("Shanta Gold", "Company" or the “Group”)
Interim results for the six months ended 30 June 2023
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, announces its unaudited
interim financial results for the six months ended 30 June 2023 (“H1” or the “Period”). The
Company’s asset portfolio includes New Luika Gold Mine (“NLGM” or “New Luika”) and
Singida Gold Mine (“Singida”) in Tanzania and West Kenya Project (“West Kenya”) in Kenya.
Eric Zurrin, Chief Executive Officer, commented:
"Today we have delivered another set of record-breaking results, reflecting the huge effort
from the team at Shanta over the first half of 2023. We continue to reach new heights at New
Luika and Singida, with record half year revenues of US$88.3 million. This was driven by a 55
per cent increase in gold production as well as the benefits of a diversified portfolio and strong
gold price. As a result, EBITDA was up 140 per cent to US$33.9m.
We are very confident in the multiple growth opportunities that exist across the portfolio at
Shanta. During the period, we commenced targeted exploration programmes at Singida to
unlock nearly 75 per cent of additional resource not currently in the mine plan and outline new
targets, as well as undertaking further exploration and infill drilling at West Kenya which we
believe will uncover further significant resources and make new discoveries. In the meantime,
our strong production performance, underpinned by an improved output from New Luika,
drives us closer towards our guidance of 90,000-98,000 oz gold production for 2023, which I
am pleased to reconfirm today.
“As we deliver on our strategy, we continue to deliver value for our shareholders. Today the
Board has declared an interim dividend of 0.10 pence per share, the sixth consecutive period
with a dividend paid, totalling cash payments of US$8.0 million since 2021.”
H1 2023 HIGHLIGHTS
Financial and Operating
• Revenues of US$88.3 million (“m”) (H1 2022: US$51.9 m);
• Gold production of 44,771 oz (H1 2022: 28,947 oz);
• EBITDA1 of US$33.9 m (H1 2022: US$14.1 m);
• EBITDA margin of 38.4% (H1 2022: 27.5%);
• Profit before tax of US$22.7 m, up from loss of US$0.9 m in H1 2022;
• Profit after tax of US$12.7 m, up from loss of US$3.1 m in H1 2022;
• Cash, and available liquidity2 of US$25.0 million (FY 2022: US$10.4 m);

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Shanta Gold Limited
(“Shanta” or the “Company”)
Appointment of Independent Non-Executive Director
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and explorer, is
pleased to confirm that, following the completion of the appropriate background checks, Elodie
Grant Goodey has been appointed as independent Non-Executive Director of the Company.
Ms. Grant Goodey is a sustainability expert with more than 25 years of experience in social
risk assessment, stakeholder engagement, social performance, tax transparency and human
rights in diverse environments. Ms. Grant Goodey is currently a managing director with Saltus
Consulting Limited where she leads sustainability consulting projects for the extractive
industry in Africa and Latin America, and is also practice lead at International Conflict and
Security (INCAS) Consulting Ltd., where she focuses on social performance and human rights
compliance for the extractive industry.
Ms. Grant Goodey has previously worked with BP plc from 1998 in various positions, including
Chief of Staff North Africa, External Affairs, Head of Communication for Exploration and
Production and most recently as Head of Societal Issues and Stakeholder Engagement for
the entire Group. She also represented BP on the Board of the Extractive Industries
Transparency Initiative, and has previously held Board positions at SolGold plc, a copper and
gold exploration project, and Amerisur Resources plc, an oil and gas explorer.
Tony Durrant, Chairman, commented:
“We are delighted to welcome Elodie to the Board. Elodie’s breadth of experience across
Africa engaging on sustainability issues with the stakeholder groups that matter most to
Shanta will be invaluable as we continue to grow a multi-jurisdictional portfolio with key
sustainability considerations at the heart of our commercial strategy.

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SHANTA GOLD OVERVIEW
A high-quality East African ~100,000 oz p.a. gold producer with deep fundamental value.

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