REG - Shuka Minerals PLC - Update on Kabwe transaction completion

Shuka MineralsAnnouncement

02/01/2026 07:00

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RNS Number : 4405N  Shuka Minerals PLC  02 January 2026

2 January 2026

Shuka Minerals Plc

("Shuka" or the "Company")

Update on Kabwe transaction completion

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and
developer, provides an update on 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 were
to be  paid following receipt by Shuka of funds from African focused
investment banking and corporate finance group Gathoni Muchai Investments
Limited ("GMI"), pursuant to the increased loan ("GMI Loan") entered into on
30 June 2025, until Shuka's interest in LEM reached 49.9%. Thereafter, a final
tranche comprising the balance of the Acquisition cash, share and warrant
consideration to acquire a resultant 100% of LEM was to have been made, with
completion of all tranches to have occurred by no later than 31 December 2025.

GMI have verbally advised the Company that funds will now be provided in the
week commencing 5 January 2026. Accordingly, the Company has agreed with the
vendors of LEM to extend the long stop date for completion of the Acquisition
to 15 January 2026.

A further announcement will be made as appropriate.

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 1 July 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 Limited.

 

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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