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Webinar PresentationFEBRUARY 27, 2020 - 8AM PST Vancouver

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“THE GAME IS NOW ON”THE 2020 GOLD BULL IS HERE

Time to Act!

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Forward Looking InformationThis document has been prepared by Asante Gold Corporation (the “Company”) solely for information purposes. This presentation is the sole responsibility of the Company. Information contained herein does not purport to be complete and is subject to certain qualifications and assumptions and should not be relied upon for the purposes of making an investment in the securities or entering into any transaction. The information and opinions contained herein are provided as at the date of this presentation and are subject to change without notice. The Company does not undertake or agree to any obligation to provide recipients with access to any additional information or to update or correct the presentation. ‘SMD’ refers to a drill mining method being developed by Anaconda Mining Inc. in collaboration with Memorial University of Newfoundland.

No securities commission or similar regulatory authority has passed on the merits of any securities referred to in the presentation, nor has it passed on or reviewed the presentation. Cautionary note to United States investors – certain information contained in the presentation uses terms that comply with reporting standards in Canada and estimates are made in accordance with National Instrument 43-101 (“NI 43-101”) -standards for disclosure for mineral projects. The presentation uses the terms “measured”, “indicated” and “inferred” resources. United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Under United States standards, mineralization may not be classified as “ore” or a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, “inferred resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the “inferred resources” will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.

Under Canadian rules, estimates of “inferred resources” may not form the basis of feasibility or pre-feasibility studies except in limited cases. Disclosure of “contained ounces” is permitted disclosure under Canadian regulations; however, the Securities Exchange Commission (SEC) normally only permits issuers to report mineralization that does not constitute “reserves” as in place tonnage and grade without reference to the unit measures. Accordingly, information concerning descriptions of mineralization, mineral resources and mineral reserves contained in the presentation, may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the US - SEC.

The presentation may contain “forward looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward looking information” with the meaning of applicable Canadian securities legislation concerning, among other things, the size and the growth of the Company’s mineral resources and the timing of further exploration and development of the Company’s projects. There can be no assurance that the plans, estimates, intentions or expectations upon which these forward looking statements and information are based will occur. “Forward looking statements” and “forward looking information” are subject to a variety of risks, uncertainties and assumptions. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward looking statements and information contained herein include: market prices, exploitation and exploration successes, continued availability of capital and financing and general economic, market, business or governmental conditions. Forward looking statements and information are based on the beliefs, estimates and opinions of management at the date the statements are made and are subject to change without notice. Past performance is no guarantee of future results. Investors are cautioned that final closing of the Kubi Mining Lease purchase, Ashanti II concessions, Betenase, Keyhole and Goknet options are dependent on additional governmental renewals, approvals and consents, which though reasonably expected, may not be ultimately obtained.

The technical information contained in this presentation has been prepared under the supervision of and verified by Douglas R. MacQuarrie, the President , CEO and a Director of the Company who is a “Qualified Person” within the meaning of National Instrument 43-101. Certain of the directors and officers of Asante Gold Corporation also act as Directors or Officers of other companies, and therefore do not apply 100% of their time to the business of Asante Gold Corporation. Kubi Mineral Resource Estimate at the Kubi Main Deposit, Ghana, are based on a resource estimate that has been prepared by SEMS Exploration Services Ltd., of Accra, Ghana, and which is filed on SEDAR.com. The Ghana Government maintains a 10% equity and 5%NSR royalty interest in most mineral licenses in Ghana. The company also cautions potential investors that mineral resources that are not mineral reserves do not have demonstrated economic viability.

Charts sourced/provided by Murenbeeld & Co. www.murenbeleld.com a Division of IC Capitalight Corp. CSE:IC; Incrementum AG, www.incrementum.li ; Sprott Asset Management https://www.sprott.com/insights/videowebcast-sprott-s-2020-vision-on-gold-gold-stocks/ , and by Priced in Gold.com http://pricedingold.com/

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WEBINAR - Overview

What makes us think this Bull Gold market is real?

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Asante’s plans going forward

Large bore SMD* - mining by drilling at Kubi - Update

Field work - Update

*SMD method is being developed and commercialized by Anaconda Mining Inc. in collaboration with Memorial University of Newfoundland.

❖ Gold has started to change from trading as acommodity to just being ‘real money’. Strongnegative correlation to US treasuries: at this timegold is a far better and safer savings alternative todepreciating fiat currencies with large counter-party risk (remember Lehman 2008?)

❖ Source financing for Kubi - Joint Venture/goldforward/project debt. Junior gold company sharesare highly leveraged to major catalysts such asobtaining CAPEX funding and an increasing goldprice environment.

❖ Equipment manufacturers are expressinginterest in the application. Asante will worktowards a full field test in 2020. Expect test to beself financing with immediate free gold recoveryfrom a proposed gravity plant.

❖ Kubi Main Zone located in Kubi Pit face -sampled 5.93g/t Au over 3.0 metre true width;survey control established; ground penetratingradar profiles taken; Kubi East IP trenchingunderway.

Questions & Answers

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What makes this Bull Gold market real?

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❖ For the last fiveyears gold and UStreasuries have hada strong negativecorrelation (TIPSaxis in blue isinverted to bettershow correlation)

❖ As the US$becomes worthlessfor savings with alow or negativeyield, real moneyGOLD increases invalue.

Source Murenbeeld & Co.TIPS = 10 year US$ Treasury Yield

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What makes this Bull Gold market real?

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❖ Gold – has out performed bonds, the S&P and the US$ over the last 20 years

❖ In terms of gold - gold is just gold. 5,000 years ago one fine ounce would buy a top quality man orwomans suit, shirt, belt and shoes – and it still does today.

❖ The US$, on the other hand has lost some 82% of its purchasing power in just the last 23 years.

Source: Sprott Asset Management/BloombergWebinar - 2020 Vision on Gold & Gold Stocks

Source: PricedInGold.com

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What makes this Bull Gold market real?

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❖ This chart shows that gold isappreciating in all of the World’smajor currencies – its not just a US$‘fake news’ effect!

❖ World debt is becomingproblematic. It can’t ever be paidback. All countries are printingmoney to delay the inevitable debt/equity/asset bubble collapse.

❖ IMF will invent a new ‘magic’currency to replace the current US$based system and magically erasehundreds of trillions of sovereignand private debt. Eg - one newIMF$ is worth 10 old US$. Saversget killed, debtors get saved.

❖ Gold, given 5000 years of beingthe basis of all money, will likely bea major part of the new currencyand given its limited supply, mustbe revalued up.

Graph Source - Murenbeeld & Co.

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What makes this Bull Gold market real?

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❖ This chart fromMurenbeeld & Co.(mod. Asante) showsclearly that when theprice of gold breaksout from the cashcosts of production,the margin, free cashflow and earningsincrease.

❖ Investment isnow starting to flow tothe juniors who havebeen starved forcapital since 2013when last windowclosed.

Source Murenbeeld & Co.; mod Asante Gold Corporation

Junior investment window “open”

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What makes this Bull Gold market real?

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❖ “This chart shows all bullmarkets in the Barron’s Gold MiningIndex (BGMI) since 1942.

❖ One can see that the currentuptrend is still relatively weakcompared to its predecessors.Should we actually be at thebeginning of a pronounced uptrendin precious metals stocks – whichwe assume to be the case – thenthere remains plenty of upsidepotential.

❖ Moreover, the chart shows thatevery bull market in the sectorended in a parabolic upward spike,which lasted nine months onaverage and resulted in pricesdoubling at a minimum.“ Ronald-Peter Stoeferle, Mark J. Valek,October 2019, Incrementum – InGold We Trust report 2019

Graph Source Nowandfutures, TheDailyGold.com, Barrons, Incrementum AGhttps://www.incrementum.li/en/ingoldwetrust-report/

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What makes this Bull Gold market real?

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❖ This chart shows Investoremotions from depression attimes of low gold prices toelation at the top.

❖ Gold has broken outstrongly to the upside and therehave been strong cash inflowsinto the large cap goldcompanies and ETF funds…butstill very little interest or actionin the juniors.

❖ Smart money generallywaits one or two quarters aftera change in trend to confirm thetrend – we are there!

Graph Source: Incrementum AG; mod Asante https://www.incrementum.li/en/ingoldwetrust-report/

Junior Gold’s circaFebruary 2020?

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Source financing to put Kubi into production – take advantage of ‘Open Window’

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Future focus on Green Sustainable Mining

Explore for new high grade gold deposits

❖ Given depressed share prices we havefocused on finding non-equity dilutive jointventure project funding - up to a maximum 50%interest. Multiple negotiations are in progress.

❖ To gain investor confidence, mining goingforward must be green and sustainable as wellas profitable. We will focus on developing highgrade, long life underground deposits withminimal surface signatures; and power themwhere possible with renewable energy.

❖ Ghana is Africa’s largest and in our opinion,safest jurisdiction for gold mining. Ghana’s big+10Moz mines all have deep roots on majorgeological structures. All of our current projects– Kubi, Betenase, Keyhole and Fahiakoba are onmajor structures and have major explorationupside.

Asante’s plans going forward

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SMD method - update

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Alternative big bore drilling systems

Ground Penetrating Radar

Imaging – initial results

*SMD method is being developed and commercialized by Anaconda Mining Inc. in collaboration with Memorial University of Newfoundland.

❖ In recent discussions with Anaconda MiningInc. we have been advised that commercializationof the SMD method, including field tests of variousdrilling equipment, and downhole imaging systemswas continuing.

❖ Asante is also researching other large boredrilling systems that are currently operative andmay be readily adapted to direct mining of the Kubimineralization – such as shaft boring and largediameter reverse circulation drill rigs. A full fieldtest is planned in 2020, subject to financing.

❖ Analysis of surface GPR data recently acquiredat Kubi is underway. Results suggest that themineralization responds to the technique. Next weneed to test and select best downhole imagingequipment and techniques. Similar techniques havebeen used in South African deep gold mines formore than 20 years.

SMD* Direct Mining by Drilling - Update

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Kubi Pit – north face cleaned, Kubi Main Zone exposed and sampled - 5.93g/t Au over 3.0 metre true width

Survey control established at pit face – initial collar positions for planned SMD pilot holes picked

Ground penetrating radar profiles taken – confirming mineralization responds to GPR technique – further data analysis underway

Kubi East IP anomaly initial trenching underway; IP surveying to be expanded to north, east and south

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Current Field Work Update

VG - Kubi Main Zone DDHKMD017

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Questions & Answers

Appendices

Clockwise from Left:Asante crew in excavator trench, Kubi East; VLF-EM survey Keyhole; Shear zone discovery Keyhole; Auger soil sampling Kubi

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Ghana

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Ghana Gold Producers

❖ Ghana:

❑ Presidential constitutional democracy – pro business/pro rule of law/pro gold mining

❑ Well established mineral laws – largest gold producer in Africa@ 4.5Moz per year

❑ Gold rich Birimian source rocks + continental scale structures = big gold deposits

❑ Golden Triangle hosts >220Moz in gold resources/past production

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KUBI – Resource Blocks - Long Section

❖ SEMS NI 43-101 Gold Mineral Resource:

❖Measured 0.66 Mt @ 5.30 g/t Au for 112,000 oz;

❖ Indicated 0.66 Mt @ 5.65 g/t Au for 121,000 oz; and

❖ Inferred 0.67 Mt @ 5.31 g/t Au for 115,000 oz (see Appendix)

❖ Exploration target 1Moz Auto depth in high gradeplunging shoots and sub-parallel reefs

❖ Drill indicated +6.0 g/t Auareas targeted for initialSMD* test holes

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3D Isometric view of SEMS NI 43-101 resource blocks, looking grid W

NI 43-101 Mineral Resource Estimate 2014 by SEMS Exploration Services Ltd. of Accra, Ghana, (“SEMS”), filed December 2014 on Sedar

Proposed SMDPilot hole

200 metres

Grade g/t Au580

0N

6200

N

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KUBI – Resource Blocks X-Section 5790N

❖ Pilot hole guided by down holeground penetrating radarsurvey

❖ Hole is expanded using largebore drill bit to 2.5m diameter(reef average width 2.0m)

❖ Expected <2mm size cuttingspumped to gravity plant, freegold recovered, tails to toll mill

❖ Mined out holes are backfilledwith cemented waste andreclaimed

❖ SMD* is a new application oftechnology proven in otherapplications

❖ Video fly over/under pit SEMSresource blocks/sections

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3D Isometric view of SEMS NI 43-101 resource blocks, looking grid N

Proposed SMDPilot hole

100 metres

Grade g/t Au

*SMD method is being developed and commercialized by Anaconda Mining Inc. in collaboration with Memorial University of Newfoundland.

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KUBI Resource Estimate

KUBI Resource Estimate

❖ References to Mineral Resources at the Kubi Main Deposit, Ghana, are based on a resource estimate that has been audited by Simon Meadows Smith, of SEMS Exploration Services Ltd., Accra, Ghana. Simon Meadows Smith is a Member of the Institute of Materials, Minerals and Mining (IMO3), London and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he undertook to qualify as a Qualified Person as defined in NI 43-101. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

❖ All other scientific and technical information contained in this presentation has been reviewed and approved by Douglas R. MacQuarrie, P.Geo. (B.C.) Geology & Geophysics, the President and CEO of the Company, who is a "Qualified Person" under NI 43-101.

18Kubi Main Mineral Resource @ 2.0 g/t Au cut-off. Effective date December 3rd 2010 (Totals may not add exactly due to rounding)

Tonnage (million)

Grade(Au g/t)

Contained Gold (Ounces)

Measured 0.66 5.30 112,000

Indicated 0.66 5.65 121,000

Measured & Indicated 1.32 5.48 233,000

Inferred 0.67 5.31 115,000

❖ NI 43-101 Mineral Resource Estimate 2014 by SEMS Exploration Services Ltd. of Accra, Ghana, (“SEMS”), filed on December 2014 on www.sedar.com

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KUBI – Start Up Cost – Preliminary EstimatesSMD* vs Conventional Narrow UG Mining

Conventional UG/550tpd/Toll Mill

❖ Surface development, site fencing, roadimprovement, office – canteen, Portal,1,100m 4x4.5m decline, x-cuts, leveldevelopment, raises, safety bays, manways,air, power, water services, ground control,pre-dewatering, resource to reserve drilling,engineering, permitting, 18 months, est.US$16M

❖ Shrinkage stope development to firstproduction, final mine permitting, drawpoints, est. US$6M

❖ 3 MW solar farm, 5 months, offtake/loan

❖ Working, sustaining capital est. US$3M

❖ Estimate 18 months to first gold recovery,US$25M

❖ Mining Cut off grade, est. 4.0 g/t Au

19Underground and SMD* cost estimates based on third party data, US$1,400 gold price

Proposed SMD-1Pilot hole

SMD*/400tpd/Gravity Plant/Toll Mill

❖ Surface development, site fencing, roadimprovement, office – canteen, grid power,permitting, engineering, site preparation,test pilot holes, GPR control survey,assaying, metallurgical testing, security,est. 6 months, US$4.0M

❖ 3 MW solar farm, 5 months, offtake/loan

❖ Gravity plant, slurry, tails dewatering &water re-circulation system, truck loadingfacility, cement backfill plant, est. 6months, US$6.0M

❖ Working, sustaining capital, drill equipmentmobilization, est. US$5M

❖ Estimate 8 months to first gold recovery,US$15M

❖ SMD* Cut off grade, est. 2.0 g/t Au

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Capital Structure

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As of 15 February 2020 CurrentPost Kubi

Transaction

Shares Issued 64,055,757 71,055,757

Warrants 5,467,590 5,467,590

Options 5,540,000 5,540,000

Fully diluted 75,063,347 82,063,347

Share Price February 2020 $0.04

Market capitalization (C$ million) $2.5

Enterprise Value (C$ million) $6.0

52-week trading range: $0.08 to $0.025

Insider Ownership Interest (FD)

Management 25.72% 23.57%

Goknet Mining Company Limited 12.72% 20.01%

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Management & Directors

Douglas MacQuarrie | President, CEO & DirectorMr. MacQuarrie has over 40 years’ mineral exploration experience, including the last 27 years in West Africa. He led the discovery and acquisition of significant gold deposits in Canada and in Ghana and is the former CEO of PMI Gold Corporation –which acquired and drilled off the Obotan +5 million oz. prior to being bought by Asanko Gold in 2014 (in an all share deal valued at CAD$183 million). Mr. MacQuarrie is resident in Whistler, Canada.

Bashir Ahmed | VP Production & Development & DirectorMr. Ahmed is a former Mine Manager at AngloGold Ashanti’s Obuasi Mine with 30 years’ experience in mine operations, planning, production and management. He managed Obuasi Mine workforce of +1,000 employees with an annual development budget of US$100 million. Mr. Ahmed is based in Obuasi, Ghana.

Dr. Majeed Haroun | Independent DirectorDr. Haroun was formerly the Deputy Minister of Mines and Deputy Minister of Agriculture, and a Special Advisor to the Vice President on the Economy and International Relations. Dr. Haroun is resident in Tema, Ghana.

Florian Riedl-Riedenstein | Independent DirectorMr. Riedl-Riedenstein is a former investment banker in Vienna and New York. He has over 30 years’ experience as a director and officer of Canadian listed companies, and over 26 years’ experience in Ghana. Mr. Riedl-Riedenstein is based in Vienna, Austria.

Philip Gibbs | CFOMr. Gibbs has extensive knowledge of the financial aspects of Exchange listed exploration and mining companies operating in Africa and South America. He is currently the interim CEO of Kilo Goldmines Ltd., CFO Plateau Energy Metals, and the formerCFO of PMI Gold Corporation (now Asanko Gold).

Alex Heath | Independent DirectorMr. Heath is a former investment banker with over 11 years’ experience in corporate finance. He has worked on numerous public and private equity offerings, fairness opinions, and M&A transactions. Mr. Heath is a resident of Vancouver, Canada.

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Directors & Advisors

Nana Prah Agyensaim VI | Advisor to the BoardAKA Mr. W.E. Jonah, is a Business Law Consultant and Lobbyist. He has served on the Board of the Regional House of Chiefs, and is a formerMember of the Council of State – an advisory body to the President of Ghana. Currently, he is the Chairman of Perseus Mining Ghana, theChairman of GHACEM Cement Foundation and a Board Member of GHACEM Company, Goknet Mining Company Limited, and SpecialAdvisor to the Minister of Lands and Natural Resources of Ghana. Mr. Jonah is resident in Accra, Ghana

Eric Ewen | Advisor to the BoardMr. Ewen is a professional prospector and the former MD of Keegan Resources Ghana where he discovered and drilled off the 6Moz Esaasegold deposit which is now in production as part of the Phase 2 expansion of the Asanko-Goldfields Gold mine (Obotan). Mr. Ewen isresident in Accra, Ghana.

Akbar Hassanally | Advisor to the BoardMr. Hassanally, is the MD of Mondo Capital Partners, and a former investment advisor with C. M . Oliver & Company, Pacific Internationaland Levesque Securities ( National Bank Financial ) where his responsibilities included serving high net worth, corporate and globalinstitutional clients in Europe and the Middle East. Mr. Hassanally is a resident of Vancouver.

Alan McKerron | Advisor to the BoardMr. McKerron is a former Executive Director of Anglo American Corporation and served in many capacities including Chairman of the NewMining Business Division and VP Anglo American Canada. During his tenure, one of his major acquisitions was the highly profitable +20mozSadiola gold project for Anglo in Mali. Mr. McKerron is a resident of Cape Town, South Africa.

Kevin Thomson | Advisor to the BoardMr. Thomson, formerly Exploration Manager for Perseus and Newmont in Ghana; and with Noranda Exploration, Hemlo Gold, BattleMountain Gold, and Lac Minerals in Canada. He managed the exploration and resource drilling programs for Perseus at Edikan in Ghana andSissingue in Cote d’Ivoire resulting in the discovery of two new orebodies and the addition of 7.1 Moz of new gold resources. Mr. Thomsonis resident in Toronto, Canada.

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Contact Information

Douglas R. MacQuarriePresident & CEO

+1.604.558.1134

douglas@asantegold.com

Head Office595 Howe Street – Suite 506

Vancouver, BC, V6C 2T5

1.604.558.1134

Fax: 1.604.558.1136

1.877.339.7525

GhanaNo. 1, Yapei Link, Airport Residential Area

P.O. Box 9311, Airport, Accra, Ghana

+233.0.207.345194

Bashir AhmedVP Production & Development

+233.0.553.687790

bashir@asantegold.com

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