Update on financing for Kabwe transaction
GMI confirms funding to continue advancing loan balance for Kabwe acquisition tranches through December 2025.
- Current stake in LEM 22.2%
- Target stake before final tranche 49.9%
- Final stake 100%
- Cash consideration balance due $1.05m
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On 19 November 2025, the Company announced settlement of an initial tranche of the Acquisition consideration, giving the Company an initial effective position of 22.2% in LEM and the world class Kabwe Mine. Further tranches are to be paid following receipt by Shuka of funds from African focused investment banking and corporate finance group Gathoni Muchai Investments Limited ("GMI"), pursuant to the increased loan ("GMI Loan") entered into on 30 June 2025, until Shuka's interest in LEM has reached 49.9%. Thereafter, a final tranche will comprise the balance of the Acquisition cash, share and warrant consideration to acquire a resultant 100% of LEM, with completion of all tranches to occur by no later than 31 December 2025.
The Company has today received confirmation from GMI that, in line with prior announcements, it will continue, throughout December 2025, to advance to the Company the full balance of the funds pursuant to the Increased GMI Loan (announced on 1 July 2025), allowing the Company to satisfy the $1.05m balance of cash consideration due to the LEM vendors.
A further announcement will be made in due course.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.