REG - Shuka Minerals PLC - Receipt of funding for Kabwe transaction

Shuka MineralsAnnouncement

13/01/2026 10:45

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RNS Number : 7146O  Shuka Minerals PLC  13 January 2026

13 January 2026

Shuka Minerals Plc

("Shuka" or the "Company")

Kabwe Mine - receipt of funding for Kabwe transaction

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and
developer, provides an update on the Company's proposed acquisition
("Acquisition") of the Zambian mining and exploration company, Leopard
Exploration and Mining Limited ("LEM") and the Kabwe Zinc Mine ("Kabwe Mine")
located in central Zambia.

Further to its announcement earlier today, the Company has received payment of
£815,000 from African focused investment banking and corporate finance group
Gathoni Muchai Investments Limited ("GMI") pursuant to the increased loan
("GMI Loan") entered into on 30 June 2025. This brings the total funds drawn
under the GMI Loan to £1.115m, with a further £385,000 remaining undrawn.
The GMI Loan is unsecured, non-convertible and carries an interest rate of 5%
per annum. A 3% establishment fee, as announced on 1 July 2025, will be
settled in due course through the issuance of Shuka shares to GMI at a price
of 8 pence per share.

The Company is arranging payment to the LEM vendors of the balance of the
Acquisition cash consideration, being $1.05m, and issue of balance of the
22,275,588 Consideration Shares (as defined in the Company's announcement on 1
July 2025) and 1,555,556 Consideration warrants. The Consideration Shares are
being issued at an effective price of  7.817 pence per share and are subject
to a 1 year lock-in restriction.

A further announcement will be made on completion of the Acquisition,
following which Shuka will own 100% of LEM and the world class Kabwe Mine.

AIM Application

Application is being made to the London Stock Exchange for the 22,275,588
Consideration Shares to be admitted to trading on AIM.  It is expected that
Admission will become effective and that dealings in the Consideration Shares
on AIM will commence at 8.00 a.m. on or around 15 January 2026.

Following Admission, the total issued share capital of the Company will be
95,498,639 ordinary shares, each with voting rights. The above figure may be
used by shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or a change
to their interest in, the Company, under the FCA's Disclosure Guidance and
Transparency Rules.

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 (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

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

 

 

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