BUILDINGAMID-TIERGOLDPRODUCERTechnicalPresentation

February2017

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

• CEOIntroduction

• UpdatedMineralResource&ReserveEstimate

• RevisedLifeofMinePlan– statusupdate

• 2017Outlook

• ExpansionDFSUpdate

• Project5M

• Project10M

• Exploration

• Conclusion

3

PRESENTATIONOUTLINE

DevelopingtheAsankoGoldMinecomplexintooneofthelargestgoldminesinGhanaby2020:

• Resource&ReserveUpdate

– GeologicalunderstandingofcomplexNkran orebodyimproving

– Comprehensivereviewofmineralinventory,includesnewMREforNkran basedonmoreconservativeestimate

– Globalreservesunchangedat4.8Moz,offering+10yearlifeofmine

• ProductionOutlook

– Maintaining2017ounceguidance,althoughanincreaseinASIC

– Stillremaincostcompetitivewithhealthymarginsatcurrentgoldprices

– Esaase,nextmajormine,expectedtocommenceminingoperationsinH22018

• Near-TermOrganicGrowthAlreadyUnderway

– Increasingprocessingcapacityto5MtpainH22017expectedtohavebeneficialimpactonprocessingcosts

– FundingProject5Mfrominternalcashflowsatcurrentgoldprices

– ReviewingopportunitytoaccelerateProject10M,includingfundingoptions=>+/-450,000oz/yr

• BuildingPipelineofFutureGrowthProjects

– LargestlandpackageonhighlyprospectiveAsankrangwa Belt

– Near-minedrillingbudgetsignificantlyincreased,post2016successesof+300,000oz

– Re-activatingBusinessDevelopmenttoseekadditionalopportunities

4

DELIVERINGONSTRATEGYTOBECOMEMID-TIERGOLDPRODUCER

UPDATEDMINERALRESOURCEANDRESERVEESTIMATE

5

• AllpreviousMREsforNkrancompiledwithlittleinformationdirectlyunderoldResolutepit

• 2014MREcompiledbyCJMConsulting(+10yearsGhanaianexperiencewithGoldfields)includedacorerelog,followingacquisitionofPMI

• Inearly2016,Companyundertooka2nd corerelog processtofinetunestructuralunderstanding@Nkran

• Hiredwellknownindependentexpert,CSAGlobal,toreviewresourcemodellingtechniques,mineplanningandminetometalaccountingprocessesforNkran

– 1st reviewinmid2016confirmedresourcemodellingtechniques,mineplanningandmetalaccountingwereappropriate– recommendedminingoverlongerperiodtoestablishbetterunderstandingandrepresentativereconciliation

– 2nd reviewendNovemberwithbothCSAandCJM– usingover6monthsofactualminingdata

• CulminatedinanothersitevisitbyCSAinJanuary2017andCSAcompilinga2nd MREforNkran

• BothexpertsattesttotheirMREforNkran

• Asankohaschosenthemoreconservativeofthe2MREsforcorporatereporting,mineplanningandfutureexpansioncapitaljustifications

• ChangeshavebeenincludedinyearendfilingsanddemonstratethatAGMglobalreservesarewithin2%oftheoriginaldepletedreservebase

• CSAalsoreviewedtheMREforthelargeEsaasepitandconcurwithoriginalCJMresourcemodel

6

BACKGROUNDTORESOURCEREVIEWPROCESS

• UpdatedMineralResourceandReserveEstimates,asatDecember31,2016

– Takeintoaccountdepletionfrom2yearsofmining

– Conclusionsfromindependent3rd partyCSAGlobal(“CSA”)reviewofNkran &Esaase mineralinventory

• Nkran MREnowreflectslessemphasisoncrosscuttingstructures=>containedouncesstillsimilar

• Esaase Mainpit=>nochange

– ApplicationofconstrainingparameterstotheMineralResourceEstimate(“MRE”),inlinewithbestpractice:

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

– AdditionalouncesfromAkwasiso,NkranExtension,AdubiasoExtensionandEsaaseB&Ddeposits

• NomaterialchangetoMineralReserves,over5Mozofgold

– Multi-pitnatureoftheAGMcomplexoffersconsiderableflexibility&optionalitythroughthelifeoftheasset

7

OVERVIEW

• Asecondcorere-loggingexercisewascarriedoutinQ12016

• 72diamondcoreboreholeswerere-logged(32,618m),includingprevious35onwhich2014litho-structuraldomainmodelwaserected

• Significantoutcomesinclude:

– theimportanceofthesandstoneunitsashoststogoldmineralization

– theidentificationofahighlyalteredsandstoneunit(~350mstrike)inthecoreofthedeposit,whichcontrolsalotofmineralization

– confirmationof2maingoldmineralizingevents

– confirmationoftheshallowNEdippingcrossstructuresinthemainorezonesandtheirassociationwiththelastgolddepositionalevent

– thetimingofformationandcharacteristicsofgoldbearingveinsets

8

CORERE-LOGPROCESSATNKRAN

NKRANCORERELOGin2014&2016

• 2016relog ofPMIdiamondcoreincludedall72boreholesinformingtheMRE

– WorkdonebyAsanko staff&independentgeologicalconsultant

• 3DmodellingwasdonebyMicromine andAsanko staff

• Keychangesincluded

– ExtendedWesternSandstone

– A newlydefinedCentralsandstone

– Agranitefingerbetweenthese2domains(darkgreen)

– Remodeledgranite(pink)

– A revisedstructuralinterpretation

NKRANGEOLOGICALMODELLING

2014Relog

WSandstone

Granite

Granite

CentralSandstone

WSandstone

Granitefinger

2016Relog

9

• 2014relog ofPMIdiamondcoreincluded35boreholesspreadalongthestrikeofthedeposit

• Theworkwasundertakenbyindependentgeologicalconsultants

• Usedasbasistoinformthe2014NovDPPMRE

SRK• 5mComposites

• LeapfrogGradeModel

• OKGradeEstimation

• Structuralinterp controllinggrade

Asanko 2014Relog• 1mComposites

• 35PMIDDBoreholes

• CJMIK&OKModel

• Revisedstructure• Geodomaining

Asanko 2016Relog• 1mComposites

• 72PMIDDBoreholes

• CJMIK&OKModel

• Revisedstructure• Geodomaining

Asanko 2016-17• CSAIK&OKModel

• GCModelling

• Integratedpitmapping

• Alterationstudies

NKRANMREPROGRESSION

2016 2016-172014Pre-Acquisition2012

10

11

NKRAN GEODOMAINS USEDINDEC2016MRE

ObliqueviewNWoftheNkrangeologicaldomainswithintheDecember2016PitShell(localgrid)

• Sandstoneandwacke(D2000,D2100,D2200)

• EastLodeandEastLodeNorth(D5000andD5100)

• InterbeddedSiltsandShale(D2350)andGranite(DGR01andDGR02)

D2000

D2350

DGR01

DGR02

D5000

D2100

D2200

D5100

NKRANPITQ12016

12

NKRAN PITNOVEMBER20166MONTHSINTOTHE“GUTS”OFOREBODY

13

• 2014CJMMREwasusedasbasisforNovember2014DPP,andtheReserveconversionwasdonebyDRA

– Earlyminingoperationsexperiencedvariancesagainsttheresourcemodelpredictedtonnes andgrade

– Majorityofearlyoreminingwasdependentonnarroworeveins,whichthroughthenormalcourseofminingincurredsignificantdilution=>asaconsequencethevariancetotheresourcemodelwasunderstood

– OperationsprogressedtotheResolutepitbottomandtherewassignificantimprovementinthereconciliationbetweenminedactualsandtheresourceestimate,specificallyinthemainverticaldomains

– However,reconciliationvariancescontinued,specificallyinoreestimationsoutsideofthemaindomainsandinthehorizontalstructuresmodeledoutsidethemainorezones

14

EARLYMININGOBSERVATIONSATNKRAN

• InearlyQ32016managementcommissionedCSAGlobal(“CSA”)toreviewtheNkran resourceestimationmethodologyandprocessemployedbyCJM,aswellasmineplanningandreconciliationprocesses

• CSAconcluded:

– Geologicalmodellingwasappropriateforthedeposit,andacknowledgedthemineralcontributionoftheflat,crosscuttingstructures

– Resourceestimationmethodology(applyingIndicatedKrigingandOrdinaryKriging) usedbyCJMwasappropriatefortheNkran styleofmineralization

– CJMglobalresourceestimatewaswithinestimatingtolerancesbutrecommendedthatonceamorerepresentativetonnagehadbeenmined,theNkranresourcecouldbereconciledandrecalibrated

– ThisworkwasconcludedinearlyQ12017once5Mtoforehadbeenmined

– Gradecontrolandreconciliationmethodologydeemedappropriate,wellerectedandcomprehensive

– Minetometalaccountingpracticewasexcellent

15

3RD PARTYINDEPENDENTREVIEWTOSUPPORTUPDATEDNKRANMRE(DEC2016)

NKRAN RESOURCEMODELCOMPARISONVERTICALCROSSSECTIONS

16

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

Nov2014DPPMRE UpdatedDec2016MRE

ResourceCategory

NKRAN RESOURCEMODELCOMPARISONPLANVIEW(1000MRL)

17

• CrosssectionsbelowarerepresentativeillustrationsofthemakeupoftheCSAGlobalNkran MRE

• Steepmineralizationzonesaremorerobustlymineralizedanddefinedthantheflat,crosscuttingstructuremineralization

• RelativetoNov2014DPPMRE,thegoldcontributionfromtheflatstructureshasbeenreducedbyCSAaffectingNkranvolumes&grades

• 2independentQP’susedforMRE– AsankousingmoreconservativeCSAmodelonNkranfornewResources&Reserves

18

CSA GLOBALINTERPRETATIONOFNKRAN BLOCKMODEL

SteepMineralization CombinedMineralizationFlatStructureMineralization

• CSAestimatedDynamiteHillmineralresource,followinginfilldrillingin2016

• CSAalsoreviewedCJMMREofEsaaseMainpitandconcurredwithCJMestimate=>nochange

• CJMestimatedalladditionalpits:

– EsaaseB&DzonesincludedintheupdatedMRE

– Akwasiso,NkranExtension&AdubiasoExtensionadded>300,000ouncestotheglobalMRE

– AkwasisoinfilldrillingduringH12017expectedtoconvertInferredresourcestoM&I

19

AGMCOMPLEXUPDATEDMRE

• 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%

• UpdatedWhittleInputParameters:

– Aftercommissioningandrampinguptheminingandprocessingoperationsover2016,theperformanceandactualcostsbeingrealizedontheminesitehavenowbeenincludedintheWhittleinputparameters

– TheseWhittleparameteradjustmentsinclude:

• During2016Asankotooktheopportunitytore-negotiatetheminingcontractandsecuredlowerminingcostandafouryearcontractextension.

• Improvedprocessingplantperformanceinthroughput,recoveryandcosts

• ReductioninthecostofdieselfromUS$1.20/ltr toUS$1.00/ltr

• AssumedagoldpriceofUS$1,300/oz

– Geotechnicaldesignassumptionshaveremainedunchanged

• Eachofthe11pitswerere-run,andthereservesre-estimated

22

MINERALRESERVE- TECHNICALINPUTS

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

• NewWhittleparametersappliedtoallpitsandreservesre-estimated

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

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

23

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

24

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

PRODUCTIONGROWTH–DEVELOPINGTHEAGMCOMPLEX

25

• UpdatedresourcemodelreceivedattheendofJanuary2017

• NewWhittledesignsrunonallpitsusingupdatedWhittleparameters(basedonactualoperatingperformance)

• Lifeofmineplannowundergoingtheoptimizationofthedetailedrampandlayoutdesigns

• Allpitsbeingevaluatedforoptimalcut-offgradesforbestNPVoutcome

• Multi-pitsequencingandschedulingwillthencommence

• FinaldesignsandschedulesexpectedtobecompletedinQ22017

26

REVISEDLIFEOFMINEPLAN- STATUS

REAFFIRMINGPRODUCTIONOUTLOOK

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

• PlanningforincreasedstripratioatNkran

• Twooresources:Nkran andDynamiteHill

• Nkran

• Oreminingfocusedinthecentralandnewlyopenedupcentralwestportionsofthepit.

• CommencefulleasternwallpushbackinQ22017

• DynamiteHill

• Providesflexibilityandoptionalityinorefeedplan

• Reducessinglepitexposurerisk

• OreminingscheduledtocommenceinH22017

• Akwasisopreparationfor2018production

• Recentlydelineateddepositaddedtonear-termmineplan

27

EXPANSIONDFSUPDATE

28

0

50

100

150

200

250

300

350

400

450

500

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

AGROWTHSTRATEGYTO±450,000OZ/YR

• Expansionplanin2distinctphasesbringslargeEsaasedepositintoproduction,leveragingoffcurrentplantinfrastructure:

1. Project5M:upgradesexistingCILprocessfacilityfrom3.6Mtpato5Mtpa

• Esaase:newopenpitmineandoverlandconveyorleveragingexpandedmainprocessingfacility

2. Project10M:constructionofadditional5MtpaCILplant=>lowerscosts&increasesproductionto±450,000oz/yr by2020

• DFSdueforpublicationinQ22017

Asanko GoldMineProductionProfile

29Profilesubjecttofinalproductionnumbers,whichwillbepublishedintheExpansionDFS

• Simplebrownfieldupgrade(gravity&tailingscircuits)increasingthroughputfrom3.6Mtpato5Mtpa

• ProjectapprovedinQ42016

• Frontendengineeringanddesign(FEED)progressingwell&onschedule

• Ordersplacedonalllongleaditems

• ProjectdueforcompletionaheadofscheduleH22017

• CapitalcostestimateUS$25-30m,fundedfrominternalcashflows

30

PROJECT5M– LOWCOSTCAPITALPROJECTDELIVERINGINCREMENTALOUNCES

Knelson Upgrade

TailingsLineUpgrade ThickenerUnderflowUpgrade

PurpledenotesProject5Mupgrades

ConceptualConveyorServitudeLayout

• Mine&overlandconveyorapprovedinQ42016,FEEDunderway

• Fullypermitted;environmentalandmineoperatingpermitsreceivedJan2017

• CapitalcostestimateUS$100- 110m

• Financedfrominternalcashflowsatcurrentgoldprices

ESAASE:AMAJORNEWMINE

OverlandConveyor

• 27kmlongwithin12mservitudewithsecurityfencing

• 18monthconstruction,commissioninginH22018

Esaase Pit

• Openpitcontractorminingoperation

• Initiallymining~2Mtpaofsoft,oxideore

PlanViewofEsaasePit&Infrastructure 31

• Project10MdoublesCILprocessingcapacityto10Mtpa

• Willboostproductionto±450,000oz/yr by2020

• CapitalcostestimateUS$200– 220m

• PerformanceofcurrentCILplantprovidedbasisforthoroughreviewofthePFSplanforaflotationplant

• ScopechangetoCILplantdrivenbyreductioninoperatingcosts,basedontheactualoperatingperformanceaswellaspositivemetallurgicaltestwork

• ReplicatingthecurrentCILflowsheetdeliversothersynergies:

• PeopleexperienceinGhanaisstronglyCILbased

• Frequentpowerfluctuations&tripswillcauseinstabilityinaflotationplant

• Buildinganidenticalplant(exceptmills)savesonengineeringdesign&capitalcostsrisks(asbuilt)

• Samereagentsrequiredtherebyreducingholdingcosts

• Duplicatingcurrentflowsheetwillresultinsimplifiedoperations

• Reducedinsurance&operatingsparesholdings

PROJECT10M:SIMPLIFYINGTHEFLOWSHEET

32

EXPLORATION

33

EmergenceoftheAsankrangwa BeltasaNewDistrict

• RecentacquisitionAkwasiso

• 2016:10,000mdrillingcompleted

• Excellentfirstdrillingresults

• 2017:4,500mdrillingunderway

• MaidenMREpublishedQ12017

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

34

• Followingsuccessofnearmineexplorationin2016,budgethasbeenincreasedto~US$13m

• NearMinedrillingcampaigns:

– Akwasiso Phase2drilling(4,800mDD&RC)completeQ22017

• ConversionofInferredtoIndicatedresources,updatedresourcesexpectedinQ22017

– Midras Southresourcedelineationdrilling

• ContinuedexplorationonNkran,Adubiaso,Abore-Esaase &Datano corridors

• Completionof3-DinversioninterpretationoftheVTEMsurveyduringQ22017,andprioritizationofblind“Nkran”typedrilltargetsinH22017

35

2017NEARMINEEXPLORATIONPROGRAM

HighPriorityTargets(basedonnewGeological&GeophysicalInterpretation)

• AcquiredAsumura fromNewmontthroughanearn-inJVin2005

• Priortoacquisition,Keegancompletedsoilsamplingandstreamsedimentsampling

• Followingthat,3drillingcampaignsin2006,2008,and2010,&>1,500augerholesdrilled

• AirborneVTEMgeophysicalsurveyflownin2007

• During2015and2016Asanko reviewedworktodateandre-interpretedtheVTEMsurvey

• Asanko hasdelineated2untestedblindmineralizationdrillingtargetsalongKenyase thrust,whichhavesimilarstructuralsettingtoNewmont’s+17MozAhafo

36

OVERVIEW- ASUMURA

Ashanti Gold Belt

Winneba-KibiGold Belt

CÔTED’IVOIRE

ACCRA

Kilometers0 25 5012.5

KUMASI

N

Ahafo, Newmont

Chirano, Kinross

Edikan, Perseus

Prestea, Golden Star

Iduapriem, AngloGold Ashanti

Tarkwa, Goldfields

Nzema,Endeavour Mining

Wassa, Golden Star

Akyem, Newmont

KOFORIDUA

Obuasi, AngloGold Ashanti

Asumura

Gulf Of Guinea

Asanko Gold Mine

Complex

Asankrangwa Gold Belt

Sefwi Gold BeltHistoric Prod: ~15Moz

Current Prod: 500,000oz/yr

Historic Prod: 0.5Moz

Current Prod: ±200,000oz/yr

Historic Prod: ~50Moz

Current Prod: 2Moz/yr

Damang, Goldfields

GHANA

ASUMURA:RECOMMENCINGEXPLORATIONPROGRAM

Kenyase Thrust

IdentifiedDrillTargets

Newmont’sAhafo Deposits:17MozsofReserves

Asumura ConcessionsUS$1mbudgetfor2017:

• TargetisAhafo look-likeorebodiesrelatedtosplaystructuresofftheKenyase Thrust

• 3-DgeophysicsinversionstudyinQ22017

• 8,000mRCdrillingof2targetareastocommenceinQ22017

• AssayresultsexpectedQ32017

37

INVESTMENTPROPOSITIONTODELIVERVALUE

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• ImprovingLiquidity:

• US$33.1mcashflowfromOperatingActivitiesinQ32016

• Nocashtaxanticipatedfor2016and2017atcurrentgoldprices

• US$150mlong-termdebt- nocapitalrepaymentuntilJuly2018

– Debtservicecostsapprox US$2.8mperquarter

• OverallliquiditystableinQ4(unaudited)despitedelayinVATrefundsaswellasexpansionarycapitalspend

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ROBUSTLIQUIDITYANDCAPITALRESOURCES

Liquidity(US$m) Sep30th Dec 31th

Cash,receivables&bullion 69.4 66.0

ImprovingMargin:

• AISCinQ32016ofUS$908/ozwithrealisedpriceof$1,311/oz

WellPositionedtoFinanceEsaaseMineDevelopmentfromCashFlow

• CurrentlyassessingopportunitiestoaccelerateProject10Mcapitalfunding

Ø Currentminingoperationsdeliveringaheadofplan

Ø H22016productionguidanceachieved– 111,164oz

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

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

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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

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