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Update re Kabwe Transaction and Operational Update
SHUKA MINERALS PLC
(formerly Edenville Energy 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
Update re Kabwe transaction and Operational update
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.
As announced on 1 July 2025, the conditions to completion of the Acquisition sale and purchase
agreement have been satisfied, following which the Company issued a notice to draw down
funds pursuant to the increased loan, entered into on 30 June 2025, with Gathoni Muchai
Investments Limited ("GMI"), to be used to satisfy the $1.35m balance of cash consideration due
to the LEM vendors and additionally to contribute towards general working capital. GMI, on 3
September 2025, informed the Company that the remittance of the funds has been delayed
due to administrative matters and required regulatory clearances in Kenya. While GMI expect
to resolve these matters, they are exploring alternate means to expedite payment, which GMI
expect to be resolved within the next 10 business days. 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 1 July 2025 announcement),
and the transfer of LEM shares to the Company.
On 30 June 2025 the Company updated that 60,000 tonnes of "fines" were stockpiled on surface
at the Company's Rukwa operation in Tanzania, and the Company hoped to achieve a sales
price of USD7-8 per tonne for this material, which will generate valuable cashflow. The Company
remains in discussions with potential purchasers for product and will provide an update in due
course. At Rukwa, the pits are now dewatered and road & bridge repairs are being completed
to allow commencement of production. Subject to securing funding for the purchase, or lease,
of new equipment at Rukwa, and testing and restarting the wash plant, sales will re- commence,
targeting a ramp up to production rate to 4,000-5,000 tpcm.
Prior to the receipt of funds from anticipated sales of fines, or additional funding provided under
the GMI increased loan, the Company has sufficient funds which, along with the continued
support of creditors, the Board believes is sufficient for its near term requirements.
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.
LONDON
4 September 2025
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 +44 (0)20 7469 0930
Joint Broker
Charles Goodfellow | Duncan Vasey
Investor Relations +254 746 849 110
Faith Kinyanjui Mumbi
SPONSOR
AcaciaCap Advisors Proprietary Limited
Date: 04-09-2025 11:00:00
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