FOCUSINGONOPERATIONALDELIVERY

2017ScotiaMining&MetalsConferenceInvestorPresentation

December2017

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. 2

FORWARDLOOKINGINFORMATION

LargeScale,Multi-PitAsset

• 11deposits

• 6.6Moz M&I Resources&5.1MozReserves

StableJurisdiction

• Ghanaislongestfunctioningdemocracyinsub-SaharaAfrica

• Mininggoldfor+100years,ranked 10th globally&2nd inAfrica

• Highlytrained&educatedworkforce

CashGenerativeOperations• Avecashflowfromops(beforeWC)~US$29m/qtr

IndustryLeadingSafetyRecord

• LTIFRof0.19

• Over3millioninjury-freemanhoursworked

HighlyProspectiveLandPackage

• LargestholderonhighlyprospectiveAsankrangwa Belt

• Significantexplorationpotential=>Miradani Project

StrongSocialLicensetoOperate

• Successfullypermittedcurrentmine&Esaase +overlandconveyor

• WinnerofindustryCSRAward 3

ASANKO ATAGLANCE

The11Multi-PitAsanko GoldMineComplex

ExplorationTargets

• CurrentminingfocusedonCut2

• Commencedin2017,currently50%through,completionexpectedinQ32018

• Continuallyyieldsorethroughoutthepushback

• WesternwallremediatedinQ2,dualrampsystemfullyfunctional

• EasternandSouthernwall:geotechnicalredesignofoxidesslopesto26ohaveaddedwastestrip~4Mtin2018(equivalentto2monthswastemining)

• EasternwallredesigncausesloweroreyieldandhigherstripcostsinH12018

• Benchwidthsbeingincreasedfrom~35mtoanaverageof45m

• Cut2enablesaccessto9Mtofore

• OreexposureratesperverticalmeterforCut2&Cut3anticipatedtobesimilartowhathasbeenminedsofar

NKRANMININGOPERATIONS

Section‘A’SouthofNkranPit

Oct’17,959mRL

Nov/Dec‘17

JAN2017

Dec.2018/Cut2East

4

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

-174

-156

-138

-120

-102 -84

-66

-48

-30

-12 6 24 42 60 78 96 114

132

150

168

186

204

222

AuOz

Tonnes

Tonnes perBench

6mBenchIncrements- DepthAbove(-ve)andBelow(+ve)Sept2017baseofpitelevation(962mRl)

Tonnes Ounces

MININGINITIATIVESIMPROVINGOPERATIONALEFFICIENCIES&DELIVERY

Operationalinterventions

• PitMapping! structuralgeologydrivingoredelineation

• Lithology⎼ rocktypeconstrainingmineralization

• StrikeAlignment⎼ blastdesignsalignedwithstrike

• BlastMovementTechnology⎼ oremovementmeasured&mining

polygonsadjusted

• BlastingFragmentation⎼ improveddig-abilityresultsinimproved

cutcompliance

• BondWorkIndex(BWI)⎼ BWImapped&fundamentaltoblendplan

• GeotechnicalFocus⎼ reducesoperatingrisk& thereforenegative

variancestoplan

DroppingBlastMovementMonitoring(BMM)Ballinhole

BMMReading

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• Nkran

– NewCSAresourceimplementedinApril/May

– Positiveresource&reservereconciliation– validatingNkran MRE• +7%variancebetweenthegradecontroltoresourcemodels• +1%variancebetweenthemillfeedactualandreserve model

– Cut2pushbackprogressingaccordingtoplan

• Akwasiso

– CommencedmininginJune

– Extensiveartisanalworkings=>resultedin1MtreductioninoxideorefromLoM mine

– Auouncescontainedinhardergraniteore,restrictingthroughputratesduetohighBWIIndex=>impactingproductionfor2017&2018

• DynamiteHill

– 2.8Mtore,with500ktoxides@1.5g/t

– Gradecontroldrillingconfirmingtheresourcemodel

– Yieldingore,rampinguptofullproductionratesof~70,000tpminQ12018

– Flexibilitytoincreaseminingrates

• Miningflexibilitysignificantlyimprovedwith4oressourcesnowavailable

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2017MININGPERFORMANCE

• VolumetricupgradestoprocessingplantinstalledinQ22017

– Completedaheadofschedule&withinbudget

– Plantdesign:9,000tpdfresh(3Mtpa)&6,000tpdoxide(2Mtpa)

– Nowachieving+14,000tpdwithreducedoxideblend

– Goldrecoverymaintainedat94%despitehigherthroughput

PerformanceCatalysts

• InstallingupgradedmillmotorsinQ12018deliveringadditionalmillingenergy(+700kW)

• Optimizingcommunition circuit

– Reductionin2018oxides=>feedinghigherquantitiesofharderfreshore

– Currentthroughputbasedonhighercostmobilecrushingunits

– SecondarycrushertobeinstalledinQ22018 (capex~US$4m)&commissionedinQ32018,optimizingfeedsizedistributiontoSAGmill,improvingmillingperformanceonharderrockblend

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2017PROCESSINGPERFORMANCE

2018MINEPLAN

• Implications

! Alloresourcesrequiredtomeettheplantfeedrequirement

! StockpilefeedrequiredtooffsetAkwasisooxideloss&Nkranstrip=>highercosts

! Millfeedgradewillrepresentblendoforesourcegrades

! BWI– granitesblendedatlimitedratesintofeed

>

• MultipleOreSources

– Nkran(loweroreyieldsinH12018)

– Akwasiso(granites– highBWIrestrictingthroughput)

– DynamiteHill(2018predominantlyoxideore)

– Stockpiles(~3Mt@1.1g/t)

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• P5Mmineplanbeingrefocused:

– Reducestripratio

– OptimizeAISC

– MaintainingP10Moptionality

– Reviewingpitsequence,oretypecut-offgrades&feedmaterialtypeblendratios

– Willbeapprovedoncefundingfinalisedwithlenders=>targetingQ12018

• P5M includesdevelopmentoflargeEsaasedeposit:

– Reserves:62Mt@1.46g/tfor2.9Mozgold

– 37%oxides:63%fresh

– 4kmlongstrike=>miningflexibilitywithmultiplefaces

– Conveyorrouteandminepermitted

– ConstructionofconveyorwillbeapprovedatBoard’sdiscretion

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P5M:11PITOPTIMIZATION

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MIRADANI:HIGHLYPROSPECTIVENEAR-MINEEXPLORATION

• Acquisitionoflarge,highlyprospectiveexplorationground

• Onexistingmininglease=>enablesaccelerated production

• 44historictrenchescovering4,479moflengthat30mintervalsovera3.2kmstrikelength

• 3drilltargetsidentified:Miradani,CentralZone&Tontokrom

– Multiplemineralizedlenses,individuallyupto37minwidth

• PhasedRC&DDdrillingcampaigntocommenceinQ42017

• TargetingmaidenresourceinH22018

MIRADANI TRENDTARGETS

ThreeclearwalkuptargetareasThetwohighestprioritytargetswillbetestedinthePhase1drillingprogram

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580mstriketobeultimatelytested320mcoretobeinitiallytestedinPhase1Cumulativewidthofmineralizationupto>60minmultiplezones

Cumulativewidthofmineralization>80minmultiplezones400mcoretobeinitiallytestedinPhase1650mstriketobeultimatelytested

ACCESS TO WORK & FI

NAN

CE

IMPRO

VED LIVIN

G STANDARDS

ACCE

SS

TO EDUCATION

VOCATIONAL TRAIN

ING

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DELIVERING AN OPPORTUNITY CYCLE THROUGH PARTNERSHIPS TO STRENGTHEN AND ENHANCE OUR SOCIAL LICENCE TO OPERATE

COMMUNITY

CODEandAsanko“ReadingGhana”program

Asanko-GIZvocationalskillsdevelopmentprogram

ObotanCooperativeCreditUnion(OCCU)

Asanko healthfacilitiessupport

program

• Strong,respectfulrelationshipskeytosuccess

• Creatingalegacybeyondthelifeofthemine

• Focusonhealth,financialliteracy,skillstraining

• 2016CSRwinneroftheGhanaMiningIndustryAwardsforObotan CooperativeCreditUnion

• PartnershipwithCODE’s“ReadingGhana”toimproveliteracyinschools

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ARESPONSIBLEMINER

TheObotan CooperativeCreditUnion,inpartnershipwithGIZ“ReadingGhana”ProjectwithCanada’sCODE

TheAsanko OpportunityCycle

RedKiteDebtFacility

• No covenants,nohedging,nocashsweep,norestrictionsonM&A

• Currentlyrepayinginterestonly,optiontoextend capitalrepaymentholidayby1yeartoJuly1,2019(ifexercisedbyMarch31,2018)

• Goldoff-takeatspotgoldpriceswith9daypricingwindow

• IndiscussionsregardingbroaderfundingsolutionforP5MOptimizedPlan,expectedtoconcludeinQ12018

• YTDproduction:153,496oz@AISCUS$955/oz

• Strongcashflow– Operatingcashflowbeforeworkingcapital~US$87m

• Positiveearningsforthreeconsecutivequarters

– YTDEBITDAofUS$85m

– YTDEPSofUS$0.06/share

• US$64.3mincashandimmediatelyconvertibleworkingcapital,asatendofQ32017

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2017YTDFINANCIALPERFORMANCE

CashflowfromoperationsbeforeworkingcapitalchangesUS$,thousands

24,000

25,000

26,000

27,000

28,000

29,000

30,000

31,000

32,000

33,000

Q1'17 Q2'17 Q3'17

Trailing5 quarteraverage~US$29m

QuarterlyEBITDAUS$,thousands

28,479 25,276 31,293

Q1'17 Q2'17 Q3'17

Trailing5quarteraverage~US$28m

• Operations

– Operationalfocusareas:

• Finetuningresource&reserveconversion&miningsystems

• Continuedefficiencyimprovements

• Unitcostsofproduction

• Exploration

– Midras SouthMaidenResourceinQ12018

– Miradani drillinghascommenced,earlyresultsexpectedinQ12018

• 2018Guidance

– 2018productionexpectedtobesimilarto2017

– 2018costguidanceformspartofP5MOptimizedPlan

• P5MOptimizationPlan

• Progressingwell,intandemwithfundingsolution

• TargetingQ1201814

2018OUTLOOK

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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

QualifiedPersonsStatement:BenjaminGelber (P.Geo),Manager:GenerativeExplorationandFrederikFourie (Pr.Eng),SeniorMiningEngineeraretheAsanko QualifiedPersons,asdefinedbyCanadianNationalInstrument43-101(StandardsofMineralDisclosure),whohaveapprovedthepreparationofthetechnicalcontentsofthispresentation.

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