Operations

Overview

New Luika Gold Mine

The New Luika Gold Mine (“New Luika”) is based in the Songwe District of Southwestern Tanzania approximately 700 km South-West of Dar es Salaam. New Luika is an Open Pit and Underground mining operation with a reputation as one of the safest gold mining operations of its peers.

Open Pit Operations - Mining approach is contractor-based whereby the contractor supplies and operate the equipment, and the client provides technical guidance and supervision which includes mine design, mine planning, mine survey and geology inputs.

Underground Operations – The mining method is mechanised longhole stoping with paste backfilling.  All underground operations are performed by New Luika employees (owner operated).

Processing - The processing is metallurgically simple and conventional involving proven crushing and milling techniques with carbon-in-leach gold extraction delivering robust gold recoveries. In late 2025, the Company approved a plant expansion project to support increased throughput. The scope includes upgrading the primary crusher capacity from 3,000 t/day to 5,000 t/day and installing a fourth mill, together increasing plant throughput by approximately 40%. The expansion is targeted for completion by the end of 2027. New Luika has two tailings storage facilities (TSF): TSF 1, which is non-operational and TSF 2, which is currently in use. TSF 2 was designed and engineered to meet the world’s best industry practice and in alignment with New Luika Life of Mine production plan.

New Luika has established a strong operational track record in successfully converting inferred resources into mineral reserves, thereby consistently extending the mine’s life. In late 2024, the mine was further strengthened by the granting of four additional mining licences across the Lupa Gold Fields. These new licences provide further exploration upside and support the continued extension of New Luika’s life-of-mine plan.

Singida Gold Mine

The Singida Gold Mine (“Singida”) is located in the Ikungi District of the Singida Region, Central Tanzania - approximately 620 km west-northwest of Dar es Salaam and 180 km northwest of Dodoma, the national capital. Singida is currently an open-pit mining operation and is recognised as one of the safest gold mining operations among its peers. Following recent resource discoveries, plans are underway to transition Singida into a hybrid operation incorporating underground mining, unlocking further value from the deposit.

Open-Pit Operations – Singida operates on a contractor-mining model, whereby the mining contractor supplies and operates all mining equipment, while Shanta Gold provides technical oversight. This includes responsibility for mine design, mine planning, geological interpretation, and survey support.

Processing – The processing circuit is metallurgically simple and conventional, comprising proven crushing and milling techniques followed by carbon-in-leach (CIL) and gravity gold extraction, which delivers robust gold recoveries of around 95%. A process plant expansion, completed in H1 2025, has doubled mill throughput capacity to 730,000 tonnes per annum. Tailings are managed through a single HDPE-lined tailings storage facility (TSF), designed and constructed in line with global best-practice standards.

Exploration and Growth – Since the successful commissioning of the mine in 2023, Singida has executed an intensive exploration programme that has delivered a material increase in mineral resources. A maiden underground resource has been established at the Gold Tree deposit, with subsequent drilling continuing to expand and upgrade the underground resource base. This ongoing success underpins the future development of an underground operation. In parallel, additional prospecting licences have been secured to provide longer-term growth optionality. Exploration efforts remain ongoing, with the objective of extending the life of mine beyond 2033 and supporting the transition to a blended open-pits and underground operation.

West Kenya Gold Project

The West Kenya Gold Project (“WKGP”) is a proposed gold mining development comprising two key deposits: the Ramula-Mwibona and Isulu-Bushiangala deposits, both of which have NI 43-101-compliant Mineral Resource Estimates. These deposits are located approximately an hour drive on paved roads from Kisumu, Kenya’s third-largest city and the principal urban centre in western Kenya.

Project Development Timeline: During 2025, the feasibility study was completed, key regulatory approvals were obtained, and the project financing process has formally commenced, marking a major step toward project execution. The year also saw continued exploration activity and the initiation of selected early works programmes.

In 2026, the focus will be on advancing and concluding project financing, progressing the Resettlement Action Plan (RAP), and implementing further early works programmes to support construction readiness. In parallel, ongoing exploration at nearby satellite deposits, currently outside the life-of-mine (LOM) plan and feasibility study, is expected to provide additional upside and unlock further long-term value.

Mining Operations

Processing: Ore from both deposits will be processed through conventional gold processing with proven metallurgical techniques, including crushing, milling, and carbon-in-leach (CIL) gold extraction, delivering robust recovery rates. Processing will have a throughput capacity of 915,000 tonnes per annum (tpa). Tailings will be managed through a single HDPE-lined dry-stack tailings storage facility (TSF), designed in line with global best-practice standards to minimise environmental impact.

Exploration and Growth: Since acquiring ownership of the West Kenya portfolio in late 2020, Shanta Gold has more than doubled the total mineral resources across its prospecting licences. Ongoing exploration activities continue to expand the project’s geological potential and lay the foundation for further growth beyond the current mine plan.