SHUKA MINERALS PLC - Completion of LEM and Kabwe Mine Acquisition

Completion of LEM and Kabwe Mine Acquisition

SHUKA MINERALS PLC
(formerly Edenville Energy PLC)
(Incorporated in England and Wales)
(Registration number 05292528)
("Shuka Minerals" or "the Company")
ISIN Code: GB00BN47NP32

Completion of LEM and Kabwe Mine Acquisition


Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, is
pleased to confirm that the Company's acquisition of 100% of Leopard Exploration and
Mining Limited (the "Acquisition") has completed. Consequently, the Company now owns
and operates 100% of the world class Kabwe Zinc Mine (the "Project" or "Kabwe Mine").

Kabwe Mine Background*
Kabwe Mine is one of the world's richest and most notable zinc mines, with grades of up
to 43% zinc and historical production averaging around 25%. Over 14.56Mt of ore has been
produced to-date from the Project, which first commenced production in 1904.
5.723Mt of resources still exist at Kabwe Mine (including 700K tonnes of zinc and 100K
tonnes of lead), with a value in excess of US$2 billion. An outlined phase 1 development
of part of the resource generated pre-tax cash flows of US$1.84 billion and a NPV10 of
US$561 million.

Richard Lloyd, CEO of Shuka, commented:
"It is a very exciting time for Shuka and I am very pleased to advise that we have now
completed the 100% purchase of Leopard Exploration and Mining, and with it, the world
class asset of the Kabwe Mine.

I must thank the patience of shareholders and all stakeholders in the time it has taken to
get here. Following our recent equity raise, we are now able to launch our 2026 work
programme, which will include geological and geophysical studies, drilling, environmental
baseline programmes and, ultimately, reserves upgrades.

The 2023 NI 43-101 reports, with the current known resources and reserves, phase 1
development pre-tax cash flows of US$1.84 billion and an NPV10 of the asset of US$561
million. With a market cap of under £5 million, inclusive of the recent Consideration Shares
and Placing shares, I believe there is exceptional value inherent in the Acquisition and our
focus will be on better reflecting the value our expanded asset portfolio in our market
valuation.

We will be commencing field work this month and I Iook forward to providing additional
updates as we look to make material and quick progress."

Issue of Warrants
As announced on 13 December 2024, following completion of the Acquisition, Richard
Lloyd, Chief Executive Officer, has been granted 2,000,000 warrants to subscribe for new
ordinary shares. The warrants have an exercise price of 12.5p per share and will be valid
for 3 years from grant.

* Behre Dolbear NI 43-101 independent report, November 2023
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.

LONDON
16 January 2026


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 Financial 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


PDMR Notification Form:
The notifications below are made in accordance with the requirements of MAR.
 1.   Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                          Richard Lloyd
 2.   Reason for the Notification
 a)   Position/status               Director – Chief Executive
 b)   Initial                       Initial notification
      notification/amendment
 3.   Details of the issuer, emission allowance market participant, auction platform,
      auctioneer or auction monitor
 a)   Name                          Shuka Minerals plc
 b)   LEI                           213800DBIRLNVAHNDU21
4.   Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii)
     each type of transaction; (iii) each date; and (iv)each place where transactions
     have been conducted
a)   Description of the Financial    Ordinary shares of 1 pence each
     instrument, type of
     instrument
     Identification code             GB00BN47NP32
b)   Nature of the Transaction       Grant of warrants to subscribe for ordinary shares
c)   Price(s) and volume(s)           Exercise Price(s)      Volume(s)

                                      12.5 pence             2,000,000

d)   Aggregated information          N/A (Single transaction)
     Aggregated volume Price
e)   Date of the transaction         15 January 2026
f)   Place of the transaction        Off market



SPONSOR
AcaciaCap Advisors Proprietary Limited

Date: 16-01-2026 09:24:00
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