Assignment of £800,000 of GMI Loan to Investors

Shuka Minerals Plc

("Shuka" or the "Company")

1 September 2026

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 28^th 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.

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.

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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.