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Update on Financing for Kabwe Transaction
SHUKA MINERALS PLC
(formerly Edenville Energy 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")
Update on financing for Kabwe transaction
Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer,
provides 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.
On 19 November 2025, the Company announced settlement of an initial tranche of
the Acquisition consideration, giving the Company an initial effective position of 22.2%
in LEM and the world class Kabwe Mine. Further tranches are to be paid following
receipt by Shuka of funds from Gathoni Muchai Investments Limited ("GMI"), pursuant
to the increased loan ("GMI 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,
with completion of all tranches to occur by no later than 31 December 2025.
GMI have advised the Company that while it had expected to make payment to the
Company by the end of November 2025 of funds pursuant to the Increased GMI Loan
(announced on 1 July 2025), to satisfy the $1.05m balance of cash consideration due
to the LEM vendors ("Acquisition Balance"), GMI now expects payment of the
Acquisition Balance, as well as the remaining balance of the Increased GMI Loan,
being approximately £450k, to be made in December 2025.
The Company remains in regular contact with GMI regarding the status of funds due
and its expectation is that the balance of the £2m GMI loan facility will be paid to the
Company by mid-December 2025. A further announcement will be made in due
course.
Capitalised terms in this announcement have the same meaning as in the Company's
announcement 1 July 2025, unless otherwise defined.
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.
Shuka Minerals plc has its primary listing on the London Stock Exchange (AIM) and a
secondary listing on the AltX of the JSE.
LONDON
1 December 2025
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 +27 (11) 480 8500
Limited
JSE Sponsor and Listing Advisor
Michelle Krastanov
Tavira Securities Limited +44 (0) 20 7100 5100
Joint Broker
Oliver Stansfield | Jonathan Evans
Peterhouse Capital Limited +44 (0)20 7469 0930
Joint Broker
Charles Goodfellow | Duncan
Vasey
Investor Relations +254 746 849 110
Faith Kinyanjui Mumbi
SPONSOR
AcaciaCap Advisors Proprietary Limited
Date: 01-12-2025 09:02:00
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