Shanta Gold : Exploration Drilling Update Presentation

SHANTA GOLD

EXPLORATION DRILLING UPDATE

16 March 2021

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Drilling campaigns ongoing across Shanta's asset portfolio 2021 exploration drilling programmes targeting mine life extension at Shanta's

Tanzanian assets and resource upgrades across the portfolio

NLGM

• • 39,000 m drilling planned for 2021 (RC and diamond core)

• • Infill and exploration drilling taking place

• • c.75% of 2021 drilling to occur within mining licenses

• • Mine life extension being targeted, with all underground deposits open at depth

WEST KENYA

• • 35,000 m drilling planned for 2021, 4% completed to mid-Feb'21

• • Resource upgrades from Indicated to Inferred being targeted up to a depth of 500 m below surface

• • 2 drill rigs in place for Q1 2021, a third being added in Q2 2021

SINGIDA

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• • 6,700 m drilling planned for 2021

• • c.85% of 2021 drilling to take place within mining licences

• • Current drilling is testing a step-back area from the existing pit design at Cornpatch West

Project	Deposits drilled YTD
NLGM	Luika; Porcupine South
West Kenya	Isulu; Bushiangala
Singida	Cornpatch West

Project	Drilling (metres)
YTD Feb'21	Planned 2021	% drilled
NLGM	3,441	39,000	9%
West Kenya	1,538	35,000	4%
Singida	771	6,700	12%
TOTAL	5,750	80,700	7%

NLGM - DRILLING RESULTS

Mineralisation at Luika remains open at depth; newly reported drilling intersections are outside existing mineral reserves

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Luika drilling results announced today

1.

Drill holes are denoted by an individual identifier. Where mineralized intersections have been recorded, these identifiers are followed by the number of metres intersected and the grade of the intersection