Q32017OPERATING&FINANCIALRESULTSConferenceCall&WebcastPresentation- 3rd November2017

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

30,000

35,000

40,000

45,000

50,000

55,000

60,000

Q12017 Q2'17 Q3'17

GoldProduced GoldSold

• Quarterlyproductionof49,293oz@AISCofUS$975/oz

• Resource&reservereconciliationsdeliveringpositiveresults

• Mininginterventionsyieldingencouragingresults

• Executive&Sitemanagementteamsrestructuredtoalignbusinessfocusonoperational&costdelivery

• Goldsalesof50,241ozataveragerealizedpriceUS$1,265/ozforUS$63.7minrevenue

• MinegeneratedUS$40.7mincashfromoperatingactivities,up20%fromQ22017

• EBITDAofUS$31.3million,up24%fromQ2 2017

• NetIncomeattributabletocommonshareholdersofUS$4.7morUS$0.02/share,anincreaseofUS$4.0mfromQ22017

• US$64.3mincashandimmediatelyconvertibleworkingcapital

• Refiningagreementenhancementsimprovedmetaltomoneycycleto5daysreleasingworkingcapitalpreviouslytiedupinbullion

• AcquisitionofhighlyprospectiveMiradaniMiningLease,adjacenttotheAsankoGoldMineconcession

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Q32017HIGHLIGHTS

Industry-leadingsafetyrecordmaintained:

Ø Nolosttimeinjuries(“LTI”)reportedforthequarter

Ø Rolling12monthLTIFRof0.19

HEALTH &SAFETY

QuarterlyGoldProductionandSalesOunces

439

468

418

400

410

420

430

440

450

460

470

480

Q1'17 Q2'17 Q3'17

• Nkran oresourcedfrommultiplezones,gradesaveraged1.8g/t– BMTdeliveringsignificantimprovementsinorelossesanddilution– +8%GCtoResourcemodelreconciliationonouncebasis– +1%millfeedtoreservemodelreconciliationonouncebasis– Stillworkinprogresswithbeddingdownovercomingquarters

• Akwasiso operationsdelivered~20,000tpmoxideore@1.3g/t

• DynamiteHillpreparingforminingoperationstocommenceinQ42017

• MiningunitcostsatUS$3.35/tslightlyhigherthanQ22017duetoNkranCut2movingintomorecompetentmaterial

• Futuremineplanswillreflectaveragereservegradesfromallsourcesofore

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Q3MININGPERFORMANCE

AGMKeyMiningStatistics Units Q32017 Q22017 Q12017

Totaltonnes mined ‘000t 8,519 7,506 6,637

Wastetonnes mined ‘000t 7,339 6,457 5,620

Oretonnes mined ‘000t 1,180 1,049 1,017

Stripratio W:O 6.2:1 6.2:1 5.5:1

Gold GradeMined g/t 1.8 1.5 1.8

Mining cost $/t 3.35 3.22 3.89

CashminingcostperouncedeliveredtocrusherUS$perounce

208

236

212

180

190

200

210

220

230

240

Q1'17 Q2'17 Q3'17

• 862,000tprocessedatgradeof1.9g/ttoproduce49,293oz(153,596oz YTD)

• Processingimpactedby3millmotoroutages,resultingin11daysoflostmillingtime,equatingto+5,000ozlostgoldproduction

• Goldrecoverycontinuestoexceeddesignlevelat94%

• ProcessunitcostsatUS$12.94/tslightlyhigherthanQ22017duetocostsofmillmotorrepairsandlowermilledvolumes

• CommissioningoftheP5Mvolumetricupgradescompleted– Designof9,000tpdfresh(3Mtpa)and6,000tpdoxide(2Mtpa)ores

– Currentlyfeedinghigherquantityoffreshoretonneswithtemporarymobilecrushers

– Secondarycrushertobeinstalled&commissionedinQ22018

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Q3PROCESSINGPERFORMANCE

KeyProductionStatistics Units Q32017 Q22017 Q12017

Ore milled ‘000t 862 887 908

Gold feed grade g/t 1.9 1.7 2.0

Gold recovery % 94 94 95

Gold produced oz 49,293 46,017 58,187

Processing cost $/t 12.94 12.80 13.36

CashprocessingcostperouncedeliveredtocrusherUS$perounce

MillPerformanceTonnesthousands,%denoterecoveries g/t

95% 94% 94%

-

0.5

1.0

1.5

2.0

2.5

-100200300400500600700800900

1,000

Q1'17 Q2'17 Q3'17

Oremilled Goldfeedgrade

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Q3COSTPERFORMANCE

• Totalcashcosts- US$549/oz

• AlSC increasedslightly5%toUS$975/oz comparedtoQ22017– HighercapitalizedstrippingcostatNkran Cut2progressed

intomorecompetentrock

• AISCmargindecreasedslightlytoUS$290/oz

• YTDAISCUS$955/oz inlinewithfullyearguidance

• Costperformancenowakeyoperationalfocus

US$perounce Q32017 Q22017 Q12017

Operatingcashcosts 485 572 578

Royalties 64 62 60

Totalcashcosts 549 634 638

Corporatecosts 59 61 39

Sustainingcapex 31 21 65

Deferredstripping 333 211 211

Reclamationcostaccretion 3 3 3

AISC 975 930 956

GoldProduction&AISCOunces US$perounce

AISCbuild-upUS$perounce

956 930 975

-

200

400

600

800

1,000

1,200

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Q1'17 Q2'17 Q3'17

-

200

400

600

800

1,000

1,200

Q1'17 Q2'17 Q3'17TotalCashCosts CorporateSustainingcapex DeferredstrippingReclamationcostaccretion

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INCOMESTATEMENT

(US$,thousandsexcept fordollarpershare

amountsand%)

Q32017

Q22017

Q12017

Revenue, netofroyalties 60,528 57,182 66,054

Totalcostofsales (42,628) (42,726) (50,929)

Grossprofit 17,900 14,456 15,125

Grossprofit% 30% 25% 25%

Incomefrommineoperations 17,900 14,456 15,125

Exploration andevaluationexpenditures (197) (80) (186)

Generalandadministrative expenses (3,259) (3,388) (2,800)

Incomefromoperations 14,444 10,988 12,139

Otherexpenses (5,172) (4,300) (4,430)

Incometax(expense)recovery (3,671) (5,479) 103

Netincomefortheperiod 5,601 1,209 7,812

AttributabletoNCI (912) (522) -

Attributabletocommonshareholders 4,689 687 7,812

Basicanddilutedincomeper share $0.02 $0.00 $0.04

EBITDA1 31,293 25,276 28,479

PositiveEarningsforthreeconsecutivequarters

• Goldsalesof50,241oz(Q22017:48,461oz)

• GoldpricerealizedincreasedslightlytoUS$1,265oz(Q22017:$1,238/oz)

• EBITDAofUS$31.3m(Q22017:US$25.3m)

• OtherexpensescompriseinterestexpenseandFXmovements

• Cashtaxesarezero

• EPSbeforenon-cashincometaxesisUS$0.04/share

1EBITDAiscalculatedasIncome(Loss)fromoperationsadjustedforgains/lossesinforeign

exchange,gains/lossesinderivativesandfordepreciationanddepletion.

QuarterlyEBITDAUS$,thousands

28,479 25,276 31,293

Q1'17 Q2'17 Q3'17

Trailing5quarteraverage~US$28m

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CASHFLOW(US$,thousands) Q3 2017 Q22017 Q12017

Cash BalanceStart 54,918 48,206 59,675

OperatingActivities:

Operatingcashflowbeforeworkingcapitalchanges 31,725 26,681 28,761

Cashprovidedbyoperatingactivity 40,704 33,745 14,382

InvestingActivities:

Expenditure onMineralPropertiesandPPE

Growth (13,433) (11,729) (10,094)

Sustainingcapital (1,603) (997) (3,731)

Wastestripping (16,719) (10,987) (12,225)

Sub-Total (31,955) (23,713) (26,050)

OtherInvestingActivities 165 105 76

Total InvestingActivities (31,790) (23,608) (25,974)

Financing Activity (3,054) (3,660) 212

ForeignExchangeImpact 67 235 (89)

CashBalance Close 60,845 54,918 48,206

Increase(Decrease) 5,927 6,712 (11,469)

Operationscontinuetogeneratepositivec/flows

• Cashgeneratedfromoperationsof~US$41m,US$31mbeforeworkingcapitalmovements

• TrailingthreequarteraverageoperatingcashflowbeforeworkingcapitalchangesofUS$29m

• NetVATinflowof~US$7.5mafterrefundof~US$13.1mcollectedinquarter,inlinewithexpectations.

• HigherinvestmentinstrippingcostsassociatedwithdevelopmentofCut2atNkran

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

ScaleofArtisanalMiningattheMiradani Site

HistoricalPitExcavation

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ACQUISITIONOFMIRADANI EXPLORATIONTARGET• Situatedonanexistingmininglease

• 44historictrenchescovering3.2kmstrikelength

– Trenchsamplesassayedupto47,3g/tover1.5m

• 3drilltargetsidentified:Miradani,CentralZone&Tontokrom

– Multiplemineralizedlenses,individuallyupto37minwidth

• PhasedRC&DDdrillingcampaigntocommenceinQ42017

• TargetingmaidenresourceinH22018

• Operations

– Operationalfocusareas:

• Finetuningresource&reserveconversion&miningsystems

• Continuedefficiencyimprovements

• Unitcostsofproduction

– MiningatDynamiteHilltodeliveroxideoresinQ12018

– FromQ42017,millfeedgradesexpectedtoreflectaveragereserve&stockpilegrades

• Exploration

– Midras SouthMaidenResourceinQ12018

– CommencedrillingatMiradani - maidenresourceinH22018

• P5MOptimizationPlan

• GuidanceOnTrack

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

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

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OUTLOOK

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.EBTIDAwascalculatedastheincomeorlossfromoperationsadjustedforgainsorlossesassociatedwithforeignexchange,gainsorlossesassociatedwithderivativesanddepreciationanddepletion.

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NOTES

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

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