Shuka Minerals to Issue 375,000 Shares at 4p Each to Settle Former Director's Fees

Overview of Shuka Minerals' African Mining Operations and Market Presence

Shuka Minerals Plc operates primarily as a mine operator and developer focused on African mineral assets. The company is dual-listed, with its primary listing on the London Stock Exchange's AIM market under the ticker SKA and a secondary listing on the JSE Limited’s AltX in South Africa. This dual listing reflects Shuka Minerals’ strategic focus on African commodities and its engagement with capital markets in both the UK and South Africa, enhancing accessibility for institutional and retail investors across these regions.

The appointment of Richard Lloyd as Chief Executive Officer, along with the involvement of professional advisers such as Cairn Financial Advisers LLP (nominated adviser), and AcaciaCap Advisors (JSE sponsor and listing advisor), underscores the regulatory complexity and high governance standards upheld by Shuka Minerals. This professional framework is typical for mining companies operating across multiple regulatory jurisdictions in Africa.

Details of the 375,000 Share Issuance at 4 Pence Per Share

Shuka Minerals has agreed to issue 375,000 new ordinary shares priced at 4 pence each to settle accrued fees owed to a former director. This equity settlement enables the company to manage historical fee obligations without depleting cash reserves. The announcement does not specify the total monetary value of the fees settled, the period over which they accrued, or the identity of the former director.

The share price of 4 pence per Fee Share is a key transactional detail; however, the announcement does not clarify how this price was determined, whether it aligns with recent market prices, or if it represents a negotiated discount. Additionally, no information is provided regarding any conditions, vesting terms, or transfer restrictions related to the new shares, which could be relevant for shareholders assessing the impact of this issuance.

Admission Schedule and AIM Trading Commencement

An application has been submitted to the London Stock Exchange for the 375,000 Fee Shares to be admitted to trading on AIM. Admission is expected to take effect, with dealings commencing at 8:00 a.m. on or around 29 July 2026. The phrase "on or around" indicates potential minor adjustments to the date based on regulatory processing.

Prior to admission, these shares will not be publicly tradable, preserving existing shareholders’ ownership percentages until the shares enter the market. Upon admission, existing shareholders will experience dilution proportional to the issuance of 375,000 new shares relative to the prior total of 143,387,497 shares outstanding.

Post-Admission Share Capital and Voting Rights

Following admission, Shuka Minerals’ total issued share capital will consist of 143,762,497 ordinary shares, each carrying one vote. This represents an increase of 375,000 shares from the previous total of 143,387,497. The company holds no shares in treasury, meaning all issued shares remain in circulation among shareholders and company insiders.

The updated total share count of 143,762,497 will be used as the denominator for calculating shareholding percentages under the FCA’s Disclosure Guidance and Transparency Rules (DTR). These calculations are critical for shareholders to determine when their holdings cross notification thresholds, such as 3%, 5%, or 10% ownership.

Inside Information Classification Under UK Market Abuse Regulation

This announcement is classified as inside information under the UK Market Abuse Regulation (MAR), as it contains precise, non-public information likely to impact the company’s share price. The directors of Shuka Minerals accept responsibility for the accuracy and completeness of this disclosure, ensuring compliance with London Stock Exchange, AIM, and FCA regulatory requirements.

Dilution Effects on Existing Shareholders

The issuance of 375,000 new shares results in approximately 0.26% dilution of existing shareholders’ voting and economic interests, calculated by dividing 375,000 by the post-issuance total of 143,762,497 shares. Individual shareholders’ dilution impact depends on their shareholding and participation in future capital raises or share transactions.

The announcement does not provide recent share price data, trading volumes, or market capitalization, limiting assessment of the absolute financial impact of dilution on shareholder value. Market perception, commodity prices, and operational performance will also influence the real-world effects of this issuance.

Equity Settlement of Historical Liabilities

Shuka Minerals’ choice to settle accrued director fees through equity issuance rather than cash reflects its liquidity management strategy. This approach is common in the mining sector, where companies may conserve cash for operational needs by issuing shares to satisfy outstanding obligations. While this preserves liquidity, it dilutes existing shareholders and increases total issued share capital, potentially affecting per-share metrics such as earnings per share if the company is profitable.

The announcement does not disclose the company’s financial condition, cash position, or profitability, leaving unclear whether the equity settlement was a necessity or strategic preference.

Dual Listing on LSE AIM and JSE AltX

Shuka Minerals’ dual listing on the London Stock Exchange’s AIM and the JSE Limited’s AltX allows it to access capital from both UK and South African investors. This structure supports investment from UK institutional and retail markets as well as South African pension funds and local investors. The dual listing also requires compliance with regulatory obligations in both jurisdictions, increasing governance complexity but enhancing capital market reach.

The company’s engagement of Cairn Financial Advisers LLP as nominated adviser for AIM and AcaciaCap Advisors as JSE sponsor and listing advisor ensures adherence to regulatory standards on both exchanges. Material information, such as this share issuance announcement, is communicated simultaneously to shareholders in both markets.

Forward-Looking Statements and Regulatory Disclaimer

The announcement contains forward-looking statements identified by terms such as "believe," "expect," "intend," and similar expressions. These statements reflect the directors’ current expectations and assumptions regarding future performance, growth, and market conditions but involve inherent uncertainties. Actual results may differ materially from those projected.

Investors are cautioned that forward-looking statements are not guarantees of future outcomes and should be considered alongside other publicly available information.