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Update on Kabwe Transaction Completion
SHUKA MINERALS PLC
(formerly Edenville Energy PLC)
(Incorporated in England and Wales)
(Registration number 05292528)
("Shuka Minerals" or "the Company")
ISIN Code: GB00BN47NP32
Update on Kabwe transaction completion
Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is
pleased to provide an update on the financing for the Company's proposed acquisition
("Acquisition") of the Zambian mining and exploration company, Leopard Exploration and
Mining Limited ("LEM") and the Kabwe Zinc Mine ("Kabwe Mine") located in central Zambia.
Further to the Company's announcement on 11 November 2025, confirming the receipt of
the initial US$300,000 tranche from Gathoni Muchai Investments Limited ("GMI"), the
Company has entered into an agreement ("Agreement") with the LEM vendors to settle the
balance of the Acquisition consideration through a number of proportionate tranches.
The initial tranche will comprise a cash payment of US$300,000 to be made to the LEM
vendors, representing 22.2% of the remaining US$1.35 million cash component of the
Acquisition.
Accordingly, with the initial tranche, 6,364,454 Consideration shares will be issued to the LEM
vendors, at an equivalent 7.935p per share, to settle US$666,667, being the pro rata
consideration for the US$3,000,000 share component of the Acquisition, together with 444,444
Consideration warrants. The 6,364,454 Consideration shares are issued subject to a 1 year
lock-in restriction.
The LEM vendors will concurrently transfer 1,234 LEM shares to Shuka, giving the Company an
initial effective position of 22.2% in LEM and the world class Kabwe Mine in Zambia.
As announced on 13 December 2024, in 2023 market leader Behre Dolbear provided an
Independent Competent Person's Report on the Kabwe Mine to NI 43-101 standards, based
on an assessment of historical data and resources and reports, which confirmed, non-JORC
compliant, sizeable remaining resources of 5.723Mt, containing approximately 696kt of zinc
and 107kt of lead, with current in situ value in excess of US$2 billion at commodity prices at
that time.
Further tranches shall be paid following receipt by Shuka of funds from GMI, pursuant to the
increased loan entered into on 30 June 2025, until Shuka's interest in LEM has reached 49.9%.
Thereafter, a final tranche will comprise the balance of the Acquisition cash, share and
warrant consideration to acquire a resultant 100% of LEM.
Under the Agreement, completion of all tranches shall occur by no later than 31 December
2025, however as previously reported, the Company expects to receive the balance of funds
owed under the GMI increased loan, required to satisfy the remaining Acquisition cash
consideration, facility later this month, in turn enabling settlement of the balance of the
Consideration due to the LEM vendors, whereby Shuka will increase its ownership of the
Kabwe Mine to 100%.
AIM Application
Application will be made to the London Stock Exchange for the 6,364,454 Consideration
Shares, pursuant to the initial tranche, to be admitted to trading on AIM ("Admission"). It is
expected that Admission will become effective and that dealings on AIM will commence at
8.00 a.m. on or around 25 November 2025.
Total Voting Rights
On Admission, the Company's issued share capital will consist of 73,223,051 ordinary shares of
1 pence each in the capital of the Company ("Shares"), each with one voting right. There
are no Shares held in treasury. Therefore, the Company's total number of Shares and voting
rights will be 73,223,051 and this figure may be used by shareholders following Admission as
the denominator for the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European
Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's
obligations under Article 17 of MAR.
Capitalised terms in this announcement have the same meaning as in the Company's
announcement 1 July 2025, unless otherwise defined.
Shuka Minerals plc has its primary listing on the London Stock Exchange (AIM) and a
secondary listing on the AltX of the JSE Limited.
ENDS
For Enquiries:
Shuka Minerals Plc +44 (0) 7990 503007
Richard Lloyd - CEO
Strand Hanson Limited +44 (0) 20 7409 3494
Financial and Nominated Adviser
James Harris | Richard Johnson
AcaciaCap Advisors Propriety Limited +27 (11) 480 8500
JSE Sponsor and Listing Advisor
Michelle Krastanov
Tavira Securities Limited +44 (0) 20 7100 5100
Joint Broker
Oliver Stansfield | Jonathan Evans
Peterhouse Capital Limited
Joint Broker +44 (0)20 7469 0930
Charles Goodfellow | Duncan Vasey
Investor Relations
Faith Kinyanjui Mumbi +254 746 849 110
By Order of the Board
19 November 2025
SPONSOR
AcaciaCap Advisors Proprietary Limited
Date: 19-11-2025 09:00:00
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