Shanta Gold said it has broken off talks with potential bidders Shandong and Chaarat Gold after concluding the deals offered did not reflect the value of the company.
A third bidder, Yintai Gold, had already dropped out of the process.
Shanta added it had a 'number of value catalysts in train for 2023' including increased gold production at New Luika in Tanzania; first gold pour at Singida; annual production of 100,000 oz pa; and an expansion of resources in Tanzania and West Kenya.
Eric Zurrin, chief executive, added: "After five years, Shanta is a transformed company and unrecognisable to its past as a 'single asset, single country' producer.
“In 2017 following a complete overhaul of the business, Shanta transitioned from a heavily indebted company to a profitable dividend-paying business, with debt repaid and an out-of-the-money hedge book extinguished.
“Going forward, we are on a strong and stable footing with a series of key milestones scheduled for 2023. This is an exciting time for the business and shareholders recognise the potential of the business.”