Update on Kabwe transaction completion
Shuka Minerals Plc has extended the long stop date for its acquisition of Leopard Exploration and Mining Limited and the Kabwe Zinc Mine to January 15, 2026, due to a delay in receiving funds from Gathoni Muchai Investments Limited. The company initially secured a 22.2% stake on November 19, 2025, with further tranches planned to reach 100% ownership. GMI has verbally advised that funds will now be provided in the week commencing January 5, 2026.
Select text to share a quote on X · sign in to keep highlights & notes in your SKA notes
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 were 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 reached 49.9%. Thereafter, a final tranche comprising the balance of the Acquisition cash, share and warrant consideration to acquire a resultant 100% of LEM was to have been made, with completion of all tranches to have occurred by no later than 31 December 2025.
GMI have verbally advised the Company that funds will now be provided in the week commencing 5 January 2026. Accordingly, the Company has agreed with the vendors of LEM to extend the long stop date for completion of the Acquisition to 15 January 2026.
A further announcement will be made as appropriate.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.