The Tanzania-based miner produced 19,550 ounces (oz) of gold in the last three months taking the yearly total to 84,500oz, 500oz better than the top of the guided range.
Head grade in the last three months was 3.8 grammes per tonne (g/t) compared to 4.5 g/t in the previous quarter, while costs were also affected by an overhaul of its power station generator.
For 2020, Shanta expects to produce between 80,000-85,000oz at a sustainable cost of US$830-880/oz.
Eric Zurrin, Shanta's chief executive said the strong cash flow currently being generated will clear the group's debts fully during the year.
"The company has achieved a number of important objectives in 2019, with gold production exceeding guidance and net debt expected to soon move to net cash.
“Mine life at New Luika continues to be a priority and the board have approved a significantly increased exploration budget for 2020 as we look to upgrade resources and identify new ounces," he added.