PRODUCER STATUS ACHIEVED

InvestorPresenta,on

February2016

ThisdocumenthasbeenpreparedbyAsankoGoldInc.(the“Company”)solelyforinforma?onal purposes. This presenta?on is the sole responsibility of thecompany. Informa?oncontainedhereindoesnotpurport tobecompleteand issubject tocertainqualifica?onsandassump?onsandshouldnotberelieduponfor thepurposesofmakingan investment in the securi?esorentering intoanytransac?on. The informa?on and opinions contained in the presenta?on areprovided as at thedateof this presenta?onand are subject to changewithoutno?ce and, in furnishing the presenta?on, the company does not undertake oragree to any obliga?on to provide recipients with access to any addi?onalinforma?onortoupdateorcorrectthepresenta?on.Nosecuri?escommissionorsimilarregulatoryauthorityhaspassedonthemeritsofanysecuri?esreferredtointhepresenta?on,norhasitpassedonorreviewedthe presenta?on. Cau?onary note to United States investors - the informa?oncontainedinthepresenta?onusestermsthatcomplywithrepor?ngstandardsinCanadaandcertaines?matesaremade inaccordancewithNa?onal Instrument43-101 (“NI 43-101”) - standards for disclosure for mineral projects. Thepresenta?on uses the terms “other resources”, “measured”, “indicated” and“inferred” resources.UnitedStates investorsareadvised that,while such termsare recognized and required by Canadian securi?es laws, the SEC does notrecognize them. Under United States standards, mineraliza?on may not beclassifiedas “ore”or a “reserve”unless thedetermina?onhasbeenmade thatthemineraliza?oncouldbeeconomicallyandlegallyproducedorextractedatthe?me the reserve determina?on ismade. United States investors are cau?onednottoassumethatalloranypartofmeasuredorindicatedresourceswilleverbeconverted into reserves. Further, “inferred resources” have a great amount ofuncertaintyastotheirexistenceandastowhethertheycanbeminedlegallyoreconomically. It cannot be assumed that all or any part of the “inferredresources”willeverbeupgraded toahighercategory.Therefore,UnitedStatesinvestors are also cau?oned not to assume that all or any part of the inferredresourcesexist,orthattheycanbeminedlegallyoreconomically.

UnderCanadianrules,es?matesof“inferredresources”maynotformthebasisoffeasibilityorpre-feasibilitystudiesexceptinlimitedcases.Disclosureof“containedounces”ispermiTeddisclosureunderCanadianregula?ons;however,theSecuri?esExchangeCommission (SEC)normallyonlypermits issuers to reportmineraliza?onthatdoesnotcons?tute“reserves”asinplacetonnageandgradewithoutreferenceto unit measures. Accordingly, informa?on concerning descrip?ons ofmineraliza?on, mineral resources and mineral reserves contained in thepresenta?on,maynotbecomparabletoinforma?onmadepublicbyUnitedStatescompaniessubjecttotherepor?nganddisclosurerequirementsoftheSEC.Thepresenta?onmaycontain“forwardlookingstatements”withinthemeaningofthe United States private securi?es li?ga?on reform act of 1995 and “forwardlooking informa?on”withthemeaningofapplicableCanadiansecuri?es legisla?onconcerning,amongotherthings,thesizeandthegrowthofthecompany’smineralresourcesandthe?mingoffurtherexplora?onanddevelopmentofthecompany’sprojects.Therecanbenoassurancethattheplans,inten?onsorexpecta?onsuponwhich these forward looking statements and informa?on are based will occur.“Forward looking statements” and “forward looking informa?on” are subject to avarietyofrisks,uncertain?esandassump?ons,includingthosethatarediscussedinthe company’s annual informa?on form. Some of the factors which could affectfuture results and could cause results todiffermaterially from thoseexpressed inthe forward looking statements and informa?on containedherein include:marketprices, exploita?onandexplora?on successes, con?nuedavailabilityof capital andfinancing and general economic, market, business or governmental condi?ons.Forwardlookingstatementsandinforma?onarebasedonthebeliefs,es?matesandopinionsofmanagement at thedate the statements aremadeandare subject tochangewithoutno?ce.TheCompanydoesnotundertaketoupdateforwardlookingstatementsorinforma?onifmanagementbelieves,es?matesforwardoropinionsorothercircumstancesshouldchange.TheCompanyalsocau?onspoten?al investorsthat mineral resources that are not material reserves do not have demonstratedeconomicviability.

2

FORWARD LOOKING INFORMATION

Phase2OrganicGrowth2.73Moz@1.41g/t10yrLoM:411,000oz/yr;AISC<US$800/oz

ASANKO AT A GLANCE

•  Phase1inLowestQuar,leAISC2.52Moz@2.15g/t+12yrLoM:190,000oz/yr;AISCUS$781/oz

NowAGoldProducerConstruc?onwithinbudget&schedule1stGold-Jan2016CommercialProduc?on–Q22016

TeamtoDeliverAfricanexper?seBuildersandoperators

StrongBalanceSheetUS$150mflexibledebtwithnocovenantsUS$40mcashbuffertoposi?vecashflow

█  Phase1█  Phase2

WorldClassAsset

3

Resources7.9Moz

Reserves5.2Moz

•  22.7Mtwaste&0.7MtoremineduptoendJanuary2016

•  Peripheriesoforebodybeingminedwithenoughworkingfacesavailableforcommercialopera?ons

•  GCdrillingkeytominimizingdilu?onanddevelopingthedetailedmineplan:

•  Beingdoneona5mx10mgridthroughupto6benches

•  1,942holesfor59,000mdrilledtodate

•  HascurrentlydefineddetailedmineplanstoJuly2016

4

NKRAN MINING OPERATIONS

VIEW OF ROM PAD, CRUSHER AND CONVEYOR

5

6

PANORAMA OF PROCESSING FACILITY

SAG&BALLMILLS–GRAVITY–PRE-LEACHTHICKENER–CIL–ELUTION–GOLDROOM–TAILINGS✔ALLOPERATING

7

ENTIRE PLANT COMMISSIONED & 1st GOLD POURED

wIncludes~7,000ozloadedupinprocessingcircuit

•  BalancesheetstrengthenedinDec2015withUS$20mextensiontoexis?ngdebtfacilityandcancella?onofexpensiveover-runfacility

•  Ampleworkingcapitalavailableforcommissioning&ramp-up

•  Flexibledebtfinancingatspotgoldprices,withnopressureoncommissioning?metable=>Nocovenants,nohedging,nocashsweep,norestric?onsonM&A

•  ±US$9.5mfirstdebtrepaymentdueinQ32016,back-endedamor?za?onschedule

8

ROBUST CASH FLOWS AND BALANCE SHEET

SourcesandUsestoCashFlowPosi,ve31Dec2015to1Apr2016 US$m

RemainingProjectCapex 57.0

AccountsPayable 9.5

WorkingCapitallesspre-produc?onrevenue(incl.VATouwlow)w

8.2

CorporateCosts 1.9

TOTALREMAININGUSES 76.6

CashonHand 115.9

TOTALREMAININGSOURCES 115.9

CASHBUFFER 39.30

100

200

300

400

500

600

700

800

900

1,000

US$m

illions

MiningUS$348

ProcessUS$209

MineG&AUS$83

§ Cashcost:US$645§ On-siteAISC:US$729§ TotalAISC:US$781

RefiningUS$4

Royal?esUS$65

SustainingcapexUS$19

FinancingcostsUS$17

CorporateG&AUS$35

LOWESTQUARTILELOMAISCOFUS$781/oz*

*BasedonPhase1Defini=veProjectPlan@US$1,300/oz

§ US$1,100/oz § US$1,200/oz § US$1,300/oz

CUMULATIVEPROJECTCASHFLOWS–PHASE1*

•  Earlyindica?onsmillshavecapacityinexcessof3Mtpadesign

•  CILcapacitycanbeexpandedfrom3Mtpato3.8Mtpaforminimalcapital

•  Short-termstrategyistoiden?fyanddrilloutfurtheroxideresourceswithinaneconomictruckingradius

•  ExtensiveVTEMsurvey,completedandinterpretedduringQ42015,hasgenerated20prioritytargets

•  Keyresultsincludeatotallyre-interpretedlithostructuralmodel

9

GROWTH THROUGH DISCOVERY OF NEAR-MINE OXIDES

MagnifiedareasurroundingtheNkran pit

Nkran

Greywackes

Siltstones

Sandstones

Granite intrusions

Esaase

Nkran

DynamiteHillAsuadai

Abore

Adubiaso

Targe,ngIncrementalOunces@MarginalCostofProduc,on

10

PHASE 2: CAPITAL EFFICIENT GROWTH & OPTIONALITY

PFS–MAY2015(US$1,300/ozgold)(*atJuly1,2014) Phase1 Phase2

Expansion Phases1&2

Reserves (Mozg/t) 2.5@2.15 2.7@1.41 5.2@1.68

ProcessingCapacity (Mtpa) 3.0 5.8 8.8

Produc,on (avg./yr) 190,000oz 221,000oz 411,000oz

LifeofMineProduc,on 2.33Moz 2.35Moz 4.7Moz

LifeofMine (years) 12.4 10.5 12.5

AISC (US$/oz) 781 - 798

CapitalCost (US$m) 295 270 565

NPV*5% (US$m) 412 358 770

IRR*(aeertax) % 26 30 27

•  Pre-FeasibilityStudypublishedinMay2015

•  EsaaseReserves:37%oxide&63%fresh(containedgold)

•  DFSdueQ32016,exploringprocessingop?onality

•  Permiyng&stakeholderengagementhascommenced

ReseTlementProject

•  US$9mPar?alReseTlementofNkranVillage

•  88householdsrelocatedon?meinSept2015

•  Builtbythecommunityforthecommunity

•  Includeselectricity,streetligh?ng,potablewater&integratedsewerage

•  SeynganewstandardforreseTlementinGhana:reinforcingoursociallicensetooperate

•  CommiTedtominingresponsibly&inmannerthatleadstosustainabledevelopmentandtangiblebenefitsforallourstakeholders

•  Ac?velysupportAfricaMiningVision-PolicyofempoweringGhanaiansthrough:

•  Employment–97%Ghanaianswith54%fromlocalcommuni?esin2015

•  Economiccontribu?on*–US$±30min2015

•  MaximizingprocurementofGhanaiangoodsandservices

•  InvestmentinskillsdevelopmentthroughpartnershipwithGIZ

•  StakeholderengagementmanagedbyAccra-basedExecu?veandsite-basedteamofGhanaians

•  2016focusareasareeduca?on,literacy,voca?onaltraining&healthcare

•  Voca?onaltrainingcourseaccreditedtona?onallyrecognizedcer?ficate

11

RESPONSIBLE GOLD MINING

AerialViewwithNkranPitinBackground

*Employeesalariesandtaxesonly,excludesstandardopera?onalexpensespaidtoGhanaiancompanies/serviceproviders

$1.60

$1.80

$2.00

$2.20

$2.40

$2.60

11-Feb-15 11-May-15 11-Aug-15 11-Nov-15 11-Feb-16

•  Significantvaluedeliveredin2015throughachievingprojectmilestoneson?meandbudget

•  Firstproduc?onachieved=>furthersharepriceapprecia?onexpectedwithtransi?onfromdevelopertoproducerstatus

•  Commercialproduc?onexpectedduringQ22016

•  Phase2valueoverlookedbythemarket–opportunityforfurtherperformancein2016

12

BECOMING A SIGNIFICANT PRODUCER IN 2016

MineG&AUS$83

P/NAVComparison(AnalystConsensus)

AKGSharePrice(C$)

1.84x

1.15x

0.85x0.92x

0.81x 0.80x0.71x

0.64x0.56x

Randgold SEMAFO B2Gold Guyana Roxgold Torex Asanko TrueGold Pre?um

13

AlexBuckInvestorRela?ons

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

WayneDrierCorporateDevelopment

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

CONTACT US

Appendices

15

CORPORATE INFORMATION

Lis?ngs NYSE&TSX“AKG”

OrdinaryShares 197m

Op?ons&Warrants 18.8m

Cash(31/12/15) US$116m

VanEck&MarketVectorsETFTrust 8.3%

SunValleyGold 7.3%

IntactInvestmentManagement 4.5%

1832AssetManagement 4.2%

Taurus 3.9%

MackenzieInvestments 3.5%

M&GInvestmentManagement 2.7%

BeutelGoodman 2.7%

SproTAssetManagement 2.5%

Oppenheimer 1.8%

SharePricePerformanceCapitalStructure

Top10Ins,tu,onalShareholders*

MarketCapitaliza?on:~C$508m|~US$362m(asatFeb11,2016)

ShareholdersbyType ShareholdersbyGeography

USA38%

Canada25%Interna?onal37%

Management3%

Ins?tu?onal68%

Retail29%

*Source:Ipreo&PublicFilings

$1.60

$1.80

$2.00

$2.20

$2.40

$2.60

11-Feb-15 11-May-15 11-Aug-15 11-Nov-15 11-Feb-16

ResourcesMeasured&Indicated

ReservesProven&Probable

Tonnes(million)

Grade(g/t)

Ounces(million)

Tonnes(million)

Grade(g/t)

Ounces(million)

Nkran 39.04 2.34 2.94 31.2 2.21 2.20

Abore 4.98 1.65 0.27 2.1 1.77 0.11

Adubiaso 2.13 2.23 0.15 1.8 2.07 0.11

DynamiteHill 1.84 1.86 0.11 1.1 1.88 0.07

Asuadai 1.64 1.34 0.07 0.5 1.26 0.02

Phase1Total 49.63 2.22 3.54 36.7 2.15 2.52

Esaase 94.63 1.45 4.40 60.3 1.41 2.73

Phase1&2Total 144.26 1.71 7.94 97.0 1.68 5.25

16

AGM CONSOLIDATED MINERAL RESOURCES & RESERVES

Notes: Cut-offgradeusedforPhase1resources(Nkran,Adubiaso,Abore,DynamiteHill&Asuadai)was0.8g/tandthecut-offgradeusedforPhase2(Esaase)resourcewas0.6g/t.Duetoroundingdifferencessometotalsmaynotaddexactlywiththefigures.