On 20 December 2023, the boards of directors of Shanta Gold Limited (?Shanta?) and Saturn Resources Ltd. (?Bidco?), a wholly-owned subsidiary of ETC Holdings (Mauritius) Limited (?ETC Holdings?), made an announcement pursuant to Rule 2.7 of the Code (the ?Rule 2.7 Announcement?) that they had reached agreement on the terms and conditions of a recommended cash acquisition, pursuant to which Bidco will acquire the entire issued, and to be issued, share capital of Shanta not already owned by any member of the Bidco Group (the ?Acquisition?). It is intended that the Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement (the ?Scheme?) under Part VIII of Companies (Guernsey) Law, 2008, as amended (the ?Companies Law?). On 19 March 2024, board of directors of Bidco announced that it had reached an agreement with the Independent Shanta Directors on the terms of a recommended increased and final cash offer by Bidco for the entire issued, and to be issued, share capital of Shanta not already owned by any member of the Bidco Group (the ?Increased and Final Offer?).

On 8 May 2024, the board of Shanta Gold Limited (?Shanta?) announced that the Court had sanctioned the Scheme at the Scheme Court Hearing held earlier that day. Scheme Effective: Shanta and Saturn Resources Ltd. (?Bidco?) announced that, following the delivery of a copy of the Court Order to the Guernsey Registry May 10, 2024, the Scheme has now become Effective in accordance with its terms and the Scheme Shares are now owned by Bidco, and the entire issued share capital of Shanta is owned by the Bidco Group. Director changes: As the Scheme has now become Effective, Shanta announced that, as of May 10, 2024, Anthony Durrant, Elodie Grant Goodey, Eric Zurrin, Keith Marshall, Matthieu Bos and Michelle Jenkins, are expected to tender their resignations and step down from the Shanta Board with effect from the cancellation of admission to trading of Shanta shares at 7.00 a.m. (London time) on 13 May 2024.