Kabwe Drilling (“KBDD05”)

Shuka Minerals PLC

01 July 2026

 

Shuka Minerals Plc

("Shuka'' or the "Company")

Kabwe Drilling ("KBDD05") deep hole confirms ore body open at depth

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 17 June 2026, it has successfully completed the fifth drill hole KBDD05 at the No. 2 ore body at the Kabwe Zinc Mine ("Kabwe Project").

Drilling

The fifth diamond drill hole was planned as a deep hole, at -80° at a bearing of 145^o and was designed to intersect the ore body at approximately 320-350 metres ("m") depth and to test the western limb of the originally projected orebody. Historical plans show remaining medium to high grade blocks to a depth of 1650 feet (550 m) depth, with mine development at these depths. This part of the orebody was accessed by a long crosscut from the No. 5 & 6 Orebody on the 1050 foot (320 m) level. The hole encountered a mining cavity between 324.90 m and 327.75 m downhole that is possibly associated with workings off this tunnel. A combination of karst (solution cavities) and the mining void contributed to a 4° - 6° westward deviation to the hole. The skill of the drillers enabled drilling to continue to a final depth of 419 m.

The Company has commenced a sixth hole to intersect a different, previously unexploited orebody in the "Speaks" approximately 1 kilometre ("km") from the Pit 2 area where we have been focussing our studies to date. The anticipated depth of drill hole 6 will be at 250 m - 300 m.

The actual readings from a down hole gyroscope survey revealed the hole was 419 m deep, with a final azimuth of 149.38° and a dip of 74.88°. This particular survey enables us to plot the western side of the orebody and the location of further underground workings in a 3D model, and assists future deeper hole planning.

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 ("Zn") and 1.7% lead plus silver and vanadium oxide.

Results

KBDD05 returned 38.90% Zn over 3.50 m from 338.00.10 to 341.50 m (down hole), based on an arithmetic average of 10 individual portable XRF pinpoint readings through the defined zone at a typical regular data spacing of 3 readings per meter of whole core Pinpoint readings over the entire interval ranged from 6.70% - 68.6% zinc. This interval includes one peak reading of 17.5% Lead ("Pb") in otherwise anomalous values (0.3% - 1.8% Pb) perhaps indicating an increase in Pb mineralisation with depth.

A lower ironstone band averaged 2.63% Zn over 2.40 m from 373.60 m to 376.0 m.

We can clearly see the mineralisation continues at depth and at the same time are successfully testing the western limits of the known ore body. This deep hole will enable us to accurately plan further deep holes to the east of, and below, the intersections recorded above.

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 m) 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 deeper planed holes of any drilling campaign always contain some trepidation as you wait for expected ore zones to be hit. The skill of OX drilling, especially in light of intersecting historic mine workings and cavities, helped deliver further high grade Zn and Pb mineralisation. This deep hole gives us much more information about the orebody and its behaviour at depth and we are now confident we can drill to 700m + to confirm the deepest reaches of the previously developed ore body.

We have already moved the rig about 1km to the NE and have commenced the first of our  step-out drill holes, aiming to explore the un-mined areas of "Speaks" and "Mine Club". Having had a 100% hit rate at our No. 2 ore body, with results far exceeding historical averages, we turn our focus to other highly prospective areas of Kabwe. I look forward to updating shareholders as the results are received from the balance of Phase 1 drilling.

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