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

Shuka MineralsAnnouncement

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RNS Number : 8689F  Shuka Minerals PLC  03 November 2025

3 November 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.

Despite written confirmation provided to the Company by Gathoni Muchai
Investments Limited ("GMI"), funds to satisfy the $1.35m balance of cash
consideration due to the LEM vendors have yet to be received by the Company.
On 27 October 2025, GMI advised that payments would be proceeding by 31
October 2025 and, most recently, GMI has advised the Company that
administrative issues had prevented the payments from proceeding last week,
although GMI is now confident that payments to Shuka will commence this week.
The Company is in regular contact with GMI regarding the status of funds due.

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.

On 4 September 2025, the Company updated that 60,000 tonnes of "fines" were
stockpiled on surface at the Company's Rukwa operation in Tanzania, and that
the Company hoped to achieve a sales price of $7 to $8 per tonne for this
material, which will generate valuable cashflow. The Company remains in
discussions with potential purchasers to maximise the proceeds of the intended
sales of fines, and will provide an update in due course.

Prior to the receipt of funds from anticipated sales of fines, and pending
receipt of funds due from GMI, the Company has limited cash resources. With
the support of creditors, the Board believes these funds are sufficient for
its near-term requirements.

A further announcement will be made in due course.

Richard Lloyd, CEO of Shuka, commented: "It is disappointing to be reporting a
further delay, though we have been assured by GMI that funding to allow the
completion on Kabwe will soon be provided. The Company remains committed to
finalising the acquisition utilising the non-dilutive and favourable terms
available under the GMI facility, rather than alternative sources of funding
that may be available to the Company. We are grateful for the patience of
Shuka shareholders and of the LEM vendors."

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.

Shuka Minerals plc has its primary listing on the London Stock Exchange (AIM)
and a secondary listing on the AltX of the JSE.

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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