Kavango signs deed of variation to acquire Nara Gold Project

(Alliance News) - Kavango Resources PLC announced on Thursday that a deed of variation has been signed so it can fully acquire the Nara Gold Project.

The metals exploration and gold production company said the deed addresses the mechanics of completion for the purchase, which it anticipates occurring shortly.

The Nara Gold Project consists of 45 claims in Zimbabwe. Kavango exercised an option in July 2025 to acquire the project in its entirety. Kavango entered into the option with Romjack Mining Ltd in June 2023.

The parties agreed an extension in order to complete the sale in December 2025. After announcing its intention to pursue legal action against Romjack and its owner Simon Bowman, Kavango granted a second extension in March 2026.

Kavango has now transferred the balance necessary to complete the option into an escrow account, which will be transferred to the seller upon completion of the final documentation.

The Southern Africa-focused mining company also said it is in discussions about the possible sale and purchase of Romjack in order to ensure continuity of operations at Nara.

Peter Bee, chair & interim chief executive officer of Kavango, commented: "We are excited to be embarking on the Nara project. The Company is committed to building upon the success of the Nara Gold Project, for the benefit of its shareholders and the local community.

"Kavango is taking this opportunity to evaluate the co-location of its exploration team to maximise operational efficiency and further strengthen the development of our projects in Zimbabwe".

Shares in Kavango were up 3.2% to 0.80 pence on Thursday afternoon in London.

By Joseph Rodgers, Alliance News reporter

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