REG - Shuka Minerals PLC - Update of financing for Kabwe transaction

Shuka MineralsAnnouncement

16/10/2025 07:00

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RNS Number : 6425D  Shuka Minerals PLC  16 October 2025

16 October 2025

Shuka Minerals Plc

("Shuka" or the "Company")

Update of financing for Kabwe transaction

Further to its announcement on 30 September 2025, Shuka Minerals Plc
(AIM/AltX: SKA), an African focused mine operator and developer, provides an
update on the financing for 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.

Gathoni Muchai Investments Limited ("GMI") informed the Company that
remittance of funds, pursuant to the increased loan entered into on 30 June
2025 and to be used by the Company to satisfy the $1.35m balance of cash
consideration due to the LEM vendors, has been further delayed while GMI
completes the alternate means to expedite payment to the Company.  However,
GMI has informed the Company that payment is now in process. The Company
currently expects that the funds will be cleared into the Company's bank
account next week.

The LEM vendors remain supportive of progressing to completion of the
Acquisition, which will occur following payment to the LEM vendors of the
balance of cash consideration and issue of the consideration shares and
further warrants (as detailed in the Company's announcement on 1 July 2025
announcement), and the transfer of LEM shares to the Company.

 The Company remains committed to finalising the LEM transaction utilising
the non-dilutive and favourable terms available under the GMI facility.

 A further announcement will be made in due course.

 

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 4 September and 18 September 2025, unless otherwise
defined.

For Enquiries:

 Shuka Minerals Plc                    +44 (0) 7990 503007

 Richard Lloyd - CEO
 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

 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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