REG - Shuka Minerals PLC - Laboratory Results of Field Samples at Kabwe Mine

Shuka MineralsAnnouncement

27/02/2026 07:00

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RNS Number : 6208U  Shuka Minerals PLC  27 February 2026

 

27 February 2026

Shuka Minerals Plc

("Shuka'' or the "Company")

 

Laboratory Results of Field Samples at Kabwe Mine

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and
developer, is pleased to announce that, further to its announcement of 19
March 2025, it has received the assay results for certain samples from the
Kabwe Zinc Mine ("Kabwe Mine") which had previously exceeded the upper
detection limits of the initial testing.

Ten surface samples collected from outcrop and artisanal workings were
initially analysed by ALS (Johannesburg), using 48-element ICP analysis.
Certain samples exceeded the upper detection limits for zinc and lead under
that method. Eight lead samples exceeding the detection limit (>1% Pb) were
re-analysed at ALS (Johannesburg) using four-acid ICP-AES. Two zinc samples
exceeding the detection limit (>30% Zn) were re-analysed at ALS (Vancouver)
using titration methods.

The following results were received on 25 February 2026 from the respective
laboratories:

 Sample      Zinc (Zn) %  Lead (Pb) %
 KAB 25 001               1.235
 KAB 25 002               6.10
 KAB 25 003               3.31
 KAB 25 005               3.88
 KAB 25 006  42.89        1.345
 KAB 25 007               1.385
 KAB 25 008               1.180
 KAB 25 009  34.66
 KAB 25 010               1.320

 

The results continue to demonstrate consistently high zinc and lead grades at
surface, with zinc values reaching up to 42.89% and lead values up to 6.10%,
supporting the earlier results provided by ALS.

These grades compare favourably with historical mining averages and confirm
the presence of substantial high-grade material at surface.

The previously announced 48 element sample results from ALS returned the
following results:

 Sample                                 Zn        Pb     Ag      Ce      Cs      Ga      Mn      Mo      Rb      Sn      V          Y

(%)
(%)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
 KAB 25 001. Pit 2 surface outcrop.     14.05     >1     1.16    6.38    0.13    10.3    3790    44.1    2.3     0.7     836        7.5
 KAB 25 002. Pit 2 surface outcrop.     8.06      >1     0.62    7.68    0.08    10.55   1005    32.2    1.7     0.9     >10000     28.5
 KAB 25 003. Pit 2 surface outcrop.     7.53      >1     1.36    26.6    0.29    13.8    4750    44.3    5.4     1.5     5690       18.3
 KAB 25 004. Pit 2 surface outcrop.     16.25     0.53   0.41    6.94    0.69    4.74    510     9.44    6.5     2.1     449        8.9
 KAB 25 005. Pit 1 surface marginal.    27.3      >1     7.19    49.4    2.19    9.75    7540    13.1    18.6    6.6     5670       27.8
 KAB 25 006. Pit 5. Dolomite contact.   >30.0     >1     3.53    9.22    0.13    3.55    322     17.2    1.5     0.5     739        16.4
 KAB 25 007. Pit 5. High Grade.         20.3      >1     3.54    35.2    4.56    17.5    4740    6.36    47.8    15.1    1550       23.5
 KAB 25 008. Pit 5. Washed Mid Grade.   21.1      >1     1.06    25.9    5.56    13.05   3140    6.27    53.5    11      1955       20.9
 KAB 25 009. Pit 5. Washed High Grade.  >30.0     0.356  0.97    12.95   2.6     10.25   3760    1.41    23.1    6.9     653        12.7
 KAB 25 010. Pit 5. Tailings.           12.4      >1     2.96    24.2    6.11    21.1    4840    4.57    36.9    13.8    1400       18

 

CEO Richard Lloyd commented: "It is encouraging to realise further high-grade
laboratory confirmed results and at surface. We will update the market further
when we receive lab results from the current samples which have already been
submitted to ALS in Ndola, Zambia."

About Shuka Minerals:

Shuka Minerals plc, is a dynamic and innovative mining and development
company, committed to exploring and harnessing Africa's mineral resources.
Shuka's focus lies in the acquisition and development of valuable minerals,
aiming to contribute to the sustainable growth and development of local
communities.

 

Shuka has an operating coal mine in Tanzania, which capacity is under
consideration for upgrading by management depending on funding and strategic
direction. Shuka is also considering projects in Zambia, South Africa, and
other African countries that are rich in copper, lead, and zinc.

 

The Company has completed the purchase of 100% of Leopard Exploration and
Mining Limited's ("LEM") share capital. LEM is the registered holder of a 33.3
sq km large-scale mining license 12848-HQ-LML issued in December 2014 for a
period of 25 years, and which includes the historical Kabwe Mine located in
central Zambia, approx. 110km north of the capital city of Lusaka.

 

The Kabwe Mine was previously operated Zambia Consolidated Copper Mines
Limited along with Anglo American Technical Services and was mined
continuously for 88 years until its closure in 1994, due to the commodity
prices at the time. It was ranked as one of the world's highest-grade zinc and
lead mining operations and is considered one of the most famous mines in
Africa, holding a position of national economic importance in Zambia.

 

With sufficient funding the Company is commencing a 3-phase exploration and
development programme at the Kabwe Mine, as part of its plans to re-commence
both open-pit and underground mining and processing operations.

 

This 3-phase programme, as also recommended by Behre Dolbear, will comprise:

 

(i)         a high-resolution geophysical survey,

(ii)        a resource drilling programme, updated metallurgical test work
and additional environmental and mining studies; and

(iii)       detailed feasibility study work and underground mine
refurbishment and new access decline activities as well as the establishment
of new ore processing facilities and value addition in respect of the
production of refined metals products.

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                                     +254 746 849 110

 Faith Kinyanjui Mumbi

 

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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