Kavango Resources Regulatory News (KAV)

PRESS RELEASE

3 August 2022

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

KCB - target definition PL036/2020

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) ("Kavango") provides an update on drill targeting at its Kalahari Copper Belt (KCB) licence PL036/2020.

Highlights

- Initial high-resolution, close-spaced soil geochemical programme complete at PL036/2020 (the "Targeting Programme")

- 5,145 soil samples collected

- Large-scale programme undertaken, giving high-resolution over target areas

- Particular focus over mapped Ngwako Pan-D'kar formational contact

- 4 significant geochemical features consisting of +15ppm Cu anomalies (peak 110ppm) delineated (the "Targets")

- The 4 Targets appear to fit previously mapped geology, including the potential "fold nose" over Acacia

- 3 of the Targets conform to previously identified Acacia, Morula (western portion) and Happy target areas

- 1 new target area identified ("Kudu") to the north east of Acacia

- Kavango has provided a series of maps showing the Targets:

https://www.kavangoresources.com/media-library/news-release-media/rns03august2022

- Follow up work to include:

- Infill soil sampling

- Upgraded interpretation of existing Airborne Magnetics and Airborne EM

- CSAMT geophysics

- RC drill programme

- The Targeting Programme remains ongoing on licences PL082/2018 and on the Mamuno licence package.

- Expected completion before end of August

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

"Through an intensive soil sampling program across our KCB licences, we have sought to achieve enhanced target resolution ahead of drilling. Not only have we achieved this, but through the close spacing of samples we have also identified a previously unidentified and prospective structure, which is now being followed up.

The combined soil sampling and geological mapping, which has recently successfully identified multiple instances of the key Ngwako Pan-D'kar formational contact in our licences, is helping us sharpen our drill targets. The next steps will be to upgrade our geophysical interpretation of data we acquired in 2021 and complete some infill soil sampling where necessary. Our goal is to ensure that when we drill the KCB, we will have the optimal chance of success."

Kalahari Copper Belt Overview

As announced on 8 July 2022, Kavango Resources identified the presence of an important lithological control of copper/silver mineralisation in the KCB, across several of its prospecting licences. The feature that Kavango has located, the Ngwako Pan-D'Kar formational contact point, is closely associated with multiple copper-silver deposits and discoveries elsewhere in the KCB.

This formational contact represents a chemical Reduction-Oxidation (Redox) boundary between the underlying oxidised Ngwako Pan Formation and the overlying reduced D'kar formation. Economic grades of mineralisation can be found along or in close proximity to this contact due to intense shearing, folding, and tensional failure between the rock layers.

Most known deposits in the KCB share some common characteristics

- Commonly localised in reduced horizons in the lower D'kar Formation and above the oxidised Ngwako Formation,

- Mineralisation remobilised into the limbs of anticlinal dome and basin structures

- Mineralisation locally remobilised along cross cutting structures into higher levels of the D'kar through veins and shear zones to form high grade copper deposits

KCB Exploration Strategy

Based on the Company's understanding of the mineralisation models in the KCB, Kavango embarked on a 3-tier exploration programme:

1. Understanding the geology using:

- Aeromagnetics

- Geological mapping

- Satellite imagery interpretation

- Lithogeochemistry

- Petrology

- Soil geochemistry

- Drilling

2. Identification of significant structures using:

- Aeromagnetics

- Satellite imagery interpretation

- Geological mapping

3. Detection of mineralisation using:

- Soil geochemistry

- Airborne electromagnetics

- Drilling

The Targeting Programme is currently in progress on PLs 036/2020, PL082/2018 and Mamuno Licences (PLs 049/2020 and PL052/2020).

Kalahari Copper Belt geochemical survey

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

PL036/2020 soil geochemistry results

Remaining samples will be collected as and when access to land is available.

Four key copper-in-soil geochemical features have been delineated:

1. Acacia

A wide anomaly around the central part of the fold nose of the 'Acacia fold'. Possible source of this anomaly could be radial axial fold fractures, tapping into the Ngwako Pan/D'kar contact along the axis of a shallowly SW plunging anticline. Maximum value is 56ppm Cu, with 5 values above 20ppm Cu. Coincident Zn anomalism (+20ppm Zn) identified

2. Morula (western portion)

A wide anomaly just south of the Acacia fold nose. Measuring 3km x 3km with a general NE-SW trend parallel to the regional stratigraphy. Maximum value is 38ppm Cu. A previous orientation survey associated this anomaly with a calcrete platform coincident with a drainage feature

3. Happy

A low-tenor teardrop shaped anomaly to the south. 9km long and 1km at its widest. Best defined by the +15ppm Cu values. Maximum value is 25ppm Cu. Located in the centre of a possible anticline where the Ngwako Pan Formation is not exposed at surface. This anomaly has supporting anomalous Zn values (+20ppm Zn)

4. Kudu

A previously unrecognised NE-SW trending zone of anomalous Cu values. 18km long (non-continuous) NE-SW trend, defined by 8 values in excess of 30ppm Cu; maximum value is 110ppm Cu. Trend is distinct and 'tight', defined by a maximum of 3 values above 20ppm at its widest. This trend is sub-parallel to stratigraphy

The narrow focus suggests this could be a steeply dipping feature, and/or a sharp structural feature such as a fault. It is also immediately adjacent to what Kavango's geologists have mapped as a structural repetition of the key Ngwako Pan-D'kar contact

Kavango has provided a series of maps showing the Targets:

https://www.kavangoresources.com/media-library/news-release-media/rns03august2022

Planned follow-up for PL036/2020

- Infill soil sampling

- Ground truthing of the anomalous areas

- Updated interpretation of existing Airborne Magnetic and Airborne EM data

- Plans to carry out a Controlled Source Audio Magnetotelluric (CSAMT) survey and inversions aimed at elucidating subsurface structure

- Collation and correlation of all the data sets

- Generation of drill targets

- RC drill programme

Ahead of drilling, further soil geochemical results are expected to be released by Kavango from work on its licences PL082/2018 (considered to be a possible analogue for the 'Banana Zone' deposit, which sits to the immediate south of Ghanzi Ridge and is owned by Khoemacau Copper Mining Pty Ltd), and on the Mamuno licences, adjacent to the border with Namibia, and close to the central axis of the KCB. The combined results will then be used for target ranking.

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

Ø 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 LVR Project

Ø 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.