Kavango Resources Regulatory News (KAV)

25 January 2024

Kavango Resources

("Kavango" or "the Company")

Drilling extension at Hillside

Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals explorer, is pleased to announce that it is preparing to commence drilling a fourth prospect ("the Prospect") at the Hillside Gold Project ("Hillside") in Zimbabwe.

HIGHLIGHTS

- Drilling of new Hillside prospect:

o Kavango preparing to drill adjacent to a historic narrow vein-hosted high-grade gold mine that was subject to near-surface mining

o Target depth is 250m to test a number of possible gold-bearing structures

o Results aim to inform possible follow-up drilling, targeting a bulk-mineable gold discovery

- Ongoing exploration in Zimbabwe:

o 1,000m of diamond core drilling completed in four holes at three Hillside gold targets; samples awaiting export permission for assay testing

o Laboratory analysis of augur drill samples taken from the largest tailings dump at the Nara Project ("Nara") underway

o Geochemical soil sampling programme completed over entire Nara area; samples awaiting export permission for laboratory analysis

o Preparation for geochemical soil sampling programme at Leopard Project ("Leopard") underway

o Operational office established in Bulawayo and permanent field camp set up near project areas

Ben Turney, Chief Executive of Kavango Resources, commented:

"Kavango has an ambitious plan in Zimbabwe to become a key player in the development of modern metals exploration and mining. Over the last six months, we've built a talented team on the ground in Bulawayo.

We are making excellent progress in exploring our project areas and I would like to congratulate everyone involved for their focussed hard work. We've now completed our first 1,000m of diamond core drilling at Hillside and mapped the project area. Meanwhile, at Nara, we have augur drilled the main tailings dump and completed extensive mapping and soil geochemistry. Samples are waiting for export clearance and we look forward to reporting results as we receive them.

There is enormous, unrealised potential in the goldfields of Zimbabwe. The country has a strong heritage in gold mining, despite the capital and technological constraints of recent years. As we move forward together, I hope Kavango's success will help illustrate what is possible in this exciting, heavily underexplored gold province.

To underline how great the potential is, we have extended our drill programme at Hillside to target a fourth prospect. The 250m diamond core hole will test the mineralised structures of a historic gold mine for their potential to host a larger-scale deposit. If results are positive, this will guide future drilling at this target area."

Hillside Drilling Extension

Kavango is testing the extent of gold mineralisation at the Prospect by drilling an exploration hole adjacent to a historic mine that reportedly produced at an average recovered grade of 13g/t gold at various times from 1910 until recently.

Historic reports suggest mining was limited to the near-surface oxide zone, at shallow depths. The Prospect is considered by Kavango's technical team to be a highly prospective greenstone gold target, located in a shear zone in granites and extending across the contact margin.

Kavango plans to drill a 250m diamond drill hole adjacent to the historic mine. The Company's objective is to acquire representative intersections from the Prospect's gold-bearing structures that will improve its understanding of their mineralisation and overall thickness.

Kavango expects to use this information to inform follow-up drilling at the Prospect and assess its potential for hosting bulk mineable gold deposits.

Zimbabwe Exploration Update

Hillside Project

Kavango has completed various exploration work streams at the Hillside Gold Project. The Company intends to exercise its call option to acquire the Project based on the technical data gathered, subject to the results of a review into the impact of recent changes to Zimbabwe's Finance Act (announced >>> 23 January 2024).

Kavango's exploration at Hillside to date includes:

- Surface reconnaissance mapping of artisanal and historical mine workings

- Integration of previous drone survey data for areas of the Hillside prospect

- Reprocessing and reinterpretation of magnetic data for the Project

- Detailed geological and structural mapping

Kavango has also drilled a total of 1,058.55m across four holes to test Hillside's three main targets. Geological work is underway for this first phase of drilling, with samples cut and awaiting export to the laboratory.

In addition, Kavango has drilled a fourth hole to duplicate a section over which core recovery did not meet the Company's requirements. The drill contractor has shared the cost of the additional hole with Kavango.

Nara Project

Kavango has carried out geochemical sampling and reconnaissance geological mapping over the Nara Gold Project. The Company has made a preliminary review of the geochemical samples using pXRF, and the soil samples are awaiting export to the laboratory for multi-element analysis.

In addition, Kavango has completed augur drilling on a large tailings dump at Nara. The Company has collected samples from 90 augur holes and sent them to the laboratory. Results are expected shortly. Assuming the results are positive, an independent consultant has been commissioned to prepare a resource estimate once these data are available.

Leopard Project

Kavango's environmental consultant has completed an Environmental Impact Assessment on the Leopard Gold Project and Kavango is now preparing for an initial geochemical soil sampling programme.

The Company has reviewed the results of a previous drone survey and is currently processing and interpreting magnetic data.

Operational Update

Kavango has established its operational office in Bulawayo, Zimbabwe, as well as a field camp in a central location to the Company's projects.

Two of Kavango's senior geological consultants have completed a target generation, assessment, and prioritisation exercise covering the first three of the Company's properties.

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 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'.