Monitoring Agency Report

Date: August 13, 2026 To, To, Listing/Compliance Department Listing/Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, Dalal Street, G-Block, Bandra-Kurla Complex, Mumbai - 400001 Bandra €, Mumbai - 400051 BSE Scrip Code: 544459 NSE Symbol: SHANTIGOLD Dear Sir/ Madam, Subject: Monitoring Agency Report Pursuant to Regulation 32 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we are enclosing herewith, Monitoring Agency Report issued by Acuité Ratings & Research Limited, Monitoring Agency, for the quarter ended June 30, 2026 in respect of utilization of proceeds of the Initial Public Offer (‘IPO’) of the Company. The above-mentioned statement has been duly reviewed by the Audit Committee at its meeting held on August 13, 2026. Please take the same on your records. This intimation is also being uploaded on the Company’s website at www.shantigold.in. We request you to take the same on record. Thanking you, For Shanti Gold International Limited Pankajkumar Jagawat Managing Director Encl: As above Acuite RATINGS & RESEARCH Name of the issuer : Shanti Gold International Limited For quarter ended : Q1 FY 2026-27 Name of the Monitoring Agency : Acuité Ratings and Research Limited (a) Deviation from the objects : No deviation is observed (b) Range of Deviation : Not Applicable (C) Any other material fact to be highlighted :None Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it fo be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended fo create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA fo deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiiates may have credit rating or other commercial fransactions with the entity to which the report pertains and may receive separate compensation forits ratings and certain credit-related analyses. We confirm that there is no conflict of interest in such relationship/interwheislte monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer's Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report fo the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer's Management/Board. VI kas Y Digitally signed by VikY Maishsra . Date: 2026.08.13 Mishra ie2330 40530 Signature: Vikas Mishra Deputy Vice President- Process Excellence Report Date: August 13, 2026 Acuite RATINGS & RESEARCH Name of the issuer : Shanti Gold International Limited Names of the promoter : Mr. Pankaj Kumar Jagawat, Mr. Manojkumar Jain and Mr. Shashank Jagawat Industry/sectotro which it belongs : Gems Jewellery and Watches / Consumer Durables Issue Period : July 25, 2025, to July 29, 2025 Type of issue : Public Issue Type of specified securifies :Equity Share IPO Grading, if any : Not Applicable Issue size (INR Cr.) :360.11 Report Date: August 13, 2026 Acuite RATINGS & RESEARCH Source of information/ cerfifications Reply from Comments of the Monitoring Sr. considered by Comments the Particulars the issuer Agency No. Monitoring Agency Audit Committee for preparation of report Utilization is delayed. For details, please refer section Whethearll utilization is as per the disclosures in the Offer Documente Yes No Comments 4.:ii. Progress in the object(s). (Page No. 5) Whether shareholder approval has been obtained in case of Not No material deviation is material deviations from expenditures disclosed in the Offer No Comments Applicable observed Documente Whether the means of finance for the disclosed objects of the issue No No change is observed. No Comments has changed? Documents The issuer had not appointed Is there any major deviation observed over the earlier provided by the No any other Monitoring Agency No Comments monitoring agency reports2 issuer- Fixed earier. Deposit No Government / Statutory Whether all Government/statutory approvals related to the Not Certificates, Bank approvals are required for No Comments object(s) have been obtained? Applicable Statements, objects. Invoices and No arangement pertaining to Independent Whethearll amangements pertaining to technical Not fechnical assistance / Audifors No Comments assistance/collaboration are in operation2 Applicable collaboration is required with Certificate by J reference to the object. Kala & Associates No favourable event is Are there any favorable eventsimproving the viability of these No observed that may improve No Comments object(s)2 the viability of these objects. No unfavourable event is Are there any unfavorable events affecting the viability of the No observed affecting the viability No Comments object(s)2 of these objects. No relevant information is Is there any other relevant information that may materially affect evident that may materially No No Comments the decision making of the investors2 affect the decision making of the investors. Report Date: August 13, 2026 Acuite RATINGS & RESEARCH i. Cost of object(s) Original cost (as Source of information / Comments of the Comments of the Audit Committee per the Offer Sr. tem certifications considered by Revised Monitoring No. Head Monitoring Agency for Document) Cost Agency Reason of Proposed Parficulars of firm preparation of report (INR Cr.) financing Cost amangement option revision Funding of capital expenditure requirements towards No change is 4630 setting up of the observed. Proposed Jaipur Facility Funding working Documents provided by No change is 2 capital requirements of the issuer - Fixed Deposit 200.00 observed. our Company Certificates, Bank Repayment and/or pre Statements, Invoices and payment, in full or part, Independent Auditors No Comments of Certificate by J Kala & No change is 17.00 certain borrowings Associates observed. availed by our Company General corporate No change is 4601 purposes observed. No change is 5 Issue Expenses 50.80 observed. Total 360.11 Report Date: August 13, 2026 Acuite RATINGS & RESEARCH ii. Progress in the object(s) — Source of ‘Amount ufilized information (INR Cr.) Comments of the Audit Committee certifications ~ Amount as Amount Total considered proposed z raised Asat - Atthe unutilized Comments of the Monitoring Agency o Item Heads Monb iy t ot rh ie ng ~ i Dn ot ch ue mO eff ne tr (INR beginning ;":':9 end of amount Proposed course cr) of the - the (INRCr) Reasons for idle funds n Agency for (INR Cr.) of action quarter quarter quarter preparation of report The delay from the fimeline is primarily attributable to the ongoing interior fit-out and Funding of The issuer has not completed construction activities at the project site. In capital uviiisation of funds within the addition, certain modifications fo the facility's expenditure [Showing first 8,000 characters — download PDF for full document]