Kabwe Drilling (‘KBDD04’) hits western extension

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 10 June 2026, it has successfully completed the fourth drill hole ("KBDD04") at the No.2 ore body at the Kabwe Zinc Mine ("Kabwe Project").

Drilling

The fourth diamond drill hole was planned as a shallow hole, at -50° at a bearing of 165° and was designed to intersect the ore body at approximately 80m depth and to the west of previous drilling. Historical plans show remaining medium to high grade blocks on the west side of the upper part of the orebody that was partly stoped later in the life of the mine. These blocks are also affected by pre-stoping sub-level development and KBDD04 encountered a mining cross-cut whilst in the ore zone. Given the shallow angle drilled, -50°, it was judged unwise to continue drilling a void of >2 m width due to the danger of losing equipment downhole.

The actual readings from a down hole gyroscope survey revealed the hole was 110m deep, with a final azimuth of 123.66° and a dip of 48.79°. This particular survey enables the Company to plot not only the orebody location and dimensions but the location of underground workings in a 3D model, and assists future planning.

The Company has commenced a fifth deep hole to intersect the orebody at 450m-500m depth.

As previously announced, the Behre Dolbear 2023 NI 43-101 report indicates that the No.2 ore body has 3.1MT of ore remaining at grades of 11.4% zinc and 1.7% lead plus silver and vanadium oxide.

Results

KBDD04 returned 6.86% zinc over 13.0 m from 106.60m to 119.65 m (down hole), based on an arithmetic average of 40 pinpoint readings over the entire interval ranged from individual portable XRF readings at 3 readings per metre of whole core.

Individual readings returned a maximum grade of 53.0% zinc with better point grades, averaging 40.09% zinc in the uppermost 9m of the orebody.

Mineralisation is typically associated with a weakly brecciated to semi-massive haematitic ironstone mixed with mostly zinc silicate (probably Willemite) and lesser zinc carbonate minerals. The footwall comprises moderately jointed and fractured massive dolomite with hematite stringers and fracture-coatings that are believed to be the main hosts to zinc mineralisation.

The GeoQuest geological team are on site with the Company's CEO, Richard Lloyd, who is overseeing the initial (2,000 metres) phase of drilling. Drilling is being undertaken by Ox Drilling Limited, a contractor with 21 years established operating experience in Zambia.

The Company will update on further progress as drilling advances.

Shuka Minerals CEO, Richard Lloyd, commented: "Despite terminating the hole slightly shallower than expected, given the intersection with historical mine workings, I am delighted to report yet another positive drill result with excellent grades. Hole KBDD04 intersected the ore body approximately 70m west of the recent drilling and the results once again highlight the scale of the world class Kabwe asset.

"The holes of our ongoing campaign continue to deliver some amazing Zn grades, with every hole and intersection we are learning more and more about the orebody. It is also extremely encouraging to continue to see much higher grades and over significant widths versus the previously reported NI 43-101 resource. The upcoming drill holes will look to continue to prove the ore body extending laterally and at depth."

Qualified Person

The Directors of Shuka are responsible for the contents of this announcement.