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Various high-grade drilling results were announced during the year for the West Kenya Project.

In June, Shanta signed binding definitive documents with Stanbic Bank Tanzania Limited for a US$20 million loan facility, which was primarily used to support the completion of the Singida Gold Project.

In June, Shanta was awarded a maiden mining licence (ML 673/2022 covering the Porcupine South resource area of the Lupa Gold Fields, approximately 22 kilometers from the New Luika Gold Mine Processing Plant (“Porcupine South”).

In April, Shanta released its inaugural 2021 Sustainability Report.

Transformative drilling results for West Kenya were announced in March. The Ramula target added 434 Koz grading of 2.08 g/t and increased our total resources of the West Kenya project by a significant 37% to 1.6 million oz, further strengthening our view that the region is a major new gold district and an area of massive future growth for the Company.


Shanta – other highlights for 2021 included:

Various high-grade drilling results were announced during the year for the West Kenya Project.

Singida’s first gold production was reiterated for early 2023.

Mining operations commenced at Singida with stockpiling of ore continuing following the first successful Gold Tree open pit blast on 15th October 2021.

West Kenya Project Resource update in September with highlights being 118 Koz grading 7.04 g/t converted to Indicated in total at a conversion rate of over 100%, following Phase 1 drilling. Phase 2 drilling is ongoing.

In July, Shanta announces a new 5-year production plan. Highlights include:

New Luika - 3rd mill commissioned in quarter 1.

In January, Shanta announces a group-wide Reserves and Resources update. Highlights include:

Appointment of Yuri Dobrotin as Group Exploration Manager in January.


Shanta – other highlights for 2020 included:

In December, Shanta announces that it has settled all outstanding gold forward sale commitments, leaving the Company unhedged.

An independent Scoping Study for the high-grade West Kenya Project was finalised in October. Highlights include:

Construction of the Singida project commences in October 2020. Highlights include:

New Luika – the expansion of the processing plant which includes the integration of a new pilot plant had commenced in September.

In September, Shanta announces that it has appointed Liberum Capital Limited as Nominated Adviser and Joint-Broker, and Tamesis Partners LLP as Joint-Broker.

In September, Shanta announces a group-wide Reserves and Resources update. Highlights include total group-wide reserves of 653k ounces (“oz”) grading 3.15 g/t across the Company’s two projects in Tanzania and total resources of 3.2 million oz grading 3.58 g/t across all three projects in Tanzania (JORC compliant) and Kenya (NI 43-101 compliant).

In August, Shanta completes the acquisition of the Barrick Gold project in West Kenya.

US$40 million Investec Senior Secured loan facilities fully repaid in Qtr 2.

Shanta announces in May a JORC compliant Reserve at Singida of 243 Koz at 3.00g/and an updated and independently verified JORC compliant Mineral Resource Estimate.

Shanta announces in February that it has entered into a definitive agreement pursuant to which it will purchase 100% of the shares of Barrick’s subsidiary Acacia Exploration (Kenya) Ltd. (“AEKL”) from two subsidiaries of Barrick Gold Corporation (“Barrick”). AEKL’s primary asset is a 100% participating interest in licences held by Afriore, which includes an existing high-grade resource. (“West Kenya”, “Project”)

Upgrade in Singida JORC Resource by 27% announced in January representing a 194 Koz increase in gold resources to 919 Koz at 2.25 g/t.


Shanta – other highlights for 2019 included:

New Luika - Inaugural connection to the State power grid (TANESCO) in December. The initial connection represents approximately 10% of mine`s power needs and this is anticipated to increase over time.

Singida - The Project’s Environmental Impact Assessment (“EIA”) Certificate had been received in August.

New Luika - Drilling at Bauhinia Creek (“BC”) Central, conducted in April and May, had converted 127 Koz of Inferred Resources grading 3.15 g/t into 84 Koz of Indicated Resources grading 7.85 g/t. A further 59 Koz of new Inferred Resources grading 4.79 g/t have been added to the Mineral Resource.

Shanta completes the buyback in May of approximately 33.33% of the outstanding unsecured subordinated convertible loan notes formerly held by third parties for US$5 million.

New Luika – First ore intersected at Ilunga underground in March and commercial production levels were achieved in July.

Repurchased 325,000 of the Company’s outstanding unsecured subordinated convertible loan notes in January.


Shanta – other highlights for 2018 included:

Updated project economics announced for Singida in December.

New Luika - third pre-leach tank commissioned, targeting a 1.5-2% increase in recoveries to around 93%.

New Luika - Ilunga underground decline development commenced in September, 3 months ahead of schedule.

The cost reduction programme with annualised cost reductions of US$7.2 million was fully executed.

New JORC compliant Resource Estimate at Singida totaling 12.3 Mt, grading 1.84 g/t and containing 725 Koz of gold using a cut-off grade of 1.0 g/t announced in June.

New Luika - Second Tailings Storage Facility “TSF2” commissioned in April.

Luke Leslie was appointed as Chief Financial Officer on a permanent basis in January.


Luke Leslie was appointed as Interim Chief Financial Officer in September.

In September Shanta announced a change of strategy which included a cost reduction programme targeting US$5.0 million of annual savings.

Eric Zurrin was appointed as Chief Executive Officer and Director of Shanta in August.

Equity raise of US$14.0 million concurrent with a debt restructuring to simplify the Company’s balance sheet, reduce the cost of capital, and ensure a platform to deliver long term returns.

First commercial underground ore was produced from the New Luika Gold Mine in May 2017.

Revised Mine Plan announced for the New Luika Gold Mine, with a 39% increase in forecast mine gold production from 2017-2023 from 359,000 ounces to 500,000 ounces. Planned average Cash Cost and All In Sustaining Cost of US$577 per ounce and US$736 per ounce, with an average production of 85,200 ounce per annum to the end of 2020.

Defined reserves at Ilunga of 660,500 tonnes at a grade of 5.6 grames per tonne for 118,000 ounce contained.

Maiden Resource at Nkuluwisi; total resources of 3,973,000 tonnes at 1.1 grames per tonne for a total of 140,894 ounces of gold.


Completion of Convertible Loan Note Restructuring

Equity raise of US$10.5 million, providing Shanta with a significant degree of financial flexibility as it reaches peak capital expenditure. New Luika Gold Mine, Exploration and Resource Update for Illunga and Black Tree Hill.

High grade intercepts at Singida as Shanta launches renewed exploration efforts at its development project in Tanzania.

Ilunga Exploration Update; drilling programme of 20 drill holes in total, which intersected visually distinctive mineralised zones.


Base Case Mine Plan provided an updated reserves statement for the New Luika Gold Mine to produce 462,000 ounces from January 2016 – 2022. Plan to transition from an exclusively surface mining operation to a predominantly underground operation.

Toby Bradbury replaced Mike Houston as CEO in April 2015.


Successful exploration programme - significant potential for further resource discoveries across the Lupa Goldfield.

Reserve/Resource upgrade - provides the base for an extension to the life of mine. Luika & Bauhinia Creek remain open at depth.

New loan facilities signed along with reduction in debt repayment schedule and standby loan facility in place.

Crushing circuit commissioned. Elution electro-winning plant installed at the New Luika Gold Mine.


Declaration of maiden Probable Reserve of 479,000 ounces at the New Luika Gold Mine.

Strengthened balance sheet through successful debt restructuring.

Consolidation of 100% interest in Shield Resources exploration licences and termination of the Exploration Agreement with Great Basin Gold.

First full year of gold production.


Equity capital raising of US$35 million.

First gold pour at the flagship New Luika Gold Mine (August).

Commissioning of the New Luika processing plant.

JORC compliant resource upgrade by 52% to 1.48 million ounces (1.0 grammes per tonne cut-off), at New Luika.

Convertible loan note financing of US$25 million concurrent US$15 million equity placement.


Construction commencement at New Luika Gold Mine.

Joint venture with Great Basin Gold covering Lupa Goldfields exploration ground.

Equity capital raising of £15 million.


Chunya (New Luika) feasibility study completed; decision to mine

Singida Definitive Engineering Study completed.


Maiden resource declared of 500,000 ounces gold (Chunya).


Equity capital raising of US$22 million.


Shanta Gold Limited (SGL) and its wholly owned Shanta Gold Holdings Limited (SGHL) incorporated and registered in Guernsey; acquired all the shares of Shanta Mining Company Limited and listed on the London Stock Exchange (AIM board) with symbol 'SHG'.

Equity capital raising of £4.3 million.


SMCL completed the acquisition of a substantial number of exploration licences.


Shanta Mining Company Limited (SMCL) founded by local businessmen as a private gold exploration company in Tanzania.


British colonial and German gold mining in the Lupa Goldfield in Tanzania.

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