Shanta Gold : Investor Presentation

Shanta Gold

"Investor Meet"

Company Presentation

5 May 2021

COM.SHANTAGOLD.WWW

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Disclaimer

This Document comprises an institutional update presentation (the "Presentation") which has been prepared by and is the sole responsibility of Shanta Gold Limited (the "Company").

This Presentation does not constitute or form part of an admission document, listing particulars or a prospectus relating to the Company or any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever or constitute an invitation or inducement to engage in investment activity under section 21 of the UK Financial Services and Markets Act 2000. This presentation does not constitute a recommendation regarding any decision to sell or purchase securities in the Company.

Notwithstanding the above, in the United Kingdom, this Presentation is only being given to persons reasonably believed by the Company to be investment professionals within the meaning of paragraph (5) of Article 19 persons in the business of disseminating information within the meaning of Article 47 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) or to high net worth companies or unincorporated associations within the meaning of paragraph (2)of Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529), and the Proposed Offer will only be available to such persons who are also qualified investors within the meaning of section 86(7) FSMA purchasing as principal or in circumstances under section 86(2) FSMA. This Presentation is only being sent to persons reasonably believed by the Company to be investment professionals or to persons to whom it may otherwise be lawful to distribute it. If you are not such a person (i) you should not have received this Presentation and (ii) please return this Presentation to the Company's registered office as soon as possible and take no other action. If you are not such a person you may not rely on or act upon matters communicated in this Presentation. By accepting this Presentation the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive this Presentation.

This document has not been approved by an authorised person under Section 21 of the Financial Services and Markets Act 2000 ("FSMA").

This Presentation is not intended to be distributed, or passed on, directly or indirectly, to any other class of person and in any event under no circumstances should persons of any other description rely or act upon the contents of this Presentation. This Presentation and its contents are confidential and must not be distributed or passed on, directly or indirectly, to any other person. This presentation is being supplied to you solely for your information and may not be reproduced, further distributed or published in whole or in part by any other person.

No representation or warranty, express or implied, is made or given by or on behalf of the Company, its advisers or any of their respective parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any of the directors, officers or employees of any such person as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions or for any liability, howsoever arising (directly or indirectly) from the use of this Presentation or its content or otherwise in connection therewith. No person has been authorised to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorised. The contents of this Presentation are not to be construed as legal, financial or tax advice.

The information has not been verified nor independently verified by the Company's advisers and is subject to material updating, revision and further amendment.

The Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. Neither this Presentation nor any copy of it may be taken or transmitted into the United States of America or its territories or possessions (the "United States"), or distributed, directly or indirectly, in the United States, or to any U.S Person as defined in Regulation S under the Securities Act 1933 as amended, including U.S resident corporations or other entities organised under the laws of the United States or any state there of or non-U.S branches or agencies of such corporations or entities or into Canada, Australia, Japan, or the Republic of Ireland. Neither this Presentation nor any copy of it may be taken or transmitted into or distributed in Canada, Australia, Japan, or the Republic of Ireland, or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of United States or other national securities law. Forward-Looking Statements. Information contained in this Presentation may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's business) are forward-looking statements.

Such forward-looking statements are based on a number of assumptions regarding the Company's present and future business strategies and the environment in which the Company expects to operate in future. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of factors. These forward-looking statements speak only as to the date of this Presentation and cannot be relied upon as a guide to future performance. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this Presentation to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

COM.SHANTAGOLD.WWW

EXPERIENCED MANAGEMENT AND BOARD

Management and directors own 6.5% of Shanta Gold (AIM:SHG)

On today's call: Executive Directors

ERIC ZURRIN

LUKE LESLIE

TONY DURRANT

KEITH MARSHALL

KETAN PATEL

CEO

CFO

Chairman

Non-Executive Director

Non-Executive Director

▪

20 years' experience in

▪

20 years' experience in

▪

Former Global Head of

▪

35 years' experience 22

▪

MD of Export Trading

mining including 6

mining including 7

Metals & Mining at UBS

years with Rio Tinto

Group, soft commodity

years in Tanzania and 5

years in Tanzania and 4

Investment Bank

▪ Former President of Oyu

trading in 22 countries

years in Asia

years in China

across Africa

▪

Currently Chairman of

Tolgoi in Mongolia and

▪

Previously CFO of

▪

Previously with UBS

the Investment Advisory

MD Palabora in South

▪

Founder Shanta Gold

Shanta Gold

Investment Bank

Committee Arias

Africa

▪

Previously with UBS

covering Metals &

Resource Capital

▪

Interim CEO of Solgold

Mining Africa/ Middle

Management

Investment Bank

East

covering Metals &

Mining Africa/ Middle

▪

Formerly management

East

consultant at

Accenture

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APPOINTMENT

UNDERWAY

Non-Executive Director

• TBD

Investor Presentation 3

SHANTA GOLD SNAPSHOT

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East-Africa focused portfolio with attractive valuation and growth assets

Summary Capitalisation

Share Price (30-Apr-21)	14.0p
Market Capitalisation	US$200 m
Net Cash (31-Mar-21)	US$31 m
Enterprise Value	US$169 m
EV/EBITDA (2020A)	2.7 x

KENYA

WEST KENYA PROJECT

P/E (2020A)	11.8 x
Dividend yield	1.4%

SINGIDA PROJECT

Nairobi

COM.SHANTAGOLD.WWW

Top Shareholders (31 Mar 21)

Odey	13.3%
Insiders	6.5%
Sustainable Capital	6.0%
River & Mercantile	4.9%
Canaccord	4.0%
Lombard Odier	3.4%
Blackrock	2.9%
Fidelity	2.3%

TANZANIA

Dar es Salaam

NEW LUIKA

GOLD MINE

Investor Presentation 4

STRATEGY

A disciplined and modern approach to mining that drives sustainable performance and enhanced shareholder returns

Relative share price performance (since August 2017) 1

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Key enablers to success

1. Capital allocation
2. People and culture
3. Asset quality

Relative performance (%)

600

500

Current management team

400

300

200

100

0

Aug

2017

Shanta Gold (285% return)

Gold Price (40% return)

Peer Index2 (14% return)

April 2021

1. Since the appointment of the current management team
2. Industry peer index represents combined relative performances of HUM, PAF, CMCL, RSG, CGH, SRB and CEY

Investor Presentation 5