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THE ASANKO GOLD MINE:OPERATIONAL DELIVERY & LONG TERM GROWTHSite Visit Technical Presentation

November9,2017

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This document has been prepared by Asanko Gold Inc. (the “Company”) solely for informationalpurposes. This presentation is the sole responsibility of the company. Information containedherein does not purport to be complete and is subject to certain qualifications and assumptionsand should not be relied upon for the purposes of making an investment in the securities orentering into any transaction. The information and opinions contained in the presentation areprovided as at the date of this presentation and are subject to change without notice and, infurnishing the presentation, the company does not undertake or agree to any obligation toprovide recipients with access to any additional information or to update or correct thepresentation.

No securities commission or similar regulatory authority has passed on the merits of anysecurities referred to in the presentation, nor has it passed on or reviewed the presentation.Cautionary note to United States investors - the information contained in the presentation usesterms that comply with reporting standards in Canada and certain estimates are made inaccordance with National Instrument 43-101 (“NI 43-101”) - standards for disclosure for mineralprojects. The presentation uses the terms “other resources”, “measured”, “indicated” and“inferred” resources. United States investors are advised that, while such terms are recognizedand required by Canadian securities laws, the SEC does not recognize them. Under United Statesstandards, mineralization may not be classified as “ore” or a “reserve” unless the determinationhas been made that the mineralization could be economically and legally produced or extractedat the time the reserve determination is made. United States investors are cautioned not toassume that all or any part of measured or indicated resources will ever be converted intoreserves. Further, “inferred resources” have a great amount of uncertainty as to their existenceand as to whether they can be mined legally or economically. It cannot be assumed that all orany 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 inferredresources exist, or that they can be mined legally or economically.

Under Canadian rules, estimates of “inferred resources” may not form the basisof 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 permitsissuers to report mineralization that does not constitute “reserves” as in placetonnage and grade without reference to unit measures. Accordingly,information concerning descriptions of mineralization, mineral resources andmineral reserves contained in the presentation, may not be comparable toinformation made public by United States companies subject to the reportingand disclosure requirements of the SEC.

The presentation may contain “forward looking statements” within the meaningof the United States private securities litigation reform act of 1995 and “forwardlooking information” with the meaning of applicable Canadian securitieslegislation concerning, among other things, the size and the growth of thecompany’s mineral resources and the timing of further exploration anddevelopment of the company’s projects. There can be no assurance that theplans, intentions or expectations upon which these forward looking statementsand information are based will occur. “Forward looking statements” and“forward looking information” are subject to a variety of risks, uncertainties andassumptions, including those that are discussed in the company’s annualinformation form. Some of the factors which could affect future results andcould cause results to differ materially from those expressed in the forwardlooking statements and information contained herein include: market prices,exploitation and exploration successes, continued availability of capital andfinancing and general economic, market, business or governmental conditions.Forward looking statements and information are based on the beliefs, estimatesand opinions of management at the date the statements are made and aresubject to change without notice. The company does not undertake to updateforward looking statements or information if management believes, estimatesforward or opinions or other circumstances should change. The company alsocautions potential investors that mineral resources that are not materialreserves do not have demonstrated economic viability.

FORWARD LOOKING INFORMATION

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FOCUSING ON OPERATIONAL DELIVERY

ROBSLATER,EXECUTIVE:CORPDEVELOPMENT&STRATEGY

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• Longestfunctioningdemocracyinsub-SaharaAfrica

• NewPresidentvotedinDecember2016

• Mininggoldforover100years:

• Ranked10th globally&2nd inAfrica

• US$4.5bngeneratedfromgoldexportsin2016

• Accountsfor~48%ofthecountry’sexportrevenue

• Highlytrained&educatedworkforce

• Majorcompaniesoperatinggoldmines:Newmont,Goldfields,Kinross,AngloGoldAshanti

• Long&wellestablishedmininglaws

• Asanko hassuccessfullypermittedcurrentmine&Esaase +overlandconveyoroverpast2years

• Stablepoliticalandfiscalregime:

• Government10%free-carriedinterest

• Governmentroyaltyof5%

• Corporatetaxrateof35%

• Othermajorindustriesincludecocoafarming,offshoreoilandgas,bauxite,manganese,industrialdiamonds 4

GHANA: AN ATTRACTIVE OPERATING ENVIRONMENT

Belt M&I MineralResource P&P MineralReserves

Ashanti 1400Mt 2.0g/t 90.5Moz 751Mt 1.7g/t 40.6Moz

Asankrangwa 140Mt 1.5g/t 6.6Moz 101Mt 1.6g/t 5.1Moz

Sefwi 253Mt 2.1g/t 16.8Moz 186Mt 2.1g/t 12.8Moz

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ASANKO GEOLOGY & MINERAL RESOURCES

• Ownasignificantunderexploredlandpackage(~679km²)onAsankrangwa Belt

• Mineralizationhostedalongmultipleparallelshearcorridors,typicalofotherGhanaiangolddeposits

• Majorityofdepositsaresedimentorintrusivehosted

• Prospectivity studieshaveidentifiedmultiplenearmine,shallowhighprioritytargets

TotalM&IResources Total P&P ReservesMt g/tAu Moz Mt g/tAu Moz

Esaase 84.02 1.38 3.72 62.56 1.46 2.94Nkran 30.07 1.78 1.72 22.77 1.91 1.40Akwasiso 6.33 1.50 0.31 3.18 1.48 0.15Abore 5.33 1.45 0.25 2.28 1.90 0.14DynamiteHill 3.41 1.48 0.16 2.84 1.49 0.14Adubiaso 2.73 1.80 0.16 4.95 1.51 0.24Esaase D 2.00 1.29 0.08 1.30 1.09 0.05Esaase B 2.65 0.84 0.07 0.19 2.24 0.01Asuadai 1.88 1.22 0.07 0.60 1.48 0.03Adubiaso Ext. 0.42 1.61 0.02 0.21 1.53 0.01Nkran Ext. 0.19 2.70 0.02 0.10 0.83 0.00Total 139.01 1.47 6.59 101.00 1.57 5.11

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THE ASANKO GOLD MINE COMPLEX

• Asanko GoldMine:

• 9depositscomprising11pits

• 4prioritynear-mineexplorationtargets

• 1centralprocessingfacility:Gravity+CILcircuit

• Ongridpower

• Briefhistory:

• Constructedaheadofscheduleandunderbudget

• FirstgoldpouredinJan2016

• CommercialproductiondeclaredonApril1,2016

• FullyrampedupinQ22016

• Additionalmillcapacityconfirmed,basisofP5M

• Strongsociallicensetooperate:

• 98%Ghanaianworkforce

• 2016wonGhanaianCSIAward

TheAsanko GoldMineComplex

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SAFETY - AN OVERRIDING PRIORITY

• Strongsafetyculture,PeopleBasedSafetyapproach=>excellent,industryleadingsafetyrecord

• Contextualizedforsite,Fihankra SafetyManagementSystem

• BasedonaGhanaianAdinkra symbolfora“safe”house

• Regularinitiativesinclude:quarterlyinter-departmentalcompetitions,weeklytoolboxtalks

• SafetyprogramrolledouttoallmajorcontractorstoensuretheyadopttheFihankra system

Incident Type 12MonthRolling

Fatality 0

Lost Time Injury 1

Man-hours 5,337,934

TIFR (per million man hours) 4.12

LTIFR(permillionman hours) 0.19

Last LTI Date 18March 2017

LTI Free Man-hours 3,128,133

LTI Free Days Worked 196

CurrentSafetyCampaignfortheChristmasSeason

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• CommencedmininginFebruary2015

• Hardrock,drill&blastoperationssinceAug2015

• PWMiningGhanaisminingcontractor,mining~27Mtpa

• EquipmentcurrentlyintheNkranpit:• 3xCat6030300texcavators• 1xCat6015200texcavator• 23x777Dtrucks

NKRAN PIT - OVERVIEW

SlopeStabilityRadar

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SRK• 5mComposites

• LeapfrogGradeModel

• OKGradeEstimation

• Structuralinterp controllinggrade

Asanko 2014Relog• 1mComposites

• 35PMIDDBoreholes

• CJMIK&OKModel

• Revisedstructure

• Geodomaining

Asanko 2016Relog• 1mComposites

• 72PMIDDBoreholes

• CJMIK&OKModel

• Revisedstructure

• Geodomaining

Asanko 2016-17• CSAIK&OKModel

• GCModelling

• Integratedpitmapping

• Alterationstudies

UNDERSTANDING OF NKRAN GEOLOGY

2016 2016-172014Pre-Acquisition2012

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NKRAN OUNCE & ORE TONNAGE PROFILE

KeyDynamics• Approx 750,000t/Bench

• Approx 43,000oz/Bench

Pre-miningsurface

Currentsurface

Cut2

Cut3

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

-192

-180

-168

-156

-144

-132

-120

-108

-96

-84

-72

-60

-48

-36

-24

-12 0 12 24 36 48 60 72 84 96 108

120

132

144

156

168

180

192

204

216

AuOun

ces

Tonn

es

6mBenchIncrements- DepthAbove(-ve)andBelow(+ve)September2017baseofpitelevation(962mRl)

AuOz

Tonnes

Tonnes perBench

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AKWASISO & DYNAMITE HILL

Akwasiso

• Only3kmsfromprocessingplant

• MiningcommencedinJune2017

• Extensivelevelsofartisanalworkingsthanpreviouslyanticipated• 1Mtofoxidesremovedfromtheplan• 20,000tpmoxidesinQ3&Q42017• FreshorecommencesH12018

• ThonketislocalGhanaiancontractor,partofourCSR&localprocurementstrategy

DynamiteHill

• ~7kms fromprocessingplant

• GCdrilling(63holes,3,096m)confirmedMRE

• MiningoperationscommencedinQ4 2017

• OxideoremininginQ12018,rampingupto~70,000tpminH12018

• 3rd pitinoperationaddssignificantflexibility

• Rocksure islocalGhanaiancontractor

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MINING INITIATIVES

FocusAreas

• PitMapping! structuralgeologydrivingoredelineation

• Lithology⎼ rocktypeconstrainingmineralization

• StrikeAlignment⎼ blastdesignsalignedwithstrike

• BlastMovementTechnology⎼ oremovementmeasuredandminingpolygons

adjusted

• BlastingFragmentation⎼ improveddig-abilityresultsinimprovedcut

compliance

• BondWorkIndex(BWI)⎼ BWImapped&fundamentaltoblendplan

• GeotechnicalFocus⎼ reducesoperatingrisk& thereforenegative

variancestoplan

• Reconciliation

! +7%varianceongradecontroltoresources

! +1%varianceonmillfeedtoreserves

DroppingBlastMovementMonitoring(BMM)Ballinhole

PickingBMMReading

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MINING DELIVERY

2018MineSchedulingDynamics

• Nkran• Practically,thedepositislimitedto3Mtparates

• Alwaysanticipatedcyclicaloreyields

• Geotechnicalredesignofoxidesslopeshaveaddedwastestrip~4Mt

• Currently50%throughthepushbackinvestmentCut2,thiscontinuesthrough2018

• Oxidereserves- 1.3Mt reductioninavailableoxideoretonnesplannedfromAkwasiso&Dynamitehill

• Granites- RestrictedthroughputratesduetohighBondWorkIndex

• MultipleOreSources• Nkran• AkwasisoestablishedJune,limitedoxides,50%granites,1.5g/tgrade,butwithsome2g/tareas• DynamiteHillestablishingcurrently,+2Mtorewith500,000toxides@1.5g/t• Stockpiles(3Mt@1.1g/t)

Implications• Alloresourcesrequiredtomeetthe5Mtpa feedrequirement

• Stockpilefeedrequiredtooffsetoxidesreductions

• Millfeedgradeconsistentwithreservegraderatios

• Bondworkindex– granitesblendedatlimitedratesintofeed

• 2018productionexpectedtobesimilartocurrent2017range

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P5M PLANT UPGRADES - UPDATE

• P5MVolumetricupgradesinstalledaheadofscheduleandwithinbudget

• VolumetricupgradescommissioningcompletedQ32017

• Design:9,000tpdfresh(3Mtpa)&6,000tpdoxide(2Mtpa)

• Achieving+13,500tpdonfreshoreoncampaignbasis–93%ofblendvs.planof60%

• Currentlyfeedinghigherquantityoffreshoretonneswithtemporarymobilecrushers

• Secondarycrushertobeinstalled&commissionedQ22018

• UpgradetorecoverycircuittobecompletedinQ12018

• InstallationofILR&Knelson concentrator

• 2nd oxygenplant

• Expansionofelectrowinning capacityingoldroom

• TotalcapexUS$22m,~US$16mspent

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update

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PROJECT 5 MILLION OPTIMIZATION

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P5M: ESAASE EXPANSION

• Largedepositof62Mt@1.46g/tfor2.9Mozgold

• Fullypermitted

• Conveyoroptimaltransportsolution=>Opex:US$0.37/t

Esaase - QuickFacts

• P5Mpitsrefocusedtooptimizestripratio&AISCwhilstmaintainingP10Moptionality

• Reviewing:

• Pitsequence

• Oretypecut-offgrades

• Feedmaterialtypeblendratios

• Phaseddevelopment&capitalapproach

• DFScapitalcost~US$128mincludes:

• Overlandconveyor

• Pitestablishment

• Tetrem relocation

• PublicRoad

• Willbeapprovedoncefundingsolutioninplace

P5MOptimizationProgress

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P10M OVERVIEW: LONG-TERM GROWTH

• P10MDFScompletedJune2017,doublesAGM’sprocessingcapacityfrom5Mtpato10Mtpafor~450,000oz/pa

• Separatemodularproject=>canbeimplementedatanytime

• CapitalCostestimatedatUS$200m

• ForDFSpurposes,P10MschedulebasedonoptimalNPV,howevertimingatBoard’sdiscretion

• Significantproductionover+10yearLoM withadditionalexplorationupsidepotential

Mill

Processwaterdam

Thickener

O2Plant

NewCILtrain

Newstockpile

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EXPLORATION UPDATE

BENJAMINGELBER,MANAGER:GENERATIVEEXPLORATION

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ASANKO EXPLORATION STRATEGY

Asanko utilizesasystematic,prospectivity based,benchmarkdrivenexplorationapproachbasedongoodscience

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CURRENT ACTIVE & HIGH PRIORITY TARGET ZONES

Threeclearwalkuptargetareas.Thetwohighestprioritytargetswillbetestedinthephase1drillingprogram

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MIRADANI TREND TARGETS

Threeclearwalkuptargetareas.Thetwohighestprioritytargetswillbetestedinthephase1drillingprogram

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2

TwohighprioritytargetstobetestedinPhase1

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MIRADANI TARGET

Multiplezonesofmineralizationoverastrikeof580mwithcumulativewidthsof>60m

580mstriketobeultimatelytested

Cumulativewidthofmineralizationupto>60minmultiplezones

320mcoretobeinitiallytestedinPhase1

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TONTOKROM TARGET

Multiplezonesofmineralizationoverastrikeof650mandwidthsof>80m

Cumulativewidth ofmineralization>80minmultiplezones

650mstriketobeultimatelytested

400mcoretobeinitiallytestedinPhase1

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CENTRAL TARGET – TESTED AS PART OF PHASE 2

Multiplezonesofmineralizationoverastrikeof320mandwidthsofupto>40m

TheCentralTargetwillbeinitiallytestedaspartofPhase2

60m

320mStriketobeultimatelytested

Cumulativewidthofmineralizationappearstobeupto>40minmultiplezones

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SUMMARY

PETER BREESEPRESIDENT & CEO

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• Operations

• Operationalfocusareas:

• Finetuningresource&reserveconversion&miningsystems

• Continuedefficiencyimprovements

• Unitcostsofproduction

• FromQ42017,millfeedgradesexpectedtoreflectaveragereserve&stockpilegrades

• Exploration

• Midras SouthMaidenResourceinQ12018

• CommencedrillingatMiradani - maidenresourceinH22018

• P5MOptimizationPlan

• Progressingwell,intandemwithfundingsolution

• 2017GuidanceOnTrack

• Production:205,000to225,000oz=>YTD153,596oz

• AISC:US$920/oz toUS$960/oz =>YTDUS$955/oz

• 2018Production

• Expectedtobesimilarto2017range

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OUTLOOK

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AlexBuckInvestorRelations

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

RobSlaterCorporateDevelopment&Strategy

N.AmericanToll-Free:18552467341Telephone:+27-11-467-2758Email:rob.slater@asanko.com

CONTACT US