Asante Gold Corporation has announced that its subsidiary Asante Gold Bibiani Limited, which owns the Bibiani mine, has entered into an agreement with Fujairah Holdings LLC (“Fujairah”) for the forward sale of US$500 million in gold.

This will provide US$100 million of financing to the company on a revolving basis over a period of approximately two years.

Dave Anthony, President and Chief Executive Officer stated, “We are pleased to announce this Gold Forward Agreement with Fujairah, a strategic and foundational partner for Asante. This Agreement will enable us to immediately accelerate the ramp-up of mining activities and completion of the sulphide treatment plant. We plan to increase gold production beyond 15,000 ounces per month at Bibiani by mid-year, while we work to complete our other funding initiatives.”

As an advance deposit (the “Initial Deposit”) toward future gold deliveries, Fujairah has paid US$100 million to Asante Bibiani.

Under the Gold Forward Agreement, there is a three-month grace period in respect of the Initial Deposit, following which the Company will deliver US$100 million of refined gold to Fujairah commencing March 28, 2025 through June 28, 2025, with such deliveries to be credited against the Initial Deposit.

Following the Initial Deposit, a series of four additional advance deposits and gold deliveries will be made in an aggregate amount of US$400 million over a period of 22 months.

There will also be a two-month grace period in respect of each such US$100 million additional advance deposit, following which the Company will deliver US$100 million of refined gold to Fujairah over four months.

All gold deliveries will be priced at a seven percent discount to the market price of gold at the time of delivery. The proceeds of the Initial Deposit will primarily be used to advance growth initiatives at the Company’s operations, including accelerated ramp-up of mining activities and completion of a sulphide treatment plant at the Bibiani mine.