𝗔𝘀𝗮𝗻𝘁𝗲 𝗚𝗼𝗹𝗱 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝘀 𝗽𝗮𝗿𝘁𝗶𝗮𝗹 𝘀𝗮𝗹𝗲 𝗼𝗳 𝗞𝗶𝗻𝗿𝗼𝘀𝘀 𝘀𝘁𝗮𝗸𝗲

Kinross disposed of 29,850,984 common shares of Asante at a price of $1.55 per share, representing a 10% discount to Asante’s September 5, 2025 closing price. The transaction represents 4.2% of Asante’s outstanding shares and 44.7% of Kinross’ total holdings in the company.

Prior to the sale, Kinross held approximately 9.4% of Asante’s outstanding shares, with the potential to increase to 18% on a partially diluted basis, should its convertible instruments be exercised.

Following the divestment, Kinross retains 36,927,650 common shares, 5,000,000 warrants, and a convertible debenture allowing the purchase of additional shares at C$1.81 per share over a five-year period. Post-sale, Kinross continues to hold a 5.2% non-diluted stake in Asante and up to 13.2% on a partially diluted basis.

The stake in question originates from the 2022 acquisition of the Chirano Gold Mine, in which Asante purchased the mine from Kinross. At that time, Kinross received a significant portion of the transaction value in Asante equity.

“Asante continues to value Kinross as a supportive partner. This block of shares was part of the consideration paid when we acquired Chirano, and we are pleased that Kinross has been able to monetize this portion at an increase to the original value. Their continued shareholding, warrants, and debenture confirm their ongoing exposure to the success of our company.” said Dave Anthony, President and CEO of Asante.

The sale signals a strategic realignment for Kinross, providing liquidity while still retaining a meaningful position in Asante’s growth story. Industry analysts note that while large block share sales often raise short-term concerns, Kinross’ retention of a significant holding indicates confidence in Asante’s long-term prospects.

Asante has emerged as a key mid-tier gold producer in Ghana following its acquisitions of Chirano and Bibiani, with ongoing investments in mine development, exploration, and operational efficiencies.

The company has signaled a commitment to expanding production capacity while strengthening its balance sheet to deliver sustainable growth.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.