to provide recipients with access to any additionalinformation or to update or correct the presentation.

No securities commission or similar regulatory authority has passed onthe merits of any securities referred to in the presentation, nor has itpassed on or reviewed the presentation. Cautionary note to United Statesinvestors - the information contained in the presentation uses terms thatcomply with reporting standards in Canada and certain estimates aremade in accordance with National Instrument 43-101 (“NI 43-101”) -standards for disclosure for mineral projects. The presentation uses theterms “other resources”, “measured”, “indicated” and “inferred”resources. United States investors are advised that, while such terms arerecognized and required by Canadian securities laws, the SEC does notrecognize them. Under United States standards, mineralization may notbe classified as “ore” or a “reserve” unless the determination has beenmade that the mineralization could be economically and legally producedor extracted at the time the reserve determination is made. United Statesinvestors are cautioned not to assume that all or any part of measured orindicated resources will ever be converted into reserves. Further,“inferred resources” have a great amount of uncertainty as to theirexistence and as to whether they can be mined legally or economically. Itcannot be assumed that all or any part of the “inferred resources” willever be upgraded to a higher category. Therefore, United States investorsare also cautioned not to assume that all or any part of the inferredresources exist, or that they can be mined legally or economically.

Under Canadian rules, estimates of “inferred resources” may not form thebasis of feasibility or pre-feasibility studies except in limited cases.Disclosure of “contained ounces” is permitted disclosure under Canadianregulations; however, the Securities Exchange Commission (SEC) normallyonly permits issuers to report mineralization that does not constitute“reserves” as in place tonnage and grade without reference to unitmeasures. Accordingly, information concerning descriptions ofmineralization, mineral resources and mineral reserves contained in thepresentation, may not be comparable to information made public by UnitedStates companies subject to the reporting and disclosure requirements ofthe SEC.

The presentation may contain “forward looking statements” within themeaning of the United States private securities litigation reform act of 1995and “forward looking information” with the meaning of applicable Canadiansecurities legislation concerning, among other things, the size and thegrowth of the company’s mineral resources and the timing of furtherexploration and development of the company’s projects. There can be noassurance that the plans, intentions or expectations upon which theseforward looking statements and information are based will occur. “Forwardlooking statements” and “forward looking information” are subject to avariety of risks, uncertainties and assumptions, including those that arediscussed in the company’s annual information form. Some of the factorswhich could affect future results and could cause results to differ materiallyfrom those expressed in the forward looking statements and informationcontained herein include: market prices, exploitation and explorationsuccesses, continued availability of capital and financing and generaleconomic, market, business or governmental conditions. Forward lookingstatements and information are based on the beliefs, estimates andopinions of management at the date the statements are made and aresubject to change without notice. The Company does not undertake toupdate forward looking statements or information if management believes,estimates forward or opinions or other circumstances should change. TheCompany also cautions potential investors that mineral resources that arenot material reserves do not have demonstrated economic viability.

FORWARDLOOKINGINFORMATION

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• Additional5MtpaCILPlant• Doublesprocessingto10Mpta• +12yearLOMproducing4.8Moz

• Totalcapital(P5M+P10M)US$350m• +US$185m/paforecastcashflow atsteadystate• US$811mNPV5%

• 20%after-taxIRR

P10M

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ROBUSTGROWTH PIPELINE&STRONGCASHGENERATION

• PlantUpgradeto5Mtpaü Approved&underconstructionü US$22mcapex=>lowcost,capitalefficientü CommissioningQ42017

• DevelopmentoflargeEsaase deposit&conveyorü Fullypermitted

• Ave.230,000oz/pa@AISCUS$968/oz and20yrLOM

P5M

• Ave.450,000oz@AISCofUS$890/oz atsteadystatefor8yrs

• TotalcapitalUS$150m• +US$80m/paforecastcashflow• US$658mNPV5%

• 13%after-taxIRR

UnlockingLargeResourceBase:7.5MozResources&5.1MozReserves

• Modularexpansion• Maximizesproductionovershorterlifeofmine• TimingatBoard’sdiscretion

ü Robustasstandaloneprojectü 2modularcomponentsü Maintainsfutureoptionality

Ourgrowthplanhasbeendesignedtobefullyflexiblesothatitcanbeadvancedinmodularcomponents,accordingtocashflowgeneration,balancesheetstrength,

financingopportunitiesandmarketconditions

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AGM– LARGEMINERALRESOURCEBASE• MineralResourceEstimate(“MRE”)updatedasatDec31,2016

⎼ Adheringtobestpractice&constrainingmineralresources

⎼ Reflects2yrsofminingdepletion,improvedaccesstopitfloor&reviewby2nd independentexpertCSAGlobal

Mt g/t Moz Mt g/t Moz Mt g/t Moz Mt g/t Moz

Total 37.35 1.42 1.70 123.0 1.46 5.79 160.4 1.45 7.49 14.44 1.41 0.65

Esaase Main 26.64 1.37 1.17 65.50 1.37 2.89 92.14 1.37 4.06 0.95 1.37 0.04

Nkran 5.58 1.67 0.30 34.71 1.68 1.87 40.29 1.68 2.17 1.69 1.77 0.10

Mt g/t Moz Mt g/t Moz Mt g/t Moz

Total 29.08 1.53 1.43 71.73 1.60 3.68 100.81 1.58 5.11

Esasse Main 21.51 1.44 1.00 41.05 1.47 1.94 62.57 1.46 2.94

Nkran 4.40 1.85 0.26 18.37 1.93 1.14 22.77 1.91 1.40

Probable TotalP&PProven

Measured Indicated TotalM&I Inferred

Notes:AllResourcesarestatedabovea0.5g/tAucut-offwithinaUS$2,000/oz Aupitshell.CSAGlobalre-estimatedNkranandDynamiteHill andauditedEsaaseinJanuary2017,re-estimatedAkwasiso inApril2017.CJMestimatedEsaase inOctober2012,andAbore,Adubiaso,Asuadai inApril2014.

Notes:ReservesforeachpitarebasedondetailedpitdesignsinformedbyUS$1,300/ouz pitshells.Newcut-offgradeshavebeenusedforReservesbasedonanoptimalNPVbypit.Cut-offsalsovarywithinpitsbasedonoxideandfreshore.Esaase usesa0.6g/tcut-off.Nkran usesa0.7g/tcut-offforfreshoreonly.Alltheotherpitsusea0.5g/tcut-offforoxideoreanda0.7g/tcut-offforfreshore.

MineralResourceEstimate

• Akwasiso MREupdatedinApril2017,postsuccessfulinfilldrilling

• 89%ofMREcompiledand/orauditedbyCSAGlobal⎼ Nkran,Akwasiso &DynamiteHillMREbyCSAGlobal⎼ Esaase MREcompiledbyCJM&auditedbyCSAGlobal⎼ RemainingMREpitsbased2014CJMestimation

MineralReserveEstimate

• Asanko GoldMinecomprises11pits

• Allopenpitdepositsandcontractorminingassumed

– PWGhanatominemajorpits– Nkran &Esaase

– LocalminingcontractorstominesatellitepitsaspartofourCSRstrategy

– Allpitoptimizationsbasedonactual&quotedpricesfromourmainminingcontractorPWGhana

• DFSusesWhittlepitoptimizationstodefinepitshellsandthenNPVschedulertodefineoptimalvalueforeachindividualpit:

– Optimizedcut-offgradesbypit&byoreclassification

– OptimizedpitsformaximumNPVandoptimalAISC

• Tonnes &gradesofallpitsaredifferenttopreviousdisclosuresbasedonthisexercise:

– Nkran uses0.7g/tcut-offforfreshoreonly

– Esaase uses0.6g/tcut-off

– Allotherpitsuse0.5g/tcut-offforoxideore&0.7g/tcut-offforfreshore

• Onceoptimizationsweredone,allpitswentthroughaprocessofdetaileddesignandmulti-pitscheduling

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MININGOVERVIEW

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NKRAN - UPDATEDPITDESIGN&PUSHBACKS

2017Design

• Newdesignrequiredtoensureamoreconsistentandsustainedoreyield

• Currentpitbottomcontainsanounceinventoryof166,000oz,basedonthenewCSAResourcemodel,supplyingorethroughtoFeb2018

• Cut2commencedinAprilopeningupnextareaoforeminingbyDec2017,yielding5.2Mtofore,equatingtoanadditional2.5yearsofNkranproduction,takingustoQ12020

• Nextpushback(Cut3)opensupanadditional4.9Mtofore,securingoreproductionthroughtoQ32022

• Lastpushback(Cut4)opensuporeinQ22022,openingupsome7.8MtoforethatseesproductionthroughtotheendoftheNkranorefeedQ12025

KeyUpdatesandChanges

• Esaase PitResourceModelcompiledbyCJM&auditedbyCSA

• Esaase PitredesignedafterusingWhittle&NPVscheduler- 6versionsgenerated

• Cut-offgradeevaluationsdoneat0.50g/t,0.55g/tand0.60g/t

• Contractorminingoperation- PWcontractorminingcostestimatesused

• PreviousEsaase PitReserves:

– CJM60.3Mt@1.41g/tfor2.73Moz(0.6g/tcut-off)– asatDecember2016

– Newestimate62.6Mt@1.46g/tfor2.94Moz(0.6g/tcut-off)

– 411.18Mt totaltonnes=62.56Mt Ore+348.62Mt Waste(5.57Stripratio)

• OrereservesatEsaase includeB&DZonesintomineplan

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ESAASE- MININGOPERATIONS

Esaase OperationSiteMap

• SomemininginfrastructurebuiltandfundedbyPWMiningtothevalueofUS$12.5m

• Scheduleincreasedtosupplyprocessplantin2027tomaintain5MtpafeedasObotan oresourcesbecomedepleted

PlantUpgrades

• Upgradeexistingplantfrom3Mtpadesignto5Mtpain2017– VolumetricincreasesexpectedinQ32017– FinalcommissioninginQ42017

• Capitalcost:US$22m– Includestailingspumpchain,Knelson,intensiveleachreactor,

increaseddiameterofpipelines,oxygenplantupgradesandelectrowinning upgrades

• Millthroughputscalculatedbasedoncurrentoperatingscenarioandtestwork

ConveyorInstallation

• 27km longoverlandconveyorfromEsaasetotheprocessingplant

• Operatingcost:US$0.37/t

• Capitalcost(incl.earthworks):US$78m

EsaaseInfrastructure

• Esaasecapitalcosts:US$22.4m

• Capitalincludes:– Tetrem relocation– PublicRoad– Clearingandgrubbing 8

P5M– EXPANSIONCOMPONENTS

• P10MdoublesAGM’sprocessingcapacityfrom5Mtpato10Mtpa

– Constructionofadditionalmilling-gravitygold&CILplantadjacenttoexistingprocessingplant

– LeveragesoffexistinginfrastructureincludingTSF,powersupplyline,offices,workshops&campfacilities

– MiningratesatEsaase pitwillincreaseupto7Mtpa,whilstNkran &satellitedepositsremainat~3Mtpa

• Scopechangefromaflotationplant(2015PFS)toCILplantprimarilydrivenbyreductioninoperatingcosts,basedoncurrentoperatingprocessdata

– Simplificationofflowsheethasleveragedoffcurrentskillsbase,commonreagentsandreducedinsuranceandoperatingsparesholdings

• CapitalCostestimatedatUS$200m

• ForthepurposesoftheDFS,P10MhasbeenscheduledaroundoptimalNPVforAGM,however

– P10Misseparatemodularproject=>canbeimplementedatanytime

– Maximizesproductionovershorterlifeofmine+12years

– TimingatBoard’sdiscretion,willonlybeapproved:

• AfterP5Mcommissionedandramped-up

• Predominantlyfundedbycashflow

P10MOVERVIEW

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OVERVIEWOFASSUMPTIONSANDOUTCOMES

P10M

• NPV5% ofUS$811m

• IRR20%

Assumptions

TotalTonnes Mined 679Mt

TotalOreTonnes Mined 101Mt

MillHeadGrade 1.57g/t

StripRatio 5.7w:o

Recovery 93.5%

TotalRecoveredOunces 4.8Moz

Discountrate 5%

GoldPrice US$1,250/oz

AnnualAverageProduction 450koz

MiningCosts US$3.32/t

ProcessingCosts US$10.80/t

AISC US$890/oz

Minelife 12.5years

TotalInstallationCapex US$199.7m

P5M• NPV5% ofUS$658m

• IRR13%

Assumptions

TotalTonnes Mined 679Mt

TotalOreTonnes Mined 101Mt

MillHeadGrade 1.57g/t

StripRatio 5.7w:o

Recovery 93.6%

TotalRecoveredOunces 4.8Moz

Discountrate 5%

GoldPrice US$1,250/oz

AnnualAverageProduction 230koz

MiningCosts US$3.48/t

ProcessingCosts US$11.60/t

AISC US$968/oz

Minelife 20years

TotalInstallationCapex US$149.6m

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P5M:ROBUSTBUSINESSONOWNMERITS

TOTALAGMNPV(5%)

US$(millions)

IncrementalIRR(%)

TotalCashfrom

Operations2017-2022(millions)

DownsideCase- US$1,150/oz 459 8.6 381

StudyBasis- US$1,250/oz 658 13.2 523

UpsideCase- US$1,350/oz 857 17.3 664

Significantgoldproducingasset

• Onstandalonebasis,P5Mdeliversstrongcashflowsfromoperationsaveraging~US$90mannuallyto2022

• PaybackonP5Mis2yearsfromcommercialproductionofEsaasepit

KeySensitivities

• GoldpricemoveofUS$100/oz =>~US$199mNPVmovement

• BasedonlongtermconsensusUS$1,325/oz goldprice,NPV5% of~US$807m,US$149mmorethanDFSBasisscenario

CashflowfromoperationsUS$millions

-

20

40

60

80

100

120

140

2017 2018 2019 2020 2021 2022

AnnualAverage2017-2022:US$87m

487

246

1006669

282

75

-

200

400

600

800

1,000

1,200

1,400

P5M

AISCMargin- $1,325

AISCMargin- $1,250

Other

RoyaltyPayments

GeneralandAdministration

Processing

Mining

51.7

314.4

169.1

145.7

51.3

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

Sources Uses

EndingCash2020

ProjectCapital

DebtRepayment

AISCMargin

OpeningCashandEquivalents

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P5M- CASHFLOWANDIMPACTOFCONVEYORDEFERRAL

OuncesProduced CashBalanceasat31December@US$1,250/oz

2017– 2020 2017 2018 2019 2020

6MonthDeferral 942,800 87.2m 82.4m 54.6m 26.5m

12MonthDeferral 924,125 87.2m 109.3m 69.1m 51.3m

18MonthDeferral 907,166 87.2m 122.6m 109.4m 65.6m

QuarterlyCashBalanceUS$,millions

• Aslongasgoldpricesaremaintained,weexpectendingcashbalancetobe~US$87m,asatDecember31,2017

• A12monthdeferraloftheconveyorincreasesourcashpositionto~US$100mbyQ22018

• OptiontodeferamortizationofRedKitefacilityuntilQ22019

• PreservecashbufferofUS$30minlinewithstrategicobjective

2017-2020CashSourceandUsesUS$,millions

-20.040.060.080.0100.0120.0140.0

Cash@$1,250 Cash@$1,200 Cash@1,300

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P10M:MAXIMUMNPV

TOTALAGMNPV(5%)

US$(millions)

IncrementalIRR(%)

TotalCashfrom

Operations2017-2022(millions)

DownsideCase- US$1,150/oz 585 14.5 540

StudyBasis- US$1,250/oz 811 20.4 732

UpsideCase- US$1,350/oz 1,037 25.8 925

Significantgoldproducingasset

• US$811mNPV5% representsoptimalNPVonacapitalunconstrainedbasis

• TimingonexecutionofP10Misflexibleduetoitsmodulardesign

• TwoyeardeferralreducesNPVbyUS$42mbutbolstersliquidityposition

KeySensitivities

• GoldpricemoveofUS$100/oz =>~US$226mNPVmovement

• LongtermconsensusgoldpriceofUS$1,325/oz wouldresultinNPV5% of~US$981morUS$170mmorethanDFSBasisscenario

CashflowfromoperationsUS$millions

-25

25

75

125

175

225

2017 2018 2019 2020 2021 2022

AnnualAverage2017-2022:US$122m

465

229

636667

360

75

-

200

400

600

800

1,000

1,200

1,400

P10M

AISCMargin- $1,325

AISCMargin- $1,250

Other

RoyaltyPayments

GeneralandAdministration

Processing

Mining

• Q1productionof58,187oztracking2017guidanceof230,000–240,000oz

– Q2willseelowerproductionduetoplantupgradeto5Mtpatie-ins

• Q1costsmarginallyexceededannualguidanceofAISCUS$880–US$920/oz whenimpactofearlytailingsliftconsidered

• AYearof2halves:

⎼ H1trackinginlinewith2017productionguidance

⎼ InH2,secondpitAkwasiso commencesproduction,softeroxideores=>higherounces&lowercosts

⎼ OverallH2willdeliverhigherproductionatlowercoststhanH1dueto:

• Increasedthroughput• Miningandprocessingmoreoxidesversusfreshore• Incrementaloperatingcostsavingsfromplantupgrade

• ExpectH2coststobelowerthanH1dueto:– MiningAkwasiso inQ3- atsurfacesofteroxideorewilllowermining

&processingcosts– Nkranminingpredominantlyinoxidesforwastecutback– Plantupgradeto5Mtpaincreasesproduction- spreadsoutexisting

overheadsacrossmoreounces

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2017GUIDANCEONTRACK

• TheAGMhasgrade,reservesandproductionflexibility&capabilitytomatchseveralmid-tiercompanies

• Althoughasingleasset,itisinastablejurisdiction&haspotentialtogrowintoasignificantproducingmine

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ASSETPOSITIONING

Source:CompanywebsitesandreportedguidanceinpressreleasesNote:Sizeofbubblereflectsthetotalprovenandprobablereservesfortheentirecompany

ProvenandProbableReservesgradeg/t

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

- 100 200 300 400 500 600 700 800

SMF

GUY

EDV

GSC

TXG

ASR

PPRU

TGZAKG

AGI

AKG

BTOOGC

ProductionguidanceOunces,thousands

Multi-assetmid-tierproducers

UNLOCKINGLARGE,LONGLIFE,QUALITYASSETTOBUILDAMID-TIERGOLDPRODUCER

Ghana- StableJurisdiction• Longhistoryofgoldmining• Excellentskills&positiveregulatoryenvironment

• 2minespermittedin2yearsbyAKG

• CompleteflexibilityontimingdecisionforEsaase +Conveyor&P10M• InvestmentdecisionsdependentonCompany’scashposition&financingopportunities• Growthpredominantlyfundedbycashflow,supportedbydebtfunding• Focusonbolsteringliquidity=>ensuresdon’toverextendbalancesheetordiluteshareholders

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P5M• Ave.230,000oz/paover20yrLoM@AISCofUS$968/oz• +US$80m/paaverageprojectedcashflowatsteadystate• 13%after-taxIRR,NPV5% ofUS$658m@US$1,250/oz gold

ProvenManagementTeam• Firstphasedeliveredaheadofschedule&underbudget

• Strongbuilding&operatingskills• Shareholdersinthebusiness

ModularGrowth– MaintainsFutureOptionality

StrongSocialLicense• 98%ofworkforceGhanaian,42%withincatchmentarea

• CSIWinnerofGhanaMiningIndustryAwards

5MtpaPlantUpgrade• Approved,fullyfunded• Lowcost,capitalefficient

Esaase +Conveyor• Ave.230,000ozover20yrLoM• AISCofUS$968/oz

P10M• ~450,000oz/pa@AISCUS$890/oz

• +US$185m/paaverageprojectedcashflowatsteadystate

• 20%after-taxIRR,NPV5% ofUS$811m@US$1,250/oz

Project10M• Doubleprocessingcapacity• Bolt-on5MtpaCILplant

~450,000oz/paAISCUS$890/oz

RobustProjectBusinessesasDiscreteProjects=>HighlyCashGenerative

FundingFlexibility=>StrengthenBalanceSheet&AssessMarketConditions

ProvenRecordofExecutiveCapability

Q2 2018~US$100mLiquidity

AlexBuckInvestorRelations

N.AmericanToll-Free:18552467341Telephone:+44-7932-740-452Email:alex.buck@asanko.com

RyanWalchuckCorp.Dev.&InvestorRelations

N.AmericanToll-Free:18552467341Telephone:+1-778-729-0614Email:ryan.walchuck@asanko.com

CONTACT US

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