Investor RoadshowJune 2012

2

DisclaimerThis 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 to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever or constitute an invitation or inducement to engage in investment activity under section 21 of the UK Financial Services and Markets Act 2000. This presentation does not constitute a recommendation regarding any decision to sell or purchase securities in the Company.

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 circumstances under section 86(2) FSMA. This Presentation is only being sent to persons reasonably believed by the Company to be investment professionals or to persons to whom it may otherwisebe lawful to distribute it. If you are not such a person (i) you should not have received this Presentation and (ii) please return this Presentation to the Company's registered office as soon as possible and take no other action. If you are not such a person you may not rely on or act upon matters communicated in this Presentation. By accepting this Presentation the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive this Presentation.

This document has not been approved by an authorised person under Section 21 of the Financial Services and Markets Act 2000 (“FSMA”).

This Presentation is not intended to be distributed, or passed on, directly or indirectly, to any other class of person and in any event under no circumstances should persons of any other description rely or act upon the contents of this Presentation. This Presentation and its contents are confidential and must not be distributed or passed on, directly or indirectly, to any other person. This presentation is being supplied to you solely for your information and may not be reproduced, further distributed or published in whole or in part by any other person.

No representation or warranty, express or implied, is made or given by or on behalf of the Company, its advisers or any of their respective parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any of the directors, officers or employees of any such person as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions or for any liability, howsoever arising (directly or indirectly) from the use of this Presentation or its content or otherwise in connection therewith. No person has been authorised to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorised. The contents of this Presentation are not to be construed as legal, financial or tax advice.

The information has not been verified nor independently verified by the Company’s advisers and is subject to material updating, revision and further amendment.

The Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act.

Neither this Presentation nor any copy of it may be taken or transmitted into the United States of America or its territories or possessions (the “United States”), or distributed, directly or indirectly, in the United States, or to any U.S Person as defined in Regulation S under the Securities Act 1933 as amended, including U.S resident corporations or other entities organised under the laws of the United States or any state thereof or non-U.S branches or agencies of such corporations or entities or into Canada, Australia, Japan, South Africa or the Republic of Ireland. Neither this Presentation nor any copy of it may be taken or transmitted into or distributed in Canada, Australia, Japan, South Africa or the Republic of Ireland, or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of United States or other national securities law.

Forward-Looking Statements. Information contained in this Presentation may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's business) are forward-looking statements.

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 operate in future. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of factors. These forward-looking statements speak only as to the date of this Presentation and cannot be relied upon as a guide to future performance. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to 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.

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

4

Corporate Summary

(1) As of market close on 21 June 2012

Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-120.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45Sh

are

pric

e (£

)

0

3,000

6,000

9,000

12,000

15,000

18,000

21,000

Volu

me

(000

s)

FTSE AIM All Share: Basic Resources (rebased) Shanta Gold Ltd.

£0.4252-week High

£0.1752-week Low

Share Price £0.22

Shares outstanding 318.8m

Market cap. $110m

Cash (April – post placing) $41m

Debt $20m

Enterprise Value $89m

Financial Summary (1)

3.9%12.4mGreat Basin Gold

3.4%10.7mBlackrock

1.4%4.5mGenerali

1.7%5.6mMajedie

10.9%35.0mBlakeney

10.2m

17.0m

32.0mExport Trading 10.1%

Investec 5.3%

W. Imrie (Exec. Chairman) 3.2%

Top Shareholders

Source: FactSet & investor disclosures as at 21 June 2012

5

Board and Key Management

Maheshkumar PatelAlternative DirectorTanzanian businessman with extensive experience at board levelPeet PrinslooHead of geology and explorationBraam JankowitzGeologist, General Manager of New Luika

Walton ImrieExecutive Chairman34 years’ gold exploration, mining experienceGareth TaylorChief Executive Officer37 years’ total mining experience, eight in Tanzania as GM of AngloGold Ashanti’s Geita Mine Edward Johnstone FCAChief Financial Officer7 years’ experience in East Africa, 5 years’ experience in the mining sectorPaul HeberNon-executive Director19 years’ total mining experience, six in TanzaniaKetan PatelNon-executive Director23-year business career in Tanzania

Philbert Rweyemamu Mining Engineer, General Manager of Singida

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

7

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

2.6Moz total resource

Source: Dave Briggs – Geologix Independent resource consultant

8

1st project approaching production –New Luika Gold Mine• 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

• 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

Bauhinia Creek Pit (24 March 2012)

Ball Mills (3 June 2012)

(1) As per September 2010 company estimates

9

New Luika (Bauhinia Creek) pit progression

Increase in pit size to include higher graderesources to 200 metres depth

Old June 2011 pit(to 120m)

New pit (2)

(to 200m)

April 2011

June 2011(1)

January 2012

January 2012 update - drilling highlightsBorehole ResultCSR332 10m at 26.9g/t in total

CSR324 11m at 21.71g/t in totalCSR325 31m at 12.97g/t in total, including 14m at 18.49g/tCSR338 14m at 11.6g/t in total CSR330 13m at 8.19g/t in totalCSR331 6m at 11.93g/t and 8m at 13.24g/t in total

(1) Temporary pit(2) Internal conceptual design

10

New Luika – commissioning underwayMining• Ore mining commenced November 2011

(over 100Kt stockpiled)

• Stockpiles estimated to contain over 22,000oz ready for processing

• High grade stockpiles provide commissioning flexibility

• First gold production expected by mid-Q3

• Q4 guidance of 13,000 - 17,500 ounces of gold

Plant & Infrastructure• Achieved plant wet commissioning

• Hot commissioning to commence imminently

• Crushing circuit complete; milling and leaching circuits approaching completion

• On-site laboratory fully commissioned allowing quick turnaround of assays for grade and metallurgical controls

• Power infrastructure complete (6x diesel generator sets – 8.5Mwt)

• River weir construction complete

Crushing Circuit (22 June 2012)

11

New Luika Plant

Ball Mills (7 June 2012)Crushing Circuit (23 June 2012)

Leach Tanks (17 June 2012)

Metallurgical Lab (1 April 2012)

Tailings Screening (18 June 2012) Gold Room (17 June 2012)

12

Gold price of 1,200$/oz used in financials

Singida – next golden opportunity

• Minor royalty agreement with JV partner

• 858,485oz resource at 2.84g/t (1g/t cut-off)

• Four open pits for mining flexibility

• $130M NPV11 @ 1200$/oz

• Ore-bodies open at depth

• First three years total production of 170-200,000oz at $210-310/oz total cost (1)

• Project development and financing strategy to be executed post commencement of gold production at New Luika

(1) As of August 2011

10

130

120

45,000

5.43

450,000

30

255,000

2.5

23.5Total tonnes mined million

Total tonnes treated million

Annual treatment rate t

Total construction cost US$ million

LOM gold production oz

Average grade recovered g/t

Average annual production oz

Return on investment %

Net present value 11% US$ million

LOM years

Singida updated feasibility (August 2011)

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

14

The right address – Lupa Goldfield licences under JV

JV gives Shanta the opportunity to earn-in to 80% of >100 exploration licences within the Lupa Goldfield

New Luika

15

Upcoming Milestones

Increased JORC resources to 2.6Moz

Established $15m credit facility with FBN Bank

Commenced ore mining

Constructed river weir for water to feed plant

Constructed tailings dam

Raised $40m through convertible loan note and equity placing

Commissioned geological on-site laboratory

Stockpiled ore estimated to contain over 22,000 ounces

Completed wet commissioning of the plant

Complete hot commissioning of the New Luika plant

Announce New Luika resource update

Strengthen board of directors

Achieve first gold pour at New Achieve first gold pour at New LuikaLuika

Achieve New Luika run rate production

Update New Luika mine plan post resource update

Progress exploration programme

Execute Singida development strategy

Ore Stockpiles (17 June 2012)

16

Pre-exploration Scoping study Feasibility study Mine construction Production

Moving projects up the value curveHIGH

TIMELOW

ExplorationTargets

Singida

New Luika

17

The case for small(er)

< 2 g/t> 2 g/tAverage head grade

Vital statistics New Luika A bigger player

Exploration 3 years 5-7 years

Development 15 months 36-48 months

Construction cost $29.4M $400m

Production cost/oz $560-610 $700-900

Return on investment 71% 20% + is good

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