ASANKO GOLD MINE – PHASE 1 DEFINITIVE PROJECT PLAN National Instrument 43-101 Technical Report Prepared by DRA Projects (Pty) Limited on behalf of ASANKO GOLD INC. Original Effective Date: December 17, 2014 Amended and Restated Effective January 26, 2015 Qualified Person: G. Bezuidenhout National Diploma (Extractive Metallurgy), FSIAMM Qualified Person: D. Heher B.Sc Eng (Mechanical), PrEng Qualified Person: T. Obiri-Yeboah, B.Sc Eng (Mining) PrEng Qualified Person: J. Stanbury, B Sc Eng (Industrial), Pr Eng Qualified Person: C. Muller B.Sc (Geology), B.Sc Hons (Geology), Pr. Sci. Nat. Qualified Person: D.Morgan M.Sc Eng (Civil), CPEng Asanko Gold Inc Asanko Gold Mine Phase 1 Definitive Project Plan Reference: C8478-TRPT-28 Rev 5 Our Ref: C8478 Page 2 of 581 Date and Signature Page This report titled “Asanko Gold Mine Phase 1 Definitive Project Plan, Ashanti Region, Ghana, National Instrument 43-101 Technical Report” with an effective date of 26 January 2015 was prepared on behalf of Asanko Gold Inc. by Glenn Bezuidenhout, Douglas Heher, Thomas Obiri-Yeboah, Charles Muller, John Stanbury, David Morgan and signed: Date at Gauteng, South Africa on this 26 day of January 2015 (signed) “Glenn Bezuidenhout” G. Bezuidenhout, National Diploma (Extractive Metallurgy), FSIAMM Date at Gauteng, South Africa on this 26 day of January 2015 (signed) “Douglas Heher” D. Heher, B.Sc Eng (Mechanical), PrEng Date at Gauteng, South Africa on this 26 day of January 2015 (signed) “Thomas Obiri-Yeboah” T. Obiri-Yeboah, B.Sc Eng (Mining) PrEng Date at Gauteng, South Africa on this 26 day of January 2015 (signed) “Charles Muller” C. Muller, B.Sc Hons (Geology), Pr. Sci. Nat. SACNASP Date at Gauteng, South Africa on this 26 day of January 2015 (signed) “John Stanbury” J. Stanbury, B Sc Eng, Pr Eng Asanko Gold Inc Asanko Gold Mine Phase 1 Definitive Project Plan Reference: C8478-TRPT-28 Rev 6 Our Ref: C8478 Page 3 of 581 Date at Gauteng, South Africa on this 26 day of January 2015 (signed) “David Morgan” D. Morgan, B Sc Eng, CPEng Asanko Gold Inc Asanko Gold Mine Phase 1 Definitive Project Plan Reference: C8478-TRPT-28 Rev 6 Our Ref: C8478 Page 4 of 581 TABLE OF CONTENTS PART TITLE 1 SUMMARY 1.1 Introduction 1.2 Project Description and Location 1.3 Accessibility, Climate, Infrastructure and Phsiography 1.4 History 1.5 Geological Setting 1.6 Exploration 1.7 Mineralisation 1.8 Drilling 1.9 Sampling and Analysis 1.10 Security of Samples 1.11 Mineral Resources and Reserve Estimates 1.12 Mining Operations 1.13 Exploration and Development 2 INTRODUCTION AND TERMS OF REFERENCE 2.1 Terms of Reference 2.2 Information Sources 2.3 Competent Persons 2.4 Frequently Used Acronyms, Abbreviations, Definitions, and Units of Measure 3 RELIANCE ON OTHER EXPERTS 4 PROPERTY DESCRIPTION AND LOCATION 4.1 Project Location 4.2 Status of Surface and Mineral Title 4.3 Sufficiency of Surface Rights 4.4 Financial Agreements 4.5 Environmental Liabilities 4.6 Permitting Status 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 5.1 Topography, Vegetation and Climate 5.2 Access 5.3 Existing Infrastructure and Services Asanko Gold Inc Asanko Gold Mine Phase 1 Definitive Project Plan Reference: C8478-TRPT-28 Rev 6 Our Ref: C8478 Page 5 of 581 5.4 Sufficiency of Surface Rights 6 HISTORY 6.1 Introduction 6.2 Project Area 6.3 Asanko Gold Mine – Phase 1 - Historical Mineral Resource and Reserve Estimates 6.4 Historical Resource and Reserve Estimates for Esaase 6.5 Historical Production 7 GEOLOGICAL SETTING AND MINERALISATION 7.1 Regional, Local and Property Geology 7.2 Asanko Gold Mine Geology 7.3 Property Geology 7.4 Nkran Pit Geology 7.5 Structural Interpretation 7.6 Mineralisation 8 DEPOSIT TYPES 8.1 Geological Characteristics of Structurally Hosted Gold Deposits in Southwest Ghana 9 EXPLORATION BY PREVIOUS OPERATORS 9.1 Obotan Minerals 9.2 AGF/ KIR 9.3 Resolute 9.4 Leo Shield 9.5 Work Conducted By PMI 9.6 Work carried out by Asanko at Esaase 10 DRILLING 10.1 Introduction 10.2 Nkran 10.3 Adubiaso 10.4 Abore 10.5 Dynamite Hill 10.6 Asuadai 10.7 Esaase 10.8 Diamond Drilling Procedures 10.9 RC and Core Sampling Procedures Asanko Gold Inc Asanko Gold Mine Phase 1 Definitive Project Plan Reference: C8478-TRPT-28 Rev 6 Our Ref: C8478 Page 6 of 581 10.10 Factors Influencing the Accuracy of Results 11 SAMPLE PREPARATION, ANALYSIS AND SECURITY 11.1 Sample Handling Prior to Dispatch 11.2 Sample Preparation and Analysis Procedures 11.3 Quality Assurance and Quality Control 11.4 QAQC Conclusions 11.5 Adequacy of Procedures 11.6 Adjacent Properties 12 DATA VERIFICATION 12.1 SRK Site Visit 12.2 Database Validation 12.3 Limitations of Data Verification 12.4 Adequacy of Data 13 MINERAL PROCESSING AND METALLURGICAL TESTING 13.1 Nkran/Abore/Adubiaso Historical Operational Data 13.2 Metallurgical Test Work Summary on Phase 1 Deposits 13.3 Current Metallurgical Test Work on Phase 1 Deposits 13.4 Metallurgical Testwork on Esaase Deposit 13.5 Previous Metallurgical Testwork and Processing Studies 13.6 Metallurgical Testwork Programme Phase V 13.7 Process Plant Recovery Estimate 13.8 Conclusions for Mineral Processing and Metallurgical Testwork 13.9 Independent Review of the Mineral Processing and Metallurgical Testwork 13.10 Assessment of Previous Test Work Results by DRA 14 MINERAL RESOURCE ESTIMATES 14.1 Assumptions, Parameters and Methods used for Mineral Resource Estimates 14.2 Compositing 14.3 Density 14.4 Statistical Analysis 14.5 Outlier Analysis 14.6 Variography Parameters 14.7 Estimation Methodology 14.8 Resource Reporting Asanko Gold Inc Asanko Gold Mine Phase 1 Definitive Project Plan Reference: C8478-TRPT-28 Rev 6 Our Ref: C8478 Page 7 of 581 14.9 Disclosure Requirements for Mineral Resources Classification 15 MINERAL RESERVES ESTIMATE 15.1 DRA Comments 16 MINING METHODS 16.1 Introduction 16.2 Mine Design and Operation 16.3 Fleet Requirements 16.4 Mine Operating Costs 16.5 Mine Capital Costs 16.6 Geotechnical 17 RECOVERY METHODS 17.1 Process Design Criteria 17.2 Plant Design 18 PROJECT INFRASTRUCTURE 18.1 Introduction 18.2 Existing Infrastructure and Services 18.3 Roads and Site Access 18.4 Power Supply 18.5 Power Supply and Distribution 18.6 11 kV Switchgear 18.7 Power Factor Correction (11 kV) 18.8 Water Supply 18.9 Tailings Storage Facility 18.10 Mining Regulations 18.11 Road Diversion 18.12 Sediment Controls Structures 18.13 Site Buildings 18.14 Accommodation 18.15 Phase 1 Contractor’s Camp 18.16 Phase 1 Contractor’s Camp Services 18.17 Mobile Equipment 18.18 Communications 18.19 Security Asanko Gold Inc Asanko Gold Mine Phase 1 Definitive Project Plan Reference: C8478-TRPT-28 Rev 6 Our Ref: C8478 Page 8 of 581 18.20 Waste and Sewage Disposal 19 MARKET STUDIES AND CONTRACTS 20 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT 20.1 Introduction 20.2 Ghanaian Legislation and Guidelines 20.3 Esaase Project Permitting Process 20.4 Phase 1 Project Permitting Process 20.5 Phase 1 Public Consultation 20.6 Phase 1 Baseline Studies 20.7 Impacts and Mitigation 20.8 Monitoring 20.9 Rehabilitation and Closure 21 PHASE 1 OPERATING AND CAPITAL COSTS 21.1 Operating and Capital Cost Estimates 21.2 Plant Operating Cost Estimate 21.3 Mining Operating Cost Estimate 21.4 Capital Cost Estimate 22 ECONOMIC ANALYSIS 22.1 Principle Assumptions 22.2 Cash Flow Forecasts 22.3 Economic Analysis 22.4 Taxes and Royalties 22.5 Conclusion 23 ADJACENT PROPERTIES 24 OTHER RELEVANT DATA AND INFORMATION 25 INTERPRETATIONS AND CONCLUSIONS 25.1 General 25.2 Risks 25.3 Resource Estimates and Exploration 25.4 Mining 25.5 Processing 25.6 Infrastructure 25.7 Economic Outcomes Asanko Gold Inc Asanko Gold Mine Phase 1 Definitive Project Plan Reference: C8478-TRPT-28 Rev 6 Our Ref: C8478 Page 9 of 581 26 RECOMMENDATIONS 26.1 Geology 26.2 Mining 26.3 Geotechnical 26.4 Water Supply 26.5 Budget 27 REFERENCES 27.1 Geology 27.2 Geotechnical 27.3 Processing Asanko Gold Inc Asanko Gold Mine Phase 1 Definitive Project Plan Reference: C8478-TRPT-28 Rev 6 Our Ref: C8478 Page 10 of 581 LIST OF TABLES Table 1-1: Asanko Gold Mine Mineral Resources as at April 2014 Table 1-2: Summary of Asanko Gold Mine – Phase 1 Ore Reserve Statement Table 1-3: Predicted Gold Recovery Table 1-4: Production Schedule Table 1-5: Cash Operating Costs Table 1-6: Capital Costs Table 1-7: Summary of Financial Outcomes Table 1-8 - Summary of Key Project Financials After Tax and Royalties on a 100% Basis Table 1-9: Gold Price Sensitivity Table 2-1: Participants Table 2-2: Acronyms and Abbreviations Table 4-1: Asanko Gold Mine Mining Lease and Concession Areas Table 4-2: Tenement details for the 4 Mining Leases making up the Asanko Gold Mine Table 6-1: Obotan Mineral Resource Estimation History Table 6-2: Kiwi/Associated Gold Fields1995 - NkranHistorical Gold Resource Estimates Table 6-3: Resolute 1996 - Obotan Concessions Historical Resource and Reserve Estimates Table 6-4: Resolute 1998 - Obotan Concessions Historical Resource Estimates Table 6-5: Resolute 1999 - Obotan Concessions Historical Reserves Table 6-6: Obotan Historical Processed Ore by Date Table 6-7: Leo Shield 1998 - Abore Historical Resource Estimates Table 6-8: Historical Mineral Resource Estimates for the Project 2011 Table 6-9: SRK October 2011 Mineral Resource Estimate Table 6-10: SRK March 2012 Mineral Resource Estimate Table 6-11: GRES September 2012 Ore Reserves Table 6-12: Mineral Resources for the Esaase Gold Project dated November 2011 Table 6-13: Mineral Resources for the Esaase Gold Project dated April 2009 Table 6-14: Mineral Resources for the Esaase