Unlocking Value and Developing Deposits in Africa

March 2017

ASHANTI GOLD

Forward looking and cautionary statementsExcept for the statements of historical fact contained herein, the information presented on this website and the information incorporated byreference herein, constitutes “forward looking information” within the meaning of applicable Canadian securities laws concerning thebusiness, operations and financial performance and condition of Ashanti Gold Corp. (“the Company”). All statements, except for statements ofhistorical fact, that address activities, events or developments that management of the Company expects or anticipates will or may occur inthe future including such things as future capital expenditures (including the amount and nature thereof), business strategies and measures toimplement strategies, competitive strengths, goals, expansion and growth of the business and operations, plans and references to the futuresuccess of the Company, and such other matters, are forward looking statements. Often, but not always, forward looking information can beidentified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,“anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions,events or results that may, could, would, might or will occur or be taken or achieved. Forward looking information involves known andunknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differmaterially from any future results, performance or achievements expressed or implied by the forward looking information. Such risks andother factors include, among others, operating and technical difficulties in connection with mining development, actual results of explorationactivities, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs ofproduction, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water andother materials, requirements for additional capital, future prices of metal, changes in general economic conditions, changes in the financialmarkets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants,equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaininggovernmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations andpolicies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage andthe timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, risksrelated to the integration of acquisitions, as well as risks and uncertainties discussed in the latest Management Discussion and AnalysisReports and Financial Statements (refer to the Financial Section on the Company’s website under Investors, and company filings onwww.sedar.com).

Shareholders are cautioned not to place undue reliance on forward looking information. The Company undertakes no obligation to update anyof the forward looking information on this website or incorporated by reference herein, except as otherwise required by law.

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Snapshot• Listed on the TSX-V• Strong, experienced management team with deep Ghana and Mali experience • Play on exploration of ground adjacent to World-class gold assets• Focus on earn-in agreements to ensure spend adds shareholder value, asset development

Capital Structure

Shares Outstanding 23,450,016

Options 510,000

Warrants 4,195,704

Fully Diluted 28,155,720

Market Capitalization (February 2017) $10mn

Cash $1.0mn

TSX-V Ticker AGZ.V

Drilling at Anumso, Ghana

Drill core from Kossanto East, Mali

• Ashanti Gold was specifically designed to capitalize on past know-how and asset knowledge• Expertise and understanding of specific assets from past work• Expertise on circumstances behind current state of asset development

• In Ghana: assemble prospective ground on an earn-in partnership basis near-adjacent to Newmont’s Akyem gold mine• Akyem is on the Ashanti belt, a geological formation that hosts many multi-million ounce deposits, including current mines owned and

operated by Newmont, GoldFields, AngloGold, Endeavour, Golden Star and Perseus• The Akyem area is easily accessible, making asset exploration and development easier for a junior like Ashanti Gold• Ashanti’s team has excellent knowledge of the area

• In Mali: assemble position in Kenieba belt• Kossanto East is at the intersection of two shear zones, both of which have a high incident of gold mineralization along their borders• Recent drilling in area has suffered in the recent past due to gold sector slump, despite very positive results

• Methodical approach to operations and exploration• Only assets with positive past work and clear path to advancement• Quick turnaround from idea to field action due to relationships and proactive management• Ability to incorporate on past exploration work for more efficient targeting• Open dialog with local partners and communities

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Business plan

Tarkwaian conglomerate drill core from Anumso, Ghana Ashanti team meeting the Banka chief , elders, and community leaders at Anumso

Birimian greenstone belts are located in Ghana (as well assignificantly in Mali, Burkina Faso, Ivory Coast and Guinea).These belts run in a southwest to northeast direction coveringalmost all of the country. The vast majority of gold deposits inthe region are located at the edges of these belts.

The Ashanti belt is one of the most prolific gold bearing belts inthe world, hosting, among others, Tarkwa (GoldFields), Obuasi(AnglogoldAshanti) and Akyem (Newmont). Surprisingly, theeastern edge of the Ashanti belt remains largely unexplored.

Ashanti is focused on two target types within its Ghana projectareas:• Shear-hosted veins• Tarkwaian conglomerate

Anumso• Near former Ntronang Mine, the only Tarkwaian past

producer outside of Tarkwa area• Historic resources

Kinross / Red Back Package• Exceptional surface, auger, and drill intercepts in under-

explored geologically prospective region

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Ashanti belt – premier location for gold in Ghana

Target properties Ghana – opportunities for two types of ore bodies

The Ashanti belt hosts two type of ore bodies along itslength and Ashanti Gold will be targeting its licenseacquisitions to find the same type of mineralization:

• Shear zone-hosted gold-quartz vein systems(orogenic)

• Gold in Tarkwaian conglomerates

Both types of deposits occur in the Ashanti Belt and areamong the world’s largest gold deposits

Drill core photo from Anumso

Anumso – mining lease in prolific gold mining area

The Anumso gold project is a 29.63-square-kilometre mining lease withintwo blocks that cover five kilometres of strike length of the Birimian seriesauriferous Tarkwaian Banket strata within the highly productive AshantiBelt of Ghana. This portion of laterally continuous Tarkwaian conglomeratestrata has produced gold for over 100 years from the colonial Ntronangmine seven km to the east and from artisanal miners in more recent years.These same beds are famous in the southern Ashanti Belt for goldproduced from the Iduapriem and Teberebie mines of AngloGold Ashantiand the Tarkwa and Damang mines currently in production by GoldFields.The Anumso-Ntronang area is the only location outside of the Tarkwavicinity, where gold has been mined from Banket conglomerate. Gold inthese rocks is considered similar to that in the conglomerate-hosted golddeposits of the approximately 2,800-million-year-old Witwatersrand ofSouth Africa, except these rocks are younger, being approximately 2,115million years old.

Right to earn 75% interest in Anumso by expending US$3.0-million onexploration over 2.5 years. An initial 51-per-cent interest will be earnedthrough expenditure of US$1.5-million in the first 18 months, and theremaining 24% interest can be earned through expenditure of an additionalUS$1.5-million in the following 12 months. Ownership percentage doesnot account for 10% Ghanaian-state free carry.

The Anumso gold project is being optioned from Goldplat PLC, an AIM-listed company with a market capitalization of approximately US$14M.Goldplat has two gold recycling operations (Ghana and South Africa), aswell as a small operating mine in Kenya. Gold production across all assets isapproximately 30,000 oz annually.

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Select intercepts from historic drilling

Hole From (m) To (m) Interval (m) Au (g/t)

AGDD004 72.5 75 2.5 8.03

107.5 108 0.5 4.15

140.5 141 0.5 4.60

AGDD005 76.5 77 0.5 7.23

AGDD011 15 22.5 7.5 1.13

AGDD015 71.5 72 0.5 12.40

AGD031 258 258.5 0.5 10.65

314.5 320 5.5 1.06

AGDD032 310.5 313.5 3 10.36

incl. 310.5 311 0.5 57.90

322 323 1 3.17

325.5 327 1.5 2.46

incl. 326.5 327 0.5 6.38

06BAEDD006 58 63.9 5.9 3.36

06BAEDD007 4.4 23.6 19.2 1.04

06BAEDD015 56 66 10 1.66

incl. 56.5 57 0.5 10.90

incl. 61.6 62.6 1 7.25

07BAEDD040 34.4 36 1.6 14.45

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Geologic map of the Anumso Mining License

Outcrop of quartz-pebble Banket strata, Anumso

Anumso opportunity

Anumso is a Mining License, a significant step in terms of legalstatus for future development. This status was granted on ahistoric resource that covers only 1.5km of a 5km known strikezone along the eastern Banket strata. The western zone ofBanket strata remains untested. Gold mineralization appearsto be in both conglomerates and veins, as at Damang, aGoldFields’ owned and operated mine (140km southwest ofAnumso). Ashanti is currently relogging existing core and ispreparing for a drilling campaign starting in January –February 2017.

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Highlights of 2003 Red Back RC drilling on Kwahu Oda

Kinross – Red Back project

The Kinross – Red Back Project is made up of threelicenses: Kwahu Oda, Asankare, New Abirem. All areadjacent to Newmont’s Akyem property. Shearzone-hosted gold targets identified and explored byRed Back and Newmont. Soil, BLEG, auger, trench,and RC holes show widespread gold anomalies thatalign with geologic structures.

Ashanti has the right to earn 100% of Kinross - RedBack’s interest in the Project by expending US$1.0Mon exploration over two years. This two year period ispreceded by a due diligence and curative process forup to 12 months. Upon exercise of the earn-in for100% ownership, Kinross will retain a 2% NSR.Ownership percentage does not account for 10%Ghanaian-state free carry.

Hole Interval (m) Grade (g/t)

KYRC 06 8 3.1

KYRC 038 11 1.5

KYRC 071 5 2.5

KYRC 072 7 3.9

KYRC 075 10 8.8

Newmont’s Akyem mine

Statistics (Source: Newmont) -• Annual Gold Production: 473,000 ounces • Date of First Production: 2013• Total Resource pre-start up (M,I&I): 7,700,000 ounces• Resource Grade: 1.70 g/t• Cash costs (2015): $435/oz• AISC (2015): $572/oz

The Anumso project is located 15 km to the west of Akyem and occurs within the same Birimian volcano-sedimentaryunits. The Kinross – Red Back properties are located immediately to the east of Akyem.

An additional plus is the scale and condition of nearby infrastructure, with high quality paved highways and powerlines all in close proximity to Anumso and the Kinross – Red Back properties, thanks in part to Newmont’s Akyemmine.

Newmont’s Akyem Mine

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Kossanto East – prolific Kenieba belt, Mali

The Kossanto East Project is located within the highly gold-endowed West Mali Gold Belt which extends approximately180 km in a north-south direction along the Mali-Senegalborder. The Project lies near the intersection of the Senegal-Mali Shear Zone and the Main Transcurrent Shear Zone, twomajor structures within this district associated with numerousworld class orogenic gold deposits. Over the last 20 yearsapproximately 40M oz of gold has been discovered inproximity to these structures resulting in construction of atleast 8 new mines, including the world class Loulo group ofdeposits, Sadiola, Yatela, Gounkoto, Segala, Tabakoto, andSabodala.

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Kossanto East – historic drill resultsHole From (m) To (m) Interval (m) Au (g/t)

Gourbassi East Gourbassi West

CGM_GRC01 60 75 15 2.18

CGM_TF07 92 99 7 3.10

CGM_TF11 42 55 13 2.07

GDD01 0 80.5 80.5 0.80

incl. 0 14.8 14.8 3.10

GRC14 24 53 29 2.70

incl. 28 34 6 7.94

GRC-15 7 60 53 1.51

incl. 7 12 5 4.36

incl. 19 31 12 2.55

GRC16 0 75 75 2.04

incl. 3 8 5 11.28

incl. 17 35 13 3.88

GRC17 29 75 46 2.16

incl. 32 49 17 3.86

GRC18 47 51 4 3.72

GRC19 34 65 31 1.31

incl. 35 48 13 2.29

GRC31 72 75 3 5.22

GRC32 113 119 6 4.18

incl. 114 118 4 5.88

GRC33 51 75 24 1.73

incl. 52 62 10 2.91

69 74 5 2.10

GRC34 73 81 8 2.55

and 90 96 6 1.21

GR37 12 16 4 7.96

GRD04 248 252 4 3.98

TF22 28 30 4 4.63

TF34 0 18 18 2.98

incl. 0 7 7 5.72

and 23 27 4 3.53

Hole From (m) To (m) Interval (m) Au (g/t)

Gourbassi West

GRABL7/11 0 34 34 1.55

incl. 6 12 6 5.89

GRABL27/9 6 36 30 1.28

incl. 12 21 9 2.95

GRABL32/3 6 15 9 2.18

GRABL5/11 21 33 12 1.82

GRC43 37 58 21 1.80

incl. 45 54 9 3.46

GRC46 47 55 8 1.31

GRC48 82 88 6 2.27

GRC69 26 39 13 4.36

GRC76 24 141 117 0.97

GRC79 14 35 21 1.24

incl. 17 23 6 2.56

GRC80 3 14 11 1.04

and 43 46 3 2.95

and 114 120 6 1.81

and 150 152 2 5.73

GRC81 19 52 33 1.36

incl. 33 40 7 2.40

ML02 10 27 17 2.05

incl. 21 27 6 3.81

Berola

FRABL1/3 0 12 12 0.65

FRABL1/4 0 9 9 0.83

FRABL4/6 0 15 15 1.18

FRABL4/7 0 18 18 0.73

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Altered, silicified, Gourbasse East core with veins and multi-gram Au

Ashanti has the right to earn 65% of Alecto’s interest(after including the Mali State carried interest of 10%,Ashanti ownership of the property upon completion ofthe earn-in agreement will be 58.5%) in the Project bycompleting a Preliminary Feasibility Study (“PFS”) within36 months following the date of TSXV approval (the“Option Period”). Ashanti has the right to extend theOption Period to complete PFS by an additional 12months for a cash payment of US$280,000 (payable in 6month tranches of US$140,000 each). Additionally,Ashanti may elect to pay in cash US$4.0M to Alectowithin 90 days following the end of the Option Period inlieu of producing a PFS. Ashanti will be the operator ofthe exploration and development programs during theOption Period.

Upon completion of its earn in rights, Ashanti and Alectowill form a joint venture whereby each party willcontribute proportionally to the Project’s continuingexploration and development.

The Kossanto East project is being optioned from AlectoMining PLC, an AIM-listed company with a marketcapitalization of approximately US$6M. Alecto’s corefocus is on re-developing the Matala and Dunrobin golddeposits in Zambia.

Kossanto East – transaction terms

Gourbassi East altered rhyolite with abundant veins

Tim McCutcheon – CEOMr. McCutcheon is a capital markets professional and mining corporate manager with over 20 years of international business experience. Heworked in multiple financial institutions such as Bear Stearns, Aton Capital and Pioneer Investments as an award-winning metals and miningsector analyst and as an investment banker. In 2006 he was a founder of DBM Capital Partners, a boutique mining resource merchant bankwith AUM of $130M and $100M completed M&A before being sold to a UK-based hedge fund in 2009. Since 2009, Mr. McCutcheon has beena director/CEO of several public Emerging Markets mining resource companies with assets in Russia, Kyrgyzstan, Slovakia and Ghana. Mr.McCutcheon in 2012 - 2013 served as CEO of Abzu Gold, a Kinross earn-in partner in Ghana, and successfully turned the company around witha refinancing package, new investor base and corporate restructuring. Mr. McCutcheon attended Columbia University, where he received hisBA and MBA.

Paul Klipfel – COO, Head GeologistDr. Klipfel has 35 years of gold exploration leadership and project development experience in North America, South America, Australia, SouthPacific, Africa, and Asia working for major and junior explorers. He has been a contributor to the discovery process on several major golddeposits including Las Cristinas, Venezuela (>12 Moz); Musselwhite, Ontario, Canada (>5 Moz); Esaase, Ghana (>5 Moz); Livengood, Alaska,USA (>10 Moz). Dr. Klipfel was President of Abzu Gold from 2010 - 2013, working in Ghana on the development of gold properties, including inthe Ashanti belt area. Dr. Klipfel has graduate degrees from the Colorado School of Mines and from the University of Idaho, as well as adoctorate degree from the Colorado School of Mines.

Andrew Aitchison – Consulting GeologistMr. Aitchison has 28 years of mining, exploration and project development experience in Australia, Turkey, Ghana, Russia, Kazakhstan,Vietnam, New Zealand, Canada, Burkina Faso, Chile and Peru. Mr. Aitchison has held senior and management positions with Rio Tinto (CRAE),Newmont and private mining groups. He was Manager Mineral Resources and Mine Planning for Goldfields in Ghana. Andrew's careerhighlights include 4 Moz gold discovery at the Kluchevskoye project in Russia and 2.3 Moz PGM discovery at the Kondyor project in Russia.Andrew has a Bachelor of Science degree (B.Sc) with majors in geology, chemistry and mathematics, from the University of Newcastle.

Ann Fehr – CFOMs. Fehr is a chartered professional accountant with over 15 years’ experience in senior management and has worked in the mining sectorsince 2007.

Jacqueline Collins – Corporate SecretaryMs. Collins is a Securities/Corporate Finance Paralegal with over 25 years' experience as a legal administrator, corporate secretary andparalegal at both independent and national law firms, and with public resource companies.

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Team

Tim McCutcheon – CEO

Grant SinitsinMr. Sinitsin serves as the Head of the Moscow Natural Resource Advisory Group for Garber, Hannam & Partners (formerly Fleming Family &Partners (Russia) Limited). Mr. Sinitsin has 25 years of experience in the resource and investment banking industries, including 20 years basedin Moscow. Over his career, he has been a Senior Equity Analyst for Fleming UCB where he covered the Russian metals and mining sector. Heserves as a Non-Executive Director of Lubel Coal Company Ltd. Mr. Sinitsin holds a Bachelor of Commerce degree from the University of BritishColumbia and is a Chartered Financial Analyst.

Jonathan HenryMr. Henry has been President and Chief Executive Officer of TSX-listed Gabriel Resources Ltd. since June 2010. Between 1994 and 2010 heworked with Avocet Mining PLC (“Avocet”), a UK based and listed gold producer and now a West African gold mining and exploration companyoperating the Inata Gold Mine in Burkina Faso. At Avocet he worked in a variety of senior management capacities including Finance Directorand Chief Executive Officer from 2006-2010. During his tenure at Avocet he oversaw successful exploration, feasibility study, minedevelopment and capital funding activities, plus a number of acquisitions and disposals of mine assets in Portugal, Peru, USA, Tajikistan,Burkina Faso, Malaysia and Indonesia. Avocet’s activities during Mr. Henry’s tenure as CEO included the company’s revised focus on goldmining and exploration in West Africa. Mr. Henry has an honours degree in Natural Sciences from Trinity College, Dublin. He is based inLondon, UK.

Michael TurkoMr. Turko is a geologist and earned a Bachelor of Science (Geology) degree in 1981 from the University of British Columbia. He has managedseveral public and private companies participating in petroleum exploration and development projects in Texas, Kansas, California, Louisiana,Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland, Colombia, and the UK North Sea.

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Directors

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2300 - 1177 West Hastings Street

Vancouver, BC V6E 2K3

Canada

Telephone: 604-638-3847

Email: info@ashantigoldcorp.com