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Interim Results for the six months to 30 June 2025

30th Sep 2025 09:00

RNS Number : 3957B
Shuka Minerals PLC
30 September 2025
 

30th September 2025

SHUKA MINERALS PLC

("Shuka" or the "Company")

 

Interim Results for the six months to 30 June 2025

 

 

Shuka Minerals plc (AIM/AltX: SKA), the company developing a coal project in southwest Tanzania, and looking to advance the Kabwe Lead Zinc Silver mine in central Zambia, announces the Company's unaudited interim results for the six months ended 30 June 2025.

 

Chief Executive's report

 

I am pleased to present the interim results for the six-month period from 1 January 2025 to 30 June 2025. The period was a transformative one for the Company and reflects my first 6 months as CEO where consolidation and redirection in terms of funding and operational focus has been key. From a funding perspective, shortly after the period end major (c.20%) shareholders Gathoni Muchai Investments ("GMI") committed a further £1.5m investment thorough an unsecured loan facility, bringing their total investment commitment to £2m. Application of funds, once fully drawn, will be applied towards working capital, the settlement of the remaining purchase consideration to conclude the acquisition of the Kabwe Project from Leopard Exploration and Mining ("LEM"), the restart of the Rukwa mine and initial exploration at Kabwe. The initial tranche of £500,000 has, post period, been fully drawn.

 

Drawdown notices under Tranche 2 have commenced post period and, as updated to the market on 18 September 2025, GMI are in process of completing alternate means to expedite payment to the Company. GMI have advised that the intended transfer by alternate means will now be delayed beyond month end as originally indicated, but that they expect to conclude the transfer by 15th October 2025.

 

The availability of the £2m Convertible Loan Note ("CLN") provided by AUO Commercial Brokerage LLC based in Dubai has been extended by a period of 12 months to March 2026 and the repayment, or conversion date, extended to March 2027. AUO has confirmed that it intends to honour its commitments under the CLN should it be called upon to do so.

 

In conjunction with these strategic investments, a restructure of the Board of Directors is currently being planned, which is expected to be detailed at the time of the forthcoming AGM. 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.

 

During the period the Company has continued to manage the day-to-day operations at its wholly owned Rukwa Coal Mine in Tanzania. Dewatering of the pits was completed post period and the repair of roads, bridges and equipment are well underway. The Company has continued to progress discussions around the sales of c. 60,000 tonnes of stockpiled coal fines, which have an estimated value of c.USD7-8/tonne. The wash plant has undergone maintenance and will be tested shortly with small stockpiles of washed coal product. Zero coal sales have been made into the regional markets during the period. The Company continues to review its ongoing investment in the Rukwa Coal Mine and targeted production rates and discussions with a regional cement producer regarding production offtake are progressing. In parallel with its operational activities, the Company continues its ongoing compliance with local regulations, and has addressed the outstanding legacy matters concerning claims and litigation and the status of the mining licence.

 

The strategic investment funding received to date from GMI ensures that the Company has been able to fund its ongoing working capital needs and corporate and mining development activities, and importantly fund costs associated with the evaluation of the Kabwe project which remains the Company's primary target going forward.

 

I look forward to a strong end to 2025 and, once the Kabwe acquisition has been completed, to welcoming our new LEM shareholders on board. Shuka is committed to becoming a major mine developer and operator in east Africa and as a truly African focused mining and development company that is committed to ensuring its activities demonstrate a commitment to environmental sustainability, community engagement, and responsible mining practices.

 

I would like to thank all our shareholders for their ongoing support, and I look forward to working alongside my fellow directors and all key stakeholders over the rest of 2025.

 

Richard Lloyd

Chief Executive Officer

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

For further information please contact:

Shuka Minerals Plc

 

Richard Lloyd - Chief Executive Officer

+44 (0) 7990 503007

Strand Hanson Limited

+44 (0) 20 7409 3494

(Financial and Nominated Adviser)

James Harris

Richard Johnson

AcaciaCap Advisors Propriety Limited

+27 (11) 480 8500

JSE Sponsor and Listing Advisor

Michelle Krastanov

Tavira Securities Limited

+44 (0) 20 7100 5100

(Lead Broker)

Oliver Stansfield

Jonathan Evans

Peterhouse Capital Limited

+44 (0) 20 7469 0930

(Joint Broker)

Charles Goodfellow

Duncan Vasey

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

Six months ended

30 June 25

Six months ended

30 June 24

Year

ended

31 Dec 24

Unaudited

Unaudited

Audited

Note

£

£

£

Revenue

-

2,330

2,305

Cost of sales

(39,430)

(92,060)

(200,566)

Gross loss

(39,430)

(89,730)

(198,261)

Administrative expenses

(335,505)

(452,960)

(1,799,584)

Group operating loss

(374,935)

(542,690)

(1,997,845)

Finance income

211

2,082

2,351

Finance costs

(1,646)

(3,608)

(9,433)

Loss on operations before taxation

(376,370)

(544,216)

(2,004,927)

 

Taxation

-

-

-

 

Loss for the period after taxation

(376,370)

(544,216)

(2,004,927)

Other comprehensive loss:

(Loss)/gain on translation of overseas subsidiary

(475,138)

45,451

90,521

 

Total comprehensive loss for the period

 

(851,508)

 

(498,765)

 

(1,914,406)

Attributable to:

Equity holders of the Company

(851,148)

(498,218)

(1,912,698)

Non-controlling interest

(360)

(547)

(1,708)

(851,508)

(498,765)

(1,914,406)

Loss per share

 

- basic and diluted (pence)

2

(0.53)

(0.90)

(3.32)

- headline, basic and diluted (pence)

 

(0.53)

(0.90)

(3.32)

 

The income for the period arises from the Group's continuing operations.

CONSOLIDATED statement of financial position

 

as at 30 June 2025

 

As at

30 June 25

As at

30 June 24

As at

31 Dec 24

 

Unaudited

Unaudited

Audited

 

 

 

 

Note

£

£

£

Non-current assets

Property, plant and equipment

4

5,041,065

5,497,645

5,526,188

Intangible assets

5

309,806

335,807

338,836

 

5,350,871

5,833,452

5,865,024

Current assets

Inventories

4,072

75,633

4,454

Trade and other receivables

230,045

438,744

240,377

Cash and cash equivalents

16,622

92,530

36,038

 

250,739

606,907

280,869

Current liabilities

Trade and other payables

(931,345)

(540,720)

(891,155)

Borrowings

(335,686)

(34,651)

(195,307)

(1,267,031)

(575,371)

(1,086,462)

Current assets less current liabilities

(1,016,292)

31,536

(805,593)

 

Total assets less current liabilities

4,334,579

5,864,988

5,059,431

 

Non - current liabilities

Borrowings

-

(17,259)

-

Environmental rehabilitation liability

(33,132)

(32,354)

(36,237)

Net assets

4,301,447

5,815,375

5,023,194

 

Capital and reserves

Called-up share capital

4,628,732

4,562,344

4,612,482

Share premium account

24,486,388

24,035,973

24,372,638

Share based payment reserve

510,727

324,495

561,125

Foreign currency translation reserve

538,897

968,965

1,014,035

Retained earnings

(25,838,492)

(24,053,330)

(25,512,880)

Issued capital and reserves attributable to owners of the parent company

4,326,252

5,838,447

5,047,400

Non-controlling interest

(24,805)

(23,072)

(24,206)

 

Total equity

4,301,447

5,815,375

5,023,194

 

CONSOLIDATED statement of changes in equity

 

--------------------------------------------------Equity Interests---------------------------------------

 

 

Share Capital

Share Premium

Retained Earnings Account

Share Option Reserve

Foreign Currency

Translation Reserve

Total

Non-controlling interest

Total

£

£

£

£

£

£

£

£

At 1 January 2025

4,612,482

24,372,638

(25,512,880)

561,125

1,014,035

5,047,400

(24,206)

5,023,194

Comprehensive Income for the year

Foreign currency translation

-

-

-

-

(475,138)

(475,138)

(239)

(475,377)

Loss for the year

-

-

(376,010)

-

(376,010)

(360)

(376,370)

Total comprehensive income for the year

-

-

(376,010)

-

(475,138)

(851,148)

(599)

(851,747)

Transactions with owners

Issue of share capital

16,250

113,750

-

-

-

130,000

-

130,000

Lapsed share options

-

-

50,398

(50,398)

-

-

-

-

Total transactions with owners

16,250

113,750

50,398

(50,398)

-

130,000

-

130,000

At 30 June 2025

4,628,732

24,486,388

(25,838,492)

510,727

538,897

4,326,252

(24,805)

4,301,447

 

 

 

 

--------------------------------------------------Equity Interests---------------------------------------

 

 

 

Share Capital

Share Premium

Retained Earnings Account

Share Option Reserve

Foreign Currency

Translation Reserve

Total

Non-controlling interest

Total

 

£

£

£

£

£

£

£

£

 

 

At 1 January 2024

4,562,344

23,995,626

(23,509,661)

364,842

923,514

6,336,665

(23,975)

6,312,690

 

 

Comprehensive Income for the year

 

Foreign currency translation

-

-

-

-

45,451

45,451

1,428

46,879

 

Loss for the year

-

-

(543,669)

-

(543,669)

(547)

(544,216)

 

Total comprehensive income for the year

-

-

(543,669)

-

45,541

(498,218)

881

(497,337)

 

 

Lapsed share options

-

40,347

-

(40,347)

-

-

-

-

 

Total transactions with owners

-

40,347

-

(40,347)

-

-

-

-

 

Non- controlling interest share of goodwill

 

-

 

-

 

-

 

-

 

-

 

-

 

22

 

22

 

 

At 30 June 2024

4,562,344

24,035,973

(24,053,330)

324,495

968,965

5,838,447

(23,072)

5,815,375

 

 

 

 

 

 

 

--------------------------------------------------Equity Interests---------------------------------------

 

 

Share Capital

Share Premium

Retained Earnings Account

Share Option Reserve

Foreign Currency

Translation Reserve

Total

Non-controlling interest

Total

£

£

£

£

£

£

£

£

At 1 January 2024

4,562,344

23,995,626

(23,509,661)

364,842

923,514

6,336,665

(23,975)

6,312,690

Comprehensive Income for the year

Foreign currency translation

-

-

-

-

90,521

90,521

1,244

91,765

Loss for the year

-

-

(2,003,219)

-

-

(2,003,219)

(1,708)

(2,004,927)

Total comprehensive income for the year

-

-

(2,003,219)

-

90,521

(1,912,698)

(464)

(1,913,162)

Transactions with owners

Issue of share capital

50,138

318,212

-

-

-

368,350

-

368,350

Share options/warrants charge

-

-

-

255,083

-

255,083

-

255,083

Lapse of share options/warrants

-

58,800

(58,800)

-

-

-

-

Total transactions with owners

50,138

377,012

-

196,283

-

623,433

-

623,433

 

Non- controlling interest share of goodwill

-

-

-

-

-

-

233

233

At 31 December 2024

4,612,482

24,372,638

(25,512,880)

561,125

1,014,035

5,047,400

(24,206)

5,023,194

 

 

consolidated CASH FLOW STATEMENT

 

Six months

ended

30 June 25

Six months

ended

30 June 24

Year

 ended

31 Dec 24

Unaudited

Unaudited

Audited

£

£

£

Cash flows from operating activities

Operating loss

(374,935)

(542,690)

(1,997,845)

Adjustments to reconcile profit before tax to net cash flows:

Depreciation

11,707

16,910

38,098

Share based payments

-

-

255,083

Expected credit losses

-

-

(301)

Impairment of inventories

-

-

75,313

Provisions

-

-

178,637

Foreign exchange differences

25,528

-

12,317

Working capital changes

Movement in inventories

382

(20,005)

(4,756)

Movement in trade and other receivables

10,332

22,311

(1,067)

Movement in trade and other payables

167,088

(1,538)

351,457

Net cash used in operating activities

(159,898)

(525,012)

(1,093,064)

Tax Paid

-

 

 

-

(912)

 

Cash flows from investing activities

Finance income

211

2,082

2,351

Net cash used in investing activities

211

2,082

2,351

 

Cash flows from financing activities

New loans

150,000

-

150,000

Repayment of lease liabilities

(7,975)

(15,134)

(21,190)

Lease interest

(1,646)

(3,608)

(4,910)

Proceeds on issue of ordinary shares

-

368,350

Net cash generated from/ (used in) financing activities

140,379

(18,742)

492,250

 

 

 

 

Net decrease in cash and cash equivalents

(19,308)

(541,672)

(599,375)

Cash and cash equivalents at beginning of year

36,038

633,094

633,093

Exchange (losses)/gains on cash and cash equivalents

(108)

1,108

2,320

Cash and cash equivalents at end of year

16,622

92,530

36,038

 

 

NOTES TO THE INTERIM REPORT

 

1. Financial information and basis of preparation

 

The interim financial statements of Shuka Minerals Plc are unaudited consolidated financial statements for the six months ended 30 June 2025 which have been prepared in accordance with UK adopted international accounting standards. They include unaudited comparatives for the six months ended 30 June 2024 together with audited comparatives for the year ended 31 December 2024.

 

The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2024 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors was unqualified. The report contained a Material uncertainty related to gong concern and contained an Emphasis of mater paragraph on Operationalisation of up to 16% Government of Tanzania non-dilutive free carried share interest and the recoverability of VAT in Tanzania. Aside from the above, the auditor's report did not contain any statement under section 498 of the Companies Act 2006.

 

The interim consolidated financial statements for the six months ended 30 June 2025 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2025. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2024. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.

 

 

2. Loss per share

 

The calculation of the basic and diluted loss per share is based on the following data:

 

30 June 25

30 June 24

31 December 24

 

£

£

£

 

Loss after taxation

(376,370)

(544,216)

(2,004,927)

Less; adjustments to arrive at headline earnings

 

-

 

-

 

-

Headline loss before taxations

(376,370)

(544,216)

(2,004,927)

Weighted average number of shares in the period

70,351,000

60,219,861

60,439,641

Basic and diluted loss per share (pence)

(0.53)

(0.90)

(3.32)

Headline -Basic and diluted loss per share (pence)

(0.53)

(0.90)

(3.32)

 

 

The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.

 

 

 

3. Dividends

No dividends are proposed for the six months ended 30 June 2025 (six months ended 30 June 2024: £nil, year ended 31 December 2024: £nil).

 

4. Property, plant and equipment

Coal Production assets

Plant & machinery

Fixtures & fittings

Motor vehicles

 

Total

£

£

£

£

£

Cost or valuation

As at 1 January 2025

 

5,626,017

 

1,292,201

 

7,422

 

316,286

 

7,241,926

Foreign exchange adjustment

(482,012)

(110,070)

(280)

(25,668)

(618,030)

At 30 June 2025

5,144,005

1,182,131

7,142

290,618

6,623,896

 

Accumulated depreciation

As at 1 January 2025

202,213

1,291,405

7,361

214,759

1,715,738

Depletion/Charge for the year

-

92

8

11,607

11,707

Foreign exchange adjustment

(17,334)

(110,010)

(280)

(16,990)

(144,614)

At 30 June 2025

184,879

1,181,487

7,089

209,376

1,582,831

Net book value

As at 30 June 2025

4,959,126

644

53

81,242

5,041,065

 

 

 

Coal Production assets

Plant & machinery

Fixtures & fittings

Motor vehicles

 

Total

£

£

£

£

£

Cost or valuation

As at 1 January 2024

 

5,529,808

 

1,270,229

 

7,366

 

311,162

 

7,118,565

Foreign exchange adjustment

45,921

10,488

27

2,446

58,882

At 30 June 2024

5,575,729

1,280,717

7,393

313,608

7,177,447

 

Accumulated depreciation

As at 1 January 2024

194,860

1,269,183

7,284

178,104

1,649,431

Depletion/Charge for the year

-

131

9

16,770

16,910

Foreign exchange adjustment

1,611

10,480

27

1,343

13,461

At 30 June 2024

196,471

1,279,794

7,320

196,217

1,679,802

Net book value

As at 30 June 2024

5,379,258

923

73

117,391

5,497,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4. Property, plant and equipment (continued)

 

 

 

Coal Production assets

Plant & machinery

Fixtures & fittings

Motor vehicles

 

Total

£

£

£

£

£

Cost or valuation

As at 1 January 2024

5,529,808

1,270,229

 

7,366

311,162

7,118,565

Foreign exchange adjustment

96,209

21,972

56

5,124

123,361

At 31 December 2024

5,626,017

1,292,201

7,422

316,286

7,241,926

 

 

Accumulated depreciation

As at 1 January 2024

194,860

1,269,183

7,284

178,104

1,649,431

Depletion/Charge for the year

3,970

266

21

33,841

38,098

Foreign exchange adjustment

3,383

21,956

56

2,814

28,209

At 31 December 2024

202,213

1,291,405

7,361

214,759

1,715,738

 

Net book value

As at 31 December 2024

5,423,804

796

61

101,527

5,526,188

 

 

 

5. Intangible assets

 

 

 

 

Mining Licences

 

Total

 

£

£

Cost or valuation

As at 1 January 2025

 

1,602,314

 

1,602,314

Foreign exchange adjustment

(137,278)

(137,278)

 

At 30 June 2025

1,465,036

1,465,036

 

 

 

 

Accumulated amortisation and impairment

 

 

 

 

As at 1 January 2025

1,263,478

1,263,478

Foreign exchange adjustment

(108,248)

(108,248)

 

At 30 June 2025

1,155,230

1,155,230

 

Net book value

As at 30 June 2025

309,806

309,806

 

 

 

 

5. Intangible assets (continued)

 

 

 

Mining Licences

 

Total

 

£

£

Cost or valuation

As at 1 January 2024

 

1,574,911

 

1,574,911

Foreign exchange adjustment

13,081

13,081

 

At 30 June 2024

1,587,992

1,587,992

 

 

 

 

Accumulated amortisation and impairment

 

 

 

 

As at 1 January 2024

1,241,870

1,241,870

Foreign exchange adjustment

10,315

10,315

 

At 30 June 2024

1,252,185

1,252,185

 

Net book value

As at 30 June 2024

335,807

335,807

 

 

 

 

 

Mining Licences

 

Total

 

£

£

Cost or valuation

As at 1 January 2024

 

1,574,911

 

1,574,911

Foreign exchange adjustment

27,403

27,403

At 31 December 2024

1,602,314

1,602,314

 

 

Accumulated amortisation and impairment

As at 1 January 2024

1,241,870

1,241,870

Foreign exchange adjustment

21,608

21,608

At 31 December 2024

1,263,478

1,263,478

 

Net book value

As at 31 December 2024

338,836

338,836

6. Share capital

 

 

No

£

No

£

£

Ordinary shares of 1p each

Ordinary shares of 0.02p/1p each

Deferred shares* of 0.001p each

Deferred shares of 0.001p each

Total share capital

Issued and fully paid

At 1 January 2025 and 30 June 2025

 

65,233,597

 

652,338

 

396,014,437,346

 

3,960,144

 

4,612,482

On 5 May 2025 1,625,000 shares issued for 8p per share

 

 

1,625,000

 

 

16,250

 

 

-

 

 

-

 

 

16,250

66,858,597

668,588

396,014,437,346

3,960,144

4,628,732

 

No

£

No

£

£

Ordinary shares of 1p each

Ordinary shares of 0.02p/1p each

Deferred shares* of 0.001p each

Deferred shares of 0.001p each

Total share capital

Issued and fully paid

At 1 January 2024 and 30 June 2024

 

60,219,861

 

602,200

 

396,014,437,346

 

3,960,144

 

4,562,344

 

 

No

£

No

£

£

Ordinary shares of 1p each

Ordinary shares of 0.02p/1p each

Deferred shares* of 0.001p each

Deferred shares of 0.001p each

Total share capital

Issued and fully paid

At 1 January 2024

60,219,861

602,200

396,014,437,346

3,960,144

4,562,344

On 16 December 2024 5,013,736 shares were issued for 7.3468p

5,013,736

50,138

-

-

50,138

As at 31 December 2024

65,233,597

652,338

396,014,437,346

3,960,144

4,612,482

 

* The deferred shares have no voting rights, dividend rights or any rights of redemption. On return of assets on winding up the holders are entitled to repayment of amounts paid up after repayment to ordinary shareholders. The deferred shares are not traded on the Alternative Investment Market of the London Stock Exchange or the JSE.

 

7. Distribution of interim report to shareholders

 

The interim report will be available for inspection by the public at the registered office of the company during normal business hours on any weekday and from the Company's website http://www.shukaminerals.com/. Further copies are available on request.

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Shuka Minerals
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