Kabwe Drilling (“KBDD09”)

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 14 July 2026, it has successfully completed the ninth drill hole KBDD09 slightly to the south of the previously unmined "Speaks" and "Mine Club" zones at the Kabwe Zinc Mine ("Kabwe Project").

Drilling

The Company and consultants, GeoQuest, intersected a previously unknown, near surface, orebody a few hundred metres south of the Speaks and Mine Club areas.

KBDD09 represents the first of three exploratory drill holes, targeting this new ore body. The hole was drilled for 161.3m at an 80° dip on an azimuth of 270°.

Pinpoint XRF readings over the defined mineralised intervals ranged from <1% - 65% zinc ("Zn"). Lead ("Pb") is present as values ranging 0.1-12.3% Pb. Copper ("Cu") and vanadium ("V") grades were also detected consistent with the historically reported copper oxide and vanadium oxide mineralisation.

The Behre Dolbear 2023 NI 43-101 report indicates that the Speaks orebody contains 1.944 million tonnes ("MT") of indicated and inferred resource at grades of 12% Zn and 2% Pb. The Mine Club orebody contains 0.666 MT of indicated and inferred resource at grades of 11.7% Zn and 0.8% Pb, plus silver and vanadium oxide. Copper mineralisation has also been reported in the northerly areas. This new ore body would be in addition to any previously reported resources and was encountered near surface.

Results

KBDD09 - 10.45m @3.35% Zn from 2.95 to 13.40m. A peak Zn reading of 8.70% was recorded and 0.3% Cu.

KBDD09 - 26.60m @8.30% Zn from 48.40 to 75.00m. Peak Zn readings of 43.66% and 12.3% Pb were recorded.

KBDD09 - 43.70m @10.77% Zn from 75.0 to 118.7m. Including 10.8m @18.30% Zn from 86.6 to 97.4m and a section from 112.3 to 115.0m averaging >28% Zn and 0.79% Vanadium. A peak reading of 64.95% Zn was recorded. Anomalous lead mineralisation exists throughout with a significant 2.80m long interval @5.4% Pb from 111.9 to 114.7 m.

Encouragingly, we can clearly see the mineralisation thickens in the central part of the northerly area, also the copper oxide mineralisation we expected in the central and southern areas of Speaks and Mine Club is appearing.

We will report on drillholes KB010 and KB011 in due course, which also targeted the new orebody.

The GeoQuest geological team are finalising the reporting of the initial phase of drilling which was extended to 2,500m due to the excellent results received to date. Drilling has been undertaken by Ox Drilling Limited, a contractor with 21 years established operating experience in Zambia and we look forward to welcoming Ox Drilling back later in the year for Phase 2.

Shuka Minerals CEO, Richard Lloyd, commented:

"It is exciting to intersect a new and multi-element orebody. It shows that speaking to some of the old time workers about the area and Kabwe history can uncover previously untouched areas. To have zinc, lead, copper and vanadium mineralisation existing in the same intervals suggest much richer mineral bearing fluids and perhaps a zonal nature of the wider orebody. These steep exploration holes continue to give us confidence in the continuity of the Kabwe orebody. We are hoping to hit a lot more high-grade zinc mineralisation as well as copper."

Qualified Person

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