Shanta Gold Limited provided an exploration update for the West Kenya Project in Kenya. Highlights: The drilling programmes commenced in 2023 and continued through the first quarter of 2024 with the primary aim of converting Inferred resources to Indicated category resources at the Ramula deposit. A mineral resource estimate update for Ramula is scheduled by end of second quarter of 2024.

The programme also included the testing of the most prospective early-mid-stage targets around the Ramula camp, including Miruka and Anomaly 22. Results from these holes at Anomaly 22 returned intercepts with economic range mineralisation, confirming the continuity of the mineralisation that still is open both at depth and along strike. Sterilisation drilling around Ramula covering the area for the potential infrastructure placement continued in the first quarter of 2024, with a total of 1,443 m of drilling from 6 diamond holes having been completed.

Drilling intersection highlights include: Hole No. Interval (m). 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 drilling programme that commenced in 2023 and continued in the first quarter of 2022 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 for the recently completed program is 30-40 m. A mineral resource estimate update is scheduled for second quarter of 2024. 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 the potential for underground mineable resources exists. The composited assay results shown below are for 24 diamond drill holes received since the Company's most recent exploration update on 2 November 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. It is one of the high priority targets in the Ramula region, that had previously been delineated by geochemical, geophysical and geological data and this data was recently reassessed. RC drill intercepts from a 2017 drill program confirmed potential for economic mineralisation with better intercepts of 4m at 5.43 g/t Au and 6m at 2.20 g/t Au, both at shallow depths returned from two holes.

A drilling program aimed at testing continuity and the grades of the mapped mineralised structure, confirmed by the 2017 RC intercepts was completed in 2022 with better intercepts of 5.7m at 4.23 g/t Au, 9m at 4.65 g/t Au and 9.2m at 4.35 g/t Au. The drilling program was aimed at testing continuity and infilling the mineralised zone, confirmed by the 2022 DD intercepts to be able to report a maiden classified mineral resource estimate. The composited assay results below are for 4 out of the 11 diamond holes drilled at the target in 2023 - 2024.

Composited assay results for these 4.23 - 2024. The composited assay results for these 4,886 metres of assays at early-mid-stage targets at both Miruka and Anomaly 22 have demonstrated economic range mineralization, confirming the continuity of the continuity of the mineralised zone. The drilling programme was aimed at testing continuity andinfilling the mineralised zone, confirming the continuity of the Mineralised zone, confirmed by the primary aim of the mineralised zone, confirmed the continuity of the primary aim of converting In preferred resources to be able to convert Inferred resources to convert Inferred category resources to Indicated category resources to convert Inferred resources at Indicated category resources at Indicated category resources.