High Grade Results from Diamond Drill at Kabwe

Shuka Minerals PLC

21 May 2026

 

Shuka Minerals Plc

("Shuka'' or the "Company")

High Grade Results from Maiden Diamond Drill Hole at Kabwe ('KBDD01')

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 14 May 2026, it has successfully completed the first drill hole ("KBDD01") at the No.2 ore body at the Kabwe Zinc Mine ("Kabwe Project").

Highlights:

-      Grades of up to 65.7% Zn encountered in hole KBDD01 at the No. 2 Ore Body

-      First drill hole exceeds pre-drill expectations and second drill hole now underway

-      Average drill hole grade of 18.02% Zn in the main intersection versus existing high-grade resource of 11.4% Zn

-      Supports objective of increasing existing NI 43-101 resources by 50%

Drilling

The initial diamond drill hole was planned at 65 degrees at a bearing of 130 degrees and was planned to intersect the ore body below the current workings at a depth of approximately 220-230 metres ("m"). The Company has commenced a deeper hole to intersect the orebody at c.300-320m below surface.

The actual readings from a down hole gyroscope survey revealed the hole was 230.14m deep, with a final azimuth of 132.31 degrees and a dip of 65.2 degrees. That is extremely accurate for a 200m+ hole in a previously mined area.

As previously announced, the Behre Dolbear 2023 NI 43-101 report indicates that the No.2 ore body has 3.1MT of ore remaining at grades of 11.4% zinc and 1.7% lead plus silver and vanadium oxide.

Results

Some zinc mineralisation was noted near surface (5-15m) however the main intersection of the orebody, as anticipated by GeoQuest Limited ("GeoQuest"), was 20.7 metres (from 206.8m to 227.5m) at an average grade of 18.02% zinc, including 7m (from 210.5-217.5m) with values between 25-65% zinc. A maximum value of 65.7% zinc occurred at 213.2m down hole depth.

These assays were taken with a calibrated XRF machine and will be verified in due course with JORC/NI 43 101 laboratory analysis and testing. This intersection aligns with the Company's objectives for its 2026 exploration programme aiming to increase the existing resource by 50%, subject to the results of the drilling programme.

The GeoQuest geological team are on site with the Company's CEO, Richard Lloyd, who is overseeing the commencement of the initial (2,000 metres) phase of drilling. Drilling is being undertaken by Ox Drilling Limited, a contractor with 21 years established operating experience in Zambia.

The Company will update on further progress as drilling advances.

Shuka Minerals CEO, Richard Lloyd, commented:

"The initial drill hole of any campaign, even in a known mineralised and previously mined area, is nerve wracking. The detailed planning based on previous reports from ZCCM and Anglo-American data allowed GeoQuest and the team to target a very specific zone of the ore body below the old workings. With this planning and the skill of the Ox Drilling operators, we hit the target spot on and the results are well beyond our expectations. I am looking forward to receiving the results from the upcoming drill holes."

Qualified Person

The technical information contained in this disclosure has been read and approved by Richard Lloyd, Chief Executive Officer of the Company, 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

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