Q22017OPERATING&FINANCIALRESULTSConferenceCall&WebcastPresentation- 3rd August2017

This presentation has been prepared by Asanko Gold Inc. (the “Company”) solelyfor informational purposes. This presentation is the sole responsibility of theCompany. Information contained herein does not purport to be complete and issubject to certain qualifications and assumptions and should not be relied uponfor the purposes of making an investment in the securities or entering into anytransaction. The information and opinions contained in this presentation areprovided as at the date of this presentation and are subject to change withoutnotice and, 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 on the meritsof any securities referred to in the presentation, nor has it passed on or reviewedthe presentation.Cautionary note to United States investors - the information contained in thepresentation uses terms that comply with reporting standards in Canada andcertain estimates are made in accordance with National Instrument 43-101–Standards for Disclosure for Mineral Projects (“NI 43-101”). The presentation usesthe terms “other resources”, “measured”, “indicated” and “inferred” resources.United States investors are advised that, while such terms are recognized andrequired by Canadian securities laws, the SEC does not recognize them. UnderUnited States standards, mineralization may not be classified as “ore” or a“reserve” unless the determination has been made that the mineralization couldbe economically and legally produced or extracted at the time the reservedetermination is made. United States investors are cautioned not to assume thatall or any part of measured or indicated resources will ever be converted intoreserves. Further, “inferred resources” have a great amount of uncertainty as totheir existence and as to whether they can be mined legally or economically. Itcannot be assumed that all or any part of the “inferred resources” will ever beupgraded to a higher category. Therefore, United States investors are alsocautioned not to assume that all or any part of the inferred resources exist, orthat they can be mined legally or economically.Under Canadian rules, estimates of “inferred resources” may not form the basis offeasibility or pre-feasibility studies except in limited cases. Disclosure of“contained ounces” is permitted disclosure under Canadian regulations; however,the United States 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, mineralresources and mineral reserves contained in the presentation, may not becomparable to information made public by United States companies subject to thereporting and disclosure requirements of the SEC.Some of the statements contained in this presentation may contain “forward-lookingstatements”. All statements in this presentation, other than statements of historicalfacts, that address estimated mineral resource and reserve quantities, grades andcontained metal, and the timing of further exploration and development of theCompany’s projects, are forward-looking statements. There can be no assurance thatthe plans, 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 and assumptions,including those that are discussed in the Company’s Annual Information Form. Someof the factors which could affect future results and could cause results to differmaterially from those expressed in the forward looking statements and informationcontained herein include: market prices, exploitation and exploration successes,continued availability of capital and financing and general economic, market,business or governmental conditions. Forward looking statements and informationare based on the beliefs, estimates and opinions of management at the date thestatements are made and are subject to change without notice. The Companydisclaims any intention to update or revise any forward-looking statements whetheras a result of new information, future events, or otherwise except as required byapplicable law. The Company also cautions potential investors that mineral resourcesthat are not material reserves do not have demonstrated economic viability.For a more comprehensive discussion of the risks faced by the Company, and whichmay cause the actual financial results, performance or achievements of theCompany to be materially different from the Company’s estimated future results,performance or achievements expressed or implied by forward-looking informationor forward-looking statements, please refer to the Company’s latest AnnualInformation Form, filed with Canadian securities regulatory authorities atwww.sedar.com, and filed under Form 40-F with the SEC at www.sec.gov/edgar. Therisks described in the Annual Information Form (filed and viewable onwww.sedar.com and www.sec.gov/edgar, and available upon request from theCompany) are hereby incorporated by reference into this presentation.

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FORWARDLOOKINGINFORMATION

• Quarterlyproductionof46,017oz

• Cut2oftheNkranpushbackcontinued

• ReconciliationofNkranMRE&gradecontrolmodelswithin2%duringlast3months

• P5Mvolumetricupgradestoincreaseplantthroughputto5Mtpacompletedaheadofscheduleandwithinbudget

• Akwasiso miningcommenced– yieldingloweroxidesthanexpected

• Guidancerevised:

• Production:205,000– 225,000oz(Previous:230,000– 240,000oz)

• AISC:US$920– US$960/oz (Previous:US$880– US$920/oz)

• Goldsalesof48,461ozataveragerealizedpriceUS$1,238/oz forUS$60mingoldrevenue

• AISCdecreasedby3%Q-QtoUS$930/oz

• ~US$34minoperatingcashflow

• PositiveNetIncomeofUS$1.2morUS$0.00/share– inlinewithconsensusofUS$(0.01/share)1

• US$59.1mincashandimmediatelyconvertibleworkingcapital

• DFSpublished,confirmingrobustexpansionprojectsandstrongcashgeneratingcapability

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Q22017HIGHLIGHTS

Industry-leadingsafetyrecordmaintained:

Ø Nolosttimeinjuries(“LTI”)reportedforthequarter

Ø Rolling12monthLTIFRof0.20

HEALTH &SAFETY

QuarterlyGoldProductionandSalesOunces

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Q3'16 Q4'16 Q1'17 Q2'17

GoldProduced GoldSold GoldProductionDesign

1– BasedonquarterlyEPSestimatesfrom7outof9analystscoveringAsanko,reportsfromJune5toJuly26,2017

357

337

439

468

300

320

340

360

380

400

420

440

460

480

Q3'16 Q4'16 Q1'17 Q2'17

-

200

400

600

800

1,000

1,200

1,400

Q3'16 Q4'16 Q1'17 Q2'17

Oremined Oremilled Milldesign

• Oreminingbroadlyinlinewithmillingrates,averaging350,00tpm⎼ Averageminedgradeof1.5g/tduetominingoflowgradecentral

sandstones

⎼ Lowergradesinlinewithpreviousguidance

⎼ StripratioinlinewithLoM ratioof6.0:1,includeswesternwallpushbackandcommencementofminingoperationsatAkwasiso

• Nkran cut2pushbackstarted,commencingwithwesternwallsequence

– Westwallslumpareamaterial(1.1Mt)movedperSRKrecommendations

– Requireddesignelevationreachedonwesternwall

– Wasteminingrelocatedtosoutheastsectionforremainderof2017

• PitdevelopmentatAkwasiso commenced

– Levelsofpreviouslydisturbedmaterialdeeperthanoriginallyexpected

– Feweroxidetonnesavailableforprocessing

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Q2MININGPERFORMANCE

AGMKeyMiningStatistics Units Q22017

Q12017

Q42016

Q32016

Totaltonnes mined ‘000t 7,506 6,637 7,231 7,332Wastetonnes mined ‘000t 6,457 5,620 5,931 6,003Oretonnes mined ‘000t 1,049 1,017 1,300 1,326Stripratio W:O 6.2:1 5.5:1 4.6:1 4.5:1Gold GradeMined g/t 1.5 1.8 2.0 1.9Mining cost $/t 3.22 3.89 3.88 3.88

MiningandMillingTonnes,thousands

CashminingcostperouncedeliveredtocrusherUS$perounce

CostIncrease:• ΔGrade=US$76/oz ↑• ΔStripratio=US$45/oz ↑• ΔCostpertonne=US$92/oz ↓• NetimpactofUS$29/oz ↑

MillDesign=750Kt

• Phase1:NkranResourceReconciliation

– NewCSAResourcemodel&reconciliationmethodologyimplementedbetweenFebruary– May2017

– Phase1designedtoconfirmaccuracyofupdatedMRE

– May– Julyreconciliationconfirmsclosecorrelationtowithin2%betweenMRE&gradecontrolmodel

– ExercisevalidatesrecentlyupdatedMREandbasisofLoM plan

• Phase2:NkranReserveReconciliation

– Designedtoreconcileactualminingpracticestoreservemodel

• Blastmovementtechnologyusedtoidentifyorelossesanddilution

• Blastmovementresultinginhigherthanplanneddilutionandorelosses

• Technologyenablesadjustmentstodigplanstooptimizegoldextraction

• Detailedimplementationoftechnologyunderway

• Programwilltakesometimeembed

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NKRANMRE PHASEDRECONCILIATIONPROCESS

Exampleoforelossesanddilutionasaconsequenceofblastmovement

195185

208

236

150

160

170

180

190

200

210

220

230

240

250

Q3'16 Q4'16 Q1'17 Q2'17

• 94%recoveryand887,000tprocessedatfeedgradeof1.7g/t

• 46,017ozproducedduringQ2(104,204ozYTD)

• CostPertonneofprocessingimprovedQ-Q

• P5Mvolumetricupgradestoincreaseplantthroughputto5Mtpacompletedaheadofscheduleandwithinbudget

⎼ LowerquarterlyprocessingvolumeduetoplantdowntimeforP5Mupgradetie-ins

⎼ Plantsuccessfullyrunat625tonnesperhour(5mtpaequivalent)oncampaignbasis,commissioningtocontinuethroughQ32017

• P5MrecoveryupgradesdueinQ42017⎼ IntensiveLeachReactorandKnelson Concentratorexpectedtobefully

installedandcommissionedinQ4

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Q2PROCESSINGPERFORMANCE

KeyProductionStatistics Units Q2

2017Q12017

Q42016

Q32016

Ore milled ‘000t 887 908 901 852

Gold feed grade g/t 1.7 2.0 2.1 2.1

Gold recovery % 94 95 94 94

Gold produced oz 46,017 58,187 57,178 53,986

Processing cost $/t 12.80 13.36 12.80 13.25

CashprocessingcostperouncedeliveredtocrusherUS$perounce

MillPerformanceUS$perounce,%denoterecoveries

CostIncrease:• ΔGrade=US$39/oz ↑• ΔProcessingcost/t=US$9/oz ↓• CombinedimpactofUS$30/oz ↑

g/t

94% 94% 95% 94%

-

0.5

1.0

1.5

2.0

2.5

-100200300400500600700800900

1,000

Q3'16 Q4'16 Q1'17 Q2'17

Oremilled Milldesign Goldfeedgrade

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Q2COSTPERFORMANCE

• Positiveunitoperatingcostperformanceforthequarterdespitelowergoldproduction,lowergradesminedandprocessed

• Miningunitcostslowerduetooxideminingofwastepushback

• AISCUS$930/oz,adecreaseof3%Q-Q

• MarginincreasedtoUS$308/oz inQ2vsUS$243/oz inQ12017

US$perounce Q22017 Q12017 Q42016 Q32016

Operatingcashcosts 572 578 524 544

Royalties 62 60 60 65

Totalcashcosts 634 638 584 609

Corporatecosts 61 39 96 31

Sustainingcapex 21 65 27 25

Deferredstripping 211 211 184 240Reclamationcostaccretion 3 3 1 1

AISC 930 956 893 906

GoldProduction&AISCOunces US$perounce

Costbuild-upUS$perounce

906 893956 930

-

200

400

600

800

1,000

1,200

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Q3'16 Q4'16 Q1'17 Q2'17

-

200

400

600

800

1,000

1,200

Q3'16 Q4'16 Q1'17 Q2'17

TotalCashCosts Corporate

Sustainingcapex Deferredstripping

Reclamationcostaccretion

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INCOMESTATEMENT

(US$,thousandsexcept fordollarpershareamountsand%)

Q22017

Q12017

Q42016

Q32016

Revenue, netofroyalties 57,182 66,054 66,789 67,694

Totalcostofsales (42,726) (50,929) (53,367) (47,456)

Grossprofit 14,456 15,125 13,422 20,508

Grossprofit% 25% 25% 20% 30%

Writeoffof deferredstrippingasset 0 0 (7,123) 0

Incomefrommineoperations 14,456 15,125 6,299 20,508

Exploration andevaluationexpenditures (80) (186) (383) (188)

Generalandadministrativeexpenses (3,388) (2,800) (5,683) (1,785)

Income(loss)beforetaxes 10,988 12,139 233 18,535

Otherincome (expenses) (4,300) (4,430) (6,604) (3,113)

Incometaxrecovery(expense) (5,479) 103 (2,106) (3,766)

Netincome(loss)fortheperiod 1,209 7,812 (8,477) 11,656

Basicanddilutedincome(loss)per share $0.00 $0.04 ($0.04) $0.06

EBITDA1 25,276 28,479 21,466 36,818

PositiveEarningsfortwoconsecutivequarters

• Goldsalesof48,461oz(Q1:57,812oz)

• GoldpricerealizedincreasedslightlytoUS$1,238/oz(Q1:$1,199/oz)

• AverageEBITDAofUS$28mforpastfourquarters

• Q2EBITDAofUS$25.3m

• Cashtaxesarezero.EPSbeforenon-cashincometaxesisUS$0.03/share

• EPSYTDofUS$0.04/share

1EBITDAiscalculatedasIncome(Loss)fromoperationsadjustedforgains/lossesinforeignexchange,gains/lossesinderivativesandfordepreciationanddepletion.

QuarterlyEBITDAUS$,thousands

36,818

21,466

28,47925,276

Q3'16 Q4'16 Q1'17 Q2'17

Trailingfourquarteraverage~US$28m

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CASHFLOWFROMOPERATIONS(US$,thousands) Q22017 Q12017 Q42016 Q3 2016

Cash BalanceStart 48,206 59,675 57,556 34,470

OperatingActivities:

Operatingcashflowbeforeworkingcapitalchanges 26,681 28,761 23,994 36,139

Cashprovidedbyoperatingactivity 33,745 14,382 23,353 33,122

InvestingActivities:

Expenditure onMineralPropertiesandPPE

Growth (11,729) (10,094) (4,208) (17,699)

Sustainingcapital (997) (3,731) (2,960) (1,378)

Wastestripping (10,987) (12,225) (10,785) (13,029)

Sub-Total (23,713) (26,050) (17,953) (32,106)

VATrefundrelatedtodevelopment 0 0 0 20,307

OtherInvestingActivities 105 76 12 128

Total InvestingActivities (23,608) (25,974) (17,941) (11,671)

Financing Activity (3,660) 212 (2,929) 1,776

ForeignExchangeImpact 235 (89) (364) (141)

CashBalance Close 54,918 48,206 59,675 57,556

Increase(Decrease) 6,712 (11,469) 2,119 23,806

Operationscontinuetogeneratepositivec/flows

• Operationsgenerated~US$34m,US$27mbeforeworkingcapitalmovements

• Trailing4quarteraverageofUS$29minoperatingcashflowb/f WC(US$26mafterWC)

• Minetomoneycycleimprovedto5to10days(previously10to14)

• NetVATinflowof~US$5mafterrefundof~US$12mcollectedinquarter,inlinewithexpectations

CashflowfromoperationsbeforeworkingcapitalchangesUS$,thousands

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q3'16 Q4'16 Q1'17 Q2'17

Trailingfourquarteraverage~US$29m

• 2017productionguidancerevisedto205,000to225,000oz,anaveragedecreaseof9%

– YTDproduction:104,204oz

• 2017AISCguidancerevisedtoUS$920/oz toUS$960/oz,anaverageincreaseof5%

– YTDAISC:US$945/oz

• Guidancereviseddueto:

– DeeperlevelsofartisanalworkingsatAkwasiso resultinginlessoxideorebeingavailabletobeprocessed

– OrelossanddilutionmetricsatNkran identifiedviauseofblastmovementtechnology(‘BMT”)

• CompanyfocusforH2:

– EmbeddingofBMTprocessacrossallminingoperations

– Continueimplementationofreconciliationprocessthroughoutmine-to-metalvaluechain

– Focusonoperationalefficiencies,costsandcashoptimization

– GrowthcapitalspendingofUS$23m- H22017

• P5MCapex- US$15m

• Conveyorearthworks&othercapital– US$8m

10

2017GUIDANCEUPDATE

IllustrativeAISCMargin OriginalGuidance

RevisedGuidance

Low High Low High

GoldPrice $/oz 1,200 1,200 1,250 1,250

AISC $/oz 920 880 960 920

AISCMarginperOunce $/oz 280 320 290 330

OuncesProduced kozs 230 240 205 225

TotalAISCMargin US$m 64 77 59 74

Changeinguidance US$m 5 3

Changeinguidance % 8 4

CommentsonIllustrativeAISCmarginimpacts

• Illustratively,AISCmarginperouncehasbeenreducedby~3%forboththehighandlowendofguidance

• DecreaseinAISCmarginoffsetbyimprovedexpectationsongoldpricetoUS$1,250/oz

• Illustratively,thisisadownwardrevisionofAISCmarginofbetweenUS$3m- US$5m

APPENDIX

Non-GAAPPerformanceMeasures

• TheCompanyhasincludedcertainnon-GAAPperformancemeasuresinthispressrelease,includingadjustednetincome(loss),adjustednetincome(loss)pershare,operatingcashcosts,totalcashcostsandall-insustainingcostsperounceofgoldsold.Thesenon-GAAPperformancemeasuresdonothaveanystandardizedmeaning.Accordingly,theseperformancemeasuresareintendedtoprovideadditionalinformationandshouldnotbeconsideredinisolationorasasubstituteformeasuresofperformancepreparedinaccordancewithGAAP.

• OperatingCashCostsperounceandTotalCashCostsperounce

Operatingcashcostsarereflectiveofthecostofproduction,adjustedforshare-basedpayments,by-productrevenueandnon-cashinventorymovementsforeachounceofgoldsold.Totalcashcostsincludeproductionroyaltiesof5%.

• All-inSustainingCostsPerGoldOunce

TheCompanyhasadoptedthereportingof“all-insustainingcostspergoldounce”(“AISC”)aspertheWorldGoldCouncil’sguidance.AISCincludetotalcashcosts,corporateoverheadexpenses,sustainingcapitalexpenditure,capitalizedstrippingcostsandreclamationcostaccretionforeachounceofgoldsold.

• EarningsbeforeTaxes,Interest,Depreciation,DepletionandAmortization(“EBITDA”)

TheCompanyhasprovidedthereportingof“earningsbeforetaxes,interest,depreciation,depletionandamortization”(“EBITDA”)foradditionalinformation.EBTIDAwascalculatedastheincomeorlossbeforetaxesadjustedforgainsorlossesassociatedwithforeignexchange,gainsorlossesassociatedwithderivativesanddepreciationanddepletion.

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NOTES

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

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