Company Update

18 March 2024

Shuka Minerals Plc

("Shuka" or the "Company")

Company update

Shuka Minerals Plc (AIM: SKA), an African-focused mine operator and developer, is pleased to provide the following update.

Regarding its Rukwa coal mining asset, following resolution of the dispute with Upendo Group, as announced on 15 February 2024, the requisite filings have now been made in the court in Tanzania terminating the legal proceedings and the settlement has been communicated to the relevant authorities. Upendo shall shortly have their representative join the board as one of six directors of the local subsidiary and there is optimism that this will assist the development and progression of the Company's prospects at Rukwa, where operations have remained challenging, with limited coal production. The operations have been on hold recently due to the rainy season. While local mining staff were on annual leave during this period, they return to the mine this week to prepare for a new production cycle. Demand in regional markets continues to appear robust. Following resumption of normal activities, the Company will review its targeted production rates and provide further updates as appropriate.

In addition, the Board is continuing to review potential acquisitions of additional advanced mining and mine development projects located in Africa, including one such opportunity which is being actively progressed and meets the Company's key acquisition criteria, with a focus on a commodity other than coal. While the Board is excited by the potential of the opportunity and has concluded its due diligence there can be no guarantee that any transaction will proceed to definitive documentation, or as to the eventual terms or timing of such transaction.

Further announcements regarding progress at Rukwa and the Company's acquisition strategy will be issued as appropriate.

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.

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