Kabwe Drilling (“KBDD10”)

Shuka Minerals PLC

18 August 2026

 

Shuka Minerals Plc

("Shuka'' or the "Company")

Kabwe Drilling ("KBDD10")

The New Ore body returns 61.5m of mineralisation from surface at grades of up to 68% Zn

18 August 2026

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 13 August 2026, it has successfully completed the tenth drill hole KBDD10 in the newly identified area south of the unmined "Speaks" and "Mine Club" zones at the Kabwe Zinc Mine ("Kabwe Project").

Drilling:

The Company and consultants, GeoQuest, continued to drill a previously unknown, near surface, orebody a few hundred metres south of the Speaks and Mine Club areas.

KBDD10 represents the second of three exploratory drill holes, targeting this new ore body. The hole was drilled for 91.2m at a 60° dip on an azimuth of 010° as the Company seeks to further understand the dimensions of this new ore body.

Pinpoint XRF readings over the defined mineralised intervals ranged from 3.25-68.0% zinc ("Zn"). Lead ("Pb") is present as values ranging 1-5.25% Pb. Copper ("Cu") grades were also detected confirming the historically reported copper 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. This new ore body would be in addition to any previously reported resources and has been encountered at surface.

Geological interpretation of new orebody:

We have so far interpreted that Zinc mineralisation in this new area is associated with highly altered soft, and brecciated, iron oxide impregnated dolomite and silty argillaceous lithologies showing variable degrees of iron alteration, probably representing a major shear / fault zone.

Unlike the No.2 Orebody, Zinc mineralisation is associated with ill-defined breccias and zones of ferruginous fractures and iron-rich hematite alteration, often with poorly defined boundaries in bedded dolomite with intercalated argillaceous clastic sediments.

In a similar manner to the Mine Club area to the north penetrated by drill holes by KBDD06 to KBDD08, there is mineralisation along the basal contact of the Mine Club Sediments with footwall massive dolomite. The mineralisation beyond and into the footwall is sparse and confined to very occasional haematitic fractures carrying >1% Zinc. This is particularly helpful as it establishes clearer physical boundaries for the high-grade orebody.

Results:

KBDD10 - 61.5m @3.96% Zn from surface. A peak Zn reading of 68.0% was recorded, with 4%Pb and 0.34% Cu. Including a basal zone of 2.20m @16.90% Zn from 59.3 to 61.5m with readings from 1.2-68.0% Zn. and an intermediate section from 41.6 to 51.3m averaging 6.69% Zn with readings from 1.2% - 15.8% Zn. Anomalous lead was noted with short intervals carrying 1% to 5.25% Pb.

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.

We will shortly report on the final drillhole KB011, which also targeted the new orebody and also the returning laboratory assay results from Pit 2 areas (KB001-KB005).

The GeoQuest geological team are finalising the reporting of the initial phase of drilling which was extended to 2,500m due to the excellent results received to date. Drilling has been undertaken by Ox Drilling Limited, a contractor with 21 years established operating experience in Zambia and we look forward to welcoming Ox back later in the year for Phase 2.

Shuka Minerals CEO, Richard Lloyd, commented:

"Encouragingly, the mineralisation is intersected at surface and with extremely high grades. 68% Zinc in situ ore is unlikely to require much metallurgical upgrade for sale. The surface mineralisation occurrences may also enable an early-stage exploitation. We only have 2 holes drilled into this orebody, but at very different azimuths in order to fully understand its characteristics, but it seems this ore body is more pipe like in geometry. These successful exploration holes continue to provide encouraging and valuable new insight into the broader Kabwe orebody, suggesting it is also materially larger than was first modelled."

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