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

Shuka MineralsAnnouncement

27/10/2025 07:05

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RNS Number : 9123E  Shuka Minerals PLC  27 October 2025

27 October 2025

Shuka Minerals Plc

("Shuka" or the "Company")

Update of financing for Kabwe transaction

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.

Further to the Company's announcement on 16 October 2025, Gathoni Muchai
Investments Limited ("GMI") has informed the Company that payments of funds,
pursuant to the increased loan agreement 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, are proceeding this 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 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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