AROBUSTGROWTHPLANANDSTRONGCASHGENERATION

ExpansionDefinitiveFeasibilityStudyResultsTechnicalPresentation

June5,2017

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.

FORWARDLOOKINGINFORMATION

2

3

PRESENTATIONOUTLINE

ExpansionDFSOutcomes• Project5Million• Project10MillionRobSlater,Executive:Mining

FinancialOutcomesFaustoDiTrapani,ChiefFinancialOfficer

Conclusion&OutlookPeterBreese,President&CEO

ExpansionDFSOverviewPeterBreese,President&CEO

TheAsanko GoldMine

• Additional5MtpaCILPlant• Doublesprocessingto10Mpta• +12yearLOMproducing4.8Moz

• Totalcapital(P5M+P10M)US$350m• +US$185m/paforecastcashflow atsteadystate• US$811mNPV5%

• 20%after-taxIRR

P10M

4

ROBUSTGROWTH PIPELINE&STRONGCASHGENERATION

• PlantUpgradeto5Mtpaü Approved&underconstructionü US$22mcapex=>lowcost,capitalefficientü CommissioningQ42017

• DevelopmentoflargeEsaase deposit&conveyorü Fullypermitted

• Ave.230,000oz/pa@AISCUS$968/oz and20yrLOM

P5M

• Ave.450,000oz@AISCofUS$890/oz atsteadystatefor8yrs

• TotalcapitalUS$150m• +US$80m/paforecastcashflow• US$658mNPV5%

• 13%after-taxIRR

UnlockingLargeResourceBase:7.5MozResources&5.1MozReserves

• Modularexpansion• Maximizesproductionovershorterlifeofmine• TimingatBoard’sdiscretion

ü Robustasstandaloneprojectü 2modularcomponentsü Maintainsfutureoptionality

Ourgrowthplanhasbeendesignedtobefullyflexiblesothatitcanbeadvancedinmodularcomponents,accordingtocashflowgeneration,balancesheetstrength,

financingopportunitiesandmarketconditions

PROJECT5MILLION(P5M)ROBSLATER,EXECUTIVE:MINING

KEYINDEPENDENTINDUSTRYPROFESSIONALS

TheExpansionDFSwasledbyDRAwithinputfromanumberofTier1industryserviceproviders&thecurrentminingcontractor

6

Discipline QP Organisation

Geology CharlesMuller/MalcolmTitley

CJMCSA Global

Mining ThomasYeboah DRA

Process GlennBezuidenhout DRA

Tailings&WaterBalance DaveMorgan KnightPiesold

Capex,Opex,Infrastructure,Environmental

DougHeher DRA

FinancialModelling&EconomicAnalysis WarrenGabryk Venmyn

Deloitte

• Comprehensivereview&updateoftheAGMmineralresourceinventorycompletedinH22016including:

– OriginalMineralResourceEstimate(MRE)compiledbyCharlesMuller– CJMConsulting- +15yearsGhanaexperience

– IntroductioninH22016of2ndinternationallyrecognizedindependentexpert– CSAGlobal:

• Review1st phaseresultsfromearlyminingactivityatNkran

• ReviewmodellingtechniquesappliedbyCJMConsulting

• Newgeologicalmodelcompleted

• Compiled2nd MREforNkran,DynamiteHill&afullauditofCJMModelforEsaase

– ApplicationofconstrainingparameterstoMREinlinewithbestpractice:

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

• ParametersrecommendedbyCSAGlobal

– NewCSAGlobalresourcemodelsforNkran&DynamiteHillusedforreserveplanning

– CSAGlobalreviewofEsaasepits=>nochange– mineplanfrom2019

– AdditionofAkwasiso,NkranExtension,AdubiasoExtensionandEsaaseB&Ddeposits- CJM

• Early2017- infilldrillingatAkwasisocompleted:

– NewMREforAkwasisocompletedandsignedoffbyCSAGlobal

7

BASISOFMINERALRESOURCESTATEMENT

LocationofEsaase Pits

8

AGM– LARGEMINERALRESOURCEBASE

LocationofObotanPits

89%

ofMREcompiledand/orauditedbyCSAGlobal

• Esaasehasnotbeenpreviouslymined– includesoxide,transitionandfreshore

• Largedeposit(over3kmstrikelength)allowingminingflexibility• Twomainpits– MainandSouthplusB&Dzones

9

ESAASE DEPOSIT- MAJORDRIVEROFEXPANSION

KEDD530

Fresh

Fresh

Oxide

Oxide

Fresh

KEDD303

1000m

MainPit

SouthPit

BZoneDZone

10

AGM– 7.5Moz OFMINERALRESOURCES

Notes:AllResourcesarestatedabovea0.5g/tAucut-offwithinaUS$2,000/oz Aupitshell.CJMestimatedEsaaseinOctober2012,andAbore,Adubiaso,AsuadaiinApril2014andAdubiasoExt,NkranExtin2016.CSAGlobalre-estimatedNkranandDynamiteHill andauditedEsaaseinJanuary2017,re-estimatedAkwasiso inApril2017.Columnsmaynotaddupduetoroundingandallfiguresareinmetrictonnes.Thefactortoconvertgramstoouncesis31.1035.TheMineralResourcesarestatedasin-situtonnes.IndividualDensitieswereusedpermineralzone.Thetonnagesandcontentsarestatedas100%,whichmeansnoattributableportionsarestated.

Deposit Mt g/t Moz Mt g/t Moz Mt g/t Moz Mt g/t Moz

Nkran 5.58 1.67 0.30 34.71 1.68 1.87 40.29 1.68 2.17 1.69 1.77 0.10

Abore 2.3 1.39 0.10 4.68 1.33 0.20 6.98 1.35 0.30 5.37 1.44 0.25

DynamiteHill - - - 3.80 1.45 0.18 3.80 1.45 0.18 1.19 1.43 0.05

Akwasiso - - - 6.72 1.49 0.32 6.72 1.49 0.32 0.13 1.06 0.00

Adubiaso 0.83 2.35 0.06 1.57 1.89 0.10 2.40 2.05 0.16 0.30 1.98 0.02

Asuadai - - - 1.97 1.21 0.08 1.97 1.21 0.08 0.92 1.61 0.05

Adubiaso Ext. 0.16 1.94 0.01 0.31 1.59 0.02 0.47 1.71 0.03 0.24 2.55 0.02

Nkran Ext. - - - 0.20 2.61 0.02 0.20 2.61 0.02 0.02 1.12 0.00

Esaase Main 26.64 1.37 1.17 65.50 1.37 2.89 92.14 1.37 4.06 0.95 1.37 0.04

Esaase D 0.97 1.09 0.03 1.35 1.39 0.06 2.33 1.26 0.09 1.17 1.24 0.05

Esaase B 0.87 0.99 0.03 2.21 0.76 0.05 3.08 0.82 0.08 2.46 0.84 0.07

Total 37.35 1.42 1.70 123.0 1.46 5.79 160.4 1.45 7.49 14.44 1.41 0.65

Measured Indicated TotalM&I Inferred

• Asanko GoldMinecomprises11pits

• Allopenpitdepositsandcontractorminingassumed

– PWGhanatominemajorpits– Nkran &Esaase

– LocalminingcontractorstominesatellitepitsaspartofourCSRstrategy

– Allpitoptimizationsbasedonactual&quotedpricesfromourmainminingcontractorPWGhana

• DFSusesWhittlepitoptimizationstodefinepitshellsandthenNPVschedulertodefineoptimalvalueforeachindividualpit:

– $1300/oz usedforReserveestimation

– Optimizedcut-offgradesbypit&byoreclassification

– OptimizedpitsformaximumNPVandoptimalAISC

– OptimizationbasedonP10Mvolumes– P5MfutureAISCupside

• Tonnes &gradesofallpitsaredifferenttopreviousdisclosuresbasedonthisexercise:

– Nkran uses0.7g/tcut-offforfreshoreonly

– Esaase uses0.6g/tcut-off

– Allotherpitsuse0.5g/tcut-offforoxideore&0.7g/tcut-offforfreshore

• Onceoptimizationsweredone,allpitswentthroughaprocessofdetaileddesignandmulti-pitscheduling

11

MININGOVERVIEW

12

AGM– 5.1Moz OFMINERALRESERVES

Probable TotalP&P

Notes:ReservesforeachpitarebasedondetailedpitdesignsinformedbyUS$1,300/oz pitshells.Newcut-offgradeshavebeenusedforReservesbasedonanoptimalNPVbypit.Cut-offsalsovarywithinpitsbasedonoxideand freshore.Esaase usesa0.6g/tcut-off.Nkran usesa0.7g/tcut-offforfreshoreonly.Alltheotherpitsusea0.5g/tcut-offforoxideoreanda0.7g/tcut-offforfreshore.

ProvenDeposit Mt g/t Moz Mt g/t Moz Mt g/t Moz

Esasse Main 21.51 1.44 1.00 41.05 1.47 1.94 62.57 1.46 2.94

Nkran 4.40 1.85 0.26 18.37 1.93 1.14 22.77 1.91 1.40

Abore 1.59 1.44 0.07 1.60 1.53 0.08 3.18 1.48 0.15

Adubiaso 1.04 2.00 0.07 1.04 1.82 0.07 2.09 2.08 0.14

DynamiteHill - - - 2.84 1.49 0.14 2.84 1.49 0.14

Akwasiso - - - 4.95 1.51 0.24 4.95 1.51 0.24

Asuadai - - - 1.30 1.09 0.05 1.30 1.09 0.05

Nkran Ext 0.11 2.47 0.01 0.08 1.91 0.00 0.19 2.24 0.01

Esaase D 0.20 1.05 0.01 0.40 1.70 0.02 0.60 1.56 0.03

Adubiaso Ext 0.12 1.66 0.01 0.09 1.34 - 0.21 1.53 0.01

Esaase B 0.10 0.83 - - 0.92 - 0.10 - -

Total 29.08 1.53 1.43 71.73 1.60 3.68 100.81 1.58 5.11

13

NKRANWHITTLECUTOFFGRADEOPTIMIZATION

• AllpitsoptimizedonNPV,cut-offgradeandcost/ounceproduced

• Differentialcut-offgradeoptimizationbyrocktypei.e OxidesvsFresh

• Evaluationtradesoffgradeandstripratiowithinacostperounceenvelope,forabestNPVoutcome

Nkran 0.7cut-offgrade

0.8cut-offgrade

Ore Tonnes 23Mt 23Mt

Grade 1.94g/t 2.03g/t

StripRatio 5.75 6.91

Ounces 1.43Moz 1.50Moz

NPV $558m $559m

Cost/oz $759/oz $812/oz

14

NKRAN - UPDATEDPITDESIGN&PUSHBACKS

2017Design

• Newdesignrequiredtoensureamoreconsistentandsustainedoreyield

• Currentpitbottomcontainsanounceinventoryof166,000oz,basedonthenewCSAResourcemodel,supplyingorethroughtoFeb2018

• Cut2commencedinAprilopeningupnextareaoforeminingbyDec2017,yielding5.2Mtofore,equatingtoanadditional2.5yearsofNkranproduction,takingustoQ12020

• Nextpushback(Cut3)opensupanadditional4.9Mtofore,securingoreproductionthroughtoQ32022

• Lastpushback(Cut4)opensuporeinQ22022,openingupsome7.8MtoforethatseesproductionthroughtotheendoftheNkranorefeedQ12025

15

NKRANWESTERNWALLFAILURECONSEQUENCES

• Aspreviousdisclosed,partialwesternwallfailure-March27,2017

⎼ Oreproductionandsafetynot impacted

• Failure waspredictedbySlopeStabilityRadar&occurredwithinanhouroftheprediction

• Failureoccurredontheoxide/freshcontact

• SRKbroughtintogiveasecondopinion

• CausedbyperchedwatertablecontainedintheoldResolutewastedump

• SRKrecommendeddesignchangeintheareaofthefailurefrom28Degreesto22Degrees

• Modificationresultedinaddition1.1Mtwasteminingrequirementin2017from26Mtto27Mt

• 2017mineplanalwaysincluded26Mtabove

• OverallimpactontheLoM Nkran stripratiofrom6.017to6.066(+1.1MtfortheLoM)

Oxideareasteppedback

Awkasiso PitDesign:ProductionCommencedQ22017

16

AKWASISO &DYNAMITEHILL:ADDITIONALOUNCESINNEWLOM PLANFROMINFILLDRILLING

OreTonnes 3268733WasteTonnes 8881765RoM Grade(g/t) 1.4Ounces 144 377

OriginalReserveOutline0.8Cut-Off

NewReserveOutline0.7Cut-Off

OreTonnes 5035753WasteTonnes 31036311RoMGrade(g/t) 1.5Ounces 243277

OreTonnes 1093143WasteTonnes 6840918RoM Grade(g/t) 1.9Ounces 66102

OreTonnes 2843178WasteTonnes 16627589RoM Grade(g/t) 1.5Ounces 136505

OriginalReserveOutline0.8Cut-Off

NewReserveOutline0.7Cut-Off

DynamiteHillPitDesign:ProductionScheduledtoCommenceQ12018

KeyUpdatesandChanges:

• Esaase PitResourceModelcompiledbyCJMandauditedbyCSA

• Esaase PitredesignedafterusingWhittle&NPVscheduler- 6versionsgenerated

• Cut-offgradeevaluationsdoneat0.50g/t,0.55g/tand0.60g/t

• Contractorminingoperation- PWcontractorminingcostestimatesused

• PreviousEsaase PitReserves:

– 60.3Mt@1.41g/tfor2.73Moz(0.6g/tcut-off)– asatDec2016

– Newestimate62.6Mt@1.46g/tfor2.94Moz(0.6g/tcut-off)

– 411.18Mttotaltonnes=62.56MtOre+348.62MtWaste(5.57Stripratio)

• OreReservesatEsaase haveincludedBandDZonesintomineplan

• SomemininginfrastructurebuiltandfundedbyPWMiningtothevalueofUS$12.5m

• Simplifiedhaulroadlayoutsincluded

• Scheduledtoincreaseoresupplyprocessplantin2027tomaintain5MtpafeedasNkranandsatellitepits’oresourcesbecomedepleted

17

ESAASE- MININGOPERATIONS

DEVELOPINGTHELARGESCALEESAASE PIT

• Esaase miningoperationsconsistof:

⎼ 2largepits:SouthandMain

⎼ 3satellitepits:North,BandDzones

⎼ ROMPad

⎼ PrimaryandSecondaryCrusher

⎼ Satelliteinfrastructure– offices,workshopsetc.

• GenerallyNorth/SouthStriking

• Pitdimensions– strikelength3.2kms&380mdeep

• Contractorminingoperation

• PWcontractorminingcostestimatesused

18

Esaase OperationSiteMap

19

P5M– TOTALPITTONNESSEQUENCETotaltonnesminedTonnes,millions

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037Nkran 26.2 26.6 20.9 21.7 21.9 19.2 17.4 4.5 3.5 0.1

Esaase - - 8.8 10.0 10.6 14.1 16.5 16.8 16.9 17.1 21.6 27.4 34.1 35.7 35.9 35.6 33.2 26.6 25.9 16.9 6.9

Akwasiso 3.6 8.3 6.7 6.5 6.0 4.7 0.2 - - - - - - - - - - - - - -DynamiteHill - 6.7 1.4 - - - 7.9 3.5 - - - - - - - - - - - - -Adubiaso - - - - - - - 0.0 8.8 9.4 - - - - - - - - - - -Asuadai - - - - - - - 0.0 5.4 1.1 - - - - - - - - - - -Abore - - - - - - - 9.9 9.9 0.8 - - - - - - - - - - -NkranExt - - - - - - - - - 2.4 - - - - - - - - - - -AduiasoExt - - - - - - - - - 2.6 - - - - - - - - - - -AsankoTotal 29.8 41.5 37.8 38.2 38.7 38.1 42.0 34.8 44.5 33.4 21.6 27.4 34.1 35.7 35.9 35.6 33.2 26.6 25.9 16.9 6.9

StripRatio 5.3 7.0 6.2 6.2 6.5 8.0 7.6 4.8 4.4 5.9 8.2 8.1 8.2 7.6 6.3 6.1 5.3 4.3 4.0 2.4 1.2

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

StripRatioW:O

20

P5M– OREMININGSEQUENCE

TotaloretonnesminedTonnes,millions

Minedgradeg/t

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037Nkran 4.3 3.3 2.0 2.3 2.9 1.3 2.1 2.5 2.5 0.1 - - - - - - - - - - -Esaase - - 2.0 2.0 1.9 2.0 2.0 1.9 2.0 1.9 2.4 3.0 3.7 4.2 5.0 5.0 5.3 5.1 5.1 5.0 3.2

Akwasiso 0.4 1.1 1.0 1.0 0.5 1.0 0.1 - - - - - - - - - - - - - -DynamiteHill - 0.9 0.3 - - - 0.6 1.0 - - - - - - - - - - - - -Adubiaso - - - - - - - - 0.4 1.9 - - - - - - - - - - -Asuadai - - - - - - - - 1.2 0.1 - - - - - - - - - - -Abore - - - - - - - 0.6 2.2 0.4 - - - - - - - - - - -NkranExt - - - - - - - - - 0.2 - - - - - - - - - - -AduiasoExt - - - - - - - - - 0.2 - - - - - - - - - - -AsankoOre 4.7 5.2 5.3 5.3 5.2 4.2 4.9 6.0 8.2 4.8 2.4 3.0 3.7 4.2 5.0 5.0 5.3 5.1 5.1 5.0 3.2

MinedGrade 1.86 1.67 1.64 1.61 1.84 1.64 1.58 1.64 1.54 1.62 1.31 1.38 1.44 1.60 1.48 1.39 1.43 1.43 1.44 1.71 1.62

1.00

1.10

1.20

1.30

1.40

1.50

1.60

1.70

1.80

1.90

2.00

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

• Therecoveryforeachoretypehasbeendeterminedbasedon:

– Metallurgicaltestwork performedatALSinPerth

– HistoricalinformationfromResolutereports

– Currentplantperformance

• ExtensiveCo-leachandblendratiotestwork carriedoutatALSinPerth

• Therecoveryforeachdepositwasestablishedusingvariousheadgradesandafixedterminaltail

21

PROCESSRECOVERYBYDEPOSIT

Composite %RecoveryP5M

%RecoveryP10

OresourcedfromNkran &SatelliteDeposits

Oxide 91.7 91.7

Fresh 93.8 93.7

OresourcedfromEsaase

Oxide 92.9 91.9

Transitional 92.6 92.5

Fresh 94.0 94.4

LoM BlendRecovery 93.6 93.5

• Upgradeexistingplantfrom3Mtpadesignto5Mtpain2017

– VolumetricincreasesexpectedinQ32017

– FinalcommissioninginQ42017

• Capitalcost:US$22m

• Noadditionalpermitsrequired

• Straightforwardupgrades:

– Anadditionaltailingspumpchainandpipelinetothetailingsdam

– OneadditionalKnelsongravitygoldconcentrator

– Additionalintensiveleachreactor

– InstallationofalargerdiametercycloneoverflowpipelinetothePreleachthickener

– InstallationoflargerdiameterthickenerunderflowpipelinetoCILplant

– Increasecapacityoftheoxygenplanttodeliveradditional5tpdoxygen

– Additionofoneextraelectrowinningcellinthegoldroom

• Millthroughputscalculatedbasedoncurrentoperatingscenarioandtestwork

22

P5M– EXPANSIONOFEXISTINGPLANTTO5MTPA

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038Esaase- Fresh 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.5 2.8 3.3 3.7 3.6 4.2 4.4 4.8 4.7 4.8 3.8 0.0

Obotan- Fresh 3.8 3.1 3.0 3.0 3.0 3.1 3.0 3.0 3.0 3.1 2.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Esaase- Trans 0.0 0.0 0.0 0.0 0.1 0.3 1.0 0.7 0.3 0.5 0.2 0.1 0.8 0.7 0.9 0.3 0.4 0.0 0.1 0.1 0.0 0.0

Obotan- Trans 0.0 0.1 0.1 0.0 0.1 0.0 0.1 0.2 0.5 0.5 0.8 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Esaase- Oxide 0.0 0.0 1.8 1.9 1.6 1.6 1.0 0.7 0.3 0.6 0.8 2.0 0.9 0.6 0.5 0.5 0.2 0.2 0.2 0.0 0.0 0.0

Obotan- Oxide 0.2 1.8 0.1 0.0 0.2 0.0 0.0 0.4 0.9 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TotalFeed 4.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 3.8 0.0

CILFeedGrade 2.03 1.78 1.60 1.55 1.83 1.56 1.56 1.64 1.59 1.65 1.46 1.35 1.42 1.54 1.48 1.39 1.42 1.43 1.44 1.71 1.59

1.3

1.4

1.5

1.6

1.7

1.8

1.9

2.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

23

P5M– PLANTFEEDTONNAGECILP

lantFeed

Tonn

es,m

illions

PlantFeedGradeg/t

24

P5M– GOLDPRODUCTIONSCHEDULE

CILPlantFeedTonnes,millions

CILPlantRecovery

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037Esaase- Fresh - - - - - - - - - - 18 106 131 158 153 181 195 206 203 248 188

Obotan- Fresh 234 195 158 149 181 148 149 165 159 160 125 - - - - - - - - - -Esaase- Trans - - - 2 4 16 46 32 13 22 8 4 42 44 46 12 13 1 4 6 -Obotan- Trans 0 5 4 0 11 - 2 10 23 27 38 6 - - - - - - - - -Esaase- Oxide - - 74 81 71 70 37 29 13 24 32 85 40 30 22 16 6 8 10 4 -Obotan- Oxide 8 68 4 1 9 - 0 12 31 15 - - - - - - - - - - -TotalRecAu 242 268 240 233 276 234 234 247 239 248 220 202 213 232 222 209 214 215 217 258 188

Recovery 94.0% 93.4% 93.3% 93.5% 93.7% 93.3% 93.5% 93.5% 93.4% 93.6% 93.6% 93.3% 93.4% 93.5% 93.4% 93.5% 93.3% 93.6% 93.6% 93.8% 97.0%

93%

94%

94%

95%

95%

-

50

100

150

200

250

300

25

CURRENTDESIGNOFTSF

26

FINALDESIGNOFTSF– 120MTCAPACITY

• 27kmlongoverlandconveyorfromEsaase totheprocessingplant

• Operatingcost:US$0.37/t

• Capitalcost(incl.earthworks):US$78m

• Esaase capitalcostsUS$22.4m

• 2haulroadcrossings

• 10publicroadcrossings&24pedestriancrossings

• 12mservitudemediumsecurityfencedbothsides

• AdditionalsecuritypatrolsbylocalcommunitiesaspartofAsanko’s CSRstrategy

27

P5M– OVERLANDCONVEYOR

ProcessingPlant

SaddleCrossing

ConceptualConveyorServitudeLayout

• Existing161kVGridtransmissionlinefeedingPhase1issufficientforupgrades

• Install2nd33MVAtransformertode-risksingletransformeroperations

• SecondConsumer11kVsubstationbuildingandsuitablebreakersrequired

• Totaldemandincreasesby4MW,from16MWto20.5MW

• 33kVoverheadpowerlineconstructedtosupplypowertotheconveyorandtheEsaasesite

– Powerlinewithinconveyorservitude

28

P5MPOWER

MiningatEsaase requires:

• FullresettlementofTetrem:

– 230houses+20Communalstructures=Total250

– CapitalestimateisUS$24.1m

• PartialresettlementofEsaase/Manhyia laterinLOM

• 105houses+10Communalstructures=Total115

• ResettlementwillfollowPhase1asablueprint

• Moratoriumhasbeendeclared

29

EXPANSIONVILLAGERELOCATIONS

NewHouse

Tetrem Village

MineralsCommission

• Phase1mineoperatingpermitsinplace

• MineOperatingPermitfortheEsaase Projectissued

EnvironmentalProtectionAgency

• Currentoperationsfullypermitted– awaitingfinalapprovalofEMP

• EnvironmentalPermitissuedcoveringbothEsaase miningoperationsandtheoverlandconveyor(P5M)

• DraftEISfortheexpandedprocessingplant(P10M)beingfinalizedforsubmissiontotheEPA

30

PERMITTINGSTATUS

PROJECT10MILLION(P10M)OPPORTUNITYROBSLATER,EXECUTIVE:MINING

• P10MdoublesAGM’sprocessingcapacityfrom5Mtpato10Mtpa

– Constructionofadditionalmilling-gravitygold&CILplantadjacenttoexistingprocessingplant

– LeveragesoffexistinginfrastructureincludingTSF,powersupplyline,offices,workshops&campfacilities

– MiningratesatEsaase pitwillincreaseupto7Mtpa,whilstNkran &satellitedepositsremainat~3Mtpa

• Scopechangefromaflotationplant(2015PFS)toCILplantprimarilydrivenbyreductioninoperatingcosts,basedoncurrentoperatingprocessdata

– Simplificationofflowsheethasleveragedoffcurrentskillsbase,commonreagentsandreducedinsuranceandoperatingsparesholdings

• CapitalCostestimatedatUS$200m

• ForthepurposesoftheDFS,P10MhasbeenscheduledaroundoptimalNPVforAGM,however

– P10Misseparatemodularproject=>canbeimplementedatanytime

– Maximizesproductionovershorterlifeofmine+12years

– TimingatBoard’sdiscretion,willonlybeapproved:

• AfterP5Mcommissionedandramped-up

• Predominantlyfundedbycashflow

P10MOVERVIEW

32

33

P10M– PLANTLAYOUT

Mill

Processwaterdam

Thickener

O2Plant

NewCILtrain

Newstockpile

34

P10M– TOTALANNUALMININGTONNESTonnesMinedTonnes,millions StripRatio

W:O

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029Esaase 0.0 0.0 10.4 35.3 50.6 51.5 52.1 52.2 51.8 42.6 38.9 24.6 1.3

Obotan 29.8 41.6 29.1 28.3 28.0 24.0 25.5 17.9 27.6 16.3 0.0 0.0 0.0

Asanko 29.8 41.6 39.5 63.5 78.6 75.5 77.6 70.2 79.4 58.9 38.9 24.6 1.3

StripRatio 5.3 7.0 6.0 6.0 7.5 8.6 8.1 5.6 4.8 4.8 4.2 2.1 1.1

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

35

P10M- TOTALANNUALORETONNESOreTonnesTonnes,millions

MinedGradeg/t

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029Esaase 0.0 0.0 2.3 5.8 5.9 5.7 5.7 6.5 7.3 7.2 7.5 8.0 0.6

Obotan 4.7 5.2 3.3 3.3 3.3 2.2 2.9 4.1 6.3 2.9 0.0 0.0 0.0

Asanko 4.7 5.2 5.6 9.1 9.2 7.9 8.5 10.6 13.6 10.1 7.5 8.0 0.6

MinedGrade 1.86 1.67 1.62 1.57 1.61 1.44 1.53 1.65 1.49 1.54 1.44 1.61 2.43

1.20

1.30

1.40

1.50

1.60

1.70

1.80

1.90

2.00

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

36

P10M- COMBINEDPLANTFEEDPlantFeedTonnes,millions

PlantFeedGradeg/t

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029Orefromstock-pile - - 0.1 0.1 0.8 2.1 1.3 - - 0.1 3.0 0.7 1.1

Esaaseex-pitore - - 1.6 5.1 5.9 5.7 5.7 6.4 6.9 7.0 7.0 8.0 0.6

Obotanex-pitore 4.0 5.0 3.3 3.3 3.3 2.2 2.9 3.6 3.2 2.9 - - -Total 4.0 5.0 5.0 8.5 10.0 10.0 9.9 10.0 10.0 10.0 10.0 8.7 1.7

Plantfeedgrade 2.03 1.78 1.60 1.52 1.59 1.41 1.49 1.65 1.51 1.52 1.48 1.59 1.80

1.30

1.40

1.50

1.60

1.70

1.80

1.90

2.00

-

2.0

4.0

6.0

8.0

10.0

12.0

37

P10M- COMBINEDGOLDPRODUCTION

PlantRecoveredOuncesOunces,thousands

OverallRecovery

• 12.5yearLoM produces4.84Mozsgold

• 450,000oz/paaverageannualgoldproductionatsteadystateover8years

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029CILP2Recoveredtoz's - - - 145 206 199 215 239 209 213 216 242 56

CILP1Recoveredtoz's 242 268 241 234 270 223 227 258 243 245 228 174 52

TotalRecoveredAu 242 268 241 379 476 422 442 497 452 458 444 416 108

Recovery 94.0% 93.3% 93.2% 91.5% 93.3% 92.9% 93.3% 93.6% 93.5% 93.5% 93.4% 93.6% 108.0%

91.0%

92.0%

93.0%

94.0%

95.0%

96.0%

97.0%

-

100

200

300

400

500

600

DFSFINANCIALOUTCOMESFAUSTO DITRAPANI,CHIEFFINANCIALOFFICER

39

OVERVIEWOFASSUMPTIONSANDOUTCOMES

P10M

• NPV5% ofUS$811m

• IRR20%

Assumptions

TotalTonnes Mined 679Mt

TotalOreTonnes Mined 101Mt

MillHeadGrade 1.57g/t

StripRatio 5.7w:o

Recovery 93.5%

TotalRecoveredOunces 4.8Moz

Discountrate 5%

GoldPrice US$1,250/oz

AnnualAverageProduction 450koz

MiningCosts US$3.32/t

ProcessingCosts US$10.80/t

AISC US$890/oz

Minelife 12.5years

TotalInstallationCapex US$199.7m

P5M• NPV5% ofUS$658m

• IRR13%

Assumptions

TotalTonnes Mined 679Mt

TotalOreTonnes Mined 101Mt

MillHeadGrade 1.57g/t

StripRatio 5.7w:o

Recovery 93.6%

TotalRecoveredOunces 4.8Moz

Discountrate 5%

GoldPrice US$1,250/oz

AnnualAverageProduction 230koz

MiningCosts US$3.48/t

ProcessingCosts US$11.60/t

AISC US$968/oz

Minelife 20years

TotalInstallationCapex US$149.6m

P5M- TotalCapexUS$149.6m

• EarthworksalongtheconveyorrouteduetodetailedLIDARsurveys- – mostaccuratesurvey

• RelocationofTetrem villagehasincreasedbyUS$10m–basedonPhase1designs

• ConveyorpricesusedincludeFEEDalmostcomplete

• ExchangerateusedR13.80:$1

40

EXPANSIONCAPITALCOSTS

P10M– TotalCapexUS$199.7m

• P10MnowaCILvsFloatplant

• Combinedexpansioncapacityis6.4MtpavsPFS5.8Mtpa

• AsbuiltP1capexusedtocostnewCILplant

• PWtospend$12.5Monsiteestablishmentcapital(infrastructure,offices,workshops)

TotalcapitalforP5MandP10MisUS$349.3m- anincreaseofUS$72mfromthePFS

Description P5M P10M TotalProcessplant 21.9 78.5 100.4Conveyorearthworksandinstallation 78.0 0.0 78.0Mining(pre-productioncosts) 0.8 6.7 7.5Infrastructure,power,water 11.5 31.0 42.5RAPBuildings,officesandaccommodation 0.0 24.1 24.1TSF 0 12.1 12.1Ownersteam,G&A 16.2 15.8 32.0EPCM 11.1 17.6 28.7Sub-total 139.5 185.8 325.3Contingencyandestimatinginaccuracies 10.1 13.9 24.0Total 149.6 199.7 349.3

41

P5M:ROBUSTBUSINESSONOWNMERITS

TOTALAGMNPV(5%)

US$(millions)

IncrementalIRR(%)

TotalCashfrom

Operations2017-2022(millions)

DownsideCase- US$1,150/oz 459 8.6 381

StudyBasis- US$1,250/oz 658 13.2 523

UpsideCase- US$1,350/oz 857 17.3 664

Significantgoldproducingasset

• Onstandalonebasis,P5Mdeliversstrongcashflowsfromoperationsaveraging~US$90mannuallyto2022

• US$658mNPV5% with13%IRRisrobust

• PaybackonP5Mis2yearsfromcommercialproductionofEsaase pit

KeySensitivities

• GoldpricemoveofUS$100/oz =>~US$199mNPVmovement

• BasedonlongtermconsensusUS$1,325/oz goldprice,NPV5% of~US$807m,US$149mmorethanDFSStudyBasis

CashflowfromoperationsUS$millions

-

20

40

60

80

100

120

140

2017 2018 2019 2020 2021 2022

AnnualAverage2017-2022:US$87m

42

P5M:OPERATINGCOSTS

Strongmargins

• MiningandProcessingconstitute76%ofperouncecost

• AtUS$1,250/oz goldprice,lifeofminemarginsare~30%perounce

• P5MAISCbasedonaP10Mminepitdesigns

⎼ SignificantopportunitytooptimizeP5MAISC

• Annualvariabilityduetomovingofwastetonnesandgradeandinthelatteryears,themixoforefeedfromtherespectivedeposits

LifeofMineAll-InSustainingCostUS$/oz

487

246

1006669

282

75

-

200

400

600

800

1,000

1,200

1,400

P5M

AISCMargin- $1,325

AISCMargin- $1,250

Other

RoyaltyPayments

GeneralandAdministration

Processing

ProductionOunces,thousands

826902

1,047 1,118 863 1,055 1,070890

1,044842 793

1,113 1,017 1,064 1,047 1,133 1,088 1,038 950 722

636

-

50

100

150

200

250

300

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

AISC

43

P10M:MAXIMUMNPV

TOTALAGMNPV(5%)

US$(millions)

IncrementalIRR(%)

TotalCashfrom

Operations2017-2022(millions)

DownsideCase- US$1,150/oz 585 14.5 540

StudyBasis- US$1,250/oz 811 20.4 732

UpsideCase- US$1,350/oz 1,037 25.8 925

Significantgoldproducingasset

• US$811mNPV5% representsoptimalNPVonacapitalunconstrainedbasis

• TimingoftheexecutionofP10Misflexibleduetoitsmodulardesign

• Projectdeferralallowstheaccumulationofcash

• TwoyeardeferralreducesNPVbyUS$42mbutbolstersliquidity

• CombinedpaybackonP5MandP10Mwouldbewithinthreeyearsofcompletingconstruction

KeySensitivities

• GoldpricemoveofUS$100/oz =>~US$226mNPVmovement

• LongtermconsensusgoldpriceofUS$1,325/oz wouldresultinNPV5% of~US$981morUS$170mmorethanDFSStudyBasisscenario

CashflowfromoperationsUS$millions

-25

25

75

125

175

225

2017 2018 2019 2020 2021 2022

AnnualAverage2017-2022:US$122m

44

P10M:OPERATINGCOSTS

Stablecostsleadtostrongmargins

• Miningandprocessingcompose78%ofcostperounce

• AtUS$1,250/oz goldprice,lifeofminemarginsare~40%perounce

All-InSustainingCostUS$/oz

465

229

636667

360

75

-

200

400

600

800

1,000

1,200

1,400

P10M

AISCMargin- $1,325

AISCMargin- $1,250

Other

RoyaltyPayments

GeneralandAdministration

Processing

MiningProductionOunces,thousand

828899

1,020 971894

1,012 1,005

831

1,008854

719 700

466

-

100

200

300

400

500

600

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

AISC

45

ALL-INSUSTAININGCOSTCURVEAll-insustainingcostUS$/oz

P10M:450,000oz/paat$890/oz

Source:SNLNote:SNLdatacovers54.5%of2016globalrecoveredgoldproductionOnlyoperationswithgreaterthan25,000oz/paproductionpresentedonco-productbasis

• P10MstrongpositiononcostcurveatUS$890– withinsecondquartileofcostcurve

• P5Mpositionedwithinthirdquartilebuthighlyprofitable

• Costcompetitivecomparedtominesgloballyandregardlessofgradeanddesign(i.e.open-castvs.underground)

AnalystConsensusGoldPriceUS$1,325/oz

P5M:230,000oz/paat$968/oz

BALANCESHEETFLEXIBILITYFAUSTO DITRAPANI,CHIEFFINANCIALOFFICER

47

DELIVERINGTHEBALANCESHEET

PrudentCapitalManagement

• FinancingconditionsspecifictoAKGpresentlychallenging

• Strategicdecisiontakento:

⎼ Deferconstructionofconveyor

⎼ Leverageouroptiontodeferfirstprincipalrepaymentonourdebttomid2019

⎼ Focusoncostsandmaximizecashtothebalancesheet

• PrudentcashaccumulationwillallowtheCompanyto:

⎼ Beinastrongerpositiontomakedecisiontocompletetheconveyor&commenceoperationsatEsaase

⎼ ConsiderP10MmodularexpansiontobuildreplicaCILplantwith

⎼ Withstrongbalancesheet,cashflow&historyofperformanceweaimtoimprovefinancingopportunitiesforP10M

RaisingEquitythroughCashFlow

• DeferraloftheconveyoressentiallypermitsAsanko toraiseequitythroughgeneratingcashflow=>goalisUS$100monthebalancesheetwithin12months,expectedinearlyQ22018

• Forbalanceof2017weexpecttogeneratecashofUS$51mandestimateourcashbalancewillbe~US$78m-US$96mbyyearend2017

• Wedothisbydeferringprocurementspendontheconveyorintothenewyear

Q1 2019DFSConveyorcommissioningdate

Q42022LateConveyorcommissioningdate

48

CONVEYORTIMINGFLEXIBILITY

4Yearsofflexibility

• Nkran &satellitedepositscandeliver5MtpaoforefromQ12018toQ32022

• Maintainkeyasset- Nkran@3Mtpa– nojeopardytoNkran LoM

• Akwasiso,DynamiteHill,Adubiaso formbulkofthebalanceoffeedrequirement

• Keyenableristhattheupgradedplant(P5M)willbeabletoprocess5Mtpaoffreshfeed

51.7

314.4

169.1

145.7

51.3

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

Sources Uses

EndingCash2020

ProjectCapital

DebtRepayment

AISCMargin

OpeningCashandEquivalents

49

P5M- CASHFLOWANDIMPACTOFCONVEYORDEFERRAL

OuncesProduced CashBalanceasat31December@US$1,250/oz

2017– 2020 2017 2018 2019 2020

6MonthDeferral 942,800 87.2m 82.4m 54.6m 26.5m

12MonthDeferral 924,125 87.2m 109.3m 69.1m 51.3m

18MonthDeferral 907,166 87.2m 122.6m 109.4m 65.6m

QuarterlyCashBalanceUS$,millions

• Aslongasgoldpricesaremaintained,weexpectendingcashbalancetobe~US$87m,asatDecember31,2017

• A12monthdeferraloftheconveyorincreasesourcashpositionto>US$100mbyQ22018

• OptiontodeferamortizationofRedKitefacilityuntilQ22019

• PreservecashbufferofUS$30minlinewithstrategicobjective

2017-2020CashSourceandUsesUS$,millions

-20.040.060.080.0100.0120.0140.0

Cash@$1,250 Cash@$1,200 Cash@1,300

THEOPPORTUNITYPETERBREESE,PRESIDENT&CHIEFEXECUTIVEOFFICER

• TheAGMhasgrade,reservesandproductionflexibility&capabilitytomatchseveralmid-tiercompanies

• Althoughasingleasset,itisinastablejurisdiction&haspotentialtogrowintoasignificantproducingmine

51

ASSETPOSITIONING

Source:CompanywebsitesandreportedguidanceinpressreleasesNote:Sizeofbubblereflectsthetotalprovenandprobablereservesfortheentirecompany

ProvenandProbableReservesgradeg/t

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

- 100 200 300 400 500 600 700 800

SMF

GUY

EDV

GSC

TXG

ASR

PPRU

TGZAKG

AGI

AKG

BTOOGC

ProductionguidanceOunces,thousands

Multi-assetmid-tierproducers

• Despitecomparableassetquality,scaleandsuperiorgrowthpotential,themarketseverelyundervaluestheAsankoGoldrelativetoothercomparableassetsandcompanies

• Asanko’s marketcapitalizationiscurrently2.7xforecastedcashflowwhilstseveralcomparablecompaniesaretradingsignificantlyhigher(e.g.Perseus- 8.9x,Guyana- 7.3x,RoxGold - 5.0x)

52

CURRENTVALUATIONLANDSCAPE

MarketCapitalizationperconsensusanalysts’NTMoperatingcashflow

Source:S&PCapitalIQAsatMay31,2017

12.4x 12.4x

9.3x 8.9x8.2x

7.4x 7.3x6.7x 6.6x

5.9x 5.5x 5.4x 5.0x 5.0x 5.0x 4.8x4.1x 4.0x

2.7x 2.6x

1.3x

-

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

UNLOCKINGLARGE,LONGLIFE,QUALITYASSETTOBUILDAMID-TIERGOLDPRODUCER

Ghana- StableJurisdiction• Longhistoryofgoldmining• Excellentskills&positiveregulatoryenvironment

• 2minespermittedin2yearsbyAKG

• CompleteflexibilityontimingdecisionforEsaase +Conveyor&P10M• InvestmentdecisionsdependentonCompany’scashposition&financingopportunities• Growthpredominantlyfundedbycashflow,supportedbydebtfunding• Focusonbolsteringliquidity=>ensuresdon’toverextendbalancesheetordiluteshareholders

53

P5M• Ave.230,000oz/paover20yrLoM@AISCofUS$968/oz• +US$80m/paaverageprojectedcashflowatsteadystate• 13%after-taxIRR,NPV5% ofUS$658m@US$1,250/oz gold

ProvenManagementTeam• Phase1deliveredaheadofschedule&underbudget

• EXCOhas+250yrscombinedtechnicalexperience• Shareholdersinthebusiness

ModularGrowth– MaintainsFutureOptionality

StrongSocialLicense• 98%ofworkforceGhanaian,42%withincatchmentarea

• CSIWinnerofGhanaMiningIndustryAwards

5MtpaPlantUpgrade• Approved,fullyfunded• Lowcost,capitalefficient

Esaase +Conveyor• Ave.230,000ozover20yrLoM• AISCofUS$968/oz

P10M• ~450,000oz/pa@AISCUS$890/oz

• +US$185m/paaverageprojectedcashflowatsteadystate

• 20%after-taxIRR,NPV5% ofUS$811m@US$1,250/oz

Project10M• Doubleprocessingcapacity• Bolt-on5MtpaCILplant

~450,000oz/paAISCUS$890/oz

RobustProjectBusinessesasDiscreteProjects=>HighlyCashGenerative

FundingFlexibility=>StrengthenBalanceSheet&AssessMarketConditions

ProvenRecordofExecutiveCapability

Q22018~US$100mLiquidity

AlexBuckInvestorRelations

N.AmericanToll-Free:18552467341Telephone:+44-7932-740-452Email:alex.buck@asanko.com

RyanWalchuckCorp.Dev.&InvestorRelations

N.AmericanToll-Free:18552467341Telephone:+1-778-729-0614Email:ryan.walchuck@asanko.com

CONTACT US

54