Kavango Resources Regulatory News (KAV)

PRESS RELEASE

29 May 2026

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Board and Management Changes

Kavango Resources plc (LSE:KAV, VFEX:KAV.VX), the Southern Africa-focused metals exploration and gold production company, announces a planned transition of its Board of Directors (the "Board") and senior management team, as the Company continues to strengthen its leadership structure ahead of its next phase of development.

Mr. Peter Wynter Bee, currently Interim Chief Executive Officer and Non-Executive Chairman, has indicated his intention to step down from the Board with effect from 1 July 2026. Donald McAlister, currently Executive Interim Finance Director, will assume the role of Non-Executive Chairman and Interim Chief Executive Officer from the same date, providing continuity while the Company continues its search for a permanent Chief Executive Officer.

The Board is also pleased to announce the appointment of Mr. Thamsanqa Mpofu ("Tham") as Non-Executive Director, with effect from 1 July 2026. Tham is currently Chairman of Kavango Zimbabwe Holdings (Private) Limited and Kavango Mining (Private) Limited.

Additionally, the Company is pleased to announce the appointment of Mr. Lorenz Werndle as Chief Financial Officer and Executive Director, with effect from 20 July 2026.

The Company's search for a permanent Chief Executive Officer is ongoing, and the Board will provide further updates as appropriate.

Peter Wynter Bee, Interim Chief Executive Officer and Non-Executive Chairman of Kavango, commented:

"It has been a privilege to serve as Chairman of Kavango during a period in which the Company has made considerable progress. Kavango is now a more mature business, with active operations in Zimbabwe and a growing platform from which to pursue its development strategy.

"I believe this is the right time for the Company to move forward with a strengthened leadership structure. Donald brings extensive mining and finance experience, as well as a strong understanding of Zimbabwe, and I am confident he will provide continuity and senior oversight as Chairman, while also supporting the business as Interim Chief Executive Officer during this transition.

"I am also pleased to welcome Tham and Lorenz to the Board. Their combined experience in Zimbabwe, finance, and corporate development will be highly relevant as Kavango continues to develop and unlock the full value of its asset portfolio."

Donald McAlister, Executive Interim Finance Director of Kavango, commented:

"On behalf of the Board, I would like to thank Peter for his leadership and commitment to Kavango. He has made a significant contribution to the Company during an important period of development, particularly as we have expanded our activities in Zimbabwe and advanced our gold production strategy. Kavango is entering an important phase, and the planned changes announced today are designed to strengthen the Company's leadership structure as we continue to build the business.

"I am pleased to welcome Tham to the Board. His deep knowledge of Zimbabwe and extensive commercial experience will be invaluable as we continue to advance our operations in the country.

"We also look forward to welcoming Lorenz as Chief Financial Officer. His experience across capital markets, corporate development, M&A, and listed-company finance will be highly relevant as Kavango continues to develop its asset base.

"Alongside the ongoing CEO search, these appointments reflect our focus on building a strong, experienced and capable team to support Kavango's next phase of growth."

About Thamsanqa Mpofu

Thamsanqa Mpofu is currently Chairman of Kavango Zimbabwe Holdings (Private) Limited and Kavango Mining (Private) Limited.

During his extensive commercial and executive career spanning 38 years, Tham has held senior positions in various local and international companies, including the 3M Company in Zimbabwe, BHP Minerals Zimbabwe Limited, Meikles Hospitality, and ZB Financial Holdings Limited, where he served as Chairman.

A graduate of Teesside and Manchester Universities in the UK, brings considerable local and international commercial experience, as well as in-depth knowledge of Zimbabwe's business and economic environment.

About Lorenz Werndle

Lorenz Werndle is a seasoned finance executive with experience spanning mining, strategy, corporate development, and M&A across Africa and international capital markets. Lorenz brings deep experience across listed-company finance, fundraising, balance sheet restructuring, treasury management, financial planning and analysis, and regulatory compliance across AIM and Nasdaq environments.

His most recent experience includes serving as Chief Financial Officer of Blue Gold, a Nasdaq-listed company, where he helped lead Blue Gold's reverse takeover, Nasdaq listing and initial funding platform.

Lorenz was previously Head of Corporate Development at Mwana Africa Plc, where he supported funding, restructuring, and turnaround initiatives across the group's African subsidiaries. He also served as Head of Business Development at Lonrho Plc.

Earlier in his career, Lorenz advised mining companies on IPOs, fundraisings, and M&A transactions as a corporate finance professional at Ambrian Plc, and on corporate expansion strategies while at Accenture.

Ends

Further information in respect of the Company and its business interests is provided on the Company's website at www.kavangoresources.com and on X at @KavangoRes.

For further information, please contact:

Kavango Resources plc

Peter Wynter Bee

+44 (0) 797 381 8125

Shard Capital (Broker)

Damon Heath/Isabella Pierre

+44 204 530 6926

Inter-Horizon Group

(Sponsoring Broker - Zimbabwe)

Lloyd Mlotshwa

lmlotshwa@ih-group.com

BlytheRay (Financial PR)

Megan Ray/Said Izagaren

kavango@blytheray.com

Tel: +44 207 138 3204