Kavango Resources Regulatory News (KAV)

PRESS RELEASE

29th September 2022

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

KCB - Enhanced drill target resolution over PL082

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) ("Kavango") is pleased to report that infill soil sampling has successfully enhanced target resolution at its Kalahari Copper Belt ("KCB") licence PL082/2018, ahead of drilling.

Based on in-house data analysis, Kavango's technical team believes PL082/2018 is a possible analogue to Khoemacau's Banana Zone deposit, which sits immediately to the south of Ghanzi Ridge and which has been reported as having an estimated total mineral resource of 55.8Mt @ 1.1% Cu & 16.4g/t Ag.

HIGHLIGHTS

- Infill soil sampling has confirmed and extended the existing two target zones within PL082/2018 (announced >>> 26 August 2022) and added a third new target zone (the "Target Zones")

- 312 soil samples taken, to add to the 3,182 existing samples

- Line spacing reduced to 400m from 800m in prospective areas

- New Target

- The "Middle Zone" is located between the Northern Zone and Central Zone, with a 1.25km strike and peak value of 35ppm Cu

- Enhanced targets

- Northern Zone: strike length extended to 9km from 8km and maximum strike width extended to 650m from 400m

- Central Zone: elevated copper (Cu) levels along 27km strike length confirmed

- Next steps

- Up to 17km of Controlled-Source Audio MagnetoTelluric ("CSAMT") survey lines

- Reverse Circulation ("RC") and/or diamond drilling within the Target Zones

Kavango has provided a map showing the Target Zones at PL082/2018 on the Company's website, via the link below:

https://www.kavangoresources.com/media-library/news-release-media/rns29september2022

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

"This latest infill soil sampling on PL082 underscores Kavango's rigorous approach towards exploration, prior to drilling. The results are particularly encouraging in that they strengthen and extend our existing targets (the Northern and Central Zones), while adding a third entirely new target (the Middle Zone).

PL082/2018 is among the most promising of our 12 prospecting licences in the Kalahari Copper Belt due to its favourable regional geological structures, the consistent copper values we've encountered, and what we believe are significant geophysical similarities to Khoemacau's nearby Banana Zone deposit.

We now have mobilised CSAMT equipment to help us learn more about the subsurface structures in this area, as a final step before drilling."

Infill soil sampling details

Kavango previously identified two discrete copper geochemical anomalies, which align with mapped underlying geology at PL082/2018:

I) Central Zone (Cu: >30ppm, Max 118.8ppm)

- Follows the geological trend of a sub outcropping anticline. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. The elevated copper values are postulated to represent a possible leakage zone from an underlying redox contact

- The unit has been mapped to extend over the entire length of PL082/2018, extending over 27km, and is also characterised by a zone of elevated magnetic response

II) Northern Zone (Cu: >30ppm, Max 39.7ppm)

- A robust anomaly extending over 8km of geological strike length occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines

- Previous work by Kavango identified an AEM conductor in this area extending over approximately 8km and 400m at its widest. This coincides with the geochemical northern zone identified in this latest work

Ahead of drilling, Kavango has completed an additional infill soil sampling programme, designed to increase the Company's understanding of both zones and the surrounding prospective area. In total, Kavango collected an additional 314 samples on infill lines. This reduced line spacing in the high prospectivity areas to 400m from 800m and added to the existing data set of 3,182 samples previously taken.

The new data has enhanced the two existing discrete copper anomalies as follows:

- Confirmation of elevated copper readings along the Central Zone further strengthens the target's prospectivity

- Strike extent of the Northern Zone increased to 9km from 8km and the maximum width has been widened to 650m from 400m, which may comprise up to 3 separate parallel anomalies with a peak value of 43ppm Cu (pXRF values)

The infill soil sampling has also identified an additional 1.25km long copper anomaly, which the Company has designated the "Middle Zone":

- Located between the existing Northern Zone and Central Zone, with a peak value of 35ppm Cu (pXRF values)

- The Middle Zone aligns with the regional geological trend (NE/SW) and straddles a geological contact between two integral units of the D'kar formation.

Next steps for PL082/2018

Kavango is in the process of mobilising CSAMT equipment to PL082/2018 and expects to complete up to 17 line-km of surveys to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation.

The Company intends then to follow up with an RC drill programme, as the first phase of its comprehensive KCB drill strategy (announced >>> 27 September 2022). Kavango has identified 188 drill collar locations so far across the KCB and aims ultimately to complete up to 37,600m of RC and diamond drilling.

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

 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'.

NOTES TO EDITORS

KAVANGO'S INTERESTS IN THE KALAHARI COPPER BELT

Kavango's exploration licences in the KCB include:

Kanye Resources

Agreement to acquire 100% working interest (Kavango currently owns 50% working interest) in 10 prospecting licences held in a Joint Venture vehicle (Kanye Resources) with Power Metal Resources (LSE:POW), which cover 4,256km2. Terms of the acquisition, which is subject to the issue of a prospectus by Kavango, are provided in the announcement dated 8 July 2022.

The Mamuno Project Area consists of four of the Kanye licences (PL046/2020, PL049/2020, PL052/2020, PL053/2020).

The LVR Project

Kavango has a 90% interest in prospecting licences PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd ("LVR"), which cover 809km2.

THE KCB PROJECT GEOLOGICAL SETTING

Kavango's KCB Project areas include lengthy redox boundaries, close to surface, that represent excellent exploration targets.

The redox boundaries were formed several hundred million years ago in active sedimentary basins flooded by shallow seas. Organic matter accumulating on the sea floor created anoxic conditions, which formed a chemical barrier to metal ions rising upwards through the sediments as the basin subsided. The change in chemistry caused the precipitation of metal species (carbonates, sulphides etc.) including copper and silver on or just below the redox boundary.

Subsequent tectonic activity folded the sedimentary layers, which was often accompanied by the concentration of metals into the fold hinges and shear zones. Fold hinges pointing upwards are known as anticlines, while the downward pointing hinges are called synclines.

Several large copper/silver ore deposits have been discovered on the KCB in association with anticlines in areas now held under licence by Sandfire Resources (ASX:SFR) and Cupric Canyon (a privately owned mining development company). These deposits are relatively close to surface and many are amenable to open pit mining operations.

Accumulations of metals can be traced along the strike of redox boundaries (sometimes for many kilometres) because they often contain iron and have a higher magnetic signature than the surrounding rock. These have recently been successfully mapped by Kavango's exploration teams.

GLOSSARY

AEM: Airborne Electromagnetic Survey. This uses an energised loop to induce currents in underlying lithological units, which resultant magnetic field can then be measured.

CSAMT: Abbreviated from Controlled Source Audio frequency Magneto Telluric. An AMT survey is an electromagnetic survey technique that uses naturally occurring passive energy sources, and which can electrically map geologic structures to depths of 500 metres or more.

Inversion: Geophysical inversion refers to mathematical and statistical techniques for recovering information on subsurface physical properties, from observed geophysical data

KCB: Kalahari Copper Belt. An area of southern Africa, running ENE-WSW from Botswana into Namibia, within which multiple economic copper-silver sedimentary rock hosted deposits have been discovered.

RC: Reverse Circulation drilling. This is a cost-effective method of drilling that uses compressed air to drive a downhole hammer, which breaks rock into chips that are forced up an internal tube in the drill rod, minimising risk of contamination by wall-rock.

Redox boundary: Reduction and oxidation boundary, at which the chemical oxidative state of chemical species changes, typically resulting in precipitation of metal salts. The Ngwako Pan - D'kar formational contact on the KCB is an example of this.

Tromino Survey: A shallow seismic technique, using natural vibrations, which can provide a cross-section view of geology, particularly in shallow sediments.