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Shanta Gold is a low cost gold producer with significant resource upside, within and surrounding its New Luika Gold Mine, with additional development opportunities in Tanzania

History

Shanta Mining Company Limited was founded in 2001 as a Tanzanian gold exploration company

Year
2017
Equity raise of US$14.0 million concurrent with a debt restructuring to simplify the balance sheet, reduce the cost of capital, and ensure a platform to deliver long term returns
First commerical underground ore produced from the New Luika Gold Mine in May 2017
Revised Mine Plan announced for the New Luika Gold Mine, with a 39% increase in forecast mine gold production from 2017-2023 from 359,000 ounces to 500,000 ounces. Planned average Cash Cost and All In Sustaining Cost of US$577 per ounce and US$736 per ounce, with an average production of 85,200 ounce per annum to the end of 2020.
Defined reserves at Ilunga of 660,500 tonnes at a grade of 5.6 grames per tonne for 118,000 ounce contained.
Maiden Resource at Nkuluwisi; total resources of 3,973,000 tonnes at 1.1 grames per tonne for a total of 140,894 ounces of gold.
2016
Equity raise of US$10.5 million, providing Shanta with a significant degree of financial flexibility as it reaches peak capital expenditure.New Luika Gold Mine, Exploration and Resource Update for Illunga and Black Tree Hill.
High grade intercepts at Singida as Shanta launches renewed exploration efforts at its development project in Tanzania
Ilunga Exploration Update; drilling programme of 20 drill holes in total, which intersected visually distinctive mineralised zones including.
2015
Base Case Mine Plan provided an updated reserves statement for the New Luika Gold Mine to produce 462,000 ounces from January 2016 – 2022. Plan to transition from an exclusively surface mining operation to a predominantly underground operation.
Toby Bradbury replaced Mike Houston as CEO in April 2015
2014
Successful exploration programme - Significant potential for further resource discoveries across the Lupa Goldfield
Reserve/Resource upgrade - Provides the base for an extension to the life of mine. Luika & Bauhinia Creek remain open at depth
New loan facilities signed along with reduction in debt repayment schedule and standby loan facility in place
Crushing circuit commissioned. Elution electro-winning plant installed at the New Luika Gold Mine
2013
Declaration of maiden Probable Reserve of 479,000 ounces at the New Luika Gold Mine
Strengthened balance sheet through successful debt restructuring
Consolidation of 100% interest in Shield Resources exploration licences and termination of the Exploration Agreement with Great Basin Gold
First full year of gold production
2012
Equity capital raising of US$35 million
First gold pour at the flagship New Luika Gold Mine (August)
Commissioning of the New Luika processing plant
JORC compliant resource upgrade by 52% to 1.48 million ounces (1.0 grammes per tonne cut-off), at New Luika
Convertible loan note financing of US$25 million concurrent US$15 million equity placement
2011
Construction commencement at New Luika Gold Mine
Joint venture with Great Basin Gold covering Lupa Goldfields exploration ground
Equity capital raising of £15 million
2010
Chunya (New Luika) feasibility study completed; decision to mine
Singida Definitive Engineering Study completed
2008
Maiden resource declared of 500,000 ounces gold (Chunya)
2007
Equity capital raising of US$22 million
2005
Shanta Gold Limited (SGL) and its wholly owned Shanta Gold Holdings Limited (SGHL) incorporated and registered in Guernsey; acquired all the shares of Shanta Mining Company Limited and listed on the London Stock Exchange (AIM board) with symbol 'SHG'
Equity capital raising of £4.3 million
2003
SMCL completed acquisition of a substantial number of exploration licences
2001
Shanta Mining Company Limited (SMCL) founded by local businessmen as a private gold exploration company in Tanzania
1900s
British colonial and German gold mining in the Lupa Goldfield in Tanzania