Kavango Resources Regulatory News (KAV)

PRESS RELEASE

31 August 2022

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

KCB - target definition on Mamuno Licences

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) ("Kavango") has identified a large drill target, prospective for copper, on its Kalahari Copper Belt (KCB) Mamuno licences PL049/2020 & 052/2020.

Highlights

- The Mamuno Project Area extends to the Botswana-Namibia border, beyond which Rio Tinto and Sandfire Resources hold licences directly adjacent to the west and north

- Completion of large-scale, high-resolution soil sampling program (Mamuno 1,319 samples, 9,677 program total)

- Identification of large drill target (the "Target"):

- 5km long x 3.5km wide area of anomalous values (+30ppm Cu)

- Peak value of 73ppm Cu (pXRF values)

- Geochemical anomalies conform with the mapped underlying geology

- Follow up geophysics planned to sharpen target definition, ahead of drilling

Kavango has provided a map showing the Target on the Company's website, via the link below:

https://www.kavangoresources.com/media-library/news-release-media/rns31august2022

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

"This work represents the culmination of a 2022 program of 9,677 soil samples, which has already identified multiple targets elsewhere on our PLs 082/2018 and 036/2020 (26 August 2022 and 3 August 2022).

The presence at Mamuno of anomalous values to 73ppm copper, over a large area, means that this is a robust anomaly. The western KCB area has historically been unexplored due to depth of sand cover, but is now seeing an intensification of exploration activity. Kavango has managed to carry out geological mapping in the area despite the cover, and considers that the anomaly aligns with an underlying Ngwako Pan/D'kar Formation contact, which is a key control on copper/silver mineralisation in the KCB.

Kavango now plans follow-up geophysical work to sharpen the definition of this large anomaly, followed by drilling."

Target Detail

A large geochemical feature has been identified, of up to 73ppm copper which given the soil cover is of a high tenor.

Main Zone (Cu: >30ppm, Max 73ppm)

- Dimensions 5km x 3.5km

- Follows the geological trend of the Ngwako Pan-D'kar Formation geological contact mapped nearby by Kavango

- Also associated with NW-SE trending lineaments, which cross cutting structures are known to be linked to high grade copper mineralisation elsewhere on the KCB

- Area features Kalahari sand cover, which is known to attenuate soil geochemistry values. Even with this, Kavango has identified a high-tenor anomaly relative to anomalies identified elsewhere on the KCB by other companies

- Area has been field checked by Kavango geologists

- The Target also has widespread elevated zinc values (>18ppm, Max 37ppm).

Planned follow-up for Mamuno Licences PL049/2020 & 052/2020

Next steps, ahead of a drill program on the Target to include:

- Limited infill soil sampling (reducing 800m to 200m line spacing) in selected areas to refine specific drill target locations

- Static seismic surveys (Tromino) using Kavango-owned equipment, to evaluate overburden thickness

- Reinterpretation of regional aeromagnetic data to provide additional resolution on geological contacts around anomaly

- Airborne or ground Magnetic/Electromagnetic ("AEM") and Controlled Source Audiomagnetotelluric ("CSAMT") surveys

- A drill program is planned to follow.

Kavango Sampling Methodology

- Excavation to 30-40cm below the surface

- Sample is collected from bottom of hole and sieved to approximately 200g of -180um fraction

- Sample is analysed using the company's in-house Vanta XRF Analyser in geochemistry mode with three beams switched on for a total analytical time of 120 seconds per sample. Analyses are done using a desk-top docking station to ensure a consistent presentation distance between the sample and analyser window

- Reference materials (of known values) are inserted after every 25 samples and at the end and beginning of each batch

- Resultant data is then used to generate user factors for normalising the analytical results prior to interpretation

- Selected samples are also sent to an independent laboratory in South Africa for multi-element analyses by conventional means

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 prospectus, 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

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 1,091km2.

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 geochemical reduction-oxidation ("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.