REG - Shuka Minerals PLC - Interim Results for the six months to 30 June 2025
30/09/2025 09:00
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RNS Number : 3957B Shuka Minerals PLC 30 September 2025
30(th) September 2025
SHUKA MINERALS PLC
("Shuka" or the "Company")
Interim Results for the six months to 30 June 2025
Shuka Minerals plc (AIM/AltX: SKA), the company developing a coal project in
southwest Tanzania, and looking to advance the Kabwe Lead Zinc Silver mine in
central Zambia, announces the Company's unaudited interim results for the six
months ended 30 June 2025.
Chief Executive's report
I am pleased to present the interim results for the six-month period from 1
January 2025 to 30 June 2025. The period was a transformative one for the
Company and reflects my first 6 months as CEO where consolidation and
redirection in terms of funding and operational focus has been key. From a
funding perspective, shortly after the period end major (c.20%) shareholders
Gathoni Muchai Investments ("GMI") committed a further £1.5m investment
thorough an unsecured loan facility, bringing their total investment
commitment to £2m. Application of funds, once fully drawn, will be applied
towards working capital, the settlement of the remaining purchase
consideration to conclude the acquisition of the Kabwe Project from Leopard
Exploration and Mining ("LEM"), the restart of the Rukwa mine and initial
exploration at Kabwe. The initial tranche of £500,000 has, post period, been
fully drawn.
Drawdown notices under Tranche 2 have commenced post period and, as updated to
the market on 18 September 2025, GMI are in process of completing alternate
means to expedite payment to the Company. GMI have advised that the intended
transfer by alternate means will now be delayed beyond month end as originally
indicated, but that they expect to conclude the transfer by 15(th) October
2025.
The availability of the £2m Convertible Loan Note ("CLN") provided by AUO
Commercial Brokerage LLC based in Dubai has been extended by a period of 12
months to March 2026 and the repayment, or conversion date, extended to March
2027. AUO has confirmed that it intends to honour its commitments under the
CLN should it be called upon to do so.
In conjunction with these strategic investments, a restructure of the Board of
Directors is currently being planned, which is expected to be detailed at the
time of the forthcoming AGM. The planned Non-executive new board appointments
are expected to bring talent and specific expertise and will be crucial for
the Company as we look to re-establish Shuka as a leading African focused
mining and development company in the coming months and years.
During the period the Company has continued to manage the day-to-day
operations at its wholly owned Rukwa Coal Mine in Tanzania. Dewatering of
the pits was completed post period and the repair of roads, bridges and
equipment are well underway. The Company has continued to progress discussions
around the sales of c. 60,000 tonnes of stockpiled coal fines, which have an
estimated value of c.USD7-8/tonne. The wash plant has undergone maintenance
and will be tested shortly with small stockpiles of washed coal product. Zero
coal sales have been made into the regional markets during the period. The
Company continues to review its ongoing investment in the Rukwa Coal Mine and
targeted production rates and discussions with a regional cement producer
regarding production offtake are progressing. In parallel with its operational
activities, the Company continues its ongoing compliance with local
regulations, and has addressed the outstanding legacy matters concerning
claims and litigation and the status of the mining licence.
The strategic investment funding received to date from GMI ensures that the
Company has been able to fund its ongoing working capital needs and corporate
and mining development activities, and importantly fund costs associated with
the evaluation of the Kabwe project which remains the Company's primary target
going forward.
I look forward to a strong end to 2025 and, once the Kabwe acquisition has
been completed, to welcoming our new LEM shareholders on board. Shuka is
committed to becoming a major mine developer and operator in east Africa and
as a truly African focused mining and development company that is committed to
ensuring its activities demonstrate a commitment to environmental
sustainability, community engagement, and responsible mining practices.
I would like to thank all our shareholders for their ongoing support, and I
look forward to working alongside my fellow directors and all key stakeholders
over the rest of 2025.
Richard Lloyd
Chief Executive Officer
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (javascript:void(0);) (Withdrawal) Act 2018
("MAR") and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
For further information please contact:
Shuka Minerals Plc
Richard Lloyd - Chief Executive Officer +44 (0) 7990 503007
Strand Hanson Limited +44 (0) 20 7409 3494
(Financial and Nominated Adviser)
James Harris
Richard Johnson
AcaciaCap Advisors Propriety Limited +27 (11) 480 8500
JSE Sponsor and Listing Advisor
Michelle Krastanov
Tavira Securities Limited +44 (0) 20 7100 5100
(Lead Broker)
Oliver Stansfield
Jonathan Evans
Peterhouse Capital Limited +44 (0) 20 7469 0930
(Joint Broker)
Charles Goodfellow
Duncan Vasey
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended Six months ended Year
30 June 25 30 June 24 ended
31 Dec 24
Unaudited Unaudited Audited
Note £ £ £
Revenue - 2,330 2,305
Cost of sales (39,430) (92,060) (200,566)
Gross loss (39,430) (89,730) (198,261)
Administrative expenses (335,505) (452,960) (1,799,584)
Group operating loss (374,935) (542,690) (1,997,845)
Finance income 211 2,082 2,351
Finance costs (1,646) (3,608) (9,433)
Loss on operations before taxation (376,370) (544,216) (2,004,927)
Taxation - - -
Loss for the period after taxation (376,370) (544,216) (2,004,927)
Other comprehensive loss:
(Loss)/gain on translation of overseas subsidiary (475,138) 45,451 90,521
Total comprehensive loss for the period
(851,508) (498,765) (1,914,406)
Attributable to:
Equity holders of the Company (851,148) (498,218) (1,912,698)
Non-controlling interest (360) (547) (1,708)
(851,508) (498,765) (1,914,406)
Loss per share
- basic and diluted (pence) 2 (0.53) (0.90) (3.32)
- headline, basic and diluted (pence) (0.53) (0.90) (3.32)
The income for the period arises from the Group's continuing operations.
CONSOLIDATED statement of financial position
as at 30 June 2025
As at As at As at
30 June 25 30 June 24 31 Dec 24
Unaudited Unaudited Audited
Note £ £ £
Non-current assets
Property, plant and equipment 4 5,041,065 5,497,645 5,526,188
Intangible assets 5 309,806 335,807 338,836
5,350,871 5,833,452 5,865,024
Current assets
Inventories 4,072 75,633 4,454
Trade and other receivables 230,045 438,744 240,377
Cash and cash equivalents 16,622 92,530 36,038
250,739 606,907 280,869
Current liabilities
Trade and other payables (931,345) (540,720) (891,155)
Borrowings (335,686) (34,651) (195,307)
(1,267,031) (575,371) (1,086,462)
Current assets less current liabilities (1,016,292) 31,536 (805,593)
Total assets less current liabilities 4,334,579 5,864,988 5,059,431
Non - current liabilities
Borrowings - (17,259) -
Environmental rehabilitation liability (33,132) (32,354) (36,237)
Net assets 4,301,447 5,815,375 5,023,194
Capital and reserves
Called-up share capital 4,628,732 4,562,344 4,612,482
Share premium account 24,486,388 24,035,973 24,372,638
Share based payment reserve 510,727 324,495 561,125
Foreign currency translation reserve 538,897 968,965 1,014,035
Retained earnings (25,838,492) (24,053,330) (25,512,880)
Issued capital and reserves attributable to owners of the parent company 4,326,252 5,838,447 5,047,400
Non-controlling interest (24,805) (23,072) (24,206)
Total equity 4,301,447 5,815,375 5,023,194
CONSOLIDATED statement of changes in equity
--------------------------------------------------Equity
Interests---------------------------------------
Share Capital Share Premium Retained Earnings Account Share Option Reserve Foreign Currency Total Non-controlling interest Total
Translation Reserve
£ £ £ £ £ £ £ £
At 1 January 2025 4,612,482 24,372,638 (25,512,880) 561,125 1,014,035 5,047,400 (24,206) 5,023,194
Comprehensive Income for the year
Foreign currency translation - - - - (475,138) (475,138) (239) (475,377)
Loss for the year - - (376,010) - (376,010) (360) (376,370)
Total comprehensive income for the year - - (376,010) - (475,138) (851,148) (599) (851,747)
Transactions with owners
Issue of share capital 16,250 113,750 - - - 130,000 - 130,000
Lapsed share options - - 50,398 (50,398) - - - -
Total transactions with owners 16,250 113,750 50,398 (50,398) - 130,000 - 130,000
At 30 June 2025 4,628,732 24,486,388 (25,838,492) 510,727 538,897 4,326,252 (24,805) 4,301,447
--------------------------------------------------Equity
Interests---------------------------------------
Share Capital Share Premium Retained Earnings Account Share Option Reserve Foreign Currency Total Non-controlling interest Total
Translation Reserve
£ £ £ £ £ £ £ £
At 1 January 2024 4,562,344 23,995,626 (23,509,661) 364,842 923,514 6,336,665 (23,975) 6,312,690
Comprehensive Income for the year
Foreign currency translation - - - - 45,451 45,451 1,428 46,879
Loss for the year - - (543,669) - (543,669) (547) (544,216)
Total comprehensive income for the year - - (543,669) - 45,541 (498,218) 881 (497,337)
Lapsed share options - 40,347 - (40,347) - - - -
Total transactions with owners - 40,347 - (40,347) - - - -
Non- controlling interest share of goodwill
- - - - - - 22 22
At 30 June 2024 4,562,344 24,035,973 (24,053,330) 324,495 968,965 5,838,447 (23,072) 5,815,375
--------------------------------------------------Equity
Interests---------------------------------------
Share Capital Share Premium Retained Earnings Account Share Option Reserve Foreign Currency Total Non-controlling interest Total
Translation Reserve
£ £ £ £ £ £ £ £
At 1 January 2024 4,562,344 23,995,626 (23,509,661) 364,842 923,514 6,336,665 (23,975) 6,312,690
Comprehensive Income for the year
Foreign currency translation - - - - 90,521 90,521 1,244 91,765
Loss for the year - - (2,003,219) - - (2,003,219) (1,708) (2,004,927)
Total comprehensive income for the year - - (2,003,219) - 90,521 (1,912,698) (464) (1,913,162)
Transactions with owners
Issue of share capital 50,138 318,212 - - - 368,350 - 368,350
Share options/warrants charge - - - 255,083 - 255,083 - 255,083
Lapse of share options/warrants - 58,800 (58,800) - - - -
Total transactions with owners 50,138 377,012 - 196,283 - 623,433 - 623,433
Non- controlling interest share of goodwill - - - - - - 233 233
At 31 December 2024 4,612,482 24,372,638 (25,512,880) 561,125 1,014,035 5,047,400 (24,206) 5,023,194
consolidated CASH FLOW STATEMENT
Six months Six months Year
ended ended ended
30 June 25 30 June 24 31 Dec 24
Unaudited Unaudited Audited
£ £ £
Cash flows from operating activities
Operating loss (374,935) (542,690) (1,997,845)
Adjustments to reconcile profit before tax to net cash flows:
Depreciation 11,707 16,910 38,098
Share based payments - - 255,083
Expected credit losses - - (301)
Impairment of inventories - - 75,313
Provisions - - 178,637
Foreign exchange differences 25,528 - 12,317
Working capital changes
Movement in inventories 382 (20,005) (4,756)
Movement in trade and other receivables 10,332 22,311 (1,067)
Movement in trade and other payables 167,088 (1,538) 351,457
Net cash used in operating activities (159,898) (525,012) (1,093,064)
Tax Paid - (912)
-
Cash flows from investing activities
Finance income 211 2,082 2,351
Net cash used in investing activities 211 2,082 2,351
Cash flows from financing activities
New loans 150,000 - 150,000
Repayment of lease liabilities (7,975) (15,134) (21,190)
Lease interest (1,646) (3,608) (4,910)
Proceeds on issue of ordinary shares - 368,350
Net cash generated from/ (used in) financing activities 140,379 (18,742) 492,250
Net decrease in cash and cash equivalents (19,308) (541,672) (599,375)
Cash and cash equivalents at beginning of year 36,038 633,094 633,093
Exchange (losses)/gains on cash and cash equivalents (108) 1,108 2,320
Cash and cash equivalents at end of year 16,622 92,530 36,038
NOTES TO THE INTERIM REPORT
1. Financial information and basis of preparation
The interim financial statements of Shuka Minerals Plc are unaudited
consolidated financial statements for the six months ended 30 June 2025 which
have been prepared in accordance with UK adopted international accounting
standards. They include unaudited comparatives for the six months ended 30
June 2024 together with audited comparatives for the year ended 31 December
2024.
The interim financial statements do not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The statutory accounts
for the year ended 31 December 2024 have been reported on by the company's
auditors and have been filed with the Registrar of Companies. The report of
the auditors was unqualified. The report contained a Material uncertainty
related to gong concern and contained an Emphasis of mater paragraph on
Operationalisation of up to 16% Government of Tanzania non-dilutive free
carried share interest and the recoverability of VAT in Tanzania. Aside from
the above, the auditor's report did not contain any statement under section
498 of the Companies Act 2006.
The interim consolidated financial statements for the six months ended 30 June
2025 have been prepared on the basis of accounting policies expected to be
adopted for the year ended 31 December 2025. These are anticipated to be
consistent with those set out in the Group's latest financial statements for
the year ended 31 December 2024. These accounting policies are drawn up in
accordance with adopted International Accounting Standards ("IAS") and
International Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board.
2. Loss per share
The calculation of the basic and diluted loss per share is based on the
following data:
30 June 25 30 June 24 31 December 24
£ £ £
Loss after taxation (376,370) (544,216) (2,004,927)
Less; adjustments to arrive at headline earnings
- - -
Headline loss before taxations (376,370) (544,216) (2,004,927)
Weighted average number of shares in the period 70,351,000 60,219,861 60,439,641
Basic and diluted loss per share (pence) (0.53) (0.90) (3.32)
Headline -Basic and diluted loss per share (pence) (0.53) (0.90) (3.32)
The loss attributable to equity shareholders and weighted average number of
ordinary shares for the purposes of calculating diluted earnings per ordinary
share are identical to those used for basic earnings per ordinary share. This
is because the exercise of share options and warrants would have the effect of
reducing the loss per ordinary share and is therefore anti-dilutive.
3. Dividends
No dividends are proposed for the six months ended 30 June 2025 (six months
ended 30 June 2024: £nil, year ended 31 December 2024: £nil).
4. Property, plant and equipment
Coal Production assets Plant & machinery Fixtures & fittings Motor vehicles
Total
£ £ £ £ £
Cost or valuation
As at 1 January 2025 5,626,017 1,292,201 7,422 316,286 7,241,926
Foreign exchange adjustment (482,012) (110,070) (280) (25,668) (618,030)
At 30 June 2025 5,144,005 1,182,131 7,142 290,618 6,623,896
Accumulated depreciation
As at 1 January 2025 202,213 1,291,405 7,361 214,759 1,715,738
Depletion/Charge for the year - 92 8 11,607 11,707
Foreign exchange adjustment (17,334) (110,010) (280) (16,990) (144,614)
At 30 June 2025 184,879 1,181,487 7,089 209,376 1,582,831
Net book value
As at 30 June 2025 4,959,126 644 53 81,242 5,041,065
Coal Production assets Plant & machinery Fixtures & fittings Motor vehicles
Total
£ £ £ £ £
Cost or valuation
As at 1 January 2024 5,529,808 1,270,229 7,366 311,162 7,118,565
Foreign exchange adjustment 45,921 10,488 27 2,446 58,882
At 30 June 2024 5,575,729 1,280,717 7,393 313,608 7,177,447
Accumulated depreciation
As at 1 January 2024 194,860 1,269,183 7,284 178,104 1,649,431
Depletion/Charge for the year - 131 9 16,770 16,910
Foreign exchange adjustment 1,611 10,480 27 1,343 13,461
At 30 June 2024 196,471 1,279,794 7,320 196,217 1,679,802
Net book value
As at 30 June 2024 5,379,258 923 73 117,391 5,497,645
4. Property, plant and equipment (continued)
Coal Production assets Plant & machinery Fixtures & fittings Motor vehicles
Total
£ £ £ £ £
Cost or valuation 5,529,808 1,270,229 311,162 7,118,565
As at 1 January 2024 7,366
Foreign exchange adjustment 96,209 21,972 56 5,124 123,361
At 31 December 2024 5,626,017 1,292,201 7,422 316,286 7,241,926
Accumulated depreciation
As at 1 January 2024 194,860 1,269,183 7,284 178,104 1,649,431
Depletion/Charge for the year 3,970 266 21 33,841 38,098
Foreign exchange adjustment 3,383 21,956 56 2,814 28,209
At 31 December 2024 202,213 1,291,405 7,361 214,759 1,715,738
Net book value
As at 31 December 2024 5,423,804 796 61 101,527 5,526,188
5. Intangible assets
Mining Licences Total
£ £
Cost or valuation
As at 1 January 2025 1,602,314 1,602,314
Foreign exchange adjustment (137,278) (137,278)
At 30 June 2025 1,465,036 1,465,036
Accumulated amortisation and impairment
As at 1 January 2025 1,263,478 1,263,478
Foreign exchange adjustment (108,248) (108,248)
At 30 June 2025 1,155,230 1,155,230
Net book value
As at 30 June 2025 309,806 309,806
5. Intangible assets (continued)
Mining Licences Total
£ £
Cost or valuation
As at 1 January 2024 1,574,911 1,574,911
Foreign exchange adjustment 13,081 13,081
At 30 June 2024 1,587,992 1,587,992
Accumulated amortisation and impairment
As at 1 January 2024 1,241,870 1,241,870
Foreign exchange adjustment 10,315 10,315
At 30 June 2024 1,252,185 1,252,185
Net book value
As at 30 June 2024 335,807 335,807
Mining Licences Total
£ £
Cost or valuation
As at 1 January 2024 1,574,911 1,574,911
Foreign exchange adjustment 27,403 27,403
At 31 December 2024 1,602,314 1,602,314
Accumulated amortisation and impairment
As at 1 January 2024 1,241,870 1,241,870
Foreign exchange adjustment 21,608 21,608
At 31 December 2024 1,263,478 1,263,478
Net book value
As at 31 December 2024 338,836 338,836
6. Share capital
No £ No £ £
Ordinary shares of 1p each Ordinary shares of 0.02p/1p each Deferred shares* of 0.001p each Deferred shares of 0.001p each Total share capital
Issued and fully paid
At 1 January 2025 and 30 June 2025
65,233,597 652,338 396,014,437,346 3,960,144 4,612,482
On 5 May 2025 1,625,000 shares issued for 8p per share
1,625,000 16,250 - - 16,250
66,858,597 668,588 396,014,437,346 3,960,144 4,628,732
No £ No £ £
Ordinary shares of 1p each Ordinary shares of 0.02p/1p each Deferred shares* of 0.001p each Deferred shares of 0.001p each Total share capital
Issued and fully paid
At 1 January 2024 and 30 June 2024
60,219,861 602,200 396,014,437,346 3,960,144 4,562,344
No £ No £ £
Ordinary shares of 1p each Ordinary shares of 0.02p/1p each Deferred shares* of 0.001p each Deferred shares of 0.001p each Total share capital
Issued and fully paid
At 1 January 2024 60,219,861 602,200 396,014,437,346 3,960,144 4,562,344
On 16 December 2024 5,013,736 shares were issued for 7.3468p 5,013,736 50,138 - - 50,138
As at 31 December 2024 65,233,597 652,338 396,014,437,346 3,960,144 4,612,482
* The deferred shares have no voting rights, dividend rights or any rights of
redemption. On return of assets on winding up the holders are entitled to
repayment of amounts paid up after repayment to ordinary shareholders. The
deferred shares are not traded on the Alternative Investment Market of the
London Stock Exchange or the JSE.
7. Distribution of interim report to shareholders
The interim report will be available for inspection by the public at the
registered office of the company during normal business hours on any weekday
and from the Company's website http://www.shukaminerals.com/
(http://www.shukaminerals.com/) . Further copies are available on request.
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