Kavango Resources Regulatory News (KAV)

PRESS RELEASE

23 April 2024

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Hillside Prospect 2 Assay Results

ZIM: 9.95g/t gold intercepted over 7.2m Prospect 2

Kavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration company, is pleased to announce the first assay results from the Hillside Prospect 2 gold project ("Prospect 2") in Matabeleland, southern Zimbabwe.

Highlights

· Hole BRDD001 was a scoping hole sited to target mineralisation below multiple sets of artisanal workings on the northern margin of a broad deformation zone.

· BRDD001 was drilled to a total depth of 400.40 m and intersected an intensely deformed and well mineralised zone, 7.2m wide, hosting gold and associated sulphides in anastomosing shears, at a relatively shallow depth.

· Best results* in the hole include:

- 7.2 m @ 9.95 g/t gold from 50.64 m and including 1.61 m @ 31.57 g/t gold.

- 2.00 m @ 2.12 g/t gold from 86.00 m.

· An Induced Polarisation (IP) survey identified a series of IP (chargeability & resistivity) anomalies interpreted to represent a set of anastomosing shears hosted within a broad deformation zone, approximately 700m wide.

- There are no artisanal workings over interpreted additional shears in the central part of the deformation zone.

- Kavango intends to test the gold-bearing potential of these shears in future exploration by drilling a fence of holes to test for a bulk-minable gold deposit across the entire zone.

· Results are pending for NSDD001 (Prospect 3) located on the southern end of the deformation zone.

*All quoted thicknesses are apparent down hole intersection thicknesses

Ben Turney, Chief Executive of Kavango Resources, commented:

"Results from Prospect 2 at Hillside are even stronger than those we've recently reported at Prospect 4. The 7.2m wide zone running at 9.95g/t is significant in itself, but viewed in the context of the other gold intercepts in Hole BRDD001 the open-pit potential is clear.

The fact that the 7.2m higher-grade zone is less than 50m below surface is hopefully a promising indicator for follow-up exploration.

Encouragingly, Hole BRDD001 appears to have intercepted the gold-bearing shear zones Hillary Gumbo interpreted from the results of the Induced Polarisation survey over this target. This is further confirmation that the IP we are using is identifying the right structures, following the same success we had at Prospect 4 with Hole SKDD001. We are confident Hillary's IP configuration will prove to be a powerful tool to help us make commercial gold discoveries.

We are now planning more drilling down dip and along strike to evaluate Prospect 2. This is an extremely positive start for this prospect and further underlines Zimbabwe's potential to host a multitude of large-scale, bulk-minable gold deposits."

Prospect 2 Assay Results

Following receipt of encouraging assay results for hole SKDD001 at Prospect 4 and this hole, BRDD001 at Prospect 2 in Hillside (announced >>> 15 April 2024), Kavango is proposing additional exploration holes to test the bulk-minable gold potential across Prospects 2 & 3.

Drill hole BRDD001 was originally designed to test the geology underneath current active artisanal workings at Prospect 2. The hole intersected a zone of highly deformed chloritic schist with extensive quartz veining and associated sulphide mineralisation.

A table of significant results and zones of interest is provided below. All of the hole was assayed by the Company.

*All thicknesses are apparent downhole intersection thicknesses

The presence of gold in artisanal workings across a deformation zone between Prospects 2 and 3 together with observed disseminated sulphides in the core from BRDD001 led Kavango to conduct an Induced Polarisation ("IP") survey across the deformation zone.

The IP survey identified a broad zone, 700m wide, interpreted to represent a series of shears within a deformation zone. Extensive artisanal workings are developed over interpreted shears on the northern and southern margin but not across the central zone.

Hole BRDD001 appears to have intercepted the interpreted shears under the current artisanal workings on the northern margin. Hole BRDD001 intersected a number of gold-bearing structures, with a shallow broad zone of higher grade intersected (7.2m @ 9.95g/t) coinciding with the first interpreted shear, with multiple narrow lower grade intervals down the hole.

 Figure 1: A plan and section of the BRDD001 borehole against a background of artisanal workings, mapped against projected shears based on IP resistivity. NSDD001 also shown and awaiting assays. (Interpretation by Hillary Gumbo, M.Sc., P.Geo.)

Figure 2: A plan and section of the BRDD001 borehole against a background of artisanal workings, mapped against projected shears based on IP chargeability. NSDD001 also shown and awaiting assays. (Interpretation by Hillary Gumbo, M.Sc., P.Geo.)

Next Steps

Although many of the intersections in this hole tend towards lower grades, the mineralisation at Prospect 2 is understood, from the artisanal workers, to be coarse with an untested nugget effect. Artisanal miners report higher recovered grades from several broad zones. Therefore the Kavango is considering a bulk sample exercise to relate drill core size recoveries and grades to a more realistic large bulk sample recovery and grade.

Kavango will plan follow up drilling along strike and down-dip from hole BRDD001 to understand the geometry and start to assess the potential extent of mineralisation once results are received from NSDD001 at Prospect 3.

 Kavango has completed four other holes across its Hillside prospects (see Table 1) and is awaiting assays for three holes.

Table 1: Kavango Hillside drillholes drilled to date. BRDD001 gold assays are reported here, three remaining holes are pending analysis. Hole co-ordinates are not published here due to confidentiality considerations.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

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'. Mr Grist is an employee of Kavango Resources plc.