Kabwe Drilling (“KBDD01-05”) Results

Shuka Minerals PLC

23 September 2026

 

23 September 2026

Shuka Minerals Plc

("Shuka'' or the "Company")

Kabwe Drilling ("KBDD01-05")

ALS Laboratories Confirm Scale and High-Grade Drilling Results at Pit 2 of the Kabwe Project

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 26 August 2026, it has received laboratory results from ALS Labs for all 5 holes drilled in the "PIT 2" area at the Kabwe Zinc Mine ("Kabwe Project").

Holes KBDD01 through KBDD05 were drilled as part of the 1^st phase drilling campaign recently concluded by Ox Drilling. Samples were delivered to ALS Labs, Ndola, where they were prepared and 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 2 different cut off grades. A 10% Zn cut-off grade was historically used, however, the Board considers that, given current analysis and commodity prices, utilisation of a 5% Zn cut-off grade is more appropriate, which significantly increases the historically reported and current resources. KBDD05 holes can even sustain a 2% cut off grade due to the very high grade zones within.  The final mining methods would determine these cut offs:

Hole ID	From	To	Width	Zn%	Pb%	Cut Off	Comment
KBDD01	206.06m	227.40m	21.34m	13.37%	0.96%	5% Zn	21.34m @13.37% Zn from 206.06m to 227.40m
KBDD01	206.06m	218.35m	12.29m	17.61%	0.90%	10% Zn	12.29m @17.61% Zn from 206.06m to 218.35m
KBDD02	251.0m	278.0m	27.0m	5.46%	1.06%	5% Zn	27m @5.46% Zn from 251.0m to 278.0m
KBDD02	251.0m	256.9m	5.9m	10.29%	1.36%	10% Zn	5.9m @10.29% Zn from 251.0m to 256.9m
KBDD03	221.0m	240.9m	19.95m	29.07%	0.87%	5% Zn	19.95m @29.07% Zn from 221.0m to 240.9m
KBDD03	221.0m	240.9m	19.95m	29.07%	0.87%	10% Zn	19.95m @29.07% Zn from 221.0m to 240.9m
KBDD04	106.06m	112.9m	6.84m	9.37%	0.69%	5% Zn	6.84m @9.37% Zn from 106.06m to 112.9m
KBDD04	106.06m	111.15m	5.09m	9.76%	0.49%	10% Zn	5.09m @9.76% Zn from 106.06m to 111.15m
KBDD05	335.6m	342m	6.4m	15.33%	0.62%	2% Zn	6.4m @15.33% Zn from 335.6m to 342m
KBDD05	338m	341m	3.0m	30.22%	0.97%	10% Zn	3m @30.22% Zn from 338m to 341m

A strict QAQC Regime representing combined 14.5% Insertion frequency of CRM's, Blanks and Duplicates was followed and adhered to.

Maximum zinc grade lab results returned for the Pit 2 drilling campaign were as follows and compare favourably with the pXRF results previously announced:

KBDD01: 38.4% Zn

KBDD02: 31.9% Zn

KBDD03: 48.5% Zn

KBDD04: 25.5% Zn

KBDD05: 48.5% Zn

The Behre Dolbear 2023 NI 43-101 report indicates that the No 2 orebody contains 1.958 million tonnes ("MT") of indicated and inferred resource at grades of 12% Zn and 2% Pb down to 300m depth, out of a total estimated remaining tonnage of 2.956MT at 11.5% Zn and 1.7% Pb to 600m depth. Significant silver and vanadium oxide also exist. 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 confirm extremely high grades in the Pit 2 area and well above those grades previously reported in the historic blocks where averages were reported at 11.5% Zn and 1.7%Pb with the highest grades reported being 20-22% Zn. This may be due to the improvement in laboratory testing capabilities since the historic resource.

"The lab results compare favourably to the spot pXRF results. We have compared readings with 2 cut off grades, a historic 10% Zn cut-off and a more realistic 5% Zn cut-off, the results clearly show much wider intersections at the more realistic cut-offs, and with the very high grades you would be able to withstand increased internal dilution once mining commences.

"These results give the Board confidence in a significantly increased mineral resource and supports the Company's statement that we are looking to increase the historical resource at Pit 2 by at least 50%."

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

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