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Kabwe Drilling (“KBDD06-11”) - Drilling results from ALS Laboratories
SHUKA MINERALS PLC
(Incorporated in England and Wales)
(Registration number 05292528)
(“Shuka Minerals” or “the Company”)
ISIN Code: GB00BN47NP32
AIM Share Code: SKA JSE Share Code: SKA
Kabwe Drilling (“KBDD06-11”)
Drilling results from ALS Laboratories
Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to
announce that, further to the announcement on 23 September 2026, it has received laboratory
results from ALS Labs for the balance of the holes (KBDD06- KBDD11), drilled in the Speaks / Mine Club
area at the Kabwe Zinc Mine (“Kabwe Project”).
Holes KBDD06 through KBDD08 were drilled in the previously identified “Swimming Pool” area, whilst
holes KBDD09 through KBDD11 were drilled in the newly discovered “Sperm Whale” area, previously
untested by historic exploration.
Samples were delivered to ALS Labs, Ndola, where they were prepared, before being sent to the ALS
laboratory in Johannesburg, where they were tested by ICP Sodium Peroxide Infusion (ME-ICP 81) for
Zn, Pb and Cu.
The table below summarises the results received and the Zinc (“Zn”) intersections derived at a 2%, 5%
and 10% cut off grades:
Width Zn Cut-
Hole ID From To (m) (%) Pb (%) off Comment
KBDD06 62.05 63.95 1.90 2.89 0.38 2% Zn 2.89% over 1.9 m from 62.05 m
10%
KBDD06 84.50 85.90 1.40 12.00 1.16 Zn 12% over 1.4 m from 84.5 m
KBDD06 109.00 110.00 1.00 2.63 0.18 2% Zn 2.63% over 1 m from 109 m
No significant reportable
KBDD07 - - - - - - intersections (Tenor < 1.5% Zn)
KBDD08 98.00 106.00 8.00 3.51 0.51 2% Zn 3.51% over 8 m from 98 m
KBDD08 103.00 106.00 3.00 5.52 0.23 5% Zn 5.52% over 3 m from 103 m
8.09% over 3.45 m from 125.2
KBDD08 125.20 128.65 3.45 8.09 0.62 2% Zn m
9.18% over 2.55 m from 126.1
KBDD08 126.10 128.65 2.55 9.18 0.73 5% Zn m
KBDD08 155.00 158.00 3.00 4.03 1.75 2% Zn 4.03% over 3 m from 155 m
KBDD09 2.90 19.35 16.45 3.42 0.62 2% Zn 3.42% over 16.45 m from 2.9 m
KBDD09 9.00 10.90 1.90 7.69 0.63 5% Zn 7.69% over 1.9 m from 9 m
2.17% over 3.95 m from 31.35
KBDD09 31.35 35.30 3.95 2.17 0.44 2% Zn m
KBDD09 48.50 59.80 11.30 10.10 1.98 2% Zn 10.1% over 11.3 m from 48.5 m
11.34% over 9.55 m from 49.4
KBDD09 49.40 58.95 9.55 11.34 1.94 5% Zn m
10%
KBDD09 54.80 58.00 3.20 20.87 3.35 Zn 20.87% over 3.2 m from 54.8 m
12.09% over 55.6 m from 63.5
KBDD09 63.50 119.10 55.60 12.09 2.01 2% Zn m
12.27% over 14.65 m from 63.5
KBDD09 63.50 78.15 14.65 12.27 3.34 5% Zn m
10%
KBDD09 65.30 72.80 7.50 17.84 5.20 Zn 17.84% over 7.5 m from 65.3 m
12.91% over 15.55 m from 83.4
KBDD09 83.40 98.95 15.55 12.91 0.74 5% Zn m
10% 15.69% over 10.9 m from 86.05
KBDD09 86.05 96.95 10.90 15.69 0.94 Zn m
18.79% over 13.3 m from 103.2
KBDD09 103.20 116.50 13.30 18.79 3.52 5% Zn m
10%
KBDD09 109.00 115.70 6.70 29.45 6.20 Zn 29.45% over 6.7 m from 109 m
KBDD10 2.90 23.50 20.60 3.85 0.87 2% Zn 3.85% over 20.6 m from 2.9 m
KBDD10 30.00 53.85 23.85 4.49 0.84 2% Zn 4.49% over 23.85 m from 30 m
10%
KBDD10 48.60 50.10 1.50 12.81 1.20 Zn 12.81% over 1.5 m from 48.6 m
KBDD10 58.50 61.40 2.90 18.75 3.63 2% Zn 18.75% over 2.9 m from 58.5 m
10%
KBDD10 60.20 61.40 1.20 36.40 4.61 Zn 36.4% over 1.2 m from 60.2 m
KBDD11 2.00 22.05 20.05 7.60 0.84 2% Zn 7.6% over 20.05 m from 2 m
10%
KBDD11 5.30 11.30 6.00 10.79 1.06 Zn 10.79% over 6 m from 5.3 m
10% 12.03% over 2.75 m from 19.3
KBDD11 19.30 22.05 2.75 12.03 1.39 Zn m
15.99% over 28.5 m from 68.3
KBDD11 68.30 96.80 28.50 15.99 1.94 2% Zn m
10%
KBDD11 70.00 78.70 8.70 12.32 1.76 Zn 12.32% over 8.7 m from 70 m
10%
KBDD11 82.00 94.00 12.00 26.63 2.92 Zn 26.63% over 12 m from 82 m
A strict QA/QC Regime representing combined 14.5% insertion frequency of CRM’s, Blanks and
Duplicates was followed and adhered to.
The maximum individual drill-core, zinc grade lab results returned for the Speaks / Mine Club drilling
campaign were as follows and compare favourably with the pXRF results previously announced:
KBDD06: 12.0% Zn
KBDD07: 1.2% Zn
KBDD08: 11.3% Zn
KBDD09: 46.7% Zn
KBDD10: 41.2% Zn
KBDD11: 49.7% Zn
The Behre Dolbear 2023 NI 43-101 report indicates that the Speaks orebody contains 1.944 million
tonnes ("MT") of indicated and inferred resource at grades of 12% Zn and 2% Pb. The Mine Club
orebody contains 0.666 MT of indicated and inferred resource at grades of 11.7% Zn and 0.8% Pb,
plus silver and vanadium oxide. Copper mineralisation has also been reported in the northerly areas.
This new ore body would be in addition to any previously reported resources and has been
encountered at surface. Additional analysis is still being undertaken by ALS for silver, vanadium,
germanium and gallium with those results expected in due course.
Shuka Minerals CEO, Richard Lloyd, commented:
“The lab results returned have once again confirmed extremely high grades at Kabwe and
specifically in the Mine Club / Speaks area, which are well above those average grades previously
reported. The Swimming Pool area returned numerous thick intersections across the drill holes.
“However, the results from the Sperm Whale target far exceeded pre-drill expectations. This area had
not been drill tested historically and grades of 46.7% Zn, 41.2% Zn and 49.7% Zn respectively across
holes KBDD09-11 are truly exceptional. Even more encouraging was each hole returned
mineralisation throughout the hole with grades increasing with depth. A clear footwall contact is
seen in this area which enables us to immediately cease the hole once we encounter this, this
structure will also greatly assist the mining method and ore extraction. Accordingly, the results at No
2 Orebody and now at Mine Club / Speaks have reaffirmed our view of the significant value
remaining at Kabwe. Despite all of its historic production the project still retains significant volumes of
metal at some of the highest grades globally.
“As previously reported our initial target is to increase the historical remaining resource by at least
50% and I see no reason why that milestone cannot be achieved and surpassed.
The next phase of drilling will focus on increasing the density of “pierce points” into the No2 orebody
in order to define a resource with a higher level of confidence e.g. Inferred to Indicated and
Indicated to Measured and so on. Further drilling will also be undertaken to define the geometry of
the new “Sperm Whale” deposit. I look forward to updating the market as the Kabwe investment
case begins to gather further significant momentum.”
Qualified Person
The technical information contained in this disclosure has been read and approved by Richard Lloyd,
a current Fellow of the Geological Society and a Fellow Institute of Metals, Minerals and Mining and
acts as a Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation.
The Directors of Shuka are responsible for the contents of this announcement.
ENDS
LONDON
16 October 2026
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 contact:
Shuka Minerals Plc +44 (0)7990 503 007
Richard Lloyd
Chief Executive Officer
Nominated Adviser +44 (0)20 7213 0880
Cairn Financial Advisers LLP
Sandy Jamieson / Ludovico Lazzaretti / James
Western
JSE Sponsor & Listing Advisor +27 (11) 480 8500
AcaciaCap Advisors Proprietary Limited
Michelle Krastanov
Broker +44 (0)20 7100 5100
Tavira Financial Limited
Oliver Stansfield / Jonathan Evans
Investor Relations +44 (0)208 892 8329
Olivia Lloyd
Caution:
Certain statements in this announcement, are, or may be deemed to be, forward looking statements.
Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'',
"should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative
of those, variations or comparable expressions, including references to assumptions. These forward-
looking statements are not based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations, performance, future
capital and other expenditures (including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such forward looking statements
reflect the Directors' current beliefs and assumptions and are based on information currently
available to the Directors.
SPONSOR
AcaciaCap Advisors Proprietary Limited
Date: 16/10/2026 07:51:26
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