Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer announces its production and operational results for the quarter ended 30 September 2023 (the “Quarter”, “Q3” or the “Period”) for its East African assets, comprising New Luika Gold
Mine ("NLGM" or “New Luika”) and Singida Gold Mine (“Singida”) in Tanzania and West Kenya
Project (“West Kenya”) in Kenya.
Q3 2023 Highlights:
• Steady gold production in line with expectations
o Group: 27,935 ounces (“oz”)
o NLGM: 18,271 oz
o Singida: 9,664 oz
• Balance sheet deleveraging with net debt of US$4.9 million (“m”), down 44% from
US$8.7 m in Q2;
• Adjusted EBITDA3 of US$19.0 m,
• Cash Operating Costs and All in Sustaining Costs (“AISC”)2
:
o Group: US$757 /oz and US$1,023 /oz
o NLGM: US$970 /oz and US$1,279 /oz
o Singida: US$713 /oz and US$899 /oz
• No gold hedging – 100% exposed to spot gold price;
• Cash, and available liquidity1 of US$26.5 m at 30 September 2023 (Q2: US$25.0 m),
including US$10.0 m undrawn (Q2: US$4.0 m) from the Stanbic Revolving Credit
facility; and
• Outstanding safety record: TRIFR rate of 0.00 in Q3 and 0.00 YTD; zero LTIs.
Note 1: Available liquidity has been derived as unrestricted cash, the sale value of doré available for sale at the end of the Period (net of royalties
and expected selling costs).
Note 2: AISC figures published include development costs, in line with the WGC definition.
Note 3: Adjusted EBITDA is earnings before interest, tax, depreciation, and amortisation which has been derived as operating profit exclusive of
depreciation/depletion of tangible assets, amortisation of intangible assets and exploration expenditure at the West Kenya Project totalling US$1.4
million.
Eric Zurrin, Chief Executive Officer, commented:

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