Shanta Gold provided a positive update on the construction progress at the Singida Gold Project ("Singida") in Central Tanzania. Singida Project Update Highlights: Singida remains on track for first production in early 2023 and will transform Shanta Gold into a +100,000 oz/pa producer with a diversified resource base; Successful delivery of the Metso built Crushing Circuit in December 2021 followed the completion of the design and manufacturing. All equipment and steel is now on site with assembly due to begin in March 2022; Manufacturing of the Grinding & Gravity Circuit Mill by NCP in South Africa is 100% complete; shipment to site targeted for March 2022; o site installation is planned for May 2022; Tailings Storage Facility ("TSF") and Waste Rock Dump construction has begun following the approval of permits in 2021; Stockpiling of ore continues following the first successful Gold Tree open pit blast on 15th October 2021; Key infrastructure including bulk power, water, buildings, fencing are either completed or progressing in line with expectations; Recently completed phase 1 grade control drilling at the Gold Tree deposit returned +5% reconciliation versus the reserve model and de-risks the initial 12 month production plan following commissioning.

The Gold Tree deposit contains 49% of all of the current mineral resources at Singida.