30th Sep 2025 10:24
(Alliance News) - Shuka Minerals PLC on Tuesday indicated it sought to shake up its board as it sharpened focus on mining and development in Africa.
The London-based mine operator and developer said its pretax loss narrowed to GBP376,370 for the six months that ended June 30 from GBP544,216 a year before.
It earned no interim revenue, after nominal GBP2,330 a year prior.
Basic loss per share and headline loss per share was 0.53 pence, reduced from 0.90p.
Shuka Chief Executive Office Richard Lloyd described the first six months of his tenure as "transformative".
Early in July, Gathoni Muchai Investments Ltd agreed to increase its loan to Shuka by GBP1.5 million to GBP2 million. This extension covered the balance of USD1.35 million or GBP1.0 million due to vendors of Leopard Exploration & Mining Ltd in Zambia.
But Gathoni Muchai said this month funding to facilitate its acquisition of Leopard Exploration in Zambia had experienced a further slight delay due to administrative matters and required regulatory clearances in Kenya.
The availability of the GBP2m convertible loan note provided by Dubai-based AUO Commercial Brokerage LLC has been extended by a period of 12 months to March 2026 and the repayment, or conversion date, extended to March 2027, Shuka said.
The company said it plans to restructure its board.
"The planned non-executive new board appointments are expected to bring talent and specific expertise and will be crucial for the company as we look to re-establish Shuka as a leading African focused mining and development company in the coming months and years," Lloyd said.
Shares in Shuka shed 11% to 4.00 pence on Tuesday morning in London, but they were down 3.9% to ZAR1.00 in Johannesburg.
By Artwell Dlamini, Alliance News senior reporter South Africa
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