Half-year Results
H1 2025 loss of £376k; GMI committed £1.5m additional funding; Kabwe acquisition progressing.
- Loss for the period £376,370 (prior £544,216)
- Cash and cash equivalents £16,622 (prior £92,530)
- Net assets £4,301,447 (prior £5,815,375)
- Operating loss £374,935 (prior £542,690)
- GMI committed funding £1,500,000
- Loss per share 0.53p (prior 0.90p)
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Shuka Minerals plc (AIM/AltX: SKA), the company developing a coal project in southwest Tanzania, and looking to advance the Kabwe Lead Zinc Silver mine in central Zambia, announces the Company's unaudited interim results for the six months ended 30 June 2025.
Chief Executive's report
I am pleased to present the interim results for the six-month period from 1 January 2025 to 30 June 2025. The period was a transformative one for the Company and reflects my first 6 months as CEO where consolidation and redirection in terms of funding and operational focus has been key. From a funding perspective, shortly after the period end major (c.20%) shareholders Gathoni Muchai Investments ("GMI") committed a further £1.5m investment thorough an unsecured loan facility, bringing their total investment commitment to £2m. Application of funds, once fully drawn, will be applied towards working capital, the settlement of the remaining purchase consideration to conclude the acquisition of the Kabwe Project from Leopard Exploration and Mining ("LEM"), the restart of the Rukwa mine and initial exploration at Kabwe. The initial tranche of £500,000 has, post period, been fully drawn.
Drawdown notices under Tranche 2 have commenced post period and, as updated to the market on 18 September 2025, GMI are in process of completing alternate means to expedite payment to the Company. GMI have advised that the intended transfer by alternate means will now be delayed beyond month end as originally indicated, but that they expect to conclude the transfer by 15th October 2025.
The availability of the £2m Convertible Loan Note ("CLN") provided by AUO Commercial Brokerage LLC based in Dubai has been extended by a period of 12 months to March 2026 and the repayment, or conversion date, extended to March 2027. AUO has confirmed that it intends to honour its commitments under the CLN should it be called upon to do so.
In conjunction with these strategic investments, a restructure of the Board of Directors is currently being planned, which is expected to be detailed at the time of the forthcoming AGM. The planned Non-executive new board appointments are expected to bring talent and specific expertise and will be crucial for the Company as we look to re-establish Shuka as a leading African focused mining and development company in the coming months and years.
During the period the Company has continued to manage the day-to-day operations at its wholly owned Rukwa Coal Mine in Tanzania. Dewatering of the pits was completed post period and the repair of roads, bridges and equipment are well underway. The Company has continued to progress discussions around the sales of c. 60,000 tonnes of stockpiled coal fines, which have an estimated value of c.USD7-8/tonne. The wash plant has undergone maintenance and will be tested shortly with small stockpiles of washed coal product. Zero coal sales have been made into the regional markets during the period. The Company continues to review its ongoing investment in the Rukwa Coal Mine and targeted production rates and discussions with a regional cement producer regarding production offtake are progressing. In parallel with its operational activities, the Company continues its ongoing compliance with local regulations, and has addressed the outstanding legacy matters concerning claims and litigation and the status of the mining licence.
The strategic investment funding received to date from GMI ensures that the Company has been able to fund its ongoing working capital needs and corporate and mining development activities, and importantly fund costs associated with the evaluation of the Kabwe project which remains the Company's primary target going forward.
I look forward to a strong end to 2025 and, once the Kabwe acquisition has been completed, to welcoming our new LEM shareholders on board. Shuka is committed to becoming a major mine developer and operator in east Africa and as a truly African focused mining and development company that is committed to ensuring its activities demonstrate a commitment to environmental sustainability, community engagement, and responsible mining practices.
I would like to thank all our shareholders for their ongoing support, and I look forward to working alongside my fellow directors and all key stakeholders over the rest of 2025.
Richard Lloyd
Chief Executive Officer
The income for the period arises from the Group's continuing operations.
CONSOLIDATED statement of financial position
as at 30 June 2025
| As at 30 June 25 | As at 30 June 24 | As at 31 Dec 24 | ||||||
|---|---|---|---|---|---|---|---|---|
| Unaudited | Unaudited | Audited | ||||||
| Note | £ | £ | £ | |||||
| Non-current assets | ||||||||
| Property, plant and equipment | 4 | 5,041,065 | 5,497,645 | 5,526,188 | ||||
| Intangible assets | 5 | 309,806 | 335,807 | 338,836 | ||||
| 5,350,871 | 5,833,452 | 5,865,024 | ||||||
| Current assets | ||||||||
| Inventories | 4,072 | 75,633 | 4,454 | |||||
| Trade and other receivables | 230,045 | 438,744 | 240,377 | |||||
| Cash and cash equivalents | 16,622 | 92,530 | 36,038 | |||||
| 250,739 | 606,907 | 280,869 | ||||||
| Current liabilities | ||||||||
| Trade and other payables | (931,345) | (540,720) | (891,155) | |||||
| Borrowings | (335,686) | (34,651) | (195,307) | |||||
| (1,267,031) | (575,371) | (1,086,462) | ||||||
| Current assets less current liabilities | (1,016,292) | 31,536 | (805,593) | |||||
| Total assets less current liabilities | 4,334,579 | 5,864,988 | 5,059,431 | |||||
| Non - current liabilities | ||||||||
| Borrowings | - | (17,259) | - | |||||
| Environmental rehabilitation liability | (33,132) | (32,354) | (36,237) | |||||
| Net assets | 4,301,447 | 5,815,375 | 5,023,194 | |||||
| Capital and reserves | ||||||||
| Called-up share capital | 4,628,732 | 4,562,344 | 4,612,482 | |||||
| Share premium account | 24,486,388 | 24,035,973 | 24,372,638 | |||||
| Share based payment reserve | 510,727 | 324,495 | 561,125 | |||||
| Foreign currency translation reserve | 538,897 | 968,965 | 1,014,035 | |||||
| Retained earnings | (25,838,492) | (24,053,330) | (25,512,880) | |||||
| Issued capital and reserves attributable to owners of the parent company | 4,326,252 | 5,838,447 | 5,047,400 | |||||
| Non-controlling interest | (24,805) | (23,072) | (24,206) | |||||
| Total equity | 4,301,447 | 5,815,375 | 5,023,194 | |||||
| CONSOLIDATED statement of changes in equity | ||||||||
| Share Capital | Share Premium | Retained Earnings Account | Share Option Reserve | Foreign Currency Translation Reserve | Total | Non-controlling interest | Total | |
| £ | £ | £ | £ | £ | £ | £ | £ | |
| At 1 January 2025 | 4,612,482 | 24,372,638 | (25,512,880) | 561,125 | 1,014,035 | 5,047,400 | (24,206) | 5,023,194 |
| Comprehensive Income for the year | ||||||||
| Foreign currency translation | - | - | - | - | (475,138) | (475,138) | (239) | (475,377) |
| Loss for the year | - | - | (376,010) | - | (376,010) | (360) | (376,370) | |
| Total comprehensive income for the year | - | - | (376,010) | - | (475,138) | (851,148) | (599) | (851,747) |
| Transactions with owners | ||||||||
| Issue of share capital | 16,250 | 113,750 | - | - | - | 130,000 | - | 130,000 |
| Lapsed share options | - | - | 50,398 | (50,398) | - | - | - | - |
| Total transactions with owners | 16,250 | 113,750 | 50,398 | (50,398) | - | 130,000 | - | 130,000 |
| At 30 June 2025 | 4,628,732 | 24,486,388 | (25,838,492 ) | 510,727 | 538,897 | 4,326,252 | (24,805) | 4,301,447 |
| Share Capital | Share Premium | Retained Earnings Account | Share Option Reserve | Foreign Currency Translation Reserve | Total | Non-controlling interest | Total | |
| £ | £ | £ | £ | £ | £ | £ | £ | |
| At 1 January 2024 | 4,562,344 | 23,995,626 | (23,509,661) | 364,842 | 923,514 | 6,336,665 | (23,975) | 6,312,690 |
| Comprehensive Income for the year | ||||||||
| Foreign currency translation | - | - | - | - | 45,451 | 45,451 | 1,428 | 46,879 |
| Loss for the year | - | - | (543,669) | - | (543,669) | (547) | (544,216) | |
| Total comprehensive income for the year | - | - | (543,669) | - | 45,541 | (498,218) | 881 | (497,337) |
| Lapsed share options | - | 40,347 | - | (40,347) | - | - | - | - |
| Total transactions with owners | - | 40,347 | - | (40,347) | - | - | - | - |
| Non- controlling interest share of goodwill | - | - | - | - | - | - | 22 | 22 |
| At 30 June 2024 | 4,562,344 | 24,035,973 | (24,053,330) | 324,495 | 968,965 | 5,838,447 | (23,072) | 5,815,375 |
| Share Capital | Share Premium | Retained Earnings Account | Share Option Reserve | Foreign Currency Translation Reserve | Total | Non-controlling interest | Total | |
| £ | £ | £ | £ | £ | £ | £ | £ | |
| At 1 January 2024 | 4,562,344 | 23,995,626 | (23,509,661) | 364,842 | 923,514 | 6,336,665 | (23,975) | 6,312,690 |
| Comprehensive Income for the year | ||||||||
| Foreign currency translation | - | - | - | - | 90,521 | 90,521 | 1,244 | 91,765 |
| Loss for the year | - | - | (2,003,219) | - | - | (2,003,219) | (1,708) | (2,004,927) |
| Total comprehensive income for the year | - | - | (2,003,219) | - | 90,521 | (1,912,698) | (464) | (1,913,162) |
| Transactions with owners | ||||||||
| Issue of share capital | 50,138 | 318,212 | - | - | - | 368,350 | - | 368,350 |
| Share options/warrants charge | - | - | - | 255,083 | - | 255,083 | - | 255,083 |
| Lapse of share options/warrants | - | 58,800 | (58,800) | - | - | - | - | |
| Total transactions with owners | 50,138 | 377,012 | - | 196,283 | - | 623,433 | - | 623,433 |
| Non- controlling interest share of goodwill | - | - | - | - | - | - | 233 | 233 |
| At 31 December 2024 | 4,612,482 | 24,372,638 | (25,512,880) | 561,125 | 1,014,035 | 5,047,400 | (24,206) | 5,023,194 |
| consolidated CASH FLOW STATEMENT | ||||||||
| Six months ended 30 June 25 | Six months ended 30 June 24 | Year ended 31 Dec 24 | ||||||
| Unaudited | Unaudited | Audited | ||||||
| £ | £ | £ | ||||||
| Cash flows from operating activities | ||||||||
| Operating loss | (374,935) | (542,690) | (1,997,845) | |||||
Adjustments to reconcile profit before tax to net cash flows:
| As at 30 June 25 | As at 30 June 24 | As at 31 Dec 24 | |
|---|---|---|---|
| Unaudited | Unaudited | Audited | |
| Note | £ | £ | £ |
| Depreciation | 11,707 | 16,910 | 38,098 |
| Share based payments | - | - | 255,083 |
| Expected credit losses | - | - | (301) |
| Impairment of inventories | - | - | 75,313 |
| Provisions | - | - | 178,637 |
| Foreign exchange differences | 25,528 | - | 12,317 |
| Working capital changes | |||
| Movement in inventories | 382 | (20,005) | (4,756) |
| Movement in trade and other receivables | 10,332 | 22,311 | (1,067) |
| Movement in trade and other payables | 167,088 | (1,538) | 351,457 |
| Net cash used in operating activities | (159,898) | (525,012) | (1,093,064) |
| Tax Paid | - | - | (912) |
| Cash flows from investing activities | |||
| Finance income | 211 | 2,082 | 2,351 |
| Net cash used in investing activities | 211 | 2,082 | 2,351 |
| Cash flows from financing activities | |||
| New loans | 150,000 | - | 150,000 |
| Repayment of lease liabilities | (7,975) | (15,134) | (21,190) |
| Lease interest | (1,646) | (3,608) | (4,910) |
| Proceeds on issue of ordinary shares | - | 368,350 | |
| Net cash generated from/ (used in) financing activities | 140,379 | (18,742) | 492,250 |
| Net decrease in cash and cash equivalents | (19,308) | (541,672) | (599,375) |
| Cash and cash equivalents at beginning of year | 36,038 | 633,094 | 633,093 |
| Exchange (losses)/gains on cash and cash equivalents | (108) | 1,108 | 2,320 |
| Cash and cash equivalents at end of year | 16,622 | 92,530 | 36,038 |
NOTES TO THE INTERIM REPORT
Financial information and basis of preparation
The interim financial statements of Shuka Minerals Plc are unaudited consolidated financial statements for the six months ended 30 June 2025 which have been prepared in accordance with UK adopted international accounting standards. They include unaudited comparatives for the six months ended 30 June 2024 together with audited comparatives for the year ended 31 December 2024.
The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2024 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors was unqualified. The report contained a Material uncertainty related to gong concern and contained an Emphasis of mater paragraph on Operationalisation of up to 16% Government of Tanzania non-dilutive free carried share interest and the recoverability of VAT in Tanzania. Aside from the above, the auditor's report did not contain any statement under section 498 of the Companies Act 2006.
The interim consolidated financial statements for the six months ended 30 June 2025 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2025. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2024. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.
Loss per share
The calculation of the basic and diluted loss per share is based on the following data:
| 30 June 25 | 30 June 24 | 31 December 24 | |
|---|---|---|---|
| £ | £ | £ | |
| Loss after taxation | (376,370) | (544,216) | (2,004,927) |
| Less; adjustments to arrive at headline earnings | - | - | - |
| Headline loss before taxations | (376,370) | (544,216) | (2,004,927) |
| Weighted average number of shares in the period | 70,351,000 | 60,219,861 | 60,439,641 |
| Basic and diluted loss per share (pence) | (0.53) | (0.90) | (3.32) |
| Headline -Basic and diluted loss per share (pence) | (0.53) | (0.90) | (3.32) |
Dividends
No dividends are proposed for the six months ended 30 June 2025 (six months ended 30 June 2024: £nil, year ended 31 December 2024: £nil).
Property, plant and equipment
| Coal Production assets | Plant & machinery | Fixtures & fittings | Motor vehicles | Total | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Cost or valuation As at 1 January 2025 | 5,626,017 | 1,292,201 | 7,422 | 316,286 | 7,241,926 |
| Foreign exchange adjustment | (482,012) | (110,070) | (280) | (25,668) | (618,030) |
| At 30 June 2025 | 5,144,005 | 1,182,131 | 7,142 | 290,618 | 6,623,896 |
| Accumulated depreciation | |||||
| As at 1 January 2025 | 202,213 | 1,291,405 | 7,361 | 214,759 | 1,715,738 |
| Depletion/Charge for the year | - | 92 | 8 | 11,607 | 11,707 |
| Foreign exchange adjustment | (17,334) | (110,010) | (280) | (16,990) | (144,614) |
| At 30 June 2025 | 184,879 | 1,181,487 | 7,089 | 209,376 | 1,582,831 |
| Net book value | |||||
| As at 30 June 2025 | 4,959,126 | 644 | 53 | 81,242 | 5,041,065 |
| Coal Production assets | Plant & machinery | Fixtures & fittings | Motor vehicles | Total | |
| £ | £ | £ | £ | £ | |
| Cost or valuation As at 1 January 2024 | 5,529,808 | 1,270,229 | 7,366 | 311,162 | 7,118,565 |
| Foreign exchange adjustment | 45,921 | 10,488 | 27 | 2,446 | 58,882 |
| At 30 June 2024 | 5,575,729 | 1,280,717 | 7,393 | 313,608 | 7,177,447 |
| Accumulated depreciation | |||||
| As at 1 January 2024 | 194,860 | 1,269,183 | 7,284 | 178,104 | 1,649,431 |
| Depletion/Charge for the year | - | 131 | 9 | 16,770 | 16,910 |
| Foreign exchange adjustment | 1,611 | 10,480 | 27 | 1,343 | 13,461 |
| At 30 June 2024 | 196,471 | 1,279,794 | 7,320 | 196,217 | 1,679,802 |
| Net book value | |||||
| As at 30 June 2024 | 5,379,258 | 923 | 73 | 117,391 | 5,497,645 |
| 4. Property, plant and equipment (continued) | |||||
| Coal Production assets | Plant & machinery | Fixtures & fittings | Motor vehicles | Total | |
| £ | £ | £ | £ | £ | |
| Cost or valuation As at 1 January 2024 | 5,529,808 | 1,270,229 | 7,366 | 311,162 | 7,118,565 |
| Foreign exchange adjustment | 96,209 | 21,972 | 56 | 5,124 | 123,361 |
| At 31 December 2024 | 5,626,017 | 1,292,201 | 7,422 | 316,286 | 7,241,926 |
| Accumulated depreciation | |||||
| As at 1 January 2024 | 194,860 | 1,269,183 | 7,284 | 178,104 | 1,649,431 |
| Depletion/Charge for the year | 3,970 | 266 | 21 | 33,841 | 38,098 |
| Foreign exchange adjustment | 3,383 | 21,956 | 56 | 2,814 | 28,209 |
| At 31 December 2024 | 202,213 | 1,291,405 | 7,361 | 214,759 | 1,715,738 |
| Net book value | |||||
| As at 31 December 2024 | 5,423,804 | 796 | 61 | 101,527 | 5,526,188 |
| 5. Intangible assets | |||||
| Mining Licences | Total | ||||
| £ | £ | ||||
| Cost or valuation As at 1 January 2025 | 1,602,314 | 1,602,314 | |||
| Foreign exchange adjustment | (137,278) | (137,278) | |||
| At 30 June 2025 | 1,465,036 | 1,465,036 | |||
| Accumulated amortisation and impairment | |||||
| As at 1 January 2025 | 1,263,478 | 1,263,478 | |||
| Foreign exchange adjustment | (108,248) | (108,248) | |||
| At 30 June 2025 | 1,155,230 | 1,155,230 | |||
| Net book value | |||||
| As at 30 June 2025 | 309,806 | 309,806 | |||
| 5. Intangible assets (continued) | |||||
| Mining Licences | Total | ||||
| £ | £ | ||||
| Cost or valuation As at 1 January 2024 | 1,574,911 | 1,574,911 | |||
| Foreign exchange adjustment | 13,081 | 13,081 | |||
| At 30 June 2024 | 1,587,992 | 1,587,992 | |||
| Accumulated amortisation and impairment | |||||
| As at 1 January 2024 | 1,241,870 | 1,241,870 | |||
| Foreign exchange adjustment | 10,315 | 10,315 | |||
| At 30 June 2024 | 1,252,185 | 1,252,185 | |||
| Net book value | |||||
| As at 30 June 2024 | 335,807 | 335,807 | |||
| Mining Licences | Total | ||||
| £ | £ | ||||
| Cost or valuation As at 1 January 2024 | 1,574,911 | 1,574,911 | |||
| Foreign exchange adjustment | 27,403 | 27,403 | |||
| At 31 December 2024 | 1,602,314 | 1,602,314 | |||
| Accumulated amortisation and impairment | |||||
| As at 1 January 2024 | 1,241,870 | 1,241,870 | |||
| Foreign exchange adjustment | 21,608 | 21,608 | |||
| At 31 December 2024 | 1,263,478 | 1,263,478 | |||
| Net book value | |||||
| As at 31 December 2024 | 338,836 | 338,836 | |||
| 6. Share capital | |||||
| No | £ | No | £ | £ | |
| Ordinary shares of 1p each | Ordinary shares of 0.02p/1p each | Deferred shares* of 0.001p each | Deferred shares of 0.001p each | Total share capital | |
| Issued and fully paid | |||||
| At 1 January 2025 and 30 June 2025 | 65,233,597 | 652,338 | 396,014,437,346 | 3,960,144 | 4,612,482 |
| On 5 May 2025 1,625,000 shares issued for 8p per share | 1,625,000 | 16,250 | - | - | 16,250 |
| 66,858,597 | 668,588 | 396,014,437,346 | 3,960,144 | 4,628,732 | |
| No | £ | No | £ | £ | |
| Ordinary shares of 1p each | Ordinary shares of 0.02p/1p each | Deferred shares* of 0.001p each | Deferred shares of 0.001p each | Total share capital | |
| Issued and fully paid | |||||
| At 1 January 2024 and 30 June 2024 | 60,219,861 | 602,200 | 396,014,437,346 | 3,960,144 | 4,562,344 |
| No | £ | No | £ | £ | |
| Ordinary shares of 1p each | Ordinary shares of 0.02p/1p each | Deferred shares* of 0.001p each | Deferred shares of 0.001p each | Total share capital | |
| Issued and fully paid | |||||
| At 1 January 2024 | 60,219,861 | 602,200 | 396,014,437,346 | 3,960,144 | 4,562,344 |
| On 16 December 2024 5,013,736 shares were issued for 7.3468p | 5,013,736 | 50,138 | - | - | 50,138 |
| As at 31 December 2024 | 65,233,597 | 652,338 | 396,014,437,346 | 3,960,144 | 4,612,482 |
* The deferred shares have no voting rights, dividend rights or any rights of redemption. On return of assets on winding up the holders are entitled to repayment of amounts paid up after repayment to ordinary shareholders. The deferred shares are not traded on the Alternative Investment Market of the London Stock Exchange or the JSE.
Distribution of interim report to shareholders
The interim report will be available for inspection by the public at the registered office of the company during normal business hours on any weekday and from the Company's website http://www.shukaminerals.com/. Further copies are available on request.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.