REG - Shuka Minerals PLC - Update on Financing for Kabwe Transaction

Shuka MineralsAnnouncement

18/09/2025 07:00

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RNS Number : 7880Z  Shuka Minerals PLC  18 September 2025

 

18 September 2025

Shuka Minerals Plc

("Shuka" or the "Company")

Update on 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 4 September 2025, Gathoni Muchai
Investments Limited ("GMI") has informed the Company that remittance of the
funds, pursuant to the increased loan entered into on 30 June 2025, to be used
to satisfy the $1.35m balance of cash consideration due to the LEM vendors,
has experienced a further slight delay, while they complete alternate means to
expedite payment. GMI have confirmed to the Company that they expect to
resolve these matters prior to the end of September 2025. GMI have further
confirmed to the Company their financial capacity to meet their obligations
under the increased GMI loan facility.

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.

 

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 is listed on the Alternative Exchange ("AltX") in South Africa and
admitted to trading on AIM in the United Kingdom ("UK").

 

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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