Kabwe Drilling (“KBDD06” and “KBDD07”)

Shuka Minerals PLC

10 July 2026

 

10 July 2026

Shuka Minerals Plc

("Shuka'' or the "Company")

Kabwe Drilling ("KBDD06" and "KBDD07")

Initial northerly exploration holes confirm continued mineralisation

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 1 July 2026, it has successfully completed the sixth and seventh drill holes KBDD06 and KBDD07 in the previously unmined "Speaks" and "Mine Club" zones at the Kabwe Zinc Mine ("Kabwe Project").

Drilling

The Company and consultants, GeoQuest, planned these exploration holes to intersect a different, previously unexploited orebody in the Speaks and Mine Club areas some 1km+ NW from the Pit 2 area where we have been focussing our studies to date. The anticipated depths of these drill holes will be at 150-275m.

KBDD06 drilled to a depth of 269m represents the first exploratory drill hole into the northern part of the Speaks / Mine Club area which represents the northern extension of the old (and a previously unexploited section) of the Kabwe Zinc-Lead-Copper deposit. The hole was planned at a 50° dip on an azimuth of 050°. The actual readings from a down hole gyroscope survey revealed the hole was 269.1m deep, with a final azimuth of 48.73° and a dip of 51.32°.

It intersected a sequence of massive to banded dolomites, the Kabwe mineralisation host rock, with mineralised veins from 55 to 91m downhole and 160 to 193m downhole.

KBDD07 drilled to a depth of 173.10m represents further exploratory drilling into the northern part of the Speaks / Mine Club area. The hole was planned at a 75° dip on an azimuth of 090° from the same collar position as KBDD06. The actual readings from a down hole gyroscope survey revealed the hole was 173.8m deep, with a final azimuth of 93.26° and a dip of 73.88°.

Three mineralised zones were intersected at 20 to 25m, 83 to 88m and 140 to 142m downhole.

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% zinc ("Zn") and 0.8% lead ("Pb") plus silver and vanadium oxide. Copper mineralisation has also been reported in the northerly areas.

Results

KBDD06 - 8.33m @1.69% Zn from 55.66 to 63.99m. A peak Zn reading of 11.24% was recorded.

KBDD06 - 6.00m @4.57% Zn from 84.66 to 90.66m. Peak Zn readings of 21.05%, 20.84% & 22.80% occurred across 1m of core.

KBDD06 - 4.33m @1.65% Zn from 160.33 to 164.66m. Pinpoint readings ranged from <1.00% to 4.96% Zn.

KBDD06 - 5.33m @1.34% Zn from 187.33 to 192.66m. Pinpoint readings over the interval ranged from <1.00% to 3.02% Zn.

KBDD07 - 3.66m @1.08% Zn from 21.33 to 24.99 m. Pinpoint readings ranged from <1.00% to 1.70% Zn.

KBDD07 - 4.33m @1.12% Zn from 83.33 to 87.66m. Pinpoint readings ranged from <1.00% to 4.15% Zn.

KBDD07 - 1.33m @1.60%Zn from 140.33 to 141.66m. Pinpoint readings ranged from 1.22% to 2.53% Zn.

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. The results are based on the arithmetic average of individual portable XRF pinpoint readings through the defined zone at a typical regular data spacing of 3 readings per meter of whole core.

Encouragingly, we can clearly see the mineralisation in the northerly area, some 1km from the main Pit 2 area, occurs in numerous veins. Whilst the average grade was lower in KBDD06 and KBDD07 than the exceptional grades encountered thus far in the current drilling campaign, the presence of high-grade sections and mineralisation in general in these holes is highly encouraging. The purpose of these holes was to target the northern extremities of the underexplored Mine Speaks and Club orebodies. Hole KBDD08 is already underway and will focus more centrally in these orebodies.

The GeoQuest geological team are on site with the Company's CEO, Richard Lloyd, who is overseeing the initial phase of drilling which has now been extended to 2,500m due to the excellent results received to date. 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 northern areas of the Kabwe Project are less defined so the programme here is much more of a true exploration drilling programme, we again hit mineralisation in our first holes and demonstrated the northerly reaches of the orebodies. These exploration holes give us so much more information about the orebody and its behaviour along strike. We now return to drilling more centrally in this northern orebody and will have further drilling updates in the near term."

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