Kabwe Drilling (“KBDD11”)

Kabwe Drilling

The New Ore body identified at Kabwe returns a max grade of 70% Zn.

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 18 August 2026, it has successfully completed the eleventh, and final drill hole for this phase, KBDD11 in the newly identified area south of the unmined "Speaks" and "Mine Club" zones at the Kabwe Zinc Mine ("Kabwe Project").

Drilling:

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

KBDD11 represents the third of three exploratory drill holes, targeting this new ore body. The hole was drilled to a depth of 155.30m and completes the first modern exploratory drilling into the southern part of the Speaks / Mine Club area. This may represent the up-dip and northern extension of the very large No.1 Orebody that transitions from the major, mined-out sulphide mineralisation to the SW, into oxidised and silicate Zinc mineralisation within the Mine Club Sediments, lying to the N and NW of the Kabwe Zinc-Lead-Copper Deposit. The hole was drilled from the same position as KBDD09 and KBDD10 at a steeper 80° dip on an azimuth of 350° to ascertain the orebody configuration, content of mineralisation and check for the hanging-wall contact of the orebody.

Pinpoint XRF readings over the defined mineralised intervals ranged from <1-69.6% zinc ("Zn"). Lead ("Pb") is present as values ranging 0.1->20% Pb. Copper ("Cu") grades were again detected confirming the historically reported copper 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 has been encountered at surface.

Geological interpretation of new orebody:

We have so far interpreted that Zinc mineralisation in this new area is associated with highly altered soft, and brecciated, iron oxide impregnated dolomite and silty argillaceous lithologies showing variable degrees of iron alteration. These altered sediments are indicating a major shear / fault zone.

We are seeing an orebody with mineralogy similar to the No. 2 ore body (KBDD01-05) which hopefully makes metallurgical testing and planning more straight forward.

In a similar manner to the Mine Club area to the north penetrated by drill holes by KBDD06 to KBDD08, there is mineralisation along the basal contact of the Mine Club Sediments with footwall massive dolomite. The mineralisation beyond and approx. 10m into the footwall is sparse and confined to very occasional haematitic fractures carrying 1-4% Zinc. We encountered 2 distinct ore zones and a mineralised intermediate zone between.

Results:

KBDD11 - 18.4m @7.45% Zn from 3.3 to 21.7m. A peak Zn reading of 18.9% was recorded and 0.61% Cu.

KBDD11 - 27.1m @19.60% Zn from 68.9 to 96.0m with a maximum grade of 69.6% Zn and a maximum vanadium grade of 2.7% V, with a 6.1m basal zone carrying 5.07% Pb from 89.9 to 96.0m.

The 47.2m wide intermediate mineralised zone from 21.7 to 68.9m carries 0.4 - 3.1% Zn.

These assays were taken with a calibrated portable XRF ("pXRF") machine and will be verified in due course with JORC/NI 43 101 laboratory analysis and testing. The results are based on the arithmetic average of individual pXRF pinpoint readings through the defined zone at a typical regular data spacing of 3 readings per meter of whole core. As a note for all of the previous pXRF results announcements, pXRF analysis is used as an exploration guide to identify and confirm visual observed mineralisation, but it does not replace traditional laboratory assays. All significant pXRF determinations require verification via certified laboratory analysis.

We will report on the returning laboratory assay results from Pit 2 areas (KB001-KB005) shortly, and the later holes subsequently.

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 back later in the year for Phase 2.

Shuka Minerals CEO, Richard Lloyd, commented:

"Again we have extremely high grade, from surface mineralisation. 70% Zinc in situ grades are among the highest grades recorded worldwide at any orebody. The surface mineralisation may enable early-stage exploitation, and we will certainly be returning to this area in Phase 2 as we think it shows an extension to the mined out OreBody #1 area. The varied azimuths drilled into this new orebody have enabled us to gauge a geometry and ascertain the margins to it, this ore body seems to be a steeply dipping 'pipe like' body, much like a diving "Sperm Whale" - which for now is its field name. The final 3 exploration holes were an added bonus to the campaign and define a much more extensive Kabwe orebody than was first modelled."

Qualified Person

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