Shanta Gold provided an exploration update for the West Kenya Project ("West Kenya" or the "Project") in Kenya. Highlights: 2023 drilling programmes re-commenced in May 2023with the primary aim of converting Inferred resources to Indicated resources at the Isulu-Bushiangala and Ramula deposits. In addition, sterilization drilling was conducted around Ramula as well as testing of the most prospective early-mid-stage targets around Ramula potential mining centre; This update relates to 4,421 metres ("m") of drilling from 12 diamond holes conducted in Second Quarter 2023 at the Isulu and Bushiangala deposit, and 717 metres ("m") of drilling from 6 diamond holes at Ramula.

This infill drilling is aimed at converting the Inferred resources to Indicated. Shanta has now completed 45% of total planned 2023 drilling at Isulu and Bushiangala. Gold mineralisation at the Isulu and Bushiangala deposit is hosted by sheared pillowed to massive basalts, bounded between ultramafic volcanics and polymictic conglomerates on one side and carbonaceous mudstones and sandstones on the other side.

The deposits occur within the Liranda Corridor area, a 12 km structural trend located on the eastern limb of a broad synclinal structure intruded in the centre by granitoids and diorites, termed the Kakamega Dome. Mineralisation is associated with quartz, and quartz-carbonate veinlets within the mineralised shear zones ranging from 0.5 m to 10 m in true width. The mineralisation style is classified as orogenic, shear-zone-hosted quartz-carbonate vein subtype.

The strike lengths of the steeply-dipping mineralised zones vary between 100 m and 600 m. Infill drilling at Isulu and Bushiangala, commenced in 2021 and sought to infill the existing modelled zones. This drilling was carried out to generate an average spacing of 40 m at Isulu and 30 m at Bushiangala, up to a depth of 550 m from surface, and targeted both oxides and sulphides within these zones. As at the end of 2022 a total of 50,876 m had been completed, the Isulu and Bushiangala modelled zones updated, and an updated mineral resource estimate (of 1.29 Moz grading 10.60 g/t Au at Isulu and Bushiangala, of which 721,900 ounces grading 11.45 g/t Au was upgraded to Indicated category) was announced in January 2023.

Assay results shown below are for 12 diamond drill holes, received since the Company's most recent exploration update on 22 May 2023. The lengths shown are the down hole metres and it is estimated that the true widths of the mineralized zones are approximately 60-70% of the widths intersected in the drill holes. The Ramula deposit lies primarily within a small dioritoid stock and its contact zones.

The stock has intruded a sequence of intermediate volcanic rocks comprised of intermediate volcaniclastic breccias and tuffs and volcanic extrusive rocks. The deposit is situated less than 1 km from the district-scale fault and unconformity with the polymictic 'Timiskaming-style' conglomerates.  Minor quartz feldspar porphyries are present. The elongate dioritoid body is approximately 300 m by 500 m with a northwest- southeast trending long axis.

Mineralisation at Ramula is hosted within a series of stacked, shallow-dipping, thin quartz tension veins primarily hosted in the strongly altered dioritoid and extending into the surrounding intermediate volcanic units. Gold-bearing quartz veins are clustered in well-identifiable zones, which have been modelled and now verified by the 2022 infill drilling. Lower-grade gold mineralisation also occurs between the veins. The style of mineralisation of the Ramula deposit resembles Sigma-Lamaque style at the Val'd-Or Camp of the Abitibi Gold Belt, Canada, where recent systematic exploration resulted in discovery of several proximal gold deposits within the camp, which was previously considered as overmatured.

The 2023 drilling programme at the Ramula deposit was aimed at upgrading ounces from the Inferred Mineral Resource Estimate into the Indicated Resource category within the pit shell used to constrain the current resource. Average drill intersection spacing is 40 m. Following the completion of 2022 drilling, the Ramula modelled zones were updated, and the updated mineral resource estimate (469,800 ounces grading 2.41 g/t, using a cut-off grade of 0.7g/t Au and constrained within USD 2,000 pit shell) was announced in February 2023. Previous infill drilling verified the extent and geometry of the mineralised zones developed for the current resource model.

Ramula mineralisation is open for extension to the northwest and southeast and Shanta's recent drilling to 600 m depth confirms mineralisation is open at depth, hence potential for underground mineable resources exists. Composited assay results shown below are for 6 diamond drill holes received since the Company's most recent exploration update on 22 May 2023. The lengths shown are the down hole metres and it is estimated that the true widths of the mineralised zones are approximately 70-95% of the widths intersected in the drill holes.