Shuka Minerals Plc

("Shuka" or the "Company")

2 September 2026

Conversion of Loan & Issue of Equity

Shuka Minerals Plc (AIM/AltX: SKA), an African focused mine operator and developer, announces that, further to its announcement of 1 September 2026, it has received conversion notices from the strategic investors to whom part of the GMI Convertible Loan (the "Loan") was assigned (the "Investors").

The Investors have elected to convert all of the Loan that was assigned to them being an aggregate principal amount of £796,439 into 19,910,977 new ordinary shares of £0.01 each in the capital of the Company (the "Conversion Shares"), at the agreed conversion price of 4 pence per Conversion Share.

In accordance with the terms of the Loan, the Company has also granted the Investors warrants to subscribe for an aggregate of 19,910,977 new ordinary shares at an exercise price of 8 pence per share. The warrants are exercisable on or before 20 July 2029.

Admission and total voting rights

Application will be made to the London Stock Exchange for the Conversion Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Conversion Shares will commence at 8.00 a.m. on or around 8 September 2026. The Conversion Shares will rank pari passu in all respects with the Company's existing ordinary shares.

Following Admission, the Company's total issued share capital will comprise 163,673,474 ordinary shares, each carrying one voting right. The Company does not hold any ordinary shares in treasury.

Accordingly, the figure of 163,673,474 may be used by shareholders as the denominator for the calculations by which they determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Shuka Minerals CEO, Richard Lloyd, commented: "It is encouraging to add further supportive shareholders who share the Shuka vision and path forward. Welcome. As South African based investors it demonstrates the regional desire to be involved in smaller mining companies as shareholders. Hopefully it will encourage further volume on the JSE going forward."

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.