SHUKA MINERALS PLC - Results of Field Samples at Kabwe Mine

Evidence from the filing

• The field samples at Kabwe Mine have yielded consistently high zinc and lead grades at surface, with zinc values reaching up to 36.13% and lead values up to 9.63%, indicating significant mineralization.

  “The results demonstrate consistently high zinc and lead grades at surface, with zinc values reaching up to 36.13% Zn and lead values up to 9.63% Pb, alongside tungsten mineralisation.”

• The reported grades are significantly encouraging as they compare favourably with historical mining averages and confirm the presence of substantial high-grade material at surface.

  “These grades compare favourably with historical mining averages and confirm the presence of substantial high-grade material at surface.”

• The Company plans to utilize the significant surface material to analyse metallurgical characteristics for future plant designs and advance resource statements, indicating a clear pathway towards development and value realization.

  “the Shuka team has realised there is significant material remaining at surface and we will be able to use this material to analyse the metallurgical characteristics of the ore body, which will assist us in consideration of plant designs whilst also advancing our resource statements.”

• The ongoing exploration programme, following a capital raise and the Kabwe acquisition, signals active strategic development aimed at growing the company's asset base and future production capabilities.

  “The planned exploration programme is now underway following our capital raise and completion of the Kabwe acquisition earlier this quarter. I look forward to providing further information on the programme and subsequent results as we ramp up activity at site.”

• The 'encouraging results' are based on preliminary handheld XRF measurements, which require independent lab verification, introducing uncertainty regarding the final validated grades and delaying definitive information.

  “A total of nine samples were taken from outcrop and artisanal workings, which were tested with a handheld, fully calibrated, XRF machine. The results demonstrate consistently high zinc and lead grades at surface... These samples will be sent to the ALS laboratory in Ndola for independent verification of the XRF results and also to test a wider range of elements including Silver, Vanadium, Germanium and Gallium. The Company will announce the lab results in due course.”

• The announcement makes no mention of JORC, SAMREC, or any other industry-standard compliant resource update, stating only that the company will be 'advancing our resource statements,' which means the 'high-grade results' are still anecdotal and not yet quantifiable for valuation purposes.

  “Whilst we are planning for deeper drilling, the Shuka team has realised there is significant material remaining at surface and we will be able to use this material to analyse the metallurgical characteristics of the ore body, which will assist us in consideration of plant designs whilst also advancing our resource statements.”

• A substantial 'Caution' section explicitly states that forward-looking statements 'are not based on historical facts but rather on the Directors' current expectations and assumptions,' highlighting the inherent speculative nature and uncertainty of the company's future projections.

  “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.”

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