Shuka Minerals Share Discussion Threads

[johnyee 7] 24/5/2024 21:36

Potential Acquisition

As noted in the Company's announcement of 18 March 2024, the Company has over the past several months been undertaking a detailed legal and technical due diligence review of a major brownfield base metals project located in East Africa.

The Company can confirm that it has now completed this work, and is proposing to proceed with the acquisition. This work, which has included independent technical and legal reports, has demonstrated a technically robust and attractive acquisition opportunity of a brownfield mining operation which has a long history of mining and processing operations of base and precious metals (the "Project").

The Project's historical non-JORC compliant resources have been independently verified by the Company's retained technical experts and which have an in-situ value of approx. US$1.98 billion based on current London Metal Exchange prices, and where preliminary economic analyses has estimated pre-tax cashflow of US$1.84 billion, NPV10 US$0.56 billion and an IRR of 112% based on the development of two of the five existing non-JORC compliant historical resources. Further information included to below.

If the Company proceeds with the acquisition, the Company will likely propose completing a 3-phase exploration and development program, as part of its plans to re-commence both open-pit and underground mining and associated processing operations.

Negotiations are at an advanced stage with the shareholders of the locally incorporated company, with key commercial and legal terms agreed for the Company to proceed with its planned acquisition of a 100% interest in the locally incorporated company which holds the Project (the "Potential Acquisition").

US$150,000 has already been paid by the Company to the counterparty, which is non-refundable, and if the Potential Acquisition is completed, further consideration of US$5.85m would be payable through a combination of cash and equity in the Company, with the majority expected to be in equity. The transaction remains subject certain regulatory approvals and customary closing conditions.

While the Board remains excited by the Potential Acquisition there can be no certainty that the requisite regulatory approvals and customary closing conditions will be satisfied (or waived) and that definitive documentation will be concluded, or as to the eventual detailed terms or timing of the transaction.

A further announcement will made as and when appropriate.

[johnyee 7] 24/5/2024 21:29

rns out after hours

[juliemara] 16/5/2024 06:25

Goldenshread - That video was almost instantly removed! What does that tell you?

They should forget minerals and go into mushroom farming!

[juliemara] 15/5/2024 07:52

MMs shuffling the share price up and down on all three Cos trying to attack some attention.

[goldenshread] 09/5/2024 13:18

Looks like something is finally about to happen here, see the comment about Quintons fund releasing $500m to invest in projects over the next few weeks.

Probably a good time to buy or add.


Interview today...

[juliemara] 07/5/2024 08:42

South Africa v Nigeria?

a tough call! 🤔

[scoots] 22/4/2024 08:53

Thanks juliemara

[juliemara] 22/4/2024 06:57

Nothing in the "update" that we haven't already been told.

[scoots] 18/4/2024 22:10

Explain please

[juliemara] 18/4/2024 19:44

Well, someone at SKA knows how to copy and paste!

[juliemara] 17/4/2024 07:53

Yup, the paid rampers have obviously stopped receiving their pieces of silver.

[nasarsaddique] 12/4/2024 13:01

I'm here too

[scoots] 12/4/2024 09:59

Only you and me left in Julie.

[ih_846717] 03/4/2024 15:42

MiningLamp, maybe they were just BS and so removed?

[bargainbuyer] 18/3/2024 21:51

More a confirmation of the deal in QGC’s presentation but masquerading as a speeding ticket; I think this is looking a strong buy.


‘In addition, the Board is continuing to review potential acquisitions of additional advanced mining and mine development projects located in Africa, including one such opportunity which is being actively progressed and meets the Company's key acquisition criteria, with a focus on a commodity other than coal.’

[bargainbuyer] 18/3/2024 21:46

The RNS this morning reads more like a speeding ticket following on from rumours of a deal and subsequent mark up in price during the session on Friday.
Well, it is more than a rumour as some further details were released in the QGC corporate presentation also on Friday, ie. the zinc/lead deal.
So, reading the RNS in light of the above, confirms really that a deal is very much on the cards and in line with that on the QGC presentation.
We await the finer details but looks impressive versus current cap.

[mininglamp] 18/3/2024 15:39

All the links concerning commentary about Shuka by Jason Brewer late last week have been removed. He said he was meeting Ministers and possibly the President of a African country and that there would be news aplenty over the next few weeks.

Tongue in cheek he said he hoped the Nomad was not watching the interview, well it looks like he was and that's why todays RNS came, the fact remains JB was exceptionally upbeat, the share price rallied strongly as a result.

You need to be in SKA to win when the news comes.

[juliemara] 18/3/2024 12:21

More interesting insight over on LSE!

[juliemara] 18/3/2024 11:26

11.945 buy, 11.55 sell.

[scoots] 18/3/2024 09:05

Richard Branson is a billionaire and yet a number of his projects have gone belly up.

[juliemara] 18/3/2024 08:34

From over 3 MONTHS ago.....

MiningLamp - 13 Dec 2023 - 09:10:56 - 154 of 244 Shuka Minerals and charts - SKA
News on the project injection into Shuka has to be fast approaching, the deal has to be a good one for the credibility of the new management team as it will be their 1st across the 3 stable of listed entities.

I think we will be very surprised over the quality of the project being injected and the upside it will clearly deliver.

If you want in the clock is ticking down.

[mininglamp] 18/3/2024 08:28

I see todays RNS as nothing more than housekeeping, they clearly want shot of Rukwa, it's non core.

The real news is yet to come and would urge readers to listen to this interview from last week, Shuka is, in effect, a shell company awaiting new project injection, that is imminent.

Todays sellers will be kicking themselves soon enough if all goes to plan.

[whoppy] 18/3/2024 08:12

All seems very vague. No guarantees and no timeline. How long is a piece of string?

[juliemara] 18/3/2024 08:11

I just reread it and missed: 'Following resumption of normal activities,....' NOT what one wants to hear as normal activities, for years, has been to do nothing!!