Assignment of £400,000 of GMI Loan to RAB Capital

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that it has agreed to an assignment (the "Assignment") by GMI of a major portion of the remaining GMI Convertible Loan (the "Loan") to RAB Capital Limited (the "Investor" or "RAB"). The Assignment of £400,000 of the Loan Principal, plus the interest of £19,648 for the months of July and August 2026, would enable RAB under the original terms of the Loan to convert for up to 10,491,200 new ordinary shares of £0.01 each in the capital of the Company ("Conversion Shares") at a price of 4 pence per Conversion Share (the "Conversion Price").

The Investor has indicated their intention to convert the loan shortly after the assignment.

Conditional on completion of the Assignment, and according to the original terms of the Loan, the Company will grant the Investor warrants to subscribe for up to a further 10,491,200 new ordinary shares of £0.01 each at an exercise price of 8 pence per share, exercisable on or before 20 July 2029, as per the terms of the amended and restated loan agreement between GMI and the Company. The original warrants granted to GMI with respect to these 10,491,200 new ordinary shares will be cancelled.

The Conversion Price represents a c.20% premium to the mid-market closing price of 3.3p on 2 September 2026.

Reduction in GMI Loan outstanding

The Assignment will reduce the GMI loan outstanding from approximately £563,000 to approx. £160,000 and follows previous reductions of £796,439.00 due to the recent loan conversion and £227,617.61 post a repayment by the Company in July 2026.

RAB Capital Founder and CEO, Philip Richards, said: "We are pleased at RAB Capital to increase our investment in Shuka Minerals under the leadership of Rich Lloyd. Although part of the value of Shuka is the Rukwa coal deposit, the future and biggest value is clearly the Kabwe deposit, with its exceptional zinc grades and other contained metals such as Copper, Vanadium, Lead, Silver and sought after Gallium and Germanium. Zinc is only recently getting the attention from the equity markets it deserves. The Zambian jurisdiction also gives us confidence."

Shuka Minerals CEO, Richard Lloyd, commented: "I am delighted to see RAB Capital increasing their stake in Shuka, Philip Richards and RAB are strong supporters of Shuka and share the vision of Shuka's future path. RAB, who share my belief in the inherent value within the Kabwe Project, have expressed a desire to be long term and supportive investors in the Company.

"I would like to thank GMI for their long term support of the Company and for assisting in bringing this transaction to a conclusion.

"The conversion of a large portion of the remaining Loan reduces the indebtedness of the Company and interest payments greatly with the recent interest payments due also converted. The remainder of the loan, approximately £160,000, is not due for repayment until the end of 2027."

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