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Assignment of GBP400,000 of GMI Loan to RAB Capital
SHUKA MINERALS PLC
(Incorporated in England and Wales)
(Registration number 05292528)
(“Shuka Minerals” or “the Company”)
ISIN Code: GB00BN47NP32
AIM Share Code: SKA JSE Share Code: SKA
Shuka Minerals Plc
("Shuka" or the "Company")
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.”
This announcement contains inside information for the purposes of the UK Market Abuse
Regulation. The Directors of Shuka are responsible for the contents of this announcement.
ENDS
LONDON
3 September 2026
Shuka Minerals plc has its primary listing on the London Stock Exchange (“AIM”) and a secondary
listing on the AltX of the JSE Limited.
For enquiries contact:
Shuka Minerals Plc +44 (0)7990 503 007
Richard Lloyd
Chief Executive Officer
Nominated Adviser +44 (0)20 7213 0880
Cairn Financial Advisers LLP
Sandy Jamieson / Ludovico Lazzaretti / James Western
JSE Sponsor & Listing Advisor +27 (11) 480 8500
AcaciaCap Advisors Proprietary Limited
Michelle Krastanov
Broker +44 (0)20 7100 5100
Tavira Financial Limited
Oliver Stansfield / Jonathan Evans
Investor Relations +44 (0)208 892 8329
Olivia Lloyd
Caution:
Certain statements in this announcement are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their use of terms and phrases such as
''believe'', ''could'', "should", ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures (including the amount, nature
and sources of funding thereof), competitive advantages, business prospects and opportunities.
Such forward looking statements reflect the Directors' current beliefs and assumptions and are
based on information currently available to the Directors.
SPONSOR
AcaciaCap Advisors Proprietary Limited
Date: 03/09/2026 08:02:00
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