Kabwe Drilling (‘KBDD02’) continues to deliver

Shuka Minerals PLC

03 June 2026

 

3 June 2026

Shuka Minerals Plc

("Shuka'' or the "Company")

Kabwe Drilling ('KBDD02') continues to deliver

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 21 May 2026, it has successfully completed the second drill hole ("KBDD02") at the No.2 ore body at the Kabwe Zinc Mine ("Kabwe Project").

Drilling

The second, steeper and deeper, diamond drill hole was planned at 80 degrees at a bearing of 130 degrees and was designed to intersect the ore body below the current workings and previous KBDD01 hole at a depth of approximately 300 metres ("m").

The actual readings from a down hole gyroscope survey revealed the hole was 318.7m deep, with a final azimuth of 135.72 degrees and a dip of 78.30 degrees. Again, displaying the drilling skills of Ox Drilling for a 300m+ 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 3.1 million tonnes ("MT") of ore remaining at grades of 11.4% zinc and 1.7% lead plus silver and vanadium oxide.

Results

KBDD02 delivered 9.79% zinc over 15.5m from 251.20m to 266.7m down hole, based on an average of 47 individual portable XRF pinpoint readings through the defined zone at regular spacings of 3 readings per meter. The maximum grade recorded was 45.7% zinc with XRF results returning in the range of 9-45% through the ore zone.

A very wide disseminated footwall mineralisation was also recorded, where 52.0m averaged 1.06% zinc based on 156 pXRF readings. This included lenses of mineralisation at around 276m averaging 3.5% zinc and a spot peak value of 18.39% zinc at 285.33m. The entire 67.50m interval from the top of the main orebody to the end of the hole (251.20m to 318.70m) averages 3.08% zinc.

Mineralisation is typically associated with a weakly brecciated to semi-massive haematitic ironstone mixed with mostly zinc silicate (probably willemite) and lesser zinc carbonate minerals. The footwall comprises moderately jointed and fractured massive dolomite with hematite stringers and fracture-coatings that are believed to be the main hosts to zinc mineralisation.

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.  Separately, samples from KBDD01, following core cutting and sampling, have been submitted to ALS Laboratories for multi-element analysis. 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 initial (2,000m) phase of drilling. Drilling is being undertaken by Ox Drilling Limited, a contractor with 21 years established operating experience in Zambia.

Drilling is already underway on the next (third) hole, which will look to intersect the orebody in a laterally extended zone. The Company will update on further progress as drilling advances.

Shuka Minerals CEO, Richard Lloyd, commented:

"Our drilling campaign continues to deliver some amazing Zn grades. With every hole and intersection we are learning more and more about the orebody. It is also encouraging to have a much wider orebody than first envisaged - 67m of mineralisation into the host dolomite is very pleasing. I am looking forward to receiving the results from the upcoming drill holes where we will look to prove the ore body extending laterally and at depth."

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 Competent  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