Q12017OPERATING&FINANCIALRESULTSConferenceCall&WebcastPresentation

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.

2

FORWARDLOOKINGINFORMATION

• Recordproductionof58,187oz- Inlinewithguidanceof230,000-240,000oz

• Goldsalesof57,812ozataveragerealizedpriceUS$1,199/oz

• PositiveNetIncomeofUS$7.8morUS$0.04/share

• Recordgoldrecoveryof95%- significantlyhigherthandesigndespitehighervolumes

• TailingsDamliftcommencedquarteraheadofplanduetoprocessingplantoperating~20%abovedesignfor2successivequarters

• SuccessfulinfilldrillingatAkwasiso:

• IndicatedResourcesup79%to322,500oz

• ProbableReservesup62%to214,500oz

• 26%highergrades

• PermitsreceivedforEsaase andoverlandconveyor

• UpdatedGlobalResource&ReserveStatementpublished(foryearendDec2016)

• 2nd Independentexpert– CSAGlobalcompilednewNkran&DynamiteHillresources– agreedwithEsaase

• GlobalReservesdecreasedby2%to4.8Moz,confirmingrobustLOMplan

3

Q12017HIGHLIGHTS

Industry-leadingsafetyrecordmaintained:

ØOnelosttimeinjury(“LTI”)reportedduringthequarter

Ø Rolling12monthLTIFRof0.21

HEALTH &SAFETY

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

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

Goldproduced Goldproductiondesign

QuarterlyGoldProduction

49%

6% 2%

• Oremininginlinewithmillingrates,averaging339,096tpmataverageminedgradeof1.8g/t

• Pertonneminingcostsinlinewithpreviousquarters.NewResourcemodelintroducedduringquarter=>lowergrades&higherstripratio

• Singlepitriskmitigationmeasuresinplace– SSR,dualramps&1.6Mtstrategicstockpileonsurface

• 2.7Mtorecontaining~166,000ozalreadypre-developed@Nkranwithoutanyfurtherstripping– whichwearedoingat+/-2milliontpm

• TogetherwithDynamiteHill(135,000oz)&Akwasiso(214,000oz)=>norisktoorefeedorincreasedproductionprofileuntilEsaasestartsin2019

4

Q1MININGPERFORMANCE

KeyMiningStatistics Units Q12017

Q42016

Q32016

Q22016

Totaltonnes mined ‘000t 6,637 7,231 7,332 7,059

Wastetonnes mined ‘000t 5,620 5,931 6,003 5,816

Oretonnes mined ‘000t 1,017 1,300 1,326 1,243

Stripratio W:O 5.5:1 4.6:1 4.5:1 4.7:1

Gold GradeMined g/t 1.8 2.0 1.9 1.5

Mining cost $/t 3.89 3.88 3.88 3.74

MiningandMillingTonnes,thousands

-

200

400

600

800

1,000

1,200

1,400

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

Oremilled Oremined Milldesign

452

357336

439

300

350

400

450

500

550

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

CashminingcostperouncedeliveredtocrusherUS$perounce

CostIncrease:• ΔGrade=US$44/oz• ΔStripratio=US$65/oz• CombinedimpactofUS$109/oz

MillDesign=750Kt

• Secondsuccessivequarteroperatingat20%abovedesigncapacity

• Record908,463tprocessedwithfeedgradeof2.05g/t

• Marchsetnewrecordwith315,000t(3.7Mtannualized)milled

• Record58,187ozproduced– inlinewith2017guidance

• Goldrecoveryof95%- 2.5%abovedesign– continuingtoexceedexpectationsdespitemateriallyhighervolumesprocessed

• >55%freegoldrecoveryviaKnelsonconcentratorskeytorecoveryimprovementsvsdesignof45%

• Pertonne processingcostsinlinewithplan

5

Q1PROCESSINGPERFORMANCE

KeyProductionStatistics Units Q1

2017Q42016

Q32016

Q22016

Ore milled ‘000t 908 901 852 702

Gold feed grade g/t 2.0 2.1 2.1 1.7

Gold recovery % 95 94 94 92

Gold produced oz 58,187 57,178 53,986 36,337

Processing cost $/t 13.36 12.80 13.25 13.79

CashprocessingcostperouncedeliveredtocrusherUS$perounce

258

195185

208

175185195205215225235245255265275

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

92%94%

94%95%

-

0.5

1.0

1.5

2.0

2.5

-

200

400

600

800

1,000

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

Oremilled Milldesign

Goldfeedgrade Recovery

MillPerformanceUS$perounce,%’sdenoterecoveries

CostIncrease:• ΔGrade=US$19/oz• ΔProcessingcost/t=US$9/oz• CombinedimpactofUS$28/oz

6

Q1COSTPERFORMANCE

• Operatingcashcostsimpactedby:

• ~1,600ozofin-circuitinventoryinQ416beingreleasedinQ1

• Fullmillre-line&maintenancecostsbroughtforward

• Tailingsdamliftbroughtforwardduetoplantoperatingabovedesigncapacityfor2quarters

• AISC- excludingtailingsliftsustainingcapex– ofUS$922/oz(upperendof2017annualizedguidanceisUS$920/oz)

• CostsexpectedtobelowerinH2withoxideminingcommencinginMayandincreasedmillthroughputsto~360,000tpmfromJuly

US$perounce Q12017 Q42016 Q32016 Q22016

Operatingcashcosts 578 524 544 785

Royalties 60 60 65 61

Totalcashcosts 638 584 609 846

Corporatecosts 39 96 31 48

Sustainingcapex 65 27 25 38

Deferredstripping 211 184 240 346Reclamationcostaccretion 3 1 1 1

AISC 956 893 906 1,280

GoldProduction&AISCOunces US$perounce

1,280

906 893 956

-

200

400

600

800

1,000

1,200

1,400

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

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

GoldProduced AISC

-

200

400

600

800

1,000

1,200

1,400

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

Totalcashcosts CorporatecostsSustainingcapex DeferredstrippingReclamationcostaccretion

Costbuild-upUS$perounce

7

INCOMESTATEMENT

(US$,thousandsexcept fordollarpershareamountsand%)

Q12017

Q42016

Q32016

Q22016

Revenue, netofroyalties 66,054 66,789 67,694 41,156

Totalcostofsales (50,929) (53,367) (47,456) (40,823)

Grossprofit 15,125 13,422 20,508 333

Grossprofit% 25% 20% 30% 1%

Writeoffof deferredstrippingasset 0 (7,123) 0 0

Incomefrommineoperations 15,125 6,299 20,508 333

Exploration andevaluationexpenditures (186) (383) (188) (226)

Generalandadministrativeexpenses (2,800) (5,683) (1,785) (1,677)

Income(loss)beforetaxes 12,139 233 18,535 (1,570)

Otherincome (expenses) (4,430) (6,604) (3,113) (5,337)

Incometaxrecovery(expense) 103 (2,106) (3,766) (5,620)

Netincome(loss)fortheperiod 7,812 (8,477) 11,656 (12,527)

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

EBITDA1 24,835 17,620 32,251 7,408

StrongStartto2017- ReturntoPositiveEarnings

• PriceofgoldunchangedfromQ4atUS$1,199/oz

• Goldsalesof57,812oz

• Grossmarginsabove20%inlastthreequarters

• PositiveearningspershareUS$0.04

• Otherincome(expenses)– InterestonRedKiteDebt

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

$(0.04)

$0.04

Q4'16 Q1'17

EarningspershareUS$

8

STRONGCASHFLOWFROMOPERATIONS

(US$,thousands) Q12017 Q42016 Q3 2016 Q22016

Cash BalanceStart 59,675 57,556 34,470 67,809

OperatingActivities:

Operatingcashflowbeforeworkingcapitalchanges 28,761 23,994 36,139 11,606

Cashprovidedbyoperatingactivity 14,382 23,353 33,122 18,072

InvestingActivities:

Expenditure onMineralPropertiesandPPE

Phase1capital (4,222) (1,780) (17,699) (40,975)

Growth (5,872) (2,428) 0 0

Sustainingcapital (3,731) (2,960) (1,378) (1,342)

Wastestripping (12,225) (10,785) (13,029) (12,135)

Sub-Total (26,050) (17,953) (32,106) (54,452)

VATrefundrelatedtodevelopment 0 0 20,307 5,672

OtherInvestingActivities 76 12 128 90

Total InvestingActivities (25,974) (17,941) (11,671) (48,690)

Financing Activity 212 (2,929) 1,776 (2,806)

ForeignExchangeImpact (89) (364) (141) 85

CashBalance Close 48,206 59,675 57,556 34,470

• OperationsgeneratedapproximatelyUS$14.4m(US$28.8mbeforeworkingcapitalmovements)

• Quickturnnon-cashworkingcapitalitems(2daysonaccountsreceivableand7-10daysonbullion)

• Subsequenttoquarterend:

– CashforgoldsalesofUS$10.6mreceived4April– VATchequereceivedforUS$12m

• CarriedVATbalanceforQ22017onwardsexpectedtobeapproximatelyUS$15m

OperatingcashflowbeforeworkingcapitalchangesUS$,thousands

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

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

• Alllong-leaditemsordered,constructionstartedinApril

• OntrackforcommissioninginQ42017,aquarteraheadofschedule- somevolumetricincreasesreadyinQ32017

• Oresources:Nkran&DynamiteHillin2017andthenAkwasisocomingonlineinQ12018

• Bushclearingoftheroutehascommenced&alreadynearly50%complete

• Terracingearthworkscontractorselected&commencinginJune

• ConstructionofconveyoritselfstartsinQ32017

FULLYFUNDEDGROWTHPROJECTSADVANCING

9

ConstructionofEsaase ConveyorProject5Million

ExpansionDFS&UpdatedLifeofMinePlanduetobepublishedinQ22017

P5MConstructionWorks BushClearingConveyorRoute

• Q1productionof58,187oztracking2017guidanceof230,000–240,000oz

– Q2willseelowerproductionduetoProject5Milliontie-ins

• Q1costsmarginallyexceededannualguidanceofAISCUS$880–US$920/oz whenimpactofearlytailingsliftconsidered

• ExpectH2coststobelowerthanH1dueto:

– MiningDynamiteHillinQ3- atsurfacesofteroxideorewilllowermining&processingcosts

– Nkranminingpredominantlyinoxidesforwastecutback

– Project5Millionincreasesproduction- spreadsoutexistingoverheadsacrossmoreounces

• Project5MillionandEsaase +conveyor=>fullyfunded

– HavebudgetedtospendUS$72min2017

– ContinuetoexpectcarryforwardliquidityofUS$49-US$62m

– AbletofundbalanceofconveyorcapexofUS$63min2018

10

2017GUIDANCEONTRACK

2017Guidance– SourcesandUsesofLiquidityUS$m,assumesUS$1,200/oz realizedgoldprice

66

15

27

45

13

11

0

20

40

60

80

100

120

140

160

Sources Uses

Cash AISCMargin

VATRecovery Project5M- Plant

Project5M- Conveyor GrowthExploration

InterestonRKDebt LiquidityCarriedForward

64- 77

49- 62

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.

12

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

13