Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is pleased to announce that it has settled all outstanding gold forward sale commitments, leaving the Company unhedged.
As of early 2020, the Company had sold forward 40,000 ounces (“oz”) to January 2021 at an average price of US$1,244 /oz. The forward sales were a condition of its senior lending facility.
On the 18th December 2020, the Company delivered 1,900 oz into the hedge book and settled the final outstanding 840 oz from operating cash flow.

Eric Zurrin, Chief Executive Officer, commented:
“With all forward gold sales commitments settled, Shanta will now receive the full benefit of today’s strong gold price environment. As a result, we look forward to significantly improved free cash generation heading into 2021.”

Shanta Gold Limited
Eric Zurrin (CEO)