Kabwe Drilling (“KBDD06-11”) Results

Shuka Minerals PLC

16 October 2026

 

Shuka Minerals Plc

("Shuka'' or the "Company")

Kabwe Drilling ("KBDD06-11")

Drilling results from ALS Laboratories

16 October 2026

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 23 September 2026, it has received laboratory results from ALS Labs for the balance of the holes (KBDD06- KBDD11), drilled in the Speaks / Mine Club area at the Kabwe Zinc Mine ("Kabwe Project").

Holes KBDD06 through KBDD08 were drilled in the previously identified "Swimming Pool" area, whilst holes KBDD09 through KBDD11 were drilled in the newly discovered "Sperm Whale" area, previously untested by historic exploration.

Samples were delivered to ALS Labs, Ndola, where they were prepared, before being 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 a 2%, 5% and 10% cut off grades:

Hole ID	From	To	Width (m)	Zn (%)	Pb (%)	Cut-off	Comment
KBDD06	62.05	63.95	1.90	2.89	0.38	2% Zn	2.89% over 1.9 m from 62.05 m
KBDD06	84.50	85.90	1.40	12.00	1.16	10% Zn	12% over 1.4 m from 84.5 m
KBDD06	109.00	110.00	1.00	2.63	0.18	2% Zn	2.63% over 1 m from 109 m
KBDD07	-	-	-	-	-	-	No significant reportable intersections (Tenor < 1.5% Zn)
KBDD08	98.00	106.00	8.00	3.51	0.51	2% Zn	3.51% over 8 m from 98 m
KBDD08	103.00	106.00	3.00	5.52	0.23	5% Zn	5.52% over 3 m from 103 m
KBDD08	125.20	128.65	3.45	8.09	0.62	2% Zn	8.09% over 3.45 m from 125.2 m
KBDD08	126.10	128.65	2.55	9.18	0.73	5% Zn	9.18% over 2.55 m from 126.1 m
KBDD08	155.00	158.00	3.00	4.03	1.75	2% Zn	4.03% over 3 m from 155 m
KBDD09	2.90	19.35	16.45	3.42	0.62	2% Zn	3.42% over 16.45 m from 2.9 m
KBDD09	9.00	10.90	1.90	7.69	0.63	5% Zn	7.69% over 1.9 m from 9 m
KBDD09	31.35	35.30	3.95	2.17	0.44	2% Zn	2.17% over 3.95 m from 31.35 m
KBDD09	48.50	59.80	11.30	10.10	1.98	2% Zn	10.1% over 11.3 m from 48.5 m
KBDD09	49.40	58.95	9.55	11.34	1.94	5% Zn	11.34% over 9.55 m from 49.4 m
KBDD09	54.80	58.00	3.20	20.87	3.35	10% Zn	20.87% over 3.2 m from 54.8 m
KBDD09	63.50	119.10	55.60	12.09	2.01	2% Zn	12.09% over 55.6 m from 63.5 m
KBDD09	63.50	78.15	14.65	12.27	3.34	5% Zn	12.27% over 14.65 m from 63.5 m
KBDD09	65.30	72.80	7.50	17.84	5.20	10% Zn	17.84% over 7.5 m from 65.3 m
KBDD09	83.40	98.95	15.55	12.91	0.74	5% Zn	12.91% over 15.55 m from 83.4 m
KBDD09	86.05	96.95	10.90	15.69	0.94	10% Zn	15.69% over 10.9 m from 86.05 m
KBDD09	103.20	116.50	13.30	18.79	3.52	5% Zn	18.79% over 13.3 m from 103.2 m

KBDD09	109.00	115.70	6.70	29.45	6.20	10% Zn	29.45% over 6.7 m from 109 m
KBDD10	2.90	23.50	20.60	3.85	0.87	2% Zn	3.85% over 20.6 m from 2.9 m
KBDD10	30.00	53.85	23.85	4.49	0.84	2% Zn	4.49% over 23.85 m from 30 m
KBDD10	48.60	50.10	1.50	12.81	1.20	10% Zn	12.81% over 1.5 m from 48.6 m
KBDD10	58.50	61.40	2.90	18.75	3.63	2% Zn	18.75% over 2.9 m from 58.5 m
KBDD10	60.20	61.40	1.20	36.40	4.61	10% Zn	36.4% over 1.2 m from 60.2 m
KBDD11	2.00	22.05	20.05	7.60	0.84	2% Zn	7.6% over 20.05 m from 2 m
KBDD11	5.30	11.30	6.00	10.79	1.06	10% Zn	10.79% over 6 m from 5.3 m
KBDD11	19.30	22.05	2.75	12.03	1.39	10% Zn	12.03% over 2.75 m from 19.3 m
KBDD11	68.30	96.80	28.50	15.99	1.94	2% Zn	15.99% over 28.5 m from 68.3 m
KBDD11	70.00	78.70	8.70	12.32	1.76	10% Zn	12.32% over 8.7 m from 70 m
KBDD11	82.00	94.00	12.00	26.63	2.92	10% Zn	26.63% over 12 m from 82 m

A strict QA/QC Regime representing combined 14.5% insertion frequency of CRM's, Blanks and Duplicates was followed and adhered to.

The maximum individual drill-core, zinc grade lab results returned for the Speaks / Mine Club drilling campaign were as follows and compare favourably with the pXRF results previously announced:

KBDD06: 12.0% Zn

KBDD07: 1.2% Zn

KBDD08: 11.3% Zn

KBDD09: 46.7% Zn

KBDD10: 41.2% Zn

KBDD11: 49.7% Zn

The Behre Dolbear 2023 NI 43-101 report indicates that the Speaks orebody contains 1.944 million tonnes ("MT") of indicated and inferred resource at grades of 12% Zn and 2% Pb. The Mine Club orebody contains 0.666 MT of indicated and inferred resource at grades of 11.7% Zn and 0.8% Pb, plus silver and vanadium oxide. Copper mineralisation has also been reported in the northerly areas. This new ore body would be in addition to any previously reported resources and has been encountered at surface. 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 have once again confirmed extremely high grades at Kabwe and specifically in the Mine Club / Speaks area, which are well above those average grades previously reported. The Swimming Pool area returned numerous thick intersections across the drill holes.

"However, the results from the Sperm Whale target far exceeded pre-drill expectations. This area had not been drill tested historically and grades of 46.7% Zn, 41.2% Zn and 49.7% Zn respectively across holes KBDD09-11 are truly exceptional. Even more encouraging was each hole returned mineralisation throughout the hole with grades increasing with depth. A clear footwall contact is seen in this area which enables us to immediately cease the hole once we encounter this, this structure will also greatly assist the mining method and ore extraction. Accordingly, the results at No 2 Orebody and now at Mine Club / Speaks have reaffirmed our view of the significant value remaining at Kabwe. Despite all of its historic production the project still retains significant volumes of metal at some of the highest grades globally.

"As previously reported our initial target is to increase the historical remaining resource by at least 50% and I see no reason why that milestone cannot be achieved and surpassed.

"The next phase of drilling will focus on increasing the density of "pierce points" into the No2 orebody in order to define a resource with a higher level of confidence e.g. Inferred to Indicated and Indicated to Measured and so on. Further drilling will also be undertaken to define the geometry of the new "Sperm Whale" deposit.  I look forward to updating the market as the Kabwe investment case begins to gather further significant momentum."

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