Kabwe Drilling (‘KBDD04’) hits western extension

Shuka Minerals PLC

18 June 2026

 

Shuka Minerals Plc

("Shuka'' or the "Company")

Kabwe Drilling ('KBDD04') shallower hole hits western extension

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 10 June 2026, it has successfully completed the fourth drill hole ("KBDD04") at the No.2 ore body at the Kabwe Zinc Mine ("Kabwe Project").

Drilling

The fourth diamond drill hole was planned as a shallow hole, at -50° at a bearing of 165° and was designed to intersect the ore body at approximately 80m depth and to the west of previous drilling. Historical plans show remaining medium to high grade blocks on the west side of the upper part of the orebody that was partly stoped later in the life of the mine. These blocks are also affected by pre-stoping sub-level development and KBDD04 encountered a mining cross-cut whilst in the ore zone. Given the shallow angle drilled, -50°, it was judged unwise to continue drilling a void of >2 m width due to the danger of losing equipment downhole.

The actual readings from a down hole gyroscope survey revealed the hole was 110m deep, with a final azimuth of 123.66° and a dip of 48.79°. This particular survey enables the Company to plot not only the orebody location and dimensions but the location of underground workings in a 3D model, and assists future planning.

The Company has commenced a fifth deep hole to intersect the orebody at 450m-500m depth.

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

KBDD04 returned 6.86% zinc over 13.0 m from 106.60m to 119.65 m (down hole), based on an arithmetic average of 40 pinpoint readings over the entire interval ranged from individual portable XRF readings at 3 readings per metre of whole core.

Individual readings returned a maximum grade of 53.0% zinc with better point grades, averaging 40.09% zinc in the uppermost 9m of the orebody.

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. 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 (2,000 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: "Despite terminating the hole slightly shallower than expected, given the intersection with historical mine workings, I am delighted to report yet another positive drill result with excellent grades. Hole KBDD04 intersected the ore body approximately 70m west of the recent drilling and the results once again highlight the scale of the world class Kabwe asset.

"The  holes of our ongoing campaign continue to deliver some amazing Zn grades, with every hole and intersection we are learning more and more about the orebody. It is also extremely encouraging to continue to see much higher grades and over significant widths versus the previously reported NI 43-101 resource. The upcoming drill holes will look to continue 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 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