An Institutional Approach to Advanced Gold Exploration NOVEMBER 2018 - - PowerPoint PPT Presentation

An Institutional Approach to Advanced Gold Exploration

NOVEMBER 2018

TSX .V: AGZ

WWW.ASHANTIGOLDCORP.COM

ASHANTI GOLD CORP

Forward Looking Statement

Except for the statements of historical fact contained herein, the information presented on this website and the information incorporated by reference herein, constitutes “forward looking information” within the meaning of applicable Canadian securities laws concerning the business, operations and financial performance and condition of Ashanti Gold Corp. (“the Company”). All statements, except for statements of historical fact, that address activities, events or developments that management of the Company expects or anticipates will or may occur in the future including such things as future capital expenditures (including the amount and nature thereof), business strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of the business and operations, plans and references to the future success of the Company, and such other matters, are forward looking statements. Often, but not always, forward looking information can be identified 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 and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mining development, actual results of exploration activities, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of metal, changes in general economic conditions, changes in the financial markets 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 obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, risks related to the integration of acquisitions, as well as risks and uncertainties discussed in the latest Management Discussion and Analysis Reports and Financial Statements (refer to the Financial Section on the Company’s website under Investors, and company filings on www.sedar.com). Shareholders are cautioned not to place undue reliance on forward looking information. The Company undertakes no obligation to update any of the forward looking information on this website or incorporated by reference herein, except as otherwise required by law. Historical Data: The historical estimates of resources at Anumso and Kossanto East were developed by Goldplat PLC and Alecto Minerals PLC respectively; the Company has been advised that such estimates are compliant with JORC rules of disclosure and are considered relevant by the Company, however the Company has not independently verified such data, the Company’s qualified person has not done sufficient work to classify the historical estimates as current mineral resources, the Company is not treating the historical estimates as current mineral resources, and readers are cautioned not to place undue reliance thereon. Historic drill data presented in this presentation is considered relevant by the Company, however the Company has not independently verified such data, and readers are cautioned not to place undue reliance thereon.

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ASHANTI GOLD CORP

What is Ashanti Gold…

Ashanti Gold is a company designed to benefit from a specific emerging trend in the gold mining industry:

• West Africa is a major gold production growth area
• Major gold miners are increasing their focus and capital spend in

West Africa …..but

• There is a dearth of gold projects in the region needed to maintain

status quo, let alone production growth TSX.V: AGZ 3 Ashanti Gold has three projects to capitalize on gold opportunities in West Africa:

Kossanto East Project (Mali): Ashanti’s flagship project is in a prolific Kenieba Inlier shear zone with potential to

be similar to other major gold deposits in the region (Randgold, IAMGold, AngloGold Ashanti, Teranga and Acacia)

Ashanti Belt Projects (Ghana): Opportunity to capitalize on known geological structures adjacent to Newmont’s

Akyem Mine as part of the Ashanti shear zone

Anumso Project (Ghana): Opportunity for a significant gold deposit with ore very similar to successful mines to

the south in the same geological structure

ASHANTI GOLD CORP

Strong Leadership

Tim McCutcheon – CEO and Director

• Mr. McCutcheon is a capital markets professional and mining corporate manager with over 20 years of

international business experience. He worked in multiple financial institutions such as Bear Stearns, Aton Capital and Pioneer Investments as an award-winning metals and mining sector analyst and as an investment banker. At Aton Capital he was a pioneer in analyst coverage of gold companies in the Eurasian area, introducing these equities to Eurasia-focused funds and institutions. Coverage included Bema Gold, High River Gold, Centerra, Polyus, Polymetal, and multiple juniors. Co-founder of DBM Capital a boutique mining resource merchant bank with AUM of $130M and $100M completed M&A before being sold to a UK-based hedge fund in 2009. Transactions include purchase of Avlayakan gold asset from Silver Bear Resources (led by Randall Oliphant), financing Fortress Minerals (Lundin company), sale of the Goltsovoye silver deposit to Polymetal, purchase of the Souker nickel deposit by Centrasia Mining, financing High River Gold, funding B2Gold pre-IPO. DBM Capital’s fund, called Sayan Investments, was a top performing European fund. Past corporate experience includes Director of Consolidated Puma Minerals (Bema Gold subsidiary), Advisory Director of Centrasia Mining, CEO and Director of Ovoca Gold PLC, CEO and Director of Global Minerals, CEO and Director of Abzu Gold (Kinross JV partner in Ghana).

• Mr. McCutcheon attended Columbia University, where he received his BA and MBA.

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ASHANTI GOLD CORP

Board of Directors and Team

Paul Klipfel – COO, Head Geologist Ann Fehr – CFO Jacqueline Collins – Corporate Secretary Grant Sinitsin – Director Jonathan Henry – Director John Robins – Advisory Board 5 TSX.V: AGZ

• Dr. Klipfel has 35 years of gold exploratjon leadership and project development experience in North America, South America, Australia, South Pacific, Africa, and Asia working

for major and junior explorers. He has been a contributor to the discovery process onseveral major gold deposits including Las Cristjnas, 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 propertjes, including in the Ashantj belt area. Dr. Klipfel has graduate degrees from the Colorado School of Mines and from the University of Idaho, as well as a doctorate degree from the Colorado School of Mines.

• Ms. Fehr is a chartered professional accountant with over 15 years’ experience in senior management and has worked in the miningsector since 2007.
• Ms. Collins is a Securitjes/Corporate Finance Paralegal with over 25 years' experience as a legal administrator, corporate secretary and paralegal at both independent and

natjonal law firms, and with public resource companies.

• Mr. Sinitsin serves as the Head of the Moscow Natural Resource Advisory Group for Garber, Hannam& Partners (formerly Fleming Family & Partners (Russia) Limited). Mr.

Sinitsinhas 25 years of experience in the resource and investment banking industries, including 20 years based in Moscow. Over his career, he has been a Senior Equity Analyst for Fleming UCB where he covered the Russian metals andmining sector. He serves as a Non-Executjve Director of LubelCoal Company Ltd. Mr. Sinitsinholds a Bachelor of Commerce degree from the University of Britjsh Columbia and is a Chartered Financial Analyst.

• Mr. Henry has been President and Chief Executjve Officer of TSX-listed Gabriel Resources Ltd. since June 2010. Between 1994 and 2010 he worked with Avocet Mining PLC

(“Avocet”), a UK based and listed gold producer and now a West African gold mining and exploratjoncompany operatjng the InataGold Mine in Burkina Faso. At Avocet he worked in a variety of senior management capacitjes including Finance Director and Chief Executjve Officer from 2006-2010. During his tenure at Avocet he oversaw success- ful exploratjon, feasibility study, mine development and capital funding actjvitjes, plus a number of acquisitjons and disposals of mine assets in Portugal, Peru, USA, Tajiki- stan, Burkina Faso, Malaysia and Indonesia. Avocet’s actjvitjes during Mr. Henry’s tenure as CEO included the company’srevised focus on gold mining and exploratjon in West

• Africa. Mr. Henry has an honours degree in Natural Sciences from Trinity College, Dublin.He is based in London, UK.
• Mr. Robins is a professional geologist based in Vancouver, BC, with over 25 years of experience as an independent exploratjon geologist and entrepreneur. Mr. Robins was a

founder and chairman of Kaminak Gold Corporatjon, which was acquired by Goldcorp for $520 million in May 2016. Since then Mr. Robins has gone on to create several successful mining companies including Bluestone Resources Inc., Fireweed Zinc Inc. and Northern Empire Resources Corp. A 1984 graduate of the University of Britjsh Columbia with a Bachelor of Science in Geology, Mr. Robins initjally worked as a self-employed prospector and geologist in BC and Northern Canada. In 1988, he founded Hunter Exploratjon, one of Canada's most successful private exploratjon companies. Mr. Robins co-founded Discovery Group of Companies in 2005, which has been actjve in startjng several successful public exploratjon and development companies. His experience spans from grass roots exploratjon to productjon and is complemented by his success in the capital markets and financing actjvitjes

ASHANTI GOLD CORP

West Africa – Output growth

West Africa is a major gold production growth region, driven by government liberalization of the mining sector, world class geology, well- established mining culture and industry support, adequate infrastructure to facilitate growth.

TSX.V: AGZ 6

2011 2016 Ghana 82.9 95.6 Mali 35.7 50.1 Burkina Faso 31.8 41.6 Ivory Coast 9.8 24.7 Guinea 15.7 23.8 Senegal 4.1 7.5

Gold production from 2011 – 2016 in West Africa had a CAGR of 6.2%, while the global growth rate for the same period was 3.1%.

Annual gold output (t) West Africa: major gold region

Source: USGS and World Gold Council

ASHANTI GOLD CORP

Scant pipeline, increasing capex

Consolidation of gold assets in West Africa driven by mid-tier companies, such as Endeavour, Perseus, Teranga and B2Gold. Lack of scale, poor M&A history and early stage of available targets has deterred major gold miners from acquisitions….for now.

TSX.V: AGZ 7

Notable public company buyouts in past four years; total value +$1bn

Majors focused on organic growth, but large capital commitment (recent announcements): = Ahafo expansion to $380m = Tasiast expansion $590m = Damang expansion $100m = Siguiri expansion $400m

ASHANTI GOLD CORP

2017 – 1st

st Full Year of Operations

Ashanti Gold was very active in 2017, laying the groundwork for continuing advancement of the company and its properties in 2018. TSX.V: AGZ 8 Corporate activity:

• Raised $4.2M in equity
• Option agreement with Kinross in Ghana activated
• Formation of Advisory Board with William Pincus and Henk Van Alphen

In Mali:

• Constructed on-site camp for crew and staff
• Drilled 6000m at the Kossanto East project
• Confirmed past results, highlight results include: 47m @3.29 g/t (including 12m

@8.89 g/t), 41m @2.22 g/t, 25m @1.53 g/t (including 12m @2.73 g/t), 25m @1.13 g/t (including 5m @2.34 g/t), 13m @2.34 g/t (including 8m @3.24 g/t), 33m @1.00 g/t, 60m @1.05 g/t, 17m @2.74 g/t (including 1m @30.13 g/t)

• Acquired 100% of project

In Ghana:

• Drilled 2000m at the Anumso project
• Confirmed past results, highlight results include: 8m @ 1.46 g/t, 6m @2.11 g/t, 9m

@1.60 g/t, 4m @1.73 g/t, 3m @4.95 g/t

• Soil sample program identified new targets
• Metallurgical test work: over 90% gold recovery, first 70% gold recovery from

gravitation, remaining via cyanide process

ASHANTI GOLD CORP

Near-term major catalyst

Ashanti anticipates after completing an additional drill campaign on the Kossanto East Project, the database of work done on the project by both historical operators and Ashanti will be robust and serve as a strong anchor for a maiden NI 43-101 on the project imminently. Prior to Ashanti’s purchase of the Project in August 2017, 91 holes were drilled for a total of 10,119m of Diamond Drilling (DD) and Reverse Circulation drilling (RC) in 2013 – 2014. Ashanti completed 53 holes for a total of 6,073m of RC between June – July 2017. For its second drill campaign at Kossanto East, the Company intends to drill approximately 60 holes for a total of 10,000m of both DD and RC. Peer-group companies in West Africa are listed in the table below: TSX.V: AGZ 9 Mcap, CAD$M Gold resource oz, MI&I Grade, g/t Orezone Resources 125 4,442,000 0.9 West Africa Resources 268 2,171,000 1.4 Cardinal Resources 190 7,400,000 1.1 Pinecrest Resources 19 1,078,000 0.9 Ashanti Gold 8

Source: Company reports, Yahoo Finance

ASHANTI GOLD CORP

Project Diversity – Maximum Exposure

Ashanti Gold’s asset portfolio was designed to capitalize on three different types of exposure for gold mining investors. KOSSANTO EAST: Located in Mali, fast growing gold producer-country, this flagship project has the potential to be

• n par with its major peers in the region. Shear-zone hosted gold system, similar geology to Loulo, Randgold’s

major asset which is 40km to the south. Ashanti has acquired 100% of the project. ANUMSO: Located in Ghana, West Africa’s largest gold producer-country, the Project is a solid entry into an asset class (conglomerate-hosted gold deposits) that is very successful (Gold Fields’ Tarkwa - 560,000 oz Au/yr, AngloGoldAshanti’s Iduapriem – 200,000 oz Au/yr). Ashanti is partnered with Goldplat PLC, a positive cash flow gold producer listed in London/AIM. Ashanti has a two-stage earn-in process, 1st stage for 51% by spending $1.5M by

• Oct. 31, 2018, 2nd stage is additional 24% for $1.5M by Oct. 31, 2019.

ASHANTI BELT: Located in Ghana, West Africa’s largest gold producer-country, the Project is a “special sits” unique to the Ashanti Gold team due to past management knowledge of the Project. Additionally, special synergy with adjacent Akyem Mine (operated by Newmont, annual production over 400,000 oz Au). Shear-zone hosted gold project, same material as at Akyem. Ashanti has earn-in with Kinross, 100% over 2 years by spending $1M, Kinross keeps 2% NSR. TSX.V: AGZ 10

ASHANTI GOLD CORP

11 TSX.V: AGZ Highlights:

• The western edge of Mali is highly gold-

endowed

• The Kenieba Inlier Shear Zone and the Main

Transcurrent Shear Zone intersect on Ashanti’s project grounds, major geological structures for gold mineralization

• Over the last twenty years approximately 40M
• unces of gold has been discovered in

proximity to these structures Neighbors:

• Endeavour Mining (Tabakoto): TSE:EDV, MCap:

CA$2.4B

• Randgold (Loulo): NASDAQ:GOLD, MCap:

US$8.7B

• IAMGold (Sadiola): NYSE:IAG, MCap: US$2.6B
• AngloGold Ashanti (Sadiola): NYSE:AU, MCap:

US$3.9B

• Teranga (Sabodala): TSE:TGZ, MCap:

CAD$280M

• B2Gold (Fekola): TSE:BTO, MCap: CA$3.6B

These majors actively working on gold exploration and the area is a top priority for corporate growth

Kossanto East (Mali) – Right Neighborhood

ASHANTI GOLD CORP

Kossanto East – Major Project Unfolding

12 TSX.V: AGZ 66.41 km2 concession in prolific Kenieba Inlier, prolific shear zone in Mali and home to major gold mines The Project is wedged in-between projects operated by Randgold and Acacia, two major gold miners Kossanto East has six known pods of mineralization. Two partially explored by past operator Strong potential to be a significant gold ore body cluster similar to neighboring gold deposits such as Loulo and Sadiola Outstanding drill results (see Annex) Ashanti will extend out and add data points to the existing data base, prepare for maiden NI 43-101 resource report As of now, two zones of gold mineralization (Gourbassi East and Gourbassi West) combined strike length of 2.3km, 50m to 100m wide, mineralization intercepted down to 125m beneath the ground surface Ashanti owns 100% of the Project Altered, silicified, Kossanto East core with veins and multi- gram Au

ASHANTI GOLD CORP

Kossanto East – Major Project Unfolding

13 TSX.V: AGZ Ashanti 2017 hole Historic drill hole Soil sample and RAB gold anomaly Two main mineralization zones (Gourbassi East and West). Note anomaly zone north of Gourbassi West, potential to extend strike much further. Berola (anomaly in northeast corner) has one historic drill hole of 18m @1.03 g/t Au

Gourbassi West Gourbassi East Berola

ASHANTI GOLD CORP

Kossanto East – Flagship

14 TSX.V: AGZ Methodical progress, removing risk step by step.

Gold grains panned from site material RC drill hole box Quartz veining, associated with gold mineralization

Check list: When Status Asset review 4Q2016

√

Field mapping 1Q2017

√

Reconnaissance drilling 2Q2017

√

Camp construction 2Q2017

√

100% acquisition 3Q2017

√

Target expansion 4Q2017

√

Trenching, sampling & results 1Q2018 pending Drilling & results 2Q2018 to do Metallurgical testing 3Q2017 to do Resource estimate 4Q2018 to do

ASHANTI GOLD CORP

Anumso Project (Ghana) - Solid Pipeline

Tarkwaian conglomerate drill core from Anumso, Ghana

15 TSX.V: AGZ Highlights:

• The Ashanti greenstone belt, home to

multiple large gold deposits

• Anumso has geology analogous to other

successful conglomerate assets such as Tarkwa, Damang and Iduapriem

• Conglomerate mining projects exhibit

extremely low dilution rates and high gold recovery from gravitation alone

• Historic resource with clear path to

advance Neighbors:

• Newmont (Akyem): NYSE:NEM, MCap:

$21.5B

• AngloGold Ashanti (Obuasi, Iduapriem):

NYSE:AU, MCap: US$3.9B

• Gold Fields (Tarkwa, Damang):

NYSE:GFI, MCap: $3.2B

ASHANTI GOLD CORP

Anumso Project

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Conglomerate targets (including part of 10km known strike) 2km of strike in historic JORC resource - 250,000 oz (under JORC MI&I @ 1.25 g/t cutoff 0.5 g/t)*

Anumso has 10km of conglomerate strike,

• nly 2km has enough data to calculate

historic resource from data 2,000m of RC drilling to verify historic work and create new data points for the upcoming NI 43-101 report. Met test work done to confirm gold recoveries: over 70% recovery via gravitation, average 98% after cyanidation Soil samples identify priority areas along strike to potentially increase mineralize material tonnage Ashanti task: demonstrate that material present in the historic resource is present along entire 10km of conglomerate strike

*See Historical Data Disclaimer on Page 2, also see NI 43-101 report of 26 August 2016

ASHANTI GOLD CORP

Anumso Project

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Picking up on past work, advancing asset to critical mass.

DD drill hole box Colonial-era adit Drill rig on site

Check list: When Status Asset review 3Q2016

√

Field mapping 4Q2017

√

Reconnaissance drilling 1Q2017

√

Soil sampling 3Q2017

√

Metallurgical testing 3Q2017

√

Target expansion 4Q2017

√

Trenching, sampling & results 1Q2018 pending Drilling & results 2Q2018 to do Resource estimate 3Q2018 to do Earn-in 51% 3Q2018 to do

ASHANTI GOLD CORP

Ashanti Belt Project (Ghana) – Special Sits

18 TSX.V: AGZ Highlights:

• Attractive past preliminary results
• Adjacent Newmont Akyem mine has many

potential operation synergies due to geology and infrastructure

• Very attractive earn-in terms from Kinross
• Historic resource with clear path to advance

Special Situation:

• Akyem is nearing end of mine life, strong desire

by operator to push back as long as possible closing site

• In many cases, Project is closer to Akyem mine

infrastructure (roads, mills, plant) than remaining Akyem mine plan

• Opportunity to partner with Newmont to

provide feedstock for Akyem mill and change current declining production forecast Production forecast Akyem (oz Au)

2015 2016 2017F 2018F 2019F

473,000 470,000 424,400 340,200 325,600

Source: Newmont, Credit Suisse 10 km Screenshot of Kwahu Oda geophysical, soil sample and RC drill work

Hole Interval (m) Grade (g/t)

KYRC 006 8 3.1 KYRC 038 11 1.5 KYRC 071 5 2.5 KYRC 072 7 3.9 KYRC 075 10 8.8

Highlights of 2003 Red Back RC drilling on Kwahu Oda All results start at or near surface

ASHANTI GOLD CORP

Ashanti Belt Project

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Akyem pit Ghana

• Asankare, New Abirem, Kwahu Oda – formerly part of Akyem land package before divested in 2003
• Geophysical results coincident with gold mineralization on Akyem appear to extend onto the Project
• Due to corporate turnover of projects (Normandy, Newmont, Red Back, Kinross…..) positive results has no follow-up

Check list: When Status Asset review 4Q2016

√

Trigger earn-in option 3Q2017

√

Complete regulatory documents 1Q2018 pending Soil sampling 3Q2018 to do Trenching, sampling & results 4Q2018 to do Reconnaissance drilling 1Q2019 to do

ASHANTI GOLD CORP

Share Metrics

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Investor Highlights

• CEO leveraging his instjtutjonal experience to assemble

unparalleled portgolio of projects

• Assets with historic JORC resources, de-risked geology

and significant exploratjon upside

• Unique access provides high-quality projects adjacent to

world-class mines and natural acquisitjon/development partners

• Potentjal multj-million ounce focus only

Ashantj Gold (TSXV:AGZ)

Total shares outstanding 57,467,492 Warrants (avg price & avg exp) 19,425,939 ($0.38 & 1.6yrs) Stock Optjons (avg price & exp) 1,820,000 ($0.32 & 1.5yrs) Total fully diluted shares 52,721,220

Major Shareholders

Donald Smith Value Fund 14% Specialist mining/gold funds 14% Retail 53% Small cap funds 10% Management & insiders 9%

All informatjon as of 1 February 2018

ASHANTI GOLD CORP

2300 - 1177 West Hastings Street Vancouver, BC V6E 2K3 Canada Telephone: 604-638-3847 Email: info@ashantigoldcorp.com Website: www.ashantigoldcorp.com

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TSX.V: AGZ

ASHANTI GOLD CORP

Appendix

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ASHANTI GOLD CORP

Kossanto East Historic Drill Results

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Hole From (m) To (m) Interval (m) Au (g/t) Gourbassi East CGM_GRC01 60 75 15 2.18 CGM_TF07 92 99 7 3.10 CGM_TF11 42 55 13 2.07 GDD01 80.5 80.5 0.80 incl. 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 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 18 18 2.98 incl. 7 7 5.72 and 23 27 4 3.53 Hole From (m) To (m) Interval (m) Au (g/t) Gourbassi West GRABL7/11 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 12 12 0.65 FRABL1/4 9 9 0.83 FRABL4/6 15 15 1.18 FRABL4/7 18 18 0.73

Intervals are intercept widths in drill hole and not true widths. See Historical Data Disclaimer on Page 2

ASHANTI GOLD CORP

Kossanto East Drill Results by Ashanti

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Hole # From (m) To (m) Interval (m)* Au (g/t) Gourbassi East GERC102 2 43 41 2.22 incl. 22 34 12 3.22 GERC103 6 6 1.24 GERC104 36 65 29 0.77 71 105 34 1.72 GERC105 12 59 47 3.29 incl. 27 39 12 8.89 incl. 37 39 2 17.22 GERC106 15 21 6 1.10 41 51 10 1.82 GERC107 27 29 2 1.54 GERC108 32 35 3 0.32 52 77 25 1.53 incl. 60 72 12 2.73 incl. 60 63 3 7.95 GERC109 94 96 2 1.59 105 107 2 1.07 118 122 4 0.86 GERC111 25 50 25 1.13 incl. 44 49 5 2.34 GERC114 85 88 3 0.95 94 107 13 2.34 incl. 94 102 8 3.24 Hole # From (m) To (m) Interval (m)* Au (g/t) Gourbassi West GWRC115 45 58 13 1.15 GWRC117 3 38 35 0.98 incl. 4 37 33 1.00 incl. 21 34 13 1.45 51 57 6 1.55 incl. 51 54 3 2.43 GWRC118 4 8 4 1.40 29 31 2 1.94 65 66 1 1.79 GWRC119 70 70 0.94 3 63 60 1.05 incl. 3 11 8 1.35 incl. 42 62 20 1.32 GWRC120 44 62 18 0.81 incl. 54 61 7 1.29 GWRC121 67 85 18 0.62 incl. 77 81 4 1.10 GWRC122 82 100 18 0.71 85 95 10 1.00 GWRC124 50 52 2 1.33 113 123 10 1.80 incl. 113 116 3 3.56 GWRC125 36 53 17 2.74 incl. 36 38 2 19.16 incl. 36 37 1 30.13** 85 89 4 1.02 GWRC130 11 22 11 1.19 incl. 17 18 1 5.44

*Intervals are intercept widths in drill hole and not true widths. **Average of 37.1, 23.7, 29.6 g/t Au ***One sample interval missing

Hole # From (m) To (m) Interval (m)* Au (g/t) Gourbassi West GWRC131 23 53 30 2.01 incl. 28 30 2 7.94 incl. 43 46 3 4.36 66 70 4 0.40 78 90 12 0.37 103 112 9 0.44*** 117 119 2 0.34 GWRC132 97 97 0.36 incl. 31 31 0.47 incl. 90 97 7 0.78 GWRC139 17 91 74 0.49 incl. 18 21 3 1.14 incl. 44 45 1 3.77 incl. 51 52 1 3.75 110 112 2 3.26 139 142 3 0.66 GWRC140 24 37 13 1.33 incl. 29 34 5 2.75 44 50 6 0.97 incl. 45 46 1 3.07 GWRC141 15 26 11 0.67

ASHANTI GOLD CORP

Kossanto East Cross Sections

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

ASHANTI GOLD CORP

Kossanto East Cross Sections, cont.

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Gourbassi West Drill Hole and Mineralization Map

ASHANTI GOLD CORP

Kossanto East Cross Sections, cont.

27 TSX.V: AGZ

Gourbassi West Drill Hole and Mineralization Map

• Drill results support interpretation of a new northeast-

trending mineralized zone

• The host volcanic breccia is part of an extensive felsic volcanic

complex inferred to be near the top of the local greenstone belt sequence = the most common position for large gold deposits to occur

• Key structural controls appear to parallel the Senegal-Mali and

Main Transcurrent Shear Zones as evidenced by the alignment

• f mineralization parallel to both features.

ASHANTI GOLD CORP

Anumso Drilling – Strata in Results

Select intercepts from historic drilling

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Hole From (m) To (m) Interval (m) Au (g/t) AGDD004 72.5 75.0 2.5 8.03 107.5 108.0 0.5 4.15 140.5 141.0 0.5 4.60 AGDD005 76.5 77.0 0.5 7.23 AGDD011 15.0 22.5 7.5 1.13 AGDD015 71.5 72.0 0.5 12.40 AGD031 258.0 258.5 0.5 10.65 314.5 320.0 5.5 1.06 AGDD032 310.5 313.5 3.0 10.36 Incl. 310.5 311.0 0.5 57.90 322.0 323.0 1.0 3.17 325.5 327.0 1.5 2.46 Incl. 326.5 327.0 0.5 6.38 06BAEDD006 58.0 63.9 5.9 3.36 06BAEDD007 4.4 23.6 19.2 1.04 06BAEDD015 56.0 66.0 10.0 1.66 Incl. 56.5 57.0 0.5 10.90 Incl. 61.6 62.6 1.0 7.25 07BAEDD040 34.4 36.0 1.6 14.45

TSX.V: AGZ

Hole From (m) To (m) Interval* (m) Au (g/t) AGZ RC004 4 12 8 1.46 incl. 4 6 2 4.44 4 22 18 0.80 30 47 17 0.64 incl. 30 34 4 1.84 53 57 4 0.29 AGZ RC008 12 13 1 2.62 23 26 3 0.57 32 44 12 0.80 incl. 32 34 2 1.41 30 45 15 0.73 incl. 32 34 2 1.41 incl. 38 39 1 1.12 incl. 43 44 1 3.22 63 66 3 0.40 AGZ RC012 16 19 3 0.30 30 34 4 0.42 40 62 22 0.58 incl. 40 48 8 0.70 incl. 46 48 2 1.13 60 62 2 1.94 68 72 4 0.30 78 80 2 0.60 AGZ RC018 7 11 4 0.52 23 26 3 4.95 47 49 2 0.76

Ashanti drill result highlights - 2017

ASHANTI GOLD CORP

Anumso – New Targets

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New priority targets identified with soil sample program. Strong anomaly to the southeast of historical drilling Additionally - Met test work started, preliminary results show high Au recoveries on gravity (72%) and bottle roll tests (99%). Figure 2 Figure 3

ASHANTI GOLD CORP

Anumso Drill Map

Figure 1. Overview of the northern block of the Anumso Mining License where Ashanti drilled twenty RC holes (green dots) along a portion of exposed Banket conglomerate outlined with the dashed red lines.

Outcrop of quartz-pebble conglomerate strata, Anumso

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ASHANTI GOLD CORP

Anumso Highlight Drill Results

Figure 2. Detailed view of part of the conglomerate drilled by Ashanti. See Figure 1 for location within the Anumso Mining License.

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