Shanta Gold Limited

Shanta Gold CEO, Eric Zurrin, speaks with Proactive's Stephen Gunnion about the recommended cash acquisition from Saturn Resources.   You can watch the full interview here: https://lnkd.in/emYHRSvE

Shanta Gold announced its production and operational results for the fourth quarter ended 31 December 2023 for its East African assets.   Commenting on the results, Shanta CEO, Eric Zurrin said: "We are pleased to have surpassed our production guidance for the year - despite a moderate slowdown at New Luika - enabling us to benefit from a strong gold price environment with healthy returns to investors. "Our newest project to come onstream, Singida, has performed well in its first phase of commercial production and the new five-year plan shows potential for expansion but will require the necessary investment to deliver it. "It's exciting to see the hard work from the team come to life over the past few years, culminating in us reaching a milestone annual production target of 100,000 ounces. Our 2024 focus is to ensure long-term sustainable production meaning further investment into the assets through exploration. This work programme along with higher royalties and elevated normalised costs at Singida will mean a lift in AISC in 2024."   You can read the full announcement here: https://lnkd.in/ezmevD5Y

Shanta Gold CEO, Eric Zurrin, outlines the recommended cash acquisition from Saturn Resources in a presentation that is now available on the Shanta website.   You can watch the presentation here: https://lnkd.in/emYHRSvE

The Independent Directors of Shanta Gold announce that they intend to recommend an all cash offer by Saturn Resources at 13.50p per share.   The full announcement can be accessed here: https://lnkd.in/eVZ2f3za

“Eric Zurrin tells Arthur Tassell that Singida – which is operated by an entirely Tanzanian workforce – is performing very strongly and has confirmed Shanta’s status as one of the most capable gold miners around.”   A great piece in Mining Review Africa capturing the performance and opportunities at our three assets as well as the transformation Shanta has undergone since 2017.   From a single-asset producer, Shanta has evolved into a diversified company, with not only two mines in its portfolio but also the highly attractive West Kenya Gold Project – without a doubt one of the best gold projects in Africa.   Read the full piece here: https://lnkd.in/eneRt7jv   #mining #Africa #gold #goldstocks #Tanzania #growth

📣This morning we announced our Q3 production and operational results.   ✅Group gold production at 27,935 ounces (“oz”) ✅Balance sheet deleveraging with net debt of US$4.9 million (“m”), down 44% from US$8.7 m in Q2; ✅Outstanding safety record: TRIFR rate of 0.00 in Q3 and 0.00 YTD; zero LTIs.   Commenting on the result, our CEO, Eric Zurrin, said: “Our performance over the third Quarter demonstrates the stable and reliable production volumes we have worked hard to achieve, with Group gold production across our two operating mines of 27,935 ounces in line with expectations and materially increasing our confidence in meeting our stated guidance of up to 98 Koz, which we will review as we get closer to the end of the year.   “Our newest mine Singida continues to perform strongly, with 9,664 oz produced during the Quarter, exceeding internal Q3 forecasts by 15 per cent. Production throughout the Quarter remained above 3,000 oz per month, whilst operating costs and AISC were materially better than budgeted.   “In addition to our strong operational performance, exploration activities have continued during the Quarter at both West Kenya and in Tanzania. At West Kenya, we continued infill drilling totalling 8,387 meters while approximately 10,000 meters is planned for Q4. At NLGM, the Phase 1 drilling program is ongoing, while at Singida we commenced with the first few holes at the western deeper extension of Jem pitshell.   “As always, we maintained our outstanding safety record, with no Lost Time Injury’s and a Total Recordable Injury Frequency Rate of 0.00. Meanwhile, we finished the quarter with a strong balance sheet, with net debt reduced to US$4.9 m, down from US$8.7 m in the second quarter, putting us in an optimal position to further enhance growth initiatives.”   Read the full announcement here: https://lnkd.in/ePVGpfma   #gold #mining #Tanzania #WestKenya

Today we released our interim results and are pleased to report record half year revenues! We are delighted to announce strong performance across the board, with interim result highlights including:   ✅ Record half year revenues of US$88.3 million, up 70% from H1 2022 ✅Profit after tax of US$12.7 m, up from loss of US$3.1 m in H1 2022 ✅Gold production of 44,771 oz, up 55% from H1 2022 ✅Cash, and available liquidity of US$25.0 million, more than double FY22 ✅Outstanding safety record: TRIFR rate of 0.00 in Q2 and 0.00 YTD and zero LTIs ✅Annual production guidance reconfirmed at 90,000-98,000 oz gold for 2023   Commenting on the record results, our CEO, Eric Zurrin said:   "Today we have delivered another set of record-breaking results, reflecting the huge effort from the team at Shanta over the first half of 2023. We continue to reach new heights at New Luika and Singida, with record half year revenues of US$88.3 million. This was driven by a 55 per cent increase in gold production as well as the benefits of a diversified portfolio and strong gold price. As a result, EBITDA was up 140 per cent to US$33.9m.   ….   As we deliver on our strategy, we continue to deliver value for our shareholders. Today the Board has declared an interim dividend of 0.10 pence per share, the sixth consecutive period with a dividend paid, totalling cash payments of US$8.0 million since 2021.”   Read the full announcement here: https://lnkd.in/e5tM5_ht