1. Investor Roadshow
June 2012

2. Disclaimer
This Document comprises an institutional update presentation (the “Presentation”) which has been prepared by and is the sole responsibility of Shanta Gold Limited (the “Company”).
This Presentation does not constitute or form part of an admission document, listing particulars or a prospectus relating to the Company or any offer for sale or solicitation of any offer
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Notwithstanding the above, in the United Kingdom, this Presentation is only being given to persons reasonably believed by the Company to be investment professionals within the meaning of
paragraph (5) of Article 19 persons in the business of disseminating information within the meaning of Article 47 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI
2005/1529) or to high net worth companies or unincorporated associations within the meaning of paragraph (2)of Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (SI 2005/1529), and the Proposed Offer will only be available to such persons who are also qualified investors within the meaning of section 86(7) FSMA purchasing as principal or in
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Such forward-looking statements are based on a number of assumptions regarding the Company's present and future business strategies and the environment in which the Company expects to
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any forward-looking statements contained in this Presentation to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any
statement is based.
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3. Shanta Overview
• Gold explorer/developer, approaching first production
• AIM-listed (Ticker: SHG)
• Tanzania-focused
• 2.6Moz JORC-compliant resource
• Strong team
• in-country experience
• successful track record in exploration,
development, operations
• Two advanced projects
• New Luika
• Singida
• Growth pipeline
• JV with Great Basin Gold
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4. Corporate Summary
0.45 21,000
0.40 18,000
0.35 15,000
Share price (£)
Volume (000s)
0.30 12,000
0.25 9,000
0.20 6,000
0.15 3,000
0.10 0
Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12
FTSE AIM All Share: Basic Resources (rebased) Shanta Gold Ltd.
Financial Summary (1) Top Shareholders
Share Price £0.22 Blakeney 35.0m 10.9%
52-week High £0.42 Export Trading 32.0m 10.1%
52-week Low £0.17 Investec 17.0m 5.3%
Shares outstanding 318.8m Great Basin Gold 12.4m 3.9%
Market cap. $110m Blackrock 10.7m 3.4%
Cash (April – post placing) $41m W. Imrie (Exec. Chairman) 10.2m 3.2%
Debt $20m Generali 4.5m 1.4%
Enterprise Value $89m Majedie 5.6m 1.7%
(1) As of market close on 21 June 2012 Source: FactSet & investor disclosures as at 21 June 2012
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5. Board and Key Management
Walton Imrie
Executive Chairman
34 years’ gold exploration, mining experience
Gareth Taylor
Chief Executive Officer
37 years’ total mining experience, eight in Tanzania as GM of AngloGold Ashanti’s Geita Mine
Edward Johnstone FCA
Chief Financial Officer
7 years’ experience in East Africa, 5 years’ experience in the mining sector
Paul Heber
Non-executive Director
19 years’ total mining experience, six in Tanzania
Ketan Patel
Non-executive Director
23-year business career in Tanzania
Maheshkumar Patel
Alternative Director
Tanzanian businessman with extensive experience at board level
Peet Prinsloo
Head of geology and exploration
Braam Jankowitz
Geologist, General Manager of New Luika
Philbert Rweyemamu
Mining Engineer, General Manager of Singida
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6. Why Tanzania?
• Africa’s third-largest gold
producer
• Fraser Institute Policy
Potential Index: ranks
ahead of South Africa
• Stable democracy
• Sound, well-
administered mining
legislation
• Workable tax regime
• Good infrastructure
• Small, under-explored
orebodies
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7. 2.6Moz total resource
Cut-off Measured & Indicated Inferred Total
Project Name (g/t) Mt g/t Ounces Mt g/t Ounces Mt g/t Ounces
New Luika 1.0 4.5 3.15 458,563 5.2 3.09 515,590 9.7 3.12 974,153
Singida 1.0 5.2 3.30 549,977 4.2 2.28 308,508 9.4 2.84 858,485
Mgusu 0.0 1.1 3.53 127,000 5.0 3.80 614,000 6.2 3.74 741,000
Total 10.8 3.26 1,135,540 14.4 3.10 1,438,098 25.3 3.17 2,573,638
Source: Dave Briggs – Geologix Independent resource consultant
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8. 1st project approaching production –
New Luika Gold Mine Bauhinia Creek Pit (24 March 2012)
• 100% owned
• 974,153 resource at 3.12g/t
(1g/t cut-off)
• First gold pour mid-Q3 2012
• June 2010 feasibility study highlights:
• LOM gold production: c.450Koz
• Average grade recovered: 2.7g/t
Ball Mills (3 June 2012)
• LOM: 10 years
• First three years total production of 175-
190,000oz at $560-610/oz total cost (1)
• Ore-bodies open at depth and along strike
• January 2012: 31m at 12.97g/t in total,
including 14m at 18.49g/t (CSR325)
• Increase in mineable resources and grade
expected Q2 2012
(1) As per September 2010 company estimates
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9. New Luika (Bauhinia Creek) pit progression
January 2012 update - drilling highlights
April 2011 Borehole Result
CSR332 10m at 26.9g/t in total
CSR324 11m at 21.71g/t in total
CSR325 31m at 12.97g/t in total, including 14m at 18.49g/t
CSR338 14m at 11.6g/t in total
CSR330 13m at 8.19g/t in total
June 2011(1) CSR331 6m at 11.93g/t and 8m at 13.24g/t in total
January 2012
Old June 2011 pit
(to 120m)
New pit (2)
(1) Temporary pit
(2) Internal conceptual design
(to 200m)
Increase in pit size to include higher grade
resources to 200 metres depth
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10. New Luika – commissioning underway
Mining Plant & Infrastructure
• Ore mining commenced November 2011 • Achieved plant wet commissioning
(over 100Kt stockpiled)
• Hot commissioning to commence imminently
• Stockpiles estimated to contain over
22,000oz ready for processing • Crushing circuit complete; milling and leaching
circuits approaching completion
• High grade stockpiles provide
commissioning flexibility • On-site laboratory fully commissioned allowing
quick turnaround of assays for grade and
• First gold production expected by mid-Q3 metallurgical controls
• Q4 guidance of 13,000 - 17,500 • Power infrastructure complete (6x diesel generator
ounces of gold sets – 8.5Mwt)
• River weir construction complete
Crushing Circuit (22 June 2012)
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11. New Luika Plant
Metallurgical Lab (1 April 2012) Crushing Circuit (23 June 2012) Ball Mills (7 June 2012)
Leach Tanks (17 June 2012) Tailings Screening (18 June 2012) Gold Room (17 June 2012)
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12. Singida – next golden opportunity
Singida updated feasibility (August 2011)
• Minor royalty agreement with JV partner
Total tonnes mined million 23.5
• 858,485oz resource at 2.84g/t (1g/t cut-off)
Total tonnes treated million 2.5
• Four open pits for mining flexibility Annual treatment rate t 255,000
• $130M NPV11 @ 1200$/oz Total construction cost US$ million 30
LOM gold production oz 450,000
• Ore-bodies open at depth
Average grade recovered g/t 5.43
• First three years total production of 170-
Average annual production oz 45,000
200,000oz at $210-310/oz total cost (1)
Return on investment % 120
• Project development and financing strategy to
be executed post commencement of gold Net present value 11% US$ million 130
production at New Luika LOM years 10
(1) As of August 2011
Gold price of 1,200$/oz used in financials
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13. Growth pipeline
• JV with Great Basin Gold covering prolific
Lupa goldfields in SW Tanzania
• Exploration underway, c.3,800 km2 of
target area
• Drilling has commenced on initial targets
• Deal structure
• 80% SHG – 20% GBG
• First earn-in of US$2m by Dec. 2012
• Total $12m earn-in by Dec. 2014
• Exploration upside within New Luika licence
• Elizabeth Hill
• Wide vein system c.2km from plant
• 800m drilled, open along strike and at
depth
• Black Tree Hill
• Near-vertical vein system directly
adjacent to plant
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14. The right address – Lupa Goldfield licences under JV
New Luika
JV gives Shanta the opportunity
to earn-in to 80% of >100
exploration licences within the
Lupa Goldfield
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15. Upcoming Milestones
 Increased JORC resources to 2.6Moz  Complete hot commissioning of the New Luika plant
 Established $15m credit facility with FBN Bank  Announce New Luika resource update
 Commenced ore mining  Strengthen board of directors
 Constructed river weir for water to feed plant  Achieve first gold pour at New Luika
 Constructed tailings dam  Achieve New Luika run rate production
 Raised $40m through convertible loan note and equity placing  Update New Luika mine plan post resource update
 Commissioned geological on-site laboratory  Progress exploration programme
 Stockpiled ore estimated to contain over 22,000 ounces  Execute Singida development strategy
 Completed wet commissioning of the plant
Ore Stockpiles (17 June 2012)
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16. Moving projects up the value curve
HIGH
New Luika
Singida
Exploration
Targets
LOW TIME
Pre-exploration Scoping study Feasibility study Mine construction Production
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17. The case for small(er)
Vital statistics New Luika A bigger player
Exploration 3 years 5-7 years
Development 15 months 36-48 months
Construction cost $29.4M $400m
Average head grade > 2 g/t < 2 g/t
Production cost/oz $560-610 $700-900
Return on investment 71% 20% + is good
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18. Investment case
• Excellent projects
• low costs
• early returns
• substantial expansion upside
• Attractive growth pipeline
• backed by reputable JV partner
• Extensive in-country experience
• Investor-friendly domain
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