Shanta Gold

Indaba Mining

Conference

February 2023

EXPERIENCED MANAGEMENT TEAM - Feb 2023

Highly experienced management team with deep gold mining experience in Africa

WWW.SHANTAGOLD.COM

Eric Zurrin

CEO

  • Joined Shanta in 2017
  • 20 years' global experience in commodities, including 10 years in East Africa
  • 6 years as CEO of Shanta Gold delivering a +/-275% share price return since
    Aug'17
  • Formerly CFO Shanta Gold
  • Experience: UBS Investment Bank, BMO
  • Harvard Business School

Luke Leslie

CFO

  • Joined Shanta in 2017
  • 20 years' global experience in commodities including 10 years in East Africa
  • Experience: UBS Investment Bank, Accenture
  • Harvard Business School

Honest Mrema

COO

  • Joined Shanta in 2015
  • BSc Mining Engineering
  • 25 years' experience in open pit and underground mining
  • Includes 16 years in Tanzania, 7 years in Mali and 2 years in Laos
  • Experience: Endeavour Mining, Resolute, Barrick, Anglo American

Yuri Dobrotin

Group Head of

Exploration

  • Joined Shanta in 2015 (formerly Acacia)
  • 37 years' global experience in exploration from country- size generative to mine site and resources
  • 17 years in Africa
  • Greenstone gold exploration geologist expert
  • Experience: Barrick, Placer
    Dome

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KEY ACHIEVEMENTS LAST FIVE YEARS

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Track record of achievements delivered by the current management team

1 Operational turnaround

▪ Disciplined cost control enabling total +$70m gross debt repayments

Mine life extended from 2022 to currently 2028

▪ Right-sizing New Luika Gold Mine: 25% reduction in headcount and

US$10m pa cost savings

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Financial returns

Corporate

Growth

Commitment to purpose-led ESG

275% increase in share price

Net cash realized in 2020, first time in Shanta's producing history ▪ Commenced dividend payments in 2021, current yield of 1.8%

▪ Acquired the West Kenya Project from Barrick in 2020

▪ Upgraded resource to 1.7 Moz including 722koz Indicated grading 11.45 g/t

▪ Scoping study illustrates 105koz p.a. 9-year mine plan with US$340 m NPV

▪ Successfully defended a public takeover approach

▪ Designed, funded and constructed the Singida Gold Mine in Tanzania,

Shanta's 2nd producing mine, diversifying the production base

▪ Tripled total resources from 1.2 Moz to 3.7 Moz

▪ +20 year successful track record in Tanzania ▪ Established social license to operate

▪ Regarded as the "Showcase for Mining" by the Government of Tanzania

SHANTA GOLD 3

▪ Negotiated the repayment of VAT refunds after 3 years of delays

  1. LHOS = Long Hole Open Stoping
  2. 2020 Annualised ("2020A") figures based on Q2 2020 YTD results

SHANTA GOLD OVERVIEW - HIGHLIGHTS

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High quality East African gold portfolio with scope to materially increase Group-wide NPV

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Highly compelling growth prospects

High quality portfolio of gold assets

Significant exploration potential with material resource growth expected

Improving political environment in Tanzania

Strong safety record and ESG history

  • Portfolio of brownfield and greenfield growth options driving production to 100kozpa in 2023 and potential further production increase o New Luika: Future resource to reserve conversion and consolidation of Lupa Gold Field. Potential addition of a 4th ball mill
    o Singida: Near-term, low capital intensity project resulting in 30-40kozpa production from 2023. 1st gold pour in March 2023
    o West Kenya: Scoping study highlighting +105kozpa production with NPV of US$340 m NPV (announced 2020) calculated using a gold price of US$1,700/oz and 8% discount rate
  • 3.7 million total resource including reserves of 646 Koz at 3.03 g/t across a regional portfolio
  • Three assets across neighbouring East coast countries
    o NLGM: Established Open Pit/Underground gold operation in SW Tanzania
    o Singida: Low capex, high returning (IRR >50%) asset with excellent resource upside potential
    o West Kenya: Advancing one of Africa's highest-grade +1m oz gold deposits to a Feasibility Study
  • New Luika has 625 Koz resources outside the mine plan in addition to current reserves (3.6 Mt at 2.84 g/t), while underground deposits remain open at depth with inferred resources a top target for conversion
  • Over 90% of Singida's Reserves of 243 Koz at 3.00 g/t are within 150 metres of surface with potential for significant reserve expansion at depth
  • Material exploration upside from West Kenya, a district scale exploration play with parallels to some of the world's great greenstone belts (Lake Victoria gold fields, home to Global Tier 1 assets North Mara, Bulyanhulu and Geita Gold Mine)
  • Tanzanian political environment has improved materially over the past 24 months with the mining sector open for business
    o Several SML's granted or frameworks agreed with the Tanzanian government (Orecorp, Kabanga Nickel, Peak Rare Earths, Strandline, Black Rock Mining)
    o BHP invested US$100m in Tanzania's Kabanga Nickel in the last 9 months
  • Shanta is among the safest gold mining employers with 9.0 million hours achieved without an LTI (2017-2022) at NLGM
  • Shanta has successfully operated in Tanzania for 20 years
  • 99.0% employees recruited locally in country

• Understood to be home to the largest solar farm in Tanzania

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SHANTA VALUE PROPOSITION

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Implied price/NPV implies significant discount

Market capitalisation and group NPV by asset

(US$m)1,2,3,4

645 Koz

Reserves: 404 koz @ 3.05 g/t

Resources: 1,108 koz @ 2.40 g/t

2023E EBITDA5: US$50 m

@ 2.91 g/t

2023 prod'n guidance: 66-72 koz

2023 AISC guidance: US$1200-$1300/oz

Implied 60% resources conversion rate6

Total group-wide reserves

140

3,673 Koz

Stage:

Producing

Producing

Scoping

@ 3.28 g/t

Annual

66-72 koz

(Mar 2023)

105 koz

Total group-wide resources

production:

32 koz

  1. Market Cap calculated using 11p share price
  2. NLGM NPV bar sizing for illustrative purposes only
  3. Singida Project economics prepared internally as announced 07 October 2020, using a LOM gold price of US$1,900 /oz, 8% discount rate. NPV accounts for construction capex of US35 million already spent
  4. West Kenya Project economics prepared by independent consultant Bara Consulting Pty using a LOM gold price of US$1,700 /oz, 8% discount rate

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2023 figures based on research estimates

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6.

Using January 2014 resource estimate at New Luika Gold Mine of 794 koz

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Disclaimer

Shanta Gold Ltd. published this content on 20 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 February 2023 19:49:04 UTC.