SHG.L Regulatory News (SHG)

31 August 2022

Shanta Gold Limited

("Shanta Gold" or the "Company")

Online Presentation re. Singida Project Update

Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to provide investors with a positive update on the construction progress at the Singida Gold Project ("Singida") in Central Tanzania. Please find enclosed a link to the presentation outlining the full details below:

https://www.shantagold.com/_resources/Singida%20Construction%20Update%20v2%2031_08_22.pdf

Eric Zurrin, Chief Executive Officer, commented:

"We are delighted with the great progress being made at Singida, with construction on schedule for first production in Q1 2023. The completion of this mine will transform Shanta Gold into a +100,000 oz/pa producer with a diversified resource base, de-risking the balance sheet and providing the business with further financial flexibility."

Singida Project Update Highlights:

· Singida remains on track for first production in early 2023 and will transform Shanta Gold into a +100,000 oz/pa producer with a diversified resource base;

· Overall construction activity at the Project is approximately 70% complete;

· Metso-manufactured crushing circuit has been installed and cold commissioning has been completed;

· NCP-manufactured grinding circuit installation is ongoing and cold commissioning is planned in December 2022;

· Zone 1 of the Gold Tree Pit has been excavated to 15 meters. Total depth by Year 4 is estimated to reach 150 meters. The Gold Tree deposit contains 49% of all of the current mineral resources at Singida.

· Installation of the CIL tanks is ongoing, with space accommodated for two additional tanks should expansion be necessary in the future;

· The installation of clay lining cushion layer and HDPE liner at the Tailings Storage Facility ("TSF") is planned for Q4.

Figure 1: Shanta Gold's 5-year Consolidated Mine Plan

Footnotes

1. Reserves based mine plan for New Luika Gold Mine and Singida

2. 2022 is based on annual production guidance announced in January 2022 and reiterated in July 2022

3. The forecast period 2023-2026 is in line with the 5-year mine plan announced on 19 July 2021, except for Singida production in 2023 which is pro-rated 9/12 and NLGM 2026 production which is increased to reflect the addition of reserves from Porcupine South mining licence received in 2022

Enquiries:

About Shanta Gold

Shanta Gold is an East Africa-focused responsible gold producer, developer, and explorer. The company has an established operational track record, with defined ore resources on the New Luika and Singida projects in Tanzania, with reserves of 645 koz grading 3.0 g/t, and exploration licences covering approximately 1,100 km2 in the country. Alongside New Luika and Singida, Shanta also owns the high-grade West Kenya Project in Kenya and licences with resources of 1.6 million ounces including 378 koz in the Indicated category grading 11.70 g/t. With a strong balance sheet, a growing diversified portfolio and a maiden dividend paid in 2021, Shanta offers a resilient investment opportunity for the near and long-term. Shanta is quoted on London's AIM market (AIM: SHG) and has approximately 1,048 million shares in issue.