Commencement of Drilling at Kabwe

14 May 2026

Shuka Minerals Plc

(“Shuka’’ or the “Company”)

Commencement of Drilling at Kabwe

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is pleased to announce that, further to the announcement on 29 April 2026, it has commenced the Phase 1 drilling programme at the No.2 ore body at the Kabwe Zinc Mine (“Kabwe Project”).

The Behre Dolbear 2023 NI 43-101 report indicates that the No.2 ore body has 3.1 million tonnes of ore remaining at grades of 11.4% zinc and 1.7% lead plus silver and vanadium oxide. As previously announced, the Company’s objectives for its 2026 exploration programme aims to increase the existing resource by 50%, subject to the results of the drilling programme.

The No.2 orebody is open at depth and the initial diamond drill hole will be angled at 65 degrees and is planned to intersect the ore body below the current workings at a depth of approximately 220 to 230 metres. Silver, vanadium, gallium and germanium are present at the No.2 orebody, although have never been the focus of exploration and testing in previous operations. The Company intends to undertake further work to identify the potential of these commodities as part of the ongoing programme.

The GeoQuest Limited geological team are on site with the Company’s CEO, Richard Lloyd, who is overseeing the commencement of the initial 2,000 metres phase of drilling. Drilling is being undertaken by Ox Drilling Limited, a contractor with established operating experience in Zambia.

The Company and its contractors will be sampling the drill core initially with a calibrated XRF machine and further samples from the disseminated and main ore zones will be sent to the ALS labs for preparation and assaying to JORC/NI 43-101 standards.

The Company will update on progress as drilling advances.

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

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 Richard Lloyd Chief Executive Officer	+44 (0)7990 503 007
Nominated Adviser Cairn Financial Advisers LLP Sandy Jamieson / Ludovico Lazzaretti / James Western	+44 (0)20 7213 0880
JSE Sponsor & Listing Advisor AcaciaCap Advisors Proprietary Limited Michelle Krastanov	+27 (11) 480 8500
Broker Tavira Financial Limited Oliver Stansfield / Jonathan Evans	+44 (0)20 7100 5100
Investor Relations Olivia Lloyd	+44 (0)208 892 8329

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.