7 May 2025

Shuka Minerals Plc

("Shuka" or the "Company")

JSE Secondary Listing Update

Shuka Minerals Plc (AIM: SKA), an African focused mine operator and developer, is pleased to confirm that it has received formal approval from the Johannesburg Stock Exchange ("JSE") and South African Reserve Bank ("SARB") for a Secondary Listing of its ordinary shares on the JSE, with trading expected to commence on 22 May 2025.

Shuka retains its primary listing on the AIM Market ("AIM") of the London Stock Exchange.

Highlights:

·    The JSE has granted approval to Shuka for a secondary listing ("JSE Listing"), by way of introduction under the fast-track listing process contemplated in Section 18 of the JSE Listings Requirements, of its issued and fully paid ordinary shares of 1 pence each in the Company ("Ordinary Shares") on the Alternative Exchange of the JSE.

·    Shuka will join the "FTSE - Industrial Metals and Mining" sector, sub-sector "General Mining", under the abbreviated name "Shuka", JSE share code "SKA" and ISIN "GB00BN47NP32".

·    Approval has also been received from SARB for the Secondary Listing and classified the secondary inward listed Ordinary Shares as "domestic" for exchange control purposes.

South African resident shareholders must hold their Ordinary Shares on the JSE register subsequent to the Secondary Listing and may trade the Ordinary Shares on the JSE without having recourse to their foreign portfolio allowance.

The JSE is the largest and most liquid stock exchange on the African continent, and is home to both local and global companies. The JSE equities markets have average daily traded value over ZAR 23 billion (c. GBP 1 billion) and it operates on a solid foundation of liquid, robust and well-regulated markets.

The JSE has 50 listed mining companies, of which 33 are dual listed. The basic material sector on the JSE has a market capitalisation of over ZAR 5 trillion which represents 32% of the overall JSE market capitalisation.

Richard Lloyd (CEO) commented:

"We are delighted with the approval of our secondary listing in South Africa, which  will facilitate direct investment in Shuka by South African residents.

The listing will increase the potential investor pool and will enable improved  liquidity and marketability of Shuka shares. It provides a platform for Shuka to market itself and become more visible in Southern and Eastern Africa, thereby providing Shuka Minerals Plc with more access to institutions and funds within the region.

Shuka are excited to be joining the JSE, the pre-eminent African stock exchange. The listing aligns with Shuka's focus on the African continent, and we hope to attract a new investor group to the shareholder register as we progress development of operations in Southern and Eastern Africa."

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