Kabwe Drilling (“KBDD08”)

Shuka Minerals PLC

14 July 2026

 

Shuka Minerals Plc

("Shuka'' or the "Company")

Kabwe Drilling ("KBDD08")

3% Copper mineralisation identified with most recent drilling

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 10 July 2026, it has successfully completed the eighth drill hole KBDD08 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 the Company has been focussing its studies to date.

KBDD08 represents the third exploratory drill hole, targeting the more central 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 for 200m at a 50° dip on an azimuth of 130°. The actual readings from a down hole gyroscope survey revealed the hole was 191.1m deep, with a final azimuth of 131.65° and a dip of 48.6°.

Pinpoint XRF readings over the defined mineralised intervals ranged from 1 - 22% zinc ("Zn"). Lead ("Pb") is present as values ranging 0.1 - 3.3% Pb. Copper ("Cu") grades of up to 3.00% were also detected in line with the historically reported copper oxide mineralisation.

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.

Results

KBDD08 - 18.67m @2.05% Zn from 87.66 to 106.33m. A peak Zn reading of 9.17% was recorded.

KBDD08 - 3.66m @8.27% Zn & 0.93% Cu from 125.33 to 128.99m. Peak Zn readings of 22.0% and 3% Cu were recorded.

KBDD08 - 5.66m @4.18% Zn from 152.33 to 157.99m. A peak reading of 21.55% Zn was recorded.

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, the mineralisation thickens in the central part of the northerly area and the copper oxide mineralisation the Board expected in the central and southern areas of Speaks and Mine Club is appearing.

The Company will continue to drill (KB009 and KB010) to target the southern areas of the underexplored Mine Speaks and Club 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:

"It is encouraging to see the orebody thicken and show its copper mineralisation as we head into the more central area of Speaks / Mine Club. These exploration holes are giving us confidence in north-south continuity along the entire orebody. Historically the Speaks orebody was thought to be a lot more patchy, this is proving not to be the case. We are hoping to hit a lot more high-grade zinc mineralisation as well as copper."

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 of the Institute of Materials, 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