REG - Shuka Minerals PLC - Drilling contractor appointed & Kabwe drilling

Shuka MineralsAnnouncement

29/04/2026 07:00

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RNS Number : 2955C  Shuka Minerals PLC  29 April 2026

29 April 2026

 

Shuka Minerals Plc

("Shuka'' or the "Company")

 

Appointment of Drilling contractor and commencement of exploration drilling at
Kabwe

 

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and
developer, is pleased to announce the appointment of Ox Drilling Limited
("Ox") as the drilling contractor for the Phase 1 drilling programme at the
Kabwe Zinc Mine ("Kabwe Project") via its Zambian operating subsidiary,
Leopard Exploration and Mining Limited. The Ox-operated drilling campaign is
scheduled to commence in mid-May 2026 and will be supported by the Company's
geological consultants GeoQuest Limited ("GeoQuest").

The Phase 1 c.2,000m diamond drilling programme will consist of PQ and HQ
sized core targeting known mineralised zones around and beneath the previous
workings at vertical depths ranging from 100-500m. The results from this first
phase of drilling, coupled with ongoing exploration, which includes airborne
and ground magnetics as well as surface sampling and mapping, will enable the
Company to finalise the locations for the balance of the broader 10,000m Phase
2 programme and subsequent JORC resource and reserves upgrade later in 2026.

This is the first resource drilling being undertaken at Kabwe since the 1970s.
As previously reported, the Company's objective for its 2026 exploration
programme is to achieve a 50% increase to the existing resource of 6.8Mt
@13.3% Zinc and 3.3% Lead with an estimated in-situ value of US$4 billion
(Behre Dolbear NI 43-101 2023). The current programme is also designed to
better understand the Silver, Vanadium, Germanium and Gallium at Kabwe
concentrations and metallurgy as a by-product of the Zinc and Lead production.

About Ox Drilling

Ox have been operating in Zambia, the Democratic Republic of the Congo and
other Southern African countries for over 20 years. The company is equipped
with a modern fleet of drilling rigs and machinery and has undertaken drilling
for numerous mining operators in Zambia, including, BHP Billiton, Barrick and
First Quantum. Ox are focused on supplying superior drilling services and are
highly regarded in the region.

Based in Ndola, 180km North of the Kabwe Project, Ox's selection also makes
logistics and mobilisation straight forward and cost effective. They have the
highest health and safety standards and will work with Shuka and GeoQuest to
ensure a safe and efficient drilling programme is conducted.

About GeoQuest

GeoQuest is a fully independent geological and environmental consultancy and
contract services group. The company is based in Zambia and has extensive
experience on mines throughout Southern Africa, providing services to numerous
clients including Freeport-McMoRan and Galileo Resources. Its services include
the provision of geological and other technical personnel, first phase target
generation and geological assessment of exploration areas and the evaluation
and assessment of advanced exploration projects. GeoQuest's principals are
well known by the Company's CEO Richard Lloyd.

GeoQuest, as part of Phase 3 of their work, will geologically log all core,
conduct on site XRF tests for inter alia Zinc, Lead, Silver, Vanadium, Gallium
and Germanium mineralisation, cut and prepare the core for sampling and will
dispatch the samples to ALS Zambia's laboratory in Lusaka for grade and
metallurgical testing. The assay results will be assessed and added to the
current geological models, which Shuka and GeoQuest continue to develop.

Further updates on exploration activities on site will be made in due course.

CEO Richard Lloyd commented: "It is really exciting to now embark on the
fully-funded drilling campaign at Kabwe. The Ox and GeoQuest teams have worked
together previously, and I have been extremely impressed with how diligently
they have planned this initial campaign. We have carefully selected known
mineralised zones from historic ZCCM and Anglo-American drilling and
operations. The programme is designed to consolidate and upgrade the
geological models and reserves/resource, as well as test some less defined
areas and also generate a better understanding of the by-products found at
Kabwe, some of which could prove to be a mine in their own right based on
historic production data.

"I look forward to providing further updates as appropriate as we enter into
the next active phase of exploration and resource definition at Kabwe."

The Directors of Shuka are responsible for the contents of this announcement.

ENDS

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 contact:

 

 Shuka Minerals Plc                                     +44 (0)7990 503 007

 Richard Lloyd

 Chief Executive Officer

 Nominated Adviser                                      +44 (0)20 7213 0880

 Cairn Financial Advisers LLP

 Sandy Jamieson / Ludovico Lazzaretti / James Western

 JSE Sponsor & Listing Advisor                          +27 (11) 480 8500

 AcaciaCap Advisors Proprietary Limited

 Michelle Krastanov

 Broker                                                 +44 (0)20 7100 5100

 Tavira Financial Limited

 Oliver Stansfield / Jonathan Evans

 Investor Relations                                     +44 (0)208 892 8329

 Olivia Lloyd

 

Caution:

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

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