BUILDINGAMID-TIERGOLDPRODUCERInvestorPresentation

April2017

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. 2

FORWARDLOOKINGINFORMATION

BUILDINGAMID-TIERGOLDPRODUCER

3

Ghana- StableJurisdictionLonghistoryofgoldminingExcellentskills&positiveregulatoryenvironment2minespermittedin2yearsbyAKG

LargeScale,CostCompetitiveAssetBeatH22016guidancewith111,164ozproducedCompetitiveAISC$893/oz,improvingQ-o-Q2017:230,000- 240,000ozatAISC:US$880-920/oz

SignificantExplorationUpsideLargelandpackage,effectivelycontrolledbyAsankoOnly7%oflandpackagedrilltested3newnear-minediscoveriesin2016

ClearGrowthStrategy=>±450,000oz/yr by2020Project5M– underway,completeQ42017NewmineEsaase – inproductionH12019Project10M– doublingprocessingcapacity

StrongSocialLicence toOperate98%ofworkforceGhanaian,42%withincatchmentarea2016CSIWinnerofGhanaMiningIndustryAwards

RobustLiquidity&CapitalResourcesUS$66mincash,receivables&bullionUS$150mdebt;firstrepaymentinJuly1,2018

Asanko GoldMineComplex

0

20,000

40,000

60,000

Q22016 Q32016 Q42016

GoldPro

duced(oz

)

BEATINGGUIDANCESINCECOMMERCIALPRODUCTION

4

Mining

• Progressingwell,Nkran depositnowfullyexposed

• Singlepitriskmitigationmeasuresinplace:

• Dualrampsystemfullyinstalled

• Strategicstockpileof1.5Mt

Processing

• Millthroughput20%abovedesign(3.6Mtpa)

• Mobilecrusherdebottleneckedcrushingcircuit

• Recovery+94%,exceedingplan

• 111,164ozproducedinH22016,exceedingproductionguidance

Safety,Health&Environment

• Exceptionalsafetyrecord– industryleadingstats

• 3.7millionLTIfreeman-hoursworked

• OnlyoneLTIinthepast12months

• LTIFR0.20(permillionmanhoursworked) 1

1.3

1.6

1.9

2.2

Q22016 Q32016 Q42016

GoldGra

de(g

/tAu

)

OreMined OreMilled

0

200

400

600

800

1000

1200

1400

Q22016 Q32016 Q42016

OreF

eed('00

0t)

OreMinedActual OreMilledActual MillDesign

• DuringH22016,comprehensivereview&updateoftheAGMmineralinventoryincluding:

– Introductionof2nd independentexpert– CSAGlobalinadditiontoCJMConsulting

– ApplicationofconstrainingparameterstoMineralResourceEstimate(“MRE”),inlinewithbestpractice:

• US$2,000/oz goldpitshell,a0.5g/tAucut-offandupdatedWhittleinputparameters

– InclusionofCSAGlobalresourcemodelforNkran&DynamiteHill- basisof2017mineplan

– CSAGlobalreviewofEsaasepits=>nochange– formsbulkofmineplanfrom2019

– AdditionofAkwasiso,Nkran Extension,Adubiaso ExtensionandEsaase B&Ddeposits

5

UPDATEDMRESTATEMENT(DEC2016)

Asanko GoldMineGlobalMineralResourceEstimate(M&I) Tonnes(Mt)

Grade(g/tAu)

Ounces(Moz)

Nov2014DPPResource(unconstrainedpitshell) 144.26 1.71 7.94DepletedDec2016DPP(withconstrainingparameters) 143.46 1.61 7.42UpdatedDec2016MRE(withconstrainingparameters) 158.27 1.44 7.34VariancebetweenDepletedDec2016DPPandUpdatedDec2016MRE +10% -10% -1%

Asanko GoldMineGlobalMineralReserveEstimate(P&P) Tonnes(Mt)

Grade(g/tAu)

Ounces(Moz)

Nov2014DPPReserve 97.10 1.68 5.24Dec2016DPPReservesbasedonDepletedResources 91.48 1.68 4.94Dec2016ReservesbasedonUpdatedResources 95.41 1.57 4.82

VariancebetweenDec2016DPPReserves(DepletedResources)andDec2016Reserves(UpdatedResources) +4% -6% -2%

0

50

100

150

200

250

300

350

400

450

500

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

OURGROWTHSTRATEGYTO±450,000OZ/YRExpansionDFSdueforpublicationinQ22017

• Expansionplanin2distinctphasesbringslargeEsaasedepositintoproduction,leveragingoffcurrentplantinfrastructure:

1. Project5M:upgradesexistingCILprocessfacilityfrom3.6Mtpato5Mtpa

• Esaase:largeopenpitmineandoverlandconveyoroptimizingtheexpandedprocessingfacility

2. Project10M:constructionofadditional5MtpaCILplant=>lowerscosts&increasesproductionto±450,000oz/yrby2020

Asanko GoldMineProductionProfile

6Profilesubjecttofinalproductionnumbers,whichwillbepublishedintheExpansionDFS

• Simplebrownfieldupgrade(gravity&tailingscircuits)increasingthroughputfrom3.6Mtpato5Mtpa

• ProjectapprovedinQ42016

• FEEDprogressingwell&onschedule

• Ordersplacedonalllongleaditems

• ProjectaheadofscheduleanddueforcompletioninQ42017

• CapitalcostestimateUS$25-30m,fundedfrominternalcashflows

7

PROJECT5M– LOWCOSTCAPITALPROJECTDELIVERINGINCREMENTALOUNCES

Knelson Upgrade

TailingsLineUpgrade ThickenerUnderflowUpgradePurpledenotesProject5Mupgrades

ConceptualConveyorServitudeLayout

• Mine&overlandconveyorapprovedinQ42016,FEEDunderway

• Fullypermitted;environmentalandmineoperatingpermitsreceivedJan2017

• CapitalcostestimateUS$100- 110m

• Financedfrominternalcashflowsatcurrentgoldprices

ESAASE:AMAJORNEWMINE

OverlandConveyor

• 27kmlongwithin12mservitudewithsecurityfencing

• 18monthconstruction,commissioninginH22018

Esaase Pit

• Openpitcontractorminingoperation

• Initiallymining~2Mtpaofsoft,oxideore

PlanViewofEsaasePit&Infrastructure 8

• Project10MdoublesCILprocessingcapacityto10Mtpa

• Willboostproductionto±450,000oz/yr by2020,makingAsankoGoldMineoneofthelargestgoldminesinAfrica

• CapitalcostestimateUS$210– 220m

• PerformanceofcurrentCILplantprovidedbasisforcriticalreviewofthePFSplanforaflotationplant

• ScopechangetoCILplantdrivenby:

– reductioninoperatingcosts,basedonactualoperatingperformance

– Improvedmetallurgicalrecoveriesbasedonextensivetestwork

• ReplicatingthecurrentCILflowsheetdeliverssignificantsynergies

– Labour skills

– Sparesholding

– Maintenance

– Tailingsfacilities

9

PROJECT10M:BOOSTINGPRODUCTIONTO~450,000OZ/YR BY2020

• AcquiredAkwasiso2016

• 2016:10,000mdrillingcompleted

• 2017:4,500mdrillingcompleted

• Infilldrillingshowinggoodintersections

• UpdatedresourcedueinQ22017

Acquisitions

• 2016success=>significantouncesaddedtonear-termmineplan

• Akwasiso• Adubiaso Ext• Nkran Ext

• Continueexplorationofexistingsatellitedeposits

Brownfields

• TargetingNkran “look-alike”discovery

• Holdlargest landpackageonprospectivebelt

• Only7%drilltested=>significantupside

Greenfields

EXPLORATION:BUILDINGON2016SUCCESSES

2016BudgetofUS$3Madded300,000oz….

…2017budgetisUS$13m

10

• NearMinedrillingcampaigns:

• AkwasisoPhase2drilling(4,500mDD&RC)

– ConversionofInferredtoIndicatedresources

– Recentdrillingresults• 7metresat13.05g/tgold

• 11metresat3.21g/tgold

• 54metresat1.70g/tgold

• 33metresat1.50g/tgold

• Midras Southresourcedelineationdrilling

• ContinuedexplorationonNkran,Adubiaso,Abore-Esaase &Datano corridors

• Completionof3-DinversionstudyduringQ22017,andprioritizationofblind“Nkran”typedrilltargetsinH22017

11

2017NEARMINEEXPLORATIONPROGRAM

HighPriorityTargets(basedonnewGeological&GeophysicalInterpretation)

ASUMURA:AHIGHPRIORITYREGIONALTARGET

Kenyase Thrust

IdentifiedDrillTargets

Newmont’sAhafo Deposits:17MozsofReserves

Asumura Concessions

US$1mbudgetfor2017:

• During2015/16Asanko re-interpreted2007VTEMsurvey

• TargetisAhafo look-likeorebodyrelatedtosplaystructuresofftheKenyase Thrust

• 3-DgeophysicsinversionstudyinQ22017

• 8,000mRCdrillingof2targetareastocommenceinQ22017

• AssayresultsexpectedH22017 12

13

Q4OPERATING&FINANCIALHIGHLIGHTS

• 57,178ozproducedinQ4,exceedingupperendofrevisedguidance

• Within3quartersofcommercialproduction

– Totalcashcostsdeclinedto$584/oz

– AISCdeclinedto$893/oz ascost&operationalefficienciescontinuedtoberealized– inlinewith2017guidance

• 58,483oz soldatrealizedpriceof$1,199/oz

• Operationsgenerated~$23mcashflowat~$1,200/ozrealizedprice

• $70.1mingrossgoldrevenue

• Costreductions&highervolumespartiallyoffsetdownsidemarginimpactfrom$112/ozlowerrealizedprices

• $66mincash,dore&goldreceivablesatDecember31,2016

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200

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600

800

1,000

1,200

1,400

Q2 Q3 Q4

Totalcashcosts CorporatecostsSustainingcapex DeferredstrippingReclamationcostaccretion

$/oz Q42016 Q32016 Q22016Operatingcashcosts 524 544 785

Royalties 60 65 61Totalcashcosts 584 609 846

Corporatecosts 96 31 48Sustainingcapex 27 25 38Deferredstripping 184 240 346Reclamationcostaccretion 1 1 1

AISC 893 906 1,280

1,280

906 893

800

900

1,000

1,100

1,200

1,300

1,400

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Q2 Q3 Q4GoldProduced AISC

REAFFIRMINGPRODUCTIONOUTLOOKFOR2017

• Targeting230,000- 240,000ozwithAISCofUS$880-920/oz

• Twooresources2017:Nkran andDynamiteHill• AYearof2halves:

⎼ H1trackinginlinewith2017productionguidance(38,800ozinJan&Feb)

⎼ DynamiteHillproductioninH2=>higherounces&lowercosts⎼ OverallH2higherproduction&lowercoststhanH1

• Nkran (MREbyCSA)• Oreminingfocusedinthecentralandnewlyopenedup

central- westportionsofthepit

• DynamiteHill(MREbyCSA)

• Providesflexibilityandoptionalityinorefeedplan

• Reducessinglepitexposurerisk

• OreminingscheduledtocommenceinH22017

• Akwasisopreparationfor2018production(MREbyCSA)• NewlydiscoveredAkwasisoresourceaugmentingorefeedfrom

NkranandDynamiteHillin2018• Onexistingmininglease– supplementarypermittingcommenced

– dueend2017

14

15

NEARTERMGROWTHFULLYFUNDED

2017Guidance($m)@ $1,200/oz Au HighEnd LowEndSourcesCashonhand,bullionandreceivables 66 66AISCmargin 77 64VATrecovery 15 15Totalsources 158 145

UsesExpansioncapex(Project5Mplantupgrades) 27 27Expansioncapex(Project5Mconveyor) 45 45Growthexploration 13 13InterestonRKdebt 11 11Totaluses 96 96

Excessliquiditycarriedto2018 62 49

• Currentcashresources&cashflowfromoperationsavailabletofundorganicgrowthof+/-US$72min2017

• Nocashtaxanticipatedin2017atcurrentgoldprices

• US$150mlong-termdebt- nocapitalrepaymentuntilQ22018-debtservicecostsapprox US$2.8m/qtr

• Project5Mincreases2018productionto+270,000oz&lowersAISC

• 2018expansioncapexof+/-US$63m(lessthan2017)fundedfromincreasedcashgeneratedfromoperations

893 880-920

306 280 - 320

Q4AISC Q4AISCMargin

2017AISC 2017AISCMargin

AISCCostandAISCMargin($/oz)

Realizedprice

$1,199/oz

Realizedprice

$1,200/oz

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5

10

15

20

25

30

35

Q2 Q3 Q4

US$M

2017CapitalExpenditureSpend

ACCESS TO WORK & FI

NAN

CE

IMPRO

VED LIVIN

G STANDARDS

ACCE

SS

TO EDUCATION

VOCATIONAL TRAIN

ING

1

DELIVERING AN OPPORTUNITY CYCLE THROUGH PARTNERSHIPS TO STRENGTHEN AND ENHANCE OUR SOCIAL LICENCE TO OPERATE

COMMUNITY

CODEandAsanko“ReadingGhana”program

Asanko-GIZvocationalskillsdevelopmentprogram

ObotanCooperativeCreditUnion(OCCU)

Asanko healthfacilitiessupport

program

• Strong,respectfulrelationshipskeytosuccess

• Creatingalegacybeyondthelifeofthemine

• Focusonhealth,financialliteracy,skillstraining

• 2016CSRwinneroftheGhanaMiningIndustryAwardsforObotan CooperativeCreditUnion

• PartnershipwithCODE’s“ReadingGhana”toimproveliteracyinschools

16

ARESPONSIBLEMINER

TheObotan CooperativeCreditUnion,inpartnershipwithGIZ“ReadingGhana”ProjectwithCanada’sCODE

Ø Currentminingoperationsdeliveringaheadofdesignlevels

Ø 2017:230,000-240,000ozwithAISCofUS$880-920/oz

Ø Ontracktomeetguidance:38,800ozalreadyproducedinJan&Feb2017

Targeting± 450,000oz/yrby 2020

Ø 2016successfulprogram=>3newdiscoveries

Ø 2017explorationbudgetsignificantlyincreased

Ø EmergenceofAsankrangwa asnewgolddistrict– underpinnedbygeological&geophysicalinterpretation

RampingUpExplorationProduction

Ø Project5M=>lowcostcapitalprojectforincrementalounces&loweroperatingcosts

Ø Esaase Minedevelopmentpermittedandunderway

Ø Project10Mboostsproductionto±450,000oz/yr

Near-termGrowth

3PILLARSOFVALUECREATION

17

AlexBuckInvestorRelations

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

WayneDrierCorporateDevelopment

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

CONTACT US

APPENDICES

• Nov2014DPPMREapplied0.3g/twastedetermination,and0.8g/tcut-offandnopitshell

• Asanko electedtoconstrainresourcesinlinewithbestpracticebasedon:

– US$2,000/oz pitshell

– 0.5g/tcut-offgrade

• Movingfromunconstrainedpitshellresourcestoconstrainedresources(incl depletion)results:

– Nkran:-21%ounces,2.94->2.32Moz

– Satellites:+16%ounces,0.6->0.7Moz

– Nett differenceinGlobalResourceDPPMRE=>-7%

20

AGMMRE2014DPPUNCONSTRAINEDVS.CONSTRAINEDCOMPARISON

AGMMeasured&IndicatedMRENov2014DPP(Unconstrainedpitshell)Deposit Consultant Tonnage (Mt) Au Grade (g/t) Moz

Nkran CJM 39.04 2.34 2.94 Adubiaso CJM 2.13 2.23 0.15 Abore CJM 4.98 1.65 0.27 Asuadai CJM 1.64 1.34 0.07 Dynamite Hill CJM 1.84 1.86 0.11 Total Obotan 49.63 2.22 3.54

Esaase - Main CJM 94.63 1.45 4.40

Total AGM 144.26 1.71 7.94

AGMMeasured&IndicatedMREDec2016DPPConstrainedandDepletedDeposit Consultant Tonnage (Mt) Au Grade (g/t) Moz

Nkran CJM 34.54 2.09 2.32 Adubiaso CJM 2.40 2.05 0.16 Abore CJM 6.98 1.35 0.30 Asuadai CJM 1.97 1.21 0.08 Dynamite Hill CJM 2.94 1.70 0.16 Total Obotan 48.83 1.92 3.02

Esaase - Main CJM 94.63 1.45 4.40

Total AGM 143.46 1.61 7.42

Constraining Variance -1% -6% -7%

• Nkran restatedbyCSA– constrainedmodel

– - 6%ounces,2.32Moz->2.17Moz

– +17%tonnes,34.54Mt->40.29Mt

– - 20%grade,2.09g/t->1.68g/tAu(0.5g/tcut-off)

• Additionalpitsaddedtototalresourceinventory:(totalof0.4Moz)

– Akwasiso

– Nkran Extension

– Adubiaso Extension

– Esaase B&D

• GlobalResourceupdatevariance

– - 1%ounces,7.42Moz->7.34Moz

– +10%tonnes,143.46Mt->158.27Mt

– - 10%grade,1.61g/t->1.44g/tAu(0.5g/tcut-off)

21

COMPARISONOFCONSTRAINEDDPP MRETOUPDATEDMRE

UpdatedMeasured&IndicatedMREDec2016ConstrainedandDepletedDeposit Consultant Tonnage (Mt) Au Grade (g/t) Moz

Nkran CSA 40.29 1.68 2.17 Nkran Extension CJM 0.20 2.61 0.02 Adubiaso CJM 2.40 2.05 0.16 Adubiaso Extension CJM 0.47 1.71 0.03 Abore CJM 6.98 1.35 0.30 Akwasiso CJM 4.61 1.20 0.18 Asuadai CJM 1.97 1.21 0.08 Dynamite Hill CSA 3.80 1.45 0.18 Total Obotan 60.72 1.60 3.12

Esaase - Main CJM 92.14 1.37 4.06 Esaase - B CJM 3.08 0.82 0.08 Esaase - D CJM 2.33 1.26 0.09

Total Esaase Total 97.55 1.35 4.23

Total AGM Total 158.27 1.44 7.34

Variance Depleted Dec 2016 & Updated Dec 2016 10% -10% -1%

• ModelupdatedtoreflectdepletioninNkranoremined=5.08Mtat1.66g/tfor270,000oz

• NewWhittleparametersappliedtoallpitsandreservesre-estimated

• Nkranreservesdecreasedfrom2.20Mozto1.90Mozasaconsequenceofdepletionandplannedoretowaste(14%)

• Overallglobalreservesdepletedfrom5.24Mozto4.94Moz(6%)

22

AGM2014DPPRESERVESVS.DEPLETEDDPP RESERVES

AGMProvenandProbableMineralReservesNov2014DPP

Deposit Classification Tonnage (Mt) Au Grade (g/t) Moz

Nkran P & P Reserves 31.20 2.21 2.20 Adubiaso P & P Reserves 1.80 2.07 0.11 Abore P & P Reserves 2.10 1.77 0.11 Asuadai P & P Reserves 0.50 1.26 0.02 Dynamite Hill P & P Reserves 1.10 1.88 0.07 Total Obotan 36.70 2.15 2.52

Esaase - Main P & P Reserves 60.30 1.41 2.73 Total AGM 97.10 1.68 5.24

AGMProvenandProbableReservesDec2016DPPDepleted

Deposit Classification Tonnage (Mt) Au Grade (g/t) Moz

Nkran P & P Reserves 25.58 2.31 1.90Adubiaso P & P Reserves 1.80 1.90 0.11Abore P & P Reserves 2.10 1.63 0.11Asuadai P & P Reserves 0.50 1.24 0.02Dynamite Hill P & P Reserves 1.10 1.98 0.07Total Obotan 31.08 2.21 2.21Esaase - Main P & P Reserves 60.30 1.41 2.73 Total AGM 91.48 1.68 4.94Note:atUS$1,300/oz gold

• CSAre-estimateofNkranandDynamiteHill

• ObotanReserveVariances– Nkran– 1.9->1.47Moz(-23%)

– Obotan Satellites1.31->1.53Moz

– Akwasiso added+0.13Moz

• TotalObotan Variance=0.07Moz(-3%)

• TotalAGMReserveVariance– 4%upontonnes

– 6%downongrade

– 2%downonounces

• ReservesexcludeROMstocksbelow:

– ROMstock– 1.5Mtat1.36g/tfor66,700oz

– Marginalorestock– 0.43Mtat0.67g/tfor9,100oz

23

AGMUPDATEDRESERVESDEC2016

AGMUpdatedProven&ProbableReservesDec2016

Deposit Classification Tonnage(Mt) AuGrade(g/t) Moz

Nkran P&PReserves 22.53 2.03 1.47

Nkran Extension P&PReserves 0.50 1.88 0.03

Adubiaso Main P&PReserves 2.19 2.04 0.14

Adubiaso Extension P&PReserves 0.22 1.98 0.01

Abore P&PReserves 3.12 1.66 0.17

Akwasiso P&PReserves 3.03 1.38 0.13

Asuadai P&PReserves 1.08 1.23 0.04

DynamiteHill P&PReserves 2.62 1.60 0.13

Total Obotan 35.27 1.89 2.14

Esaase - Main P&PReserves 59.39 1.39 2.65Esaase - BZone P&PReserves 0.13 0.85 0.00Esaase- DZone P&PReserves 0.62 1.50 0.03Total Esaase Total 60.14 1.39 2.68

Total AGM 95.41 1.57 4.82

Reserve Update Variance 4% -6% -2%

Note:atUS$1,300/oz gold

SRK• 5mComposites

• LeapfrogGradeModel

• OKGradeEstimation

• Structuralinterp controllinggrade

Asanko 2014Relog• 1mComposites

• 35PMIDDBoreholes

• CJMIK&OKModel

• Revisedstructure+

• Geodomaining

Asanko 2016Relog• 1mComposites

• 72PMIDDBoreholes

• CJMIK&OKModel

• Revisedstructure2424

• Geodomaining

Asanko 2016-17• CSAIK&OKModel

• GCModelling

• Integratedpitmapping

• Alterationstudies

NKRANMREPROGRESSION

2016 2016-172014Pre-Acquisition2012

24

NKRAN RESOURCEMODELCOMPARISONVERTICALCROSSSECTIONS

25

ResourceCategoryMeasured Indicated Inferred

Nov2014DPPMRE1 UpdatedDec2016MRE2Constrained&Depleted

Dec2016DPPMRE1Constrained&Depleted

US$2,000/ozgoldshell&>0.5g/tAu

2014pitfloor

Dec2016pitfloor Dec2016pitfloor

At>0.3g/tAuwastedetermination

1:2014Geologicalinterpretation2:2016Updatedgeologicalinterpretation

• 2016relog ofPMIdiamondcoreincludedall72boreholesinformingtheMRE

– WorkwasdonebyAsanko staff&independentgeologicalconsultant

• 3DmodellingwasdonebyMicromine andAsanko staff

• Keychangesincluded

– ExtendedWesternSandstone

– A newlydefinedCentralsandstone

– Agranitefingerbetweenthese2domains(darkgreen)

– Remodelled granite(pink)

– A revisedstructuralinterpretation

NKRANGEOLOGICALMODELLING

2014Relog

WSandstone

Granite

Granite

CentralSandstone

WSandstone

Granitefinger

2016Relog

26

• 2014relog ofPMIdiamondcoreincluded35boreholesspreadalongthestrikeofthedeposit

• Theworkwasundertakenbyindependentgeologicalconsultants

• CrosssectionsbelowarerepresentativeillustrationsofthemakeupoftheCSAGlobalNkran MRE

• Steepmineralizationzonesaremorerobustlymineralizedanddefinedthantheflat,crosscuttingstructuremineralization

• CSAGlobalNkran MREreflectslessemphasisoncrosscuttingstructures

• RelativetoNov2014DPPMRE,thegoldcontributionfromtheflatstructureshasbeenreduced

27

RE-INTERPRETINGTHENKRAN BLOCKMODEL

SteepMineralization CombinedMineralizationFlatStructureMineralization

NKRANPITQ12016

28

NKRAN PITNOVEMBER20166MONTHSINTOTHE“GUTS”OFOREBODY

29

AGM UPDATEDMINERALRESOURCES(DEC 2016)

30

DepositMeasured Indicated Total(M&I)

Mt g/tAu Moz Mt g/tAu Moz Mt g/tAu Moz

Esaase Main 26.64 1.37 1.17 65.50 1.37 2.89 92.14 1.37 4.06

Nkran 5.58 1.67 0.30 34.71 1.68 1.87 40.29 1.68 2.17

Abore 2.30 1.39 0.10 4.68 1.33 0.20 6.98 1.35 0.30

Dynamite Hill - - - 3.80 1.45 0.18 3.80 1.45 0.18

Akwasiso - - - 4.61 1.20 0.18 4.61 1.20 0.18

Adubiaso 0.83 2.35 0.06 1.57 1.89 0.10 2.40 2.05 0.16

Esaase D 0.97 1.09 0.03 1.35 1.39 0.06 2.33 1.26 0.09

Esaase B 0.87 0.99 0.03 2.21 0.76 0.05 3.08 0.82 0.08

Asuadai - - - 1.97 1.21 0.08 1.97 1.21 0.08

Adubiaso Ext. 0.16 1.94 0.01 0.31 1.59 0.02 0.47 1.71 0.03

Nkran Ext. - - - 0.20 2.61 0.02 0.20 2.61 0.02

Total 37.36 1.42 1.71 120.91 1.45 5.63 158.27 1.44 7.34

Notes:All pits are at a cut-off of 0.5g/t Au within a US$2,000 per ounce of gold pit shell.Nkran includes depletion of 5.08Mt at 1.66 g/t Au for 270,471 ounces.All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.CSA Global undertook the MRE for Nkran and Dynamite Hill and reviewed the Esaase Main pit.CJM undertook and completed updates to the MRE on Abore, Asuadai, Esaase B and D zones, Akwasiso, Adubiaso, Adubiaso Extension and Nkran Extension.

AGM UPDATEDMINERALRESERVES(DEC 2016)

31

DepositProven Probable Total

Mt g/tAu Moz Mt g/tAu Moz Mt g/tAu Moz

Esaase Main 22.8 1.40 1.03 36.5 1.38 1.62 59.39 1.39 2.65

Nkran 3.96 1.98 0.25 18.57 2.04 1.22 22.53 2.03 1.47

Abore 1.35 1.62 0.07 1.77 1.70 0.01 3.12 1.66 0.17

Adubiaso 0.96 2.19 0.07 1.23 1.92 0.08 2.19 2.04 0.14

Dynamite Hill 0.00 0.00 0.00 2.62 1.60 0.13 2.62 1.60 0.13

Akwasiso 0.00 0.00 0.00 3.03 1.38 0.13 3.03 1.38 0.13

Asuadai 0.00 0.00 0.00 1.08 1.23 0.04 1.08 1.23 0.04

Nkran Ext. 0.24 1.98 0.02 0.26 1.79 0.01 0.50 1.88 0.03

Esaase D 0.20 1.05 0.01 0.40 1.70 0.02 0.62 1.50 0.03

Adubiaso Ext. 0.11 2.26 0.01 0.10 1.68 0.01 0.22 1.98 0.01

Esaase B 0.10 0.83 0.00 0.00 0.92 0.00 0.13 0.85 0.00

Total 29.8 1.52 1.45 65.6 1.60 3.37 95.41 1.57 4.82

Notes:Nkran includes depletion since February 2015 of 5.08Mt at 1.66 g/t Au for 270,471 ounces.Reserves excludes the ROM stockpile of 1.52Mt at 1.36 g/t Au for 66,669 ounces and the marginal stockpile of 0.43Mt at 0.67 g/t Au for 9,121 ounces.All pits are at a cut-off of 0.8g/t Au, except Esaase Main, Esaase B and D zones, which are at a cut-off of 0.6g/t Au.Reserves estimated at a US$1,300/oz gold price.All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.Only Measured and Indicated Mineral Resources were converted to Mineral Reserves.