Shuka Minerals
SKA · AIM · Basic Resources · mcap £6.2m · 3.4p 2 open situations →
- EV
- £7.6m
- EV / EBIT
- –
- Net debt
- £1.6m
- FCF yield
- -14.5%
- Revenue
- £0k
- Share price 1y
- −41%
- Insiders 12m
- bought £20k
- Next report
- around 29 Jun
Open · 2
Kabwe drilling programme
After completing the Kabwe acquisition on 16 January 2026, Shuka drilled 2,500m in phase 1 (11 holes). ALS lab results for KBDD01-05 came on 23 September 2026, and on 16 October 2026 for KBDD06-11, confirming high grades and a newly found 'Sperm Whale' zone. Phase 2 is planned by end 2026.
- Cut-off change
- Board considers 5% Zn cut-off more appropriate than historic 10%; final mining methods decide 23 Sep 2026 ↗
- Resource target
- Increase historical remaining resource by at least 50% 16 Oct 2026 ↗
- Phase 1
- 2,500m drilled, results returned July/August 2026 30 Sep 2026 ↗
- Priority
- Evaluation of Kabwe remains the Company's primary target 30 Sep 2026 ↗
- Phase 1 labs
- ALS results for KBDD06-11 received 16 Oct 2026; KBDD01-05 received 23 Sep 2026 16 Oct 2026 ↗
- Sperm Whale
- Newly discovered area, untested historically; KBDD09-11 max Zn 46.7%, 41.2%, 49.7% 16 Oct 2026 ↗
Next: Second drilling phase: densify No 2 orebody pierce points and define Sperm Whale geometry · 31 Dec 2026
- 16 Oct 2026 Phase 1 lab results complete; phase 2 planned
- 30 Sep 2026 Phase 1 done; phase 2 planned
- 23 Sep 2026 Pit 2 lab assays confirm pXRF grades
- 26 Aug 2026 Phase 1 drilling complete; assays and reporting pending
Limited cash and GMI funding reliance
GMI missed funding dates from October 2025, then paid £815,000 on 13 January 2026; the £1.0m 4p placing and Kabwe completion followed in January 2026. The 30 September 2026 interims show the GMI loan extended to 31 December 2027 and made convertible at 4p, with £272,618 knocked off. In September £796,439 converted into 19.9m shares, and the rest was assigned to RAB Capital and others. The AUO £2m note lapsed undrawn, and Menel is investing £750,000.
- GMI facility
- £2m unsecured, non-convertible; £1.552m drawn, £448,000 undrawn at 31 May 2026 30 Jun 2026 ↗
- AUO loan note
- Convertible facility expired undrawn after period end 30 Jun 2026 ↗
- Funding view
- Fully funded for initial Rukwa and Kabwe plans; further funding may be required 30 Jun 2026 ↗
- Conversion
- £796,439 converted on 4 Sep 2026 into 19,910,977 shares at 4p, plus equal number of 8p warrants 30 Sep 2026 ↗
- Assignments
- £419,648 to RAB Capital (announced 3 Sep 2026); £163,334.10 to Australian investor and CEO on 18 Sep 2026 30 Sep 2026 ↗
- New equity
- £750,000 investment from Menel Energy and Resources, post period 30 Sep 2026 ↗
Next: Further funding for Rukwa restart capex and Kabwe phase 2
- 30 Sep 2026 GMI loan now convertible, partly converted; Menel funding
- 30 Jun 2026 Funded for initial plans; GMI balance undrawn
- 16 Jan 2026 Eased; acquisition funded and completed
- 13 Jan 2026 Eased by GMI loan and £1.0m placing
Closed · 1
Company filings. Not investment advice.