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

Shuka MineralsAnnouncement

01/12/2025 07:00

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RNS Number : 6425J  Shuka Minerals PLC  01 December 2025

1 December 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.

On 19 November 2025, the Company announced settlement of an initial tranche of
the Acquisition consideration, giving the Company an initial effective
position of 22.2% in LEM and the world class Kabwe Mine. Further tranches are
to be  paid following receipt by Shuka of funds from Gathoni Muchai
Investments Limited ("GMI"), pursuant to the increased loan ("GMI Loan")
entered into on 30 June 2025, until Shuka's interest in LEM has reached 49.9%.
Thereafter, a final tranche will comprise the balance of the Acquisition cash,
share and warrant consideration to acquire a resultant 100% of LEM, with
 completion of all tranches to occur by no later than 31 December 2025.

GMI have advised the Company that while it had expected to make payment to the
Company by the end of November 2025 of funds pursuant to the Increased GMI
Loan (announced on 1 July 2025), to satisfy the $1.05m balance of cash
consideration due to the LEM vendors ("Acquisition Balance"), GMI now expects
payment of the Acquisition Balance, as well as the remaining balance of the
Increased GMI Loan, being approximately £450k,  to be made in  December
2025.

The Company remains in regular contact with GMI regarding the status of funds
due and its expectation is that the balance of the £2m GMI loan facility will
be paid to the Company by mid-December 2025. A further announcement will be
made in due course.

Capitalised terms in this announcement have the same meaning as in the
Company's announcement 1 July 2025, unless otherwise defined.

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.

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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