PRESS RELEASE

04 March 2025

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

ZIM: Prospect 3 Resource Drilling completed

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration company, is pleased to announce the successful completion of its initial resource drilling programme at  Prospect 3 ("Prospect 3") at the Hillside Gold Project ("Hillside") in Matabeleland, southern Zimbabwe.

The drilling programme has provided Kavago with sufficient geological information and sample material to conduct assay, metallurgical and geotechnical test work at Prospect 3. Kavango's objective is for the test work to inform an initial mining plan for the area.

Highlights

·    Kavango successfully completed 34 diamond drill holes for a total of 2,109.16m.

·    The holes were drilled on 25m x 25m grid centered over the initial scoping hole NSDD002. The inclined holes (-60°) were drilled to an average depth of 60m.

·    Artisanal miners were producing gold from 12 surface workings with at least 2 different vein orientations, from shear zones hosting gold bearing quartz-veins in both granodiorite and oxidized meta-sediments adjacent to NSDD0002.

·    The company's focus is now on completing the test work to allow for an initial maiden resource and if warranted design of a trial open pit heap leach mining operation.

Ben Turney, Chief Executive of Kavango Resources, commented:

"We are very pleased with how quickly our team has delivered this drill programme and are excited to receive the results. We have high hopes for our Hillside Gold Project and, if we are able to prove there is a minable resource at Prospect 3, we aim to bring that into production this year.

We only set Kavango Zimbabwe up in July 2023, so to be on the cusp of hopefully moving one of our discoveries into production in such a short period of time is a significant achievement. We look forward to providing results in the next month or so."

Geology of Prospect 3:

Thin overburden (<1m) comprising mixed soil and regolith are immediately underlain by diorite and granodiorite in the northern portion of the prospect while metasediments and metavolcanics with Banded Iron Formation (BIF) occupy the southern portion (Figure 1) where cover thickness increases (<2m) due to the friable nature of the metavolcanics.

Drilling has confirmed the presence of shear zones hosting quartz veins below the artisanal miners surface workings, within the diorite, granodiorite, metasediments and metavolcanics. The mapped and interpreted shear zones display a WNW-ESE trend, dipping generally towards the NNE. The artisanal workings on surface appear to correlate well with the mineralised zones observed in the logged drill cores, (Figure 2).

Figure 1: Map of Prospect 3 showing artisanal surface workings associated with interpreted structural features. Logged downhole geology for the completed boreholes is also shown along the borehole trace

Figure 2: Close up photograph of cut core from borehole NSDDIR023 showing sections of core between 56.90m and 58.11m (above) and NSDDIR024, 46.00m-52.37m (below). Quartz veins, sub-parallel to fabric and cross-cutting fabric, thought to represent different structural events host pyrite and mixed sulphide mineralisation in granodiorite.

Further structural work is required to identify the various different vein sets present and their relationship to the various shears, faults and mineralisation.

The surveyed collar locations and drill hole data are tabulated in Table 1, below.

Table 1: :  Drillhole collar data for holes at Propsect 3

~Drill collars were surveyd by DGPS

Drill hole NSDDIR006 was not drilled due to the proximity of artisanal surface workings and drill hole NSDDIR005 was extended to compensate. NSDDIR013 was stopped due to intersecting voids and broken ground thought to be back filled artisanal workings and NSDDIR012 was extended to compensate. All the other holes were successfully drilled and completed.

The Company's focus is now on completing the test work to allow for an initial maiden resource and if warranted design of a mining plan.

Further updates will be provided as the project progresses.

Kavango's Operations in Zimbabwe

Kavango is exploring for gold deposits in Zimbabwe that have the potential to be brought into production quickly through modern mechanised mining. The Company is targeting both open-pit and underground opportunities.

Kavango has two projects on the same greenstone belt, Hillside and Nara.

Kavango exercised its option to acquire Hillside in April 2024. Here, the Company has two high-priority targets it hopes to bring into production over the next 18 months; Prospect 3 and Prospect 4. At Prospect 3, Kavango is investigating the potential for an open-pit selective bulk mining operation and future possible underground mechanised mining. Meanwhile, at Prospect 4 Kavango is pursuing a high-grade underground opportunity that is amenable to mechanised mining.

In parallel to this, Kavango has an option to acquire the Nara Project that currently runs until the end of June 2025. Here, the Company is exploring for a large-scale, bulk-minable underground deposit at Nara. The primary target zone is around the historic N1 mine, where the Company is assessing the potential to expand artisanal workings at depth and along strike.

Further information in respect of the Company and its business interests is provided on the Company's website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc                                                                                    

Ben Turney

+46 7697 406 06

First Equity (Broker)

+44 207 374 2212

Jason Robertson   

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been compiled by Mr David Catterall, a Competent Person and a member of a Recognised Professional Organisations (ROPO). David Catterall has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012). David is the principal geologist at Tulia Blueclay Limited and a consultant to Kavango Resources. David Catterall is a member of the South African Council for Natural Scientific Professions, a recognised professional organisation.  

The technical information contained in this announcement pertaining to mining has been compiled by Mr Craig Hatch, a Competent Person and a member of a Recognised Professional Organisations (ROPO). Craig Hatch has sufficient experience that is relevant to the style of mining and type of deposit under consideration and to the activities being proposed to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012). Craig is the Principal Mining Engineer of Minorex Pty Ltd and a consultant to Kavango Resources and is a member of the Australasian Institute of Mining and Metallurgy (AusIMM), a recognised professional organisation.