RE: Shuka Minerals climbed 42 per cent this week19 Oct 2025 22:10
It needs to be remembered that Leopard shareholders will receive shares in Shuka at 7.737p per share as part of their consideration, to which they will be tied in for a period of time. With them also being given 2m warrants on completion with an exercise price of 12.5p per share and expiry date of 31 December 2027, Shuka can look forward to receiving £250,000 when they are in the money and want to exercise them.
After completion, the free float percentage which is in reality about 35% after taking into account long-term shareholders like myself and my family with 6.2% , will reduce.
With Kabwe having silver, vanadium and gallium as well as zinc to be mined, Shuka will have more than one valuable commodity. You know what has been happening to the price of silver recently. The vanadium industry is experiencing significant growth, driven by its vital role in producing high-strength steel for construction, automotive, and aerospace applications.
The current mcap is just £4.2m whilst the known resources are valued at $4 billion in the ground and the company is looking to increase its known resource by 50% in producing a JORC compliant resource figure in 2026.
Upon completion of the Acquisition, the Company will commence a 3-phase exploration and development program at the Kabwe Mine, as part of its plans to re-commence both open-pit and underground mining and processing operations.
This 3-phase program will comprise:
(i) a high-resolution geophysical survey,
(ii) a JORC Code 2012 resource drilling program, updated metallurgical test work and additional environmental and mining studies; and
(iii) detailed feasibility study work and underground mine refurbishment and new access decline activities as well as the establishment of new ore processing facilities and value addition in respect of the production of refined metals products.
Whilst at Rukwa, initial restart, equipment servicing, parts replacement and wash plant testing are budgeted at USD12,600 and this is expected to realise the initial 500tpcm tonnages. Further capex of USD132,600, providing additional leased and purchased equipment such as loaders and excavators is planned to gradually realise the stepped tonnages up to 5,000tpcm.
63T of stockpiled washed coal will be used to test the wash-plant during restart and then sold; value at USD45/t is USD2,835. A further estimated 60,000T of fines material is also stockpiled and will be offered to previous contracted cement plants within Tanzania, Kenya and Rwanda at between USD7-8/T which would realise sales of between USD420,000-480,000 in due course.
Mcap £4.2m ! Undervalued imho.
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