Update on Kabwe and Approval of 90-Day Extension

Shuka Minerals Plc (AIM: SKA), the African-focused mining and exploration company, is pleased to provide an update on its proposed acquisition of the Zambian mining and exploration company, Leopard Exploration and Mining Limited ("LEM") and the Kabwe Zinc Mine ("Kabwe Mine"), located in central Zambia.

As announced on 13 December 2024, the Company signed a conditional Share Purchase Agreement ("SPA") to acquire 100% of LEM's share capital from its shareholders ("LEM Shareholders") in a share and cash-based transaction (the "Acquisition"). Completion of the Acquisition was due to occur by 13 March 2025, and was subject to, amongst other things, receipt of all necessary regulatory approvals in Zambia, including approval from the Competition and Consumer Protection Commission ("CCPC"), and the Company completing a successful debt or equity capital raise to pay the cash consideration due to the LEM Shareholders.

The Company can confirm that it has received all but one of the regulatory approvals in Zambia required to complete the Acquisition, with the only outstanding approval being from the CCPC, which the Company's lawyers in Zambia expect to be received in Q2 2025. As a result of the delay, both the LEM Shareholders and the Company have, in accordance with the SPA, agreed to extend the completion date of the Acquisition by 90 days to 11 June 2025. No penalties or fees were incurred for the extension. The Company's management are confident that this approval will be received within this revised timeline.

In addition, since announcing the Kabwe Mine acquisition, the Company's executive management team has been working with its major shareholders, advisers, brokers and other potential debt funders to also ensure that it has the necessary funding in place to meet the remaining cash consideration due to the LEM Shareholders under the SPA and to fund its working capital and planned initial exploration expenditure at the Kabwe Mine. The Company can advise that these funding discussions have progressed well over the past quarter and are continuing with a number of finance groups in London and in Africa. These discussions are focussed on the sourcing of capital of a non-dilutive nature at PLC level wherever possible.

The Board remains confident in securing the necessary capital to support the completion of the Kabwe Mine acqusition, which is considered to be a transformational acquisition for the Company and its shareholders.

Further updates on the Company's financing plans and confirmation of the receipt of the outstanding regulatory approval will be made in due course.

About the Kabwe Mine