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Assignment of GBP800,000 of GMI Loan to Strategic Investors
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
Assignment of £800,000 of GMI Loan to Strategic Investors
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 the GMI
Convertible Loan (the “Loan”) to four South African strategic investors (the “Investors”). The
Assignment of approximately £800,000 gross of the Loan, depending on prevailing FEX rates and net
of fees if applicable, would enable the new Investors under the original terms of the Loan to convert
for up to 20,000,000 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 Investors have 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 Investors warrants to subscribe for up to a further 20,000,000 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 20,000,000 new ordinary shares will be
cancelled.
The Conversion Price represents a c.20% premium to the mid-market closing price of 3.4p on
28th August 2026.
Reduction in GMI Loan outstanding
The Assignment will reduce the GMI loan outstanding from £1,359,773.26 to approx. £560,000 and
follows a previous reduction of £227,617.61 post a repayment by the Company in July 2026.
Shuka Minerals CEO, Richard Lloyd, commented: “I am delighted to welcome new strategic investors
who share the vision of Shuka’s journey. The new investors, 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 and AcaciaCap Advisors for their role in bringing this transaction to a
conclusion.
“The conversion of a large portion of the Loan reduces the indebtedness of the Company and
interest payments greatly. The remainder of the loan, approximately £560,000, 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.
LONDON
1 September 2026
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 +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: 01/09/2026 06:00:00
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