Shanta Gold Limited announce an updated mineral resource estimate for the Ramula deposit at the West Kenya Project ("West Kenya") in Kenya. This updated resource estimate follows the successful completion of the Company's 2022 drilling programme at West Kenya and adds to the updated mineral resource estimate for the Bushiangala and Isulu deposits announced on 26 January 2023. The West Kenya Project covers 580 km² of the highly prospective and underexplored greenstone Archaean Busia-Kakamega Gold Belt in western Kenya.

The Ramula target is located about 40 km northwest of Kisumu City and 40 km west-southwest from the Isulu-Bushiangala deposit. It is the most advanced prospect in the Ramula region. Ramula Camp currently includes 4 high priority targets located less than 5km from Ramula.

2023-24 planned drilling on the targets adjacent to Ramula is aiming for a substantial resource additions and new discoveries. In addition seven early stage high-prospective targets are situated between 5 km to 30 km from Ramula. The Ramula deposit lies primarily within a small dioritoid stock and its contact zones.

The stock has intruded a sequence of intermediate volcanic rocks comprised of intermediate volcaniclastic (breccias and tuffs) and volcanic extrusive rocks. The deposit is situated less than 1 km from the district-scale thrust fault and unconformity with the polymictic 'Timiskaming-style' conglomerates. Minor quartz feldspar porphyries are present.

The elongate dioritoid body is approximately 300 m by 500 m with a northwest- southeast trending long axis. Mineralisation at Ramula is hosted within a series of stacked, shallow-dipping, thin quartz tension veins primarily hosted in the strongly altered dioritoid and extending into the surrounding intermediate volcanic units. Gold-bearing quartz veins are clustered in well-identifiable zones, which have been modelled and now verified by the 2022 infill drilling.

Lower-grade gold mineralisation also occurs between the veins. The style of mineralisation of the Ramula deposit resembles Sigma-Lamaque style at the Val'd-Or Camp of the Abitibi Gold Belt, Canada, where recent systematic exploration resulted in discovery of several proximal gold deposits within the camp, which was previously considered as overmatured. The 2022 drilling programme at Ramula deposit was aimed at upgrading ounces from the Inferred Mineral Resource Estimate into the Indicated Resource category down to a depth of 220 m. Average drill intersection spacing is 40 m. All work carried out and reporting of the resource has been completed in accordance with Canadian NI 43-101 standards, unless otherwise noted.

The infill drilling verified the extent and geometry of the mineralised zones developed for the current resource model. Ramula mineralisation is open for extension to the northwest and southeast and Shanta's recent drilling to 600 m depth confirms mineralisation is open at depth, hence potential for underground mineable resources exists. Resources at Ramula have been stated using a 0.7 g/t Au cut-off grade value for both oxidised rock and fresh rock and constrained within USD 2,000 pit shell.

The effective date of this resource is 17 February 2023.