Kavango Resources Regulatory News (KAV)

PRESS RELEASE

12 October 2022

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

KCB - Promising CSAMT Results PL082

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) ("Kavango") is pleased to announce encouraging initial results from the Controlled-Source Audio Magnetotelluric ("CSAMT") surveys conducted over PL082/2018 in the Kalahari Copper Belt ("KCB").

Kavango is the first company on the KCB to deploy CSAMT in this way. If validated by the Company's current drill programme on PL082/2018, Kavango's field application, inversion and interpretation techniques could prove to be a highly powerful exploration tool in this region.

HIGHLIGHTS

- Results of inversions of the CSAMT data on lines 8 and 6a encompass:

- High quality data down to 4km depth, far exceeding expectations

- High contrast resistivity sections that clearly delineate major folding and faulting

- Current interpretation highlights a very sharp steeply dipping geological structure/deformation zone within Kavango's PL082/2018 licence area, against which steeply folded lithologies sit:

- This is interpreted as a faulted and brecciated margin

- CSAMT inversions suggest that this structure extends to 4km depth

- Such deep seated structures are thought to serve as pathways for fluid flow and minerals mobilisation, a key component of mineralising systems in the KCB

- On both CSAMT sections processed to date, this significant deformation zone is interpreted to be coincident with the Northern Zone Soil copper anomaly and a significant airborne electromagnetic ("AEM") conductor

- KCBRC001, the current hole being drilled on PL082/2018, is designed to test a different CSAMT signature that is interpreted as a main stratigraphic contact, and directly targets the highest soil copper values (118.8ppm copper; pXRF values) recorded on the licence to date

- Additional CSAMT work is planned to improve interpretation of the geology and structure of PL082/2018 by collecting closer spaced data using an even closer station spacing than the current 50m, thereby further increasing resolution.

- Current planned drillholes will be used to calibrate the CSAMT inversions and interpretation with the geology and structures.

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

"One of Kavango's competitive edges is our commitment to trialling modern remote sensing technology across our portfolio. The outcome is often unpredictable, but the upside can be significant.

From what we've seen of the results so far from our CSAMT surveys over PL082, this technology has potential to become transformational for exploration in the Kalahari Copper Belt.

Mapping the crucial Ngwako Pan/D'kar Formation contact and structural fluid conduits is key to discovering copper/silver deposits. With the drill rig in the field, we now have a perfect opportunity to test our geophysics against physical geology."

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 geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada. Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists. Mr. Brett has sufficient experience that is relevant to geophysics applied the styles of mineralization and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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 LVR Project

Earning in 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.