On October 18, 2022, the Board of Shanta Gold Limited (AIM:SHG) announced that it had received approaches from Shandong Gold Group Co.,Ltd ("Shandong"), Yintai Gold Co., Ltd. (SZSE:000975) ("Yintai") and Chaarat Gold Holdings Limited (AIM:CGH) ("Chaarat") that might lead to a potential offer for the Company. On 2 November 2022, Shanta subsequently confirmed that Yintai had decided not to proceed with an offer. The Board continues to believe in the strength of Shanta's business and the potential of its portfolio and that sensible consolidation in the junior mining sector can be beneficial in managing risk and optimising allocation of investment capital.

However, the Board is also clear that it will not accept an offer or deal structure that does not deliver value for shareholders. Accordingly, after further engagement and having taken advice from its financial advisors, the Board has concluded that there is no merit in continuing discussions with Shandong and Chaarat, which both parties have accepted. As such and in accordance with Rule 2.6(c) of the Code, the Board has determined that it is not appropriate to seek an extension to the deadline set out in the Company's announcement dated October 18, 2022.