Conversion of Loan & Issue of Equity

Shuka Minerals PLC

20 October 2026

 

Shuka Minerals Plc

("Shuka" or the "Company")

20 October 2026

Conversion of Loan, Creditor Settlement & Issue of Equity

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, announces that, further to its announcement of 18 September 2026, the specialist Australian mining investor to whom part of the GMI Convertible Loan (the "Loan") was assigned (the "Investor") has elected to convert the entirety of its portion of the Loan. In addition, a creditor of the Company (the "Creditor") has agreed to settle an outstanding invoice through the issue of new ordinary shares in the Company.

The Investor has elected to convert the aggregate principal amount of £63,334.10 assigned to it into 1,583,352 new ordinary shares of £0.01 each in the capital of the Company (the "Conversion Shares"), at the agreed conversion price of 4 pence per Conversion Share.

In accordance with the terms of the Loan, the Company has granted the Investor warrants to subscribe for an aggregate of 1,583,352 new ordinary shares at an exercise price of 8 pence per share. The warrants can be exercised immediately and expire on 20 July 2029.

Separately, the Creditor has agreed to settle an outstanding invoice of £61,000 through the issue of 1,525,000 new ordinary shares of £0.01 each in the capital of the Company (the "Settlement Shares") at a price of 4 pence per Settlement Share. In connection with the settlement, the Company will also grant the Creditor 1,525,000 warrants to subscribe for new ordinary shares at an exercise price of 8 pence per share, which can be exercised immediately and expire on 20 July 2029.

Admission and total voting rights

Application will be made to the London Stock Exchange for the 1,583,352 Conversion Shares and 1,525,000 Settlement Shares (together, the "New Ordinary Shares"), being 3,108,352 new ordinary shares in aggregate, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence at 8.00 a.m. on or around 23 October 2026. The New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares.

Following Admission, the Company's total issued share capital will comprise 178,656,826 ordinary shares, each carrying one voting right. The Company does not hold any ordinary shares in treasury.

Accordingly, the figure of 178,656,826 may be used by shareholders as the denominator for the calculations by which they determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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

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 Richard Lloyd Chief Executive Officer	[phone]
Nominated Adviser Cairn Financial Advisers LLP Sandy Jamieson / Ludovico Lazzaretti / James Western	[phone]
JSE Sponsor & Listing Advisor AcaciaCap Advisors Proprietary Limited Michelle Krastanov	[phone]
Broker Tavira Financial Limited Oliver Stansfield / Jonathan Evans	[phone]
Investor Relations Olivia Lloyd	[phone]

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.

 

END