Kavango Resources Regulatory News (KAV)

PRESS RELEASE

30 August 2022

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Ditau DITDD004 gold mineralising system identified

Botswana-focussed metals exploration company Kavango Resources plc (LSE:KAV) has received analytical results including gold fire assays from Hole DITDD004 ("DITDD004") on Target i10 at the Ditau Camp Project ("Ditau"), in southwestern Botswana.

These analyses demonstrate the presence of gold associated with hydrothermally altered rocks. The previously announced "Zone of Interest" (>>> announced 18 May 2022) has been extended to 100.79m (from 292.6m to 393.29m) and remains open at depth.

The results show the presence of anomalous levels of gold (to 0.18ppm) and copper (to 0.10%), in a magnetite and haematite (iron oxides) rich breccia that continues to the end of the hole.

Further drilling is recommended to evaluate further the size and scale of the system, as well as attempt to establish whether the system may intensify proximal to a deep source.

Kavango has provided a number of core photos from the Zone of Interest on the Company's website, via the link below:

https://www.kavangoresources.com/media-library/news-release-media/rns30august2022

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

"Drilling at Ditau targeted three very different and essentially 'blind' geophysical targets, about which there was very little geological information.

Gold had never been discovered in this area, but our geological team maintained an open mind during drilling. On seeing extensive disseminated sulphide in the core of DITDD004, we decided that fire assays (for gold) would be an appropriate step.

This has led to a new exploration lead, with an intensely developed brecciated and hydrothermally altered system that contains mineralisation, including gold, copper, iron oxides and iron sulphide.

This system remains open in all directions as well as at depth, offering prospective potential for the future.

We await the results of petrological work, which will enable us to understand the genetic origin of these gold values. Based on the updated model, we will plan the next exploration phases at this project, including further drilling."

Highlights

- Hole DITDD004 was drilled into Target i10 to a depth of 393.29m

- "Zone of Interest" in DITDD004 expanded from 292.60m to 393.29m (previously reported 293.00m to 321.00m)

- The "Zone of Interest" is characterised by a typically high iron content, from 292.60m to 393.29m.

- Exhibits a range of haematite, magnetite, and sulphide rich zones

- Includes a pyrite-rich, brecciated zone from 309.00m to 346.53m

- Within the Zone of Interest, multiple (non-continuous) gold values were encountered, with a peak grade of 0.175 parts per million ("ppm") gold over 2m (from 312.00m to 314.00m)

- Eleven values >0.05ppm Au were found, typically each of 1m intervals, between 304.00m and 345.50m, covering 12.50m over the area

- A table of results, for gold, copper, and iron, from the Zone of Interest, is appended

- A significant number of results for iron are above the upper detection limit (25%) of the method utilised

- Additional analyses pending for holes DITDD003, DITDD005, and DITDD006

- Petrological work is underway at a UK based specialist laboratory

- Kavango re-evaluating exploration model for Target i10

- Future work will include additional drilling to test the target, which remains open at depth

Background

Based on the core mineralogy and textures observed in Hole DITDD004, Kavango's geologists considered, that the core seen in this hole could be prospective for gold, and so fire assays for gold were added to the suite of chemical analyses already being carried out.

Samples were taken from halved drill core, typically as 1m intervals, cut by Kavango's technical team using a core saw, and analysed by fire assay and ICP-MS at an internationally accredited laboratory in South Africa. 51 elements were analysed for, with selected samples also undergoing gold fire assay. 9 samples were in addition sent for 'whole rock' analysis comprising further elements.

Results for the other holes DIDTDD003, DITDD005 and DITDD006 remain pending.

The presence of gold, and of a broader alteration system, provides a new exploration lead, which Kavango plans to pursue. The grades and overall width encountered provide a clear rationale for further follow-up.

Description of Results

The Zone of Interest is shown by analyses (fire assays and 'whole rock' analysis) to contain gold and base metal mineralisation, and/or textures associated with extensive alteration. This is considered to be hosted in an intensely developed hydrothermal breccia consisting of mudstone, quartzite, and magnetite rich banded iron units.

The breccia and adjacent units are crosscut by post-breccia development quartz and carbonate veins. Quartz-pyrite veining is in places intensively developed. Alteration includes pervasive carbonate alteration, chlorite alteration, and local haematite alteration/veining. The magnitude of the breccias and their often-chaotic fabric have the potential to provide highly permeable hosts for mineralisation.

The indications support a large hydrothermal system capable of creating substantial brecciation, fracturing and therefore permeable hosts to support the significant metasomatism.

Veining and brecciation continue to the end of the hole; the mineralising system is considered to remain open at depth. Drilling nearby is recommended to further evaluate the size and scale of the system, as well as attempt to establish whether mineralisation and alteration may intensify proximal to a deep source.

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

bturney@kavangoresources.com

+46 7697 406 06

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson

SI Capital Limited (Joint Broker)

+44 1483 413500

Nick Emerson

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOTES TO EDITORS

THE DITAU CAMP PROJECT

The Ditau Camp Project comprises two Prospecting Licences ("PLs") (PL169/2012 & PL010/2019) that cover an area of 1,386km2. Geophysical and geochemical analyses by Kavango in the two PLs have identified 12 "geophysical structures" of which 9 have clear indications of being "ring structures".

Table: results from Zone of interest