REG - Shuka Minerals PLC - Completion of LEM and Kabwe Mine acquisition

Shuka MineralsAnnouncement

16/01/2026 07:02

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RNS Number : 1398P  Shuka Minerals PLC  16 January 2026

16 January 2026

Shuka Minerals Plc

("Shuka" or the "Company")

Completion of LEM and Kabwe Mine acquisition

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and
developer, is pleased to confirm that the Company's acquisition of 100% of
Leopard Exploration and Mining Limited (the "Acquisition") has completed.
Consequently, the Company now owns and operates 100% of the world class Kabwe
Zinc Mine (the "Project" or "Kabwe Mine").

Kabwe Background*

Kabwe is one of the world's richest and most notable zinc mines, with grades
of up to 43% zinc and historical production averaging around 25%. Over 14.56Mt
of ore has been produced to-date from the Project, which first commenced
production in 1904.

5.723Mt of resources still exist at Kabwe (including 700K tonnes of zinc and
100K tonnes of lead), with a value in excess of US$2 billion. An outlined
phase 1 development of part of the resource generated pre-tax cash flows of
US$1.84 billion and a NPV(10) of US$561 million.

Richard Lloyd, CEO of Shuka, commented:

"It is a very exciting time for Shuka and I am very pleased to advise that we
have now completed the 100% purchase of Leopard Exploration and Mining, and
with it, the world class asset of the Kabwe Mine.

I must thank the patience of shareholders and all stakeholders in the time it
has taken to get here. Following our recent equity raise we are now able to
launch our 2026 work programme, which will include geological and geophysical
studies, drilling, environmental baseline programmes and, ultimately, reserves
upgrades.

 The 2023 NI 43-101 reports, with the current known resources and reserves,
phase 1 development pre-tax cash flows of US$1.84 billion and an NPV(10) of
the asset of US$561 million. With a market cap of under £5 million, inclusive
of the recent Consideration Shares and Placing shares, I believe there is
exceptional value inherent in the Acquisition and our focus will be on better
reflecting the value our expanded asset portfolio in our market valuation.

We will be commencing field work this month and I Iook forward to providing
additional updates as we look to make material and quick progress."

Issue of Warrants

As announced on 13 December 2024, following completion Acquisition, Richard
Lloyd, Chief Executive Officer, has been granted 2,000,000 warrants to
subscribe for new ordinary shares. The warrants have an exercise price of
12.5p per share and will be valid for 3 years from grant.

* Behre Dolbear NI 43-101 independent report, November 2023

Capitalised terms in this announcement have the same meaning as in the
Company's announcement 1 July 2025, unless otherwise defined.

Shuka Minerals plc has its primary listing on the London Stock Exchange (AIM)
and a secondary listing on the AltX of the JSE Limited.

 

 

 

 

 

For Enquiries:

       Shuka Minerals Plc                          +44 (0) 7990 503007

       Richard Lloyd - CEO
       Strand Hanson Limited

       Financial and Nominated Adviser             +44 (0) 20 7409 3494

       James Harris | Richard Johnson

       AcaciaCap Advisors Propriety Limited        +27 (11) 480 8500

       JSE Sponsor and Listing Advisor

       Michelle Krastanov

       Tavira Financial Limited                    +44 (0) 20 7100 5100

       Joint Broker

       Oliver Stansfield | Jonathan Evans

       Peterhouse Capital Limited

       Joint Broker                                +44 (0)20 7469 0930

       Charles Goodfellow | Duncan Vasey

       Investor Relations

       Faith Kinyanjui Mumbi                       +254 746 849 110

 

PDMR Notification Form:

The notifications below are made in accordance with the requirements of MAR.

  1.   Details of the person discharging managerial responsibilities / person closely
       associated
 a)    Name                                                         Richard Lloyd
 2.    Reason for the Notification
 a)    Position/status                                              Director - Chief Executive
 b)    Initial notification/amendment                               Initial notification
 3.    Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
 a)    Name                                                         Shuka Minerals plc
 b)    LEI                                                          213800DBIRLNVAHNDU21
 4.    Details of the transaction(s):section to be repeated for (i) each type of
       instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
       where transactions have been conducted
 a)    Description of the Financial instrument, type of instrument  Ordinary shares of 1 pence each
       Identification code                                          GB00BN47NP32
 b)    Nature of the Transaction                                    Grant of warrants to subscribe for ordinary shares
 c)    Price(s) and volume(s)                                       Exercise Price(s)  Volume(s)
                                                                    12.5 pence         2,000,000

 d)    Aggregated information                                       N/A (Single transaction)

       Aggregated volume Price
 e)    Date of the transaction                                      15 January 2026
 f)    Place of the transaction                                     Off market

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

15 January 2026

f)

Place of the transaction

Off market

 

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