Kavango Resources

Kavango offers a compelling investment opportunity through its dual strategy of near-term gold cash flow and long-term copper exploration upside. The company targets production of 8,000 ounces per annum by end-2027 through a phased plant expansion: a 50tpd CIP plant commissioning in Q1 2026, followed by a 200tpd plant in H1 2027. With an all-in sustaining cost structure supported by existing infrastructure and metallurgical recoveries exceeding 95%, the project demonstrates strong economics at current gold prices above $4,000/oz. 

The Filabusi Greenstone Belt shares geological similarities to Western Australia's gold-producing belts, yet has seen minimal modern exploration due to capital constraints over the past 25 years, providing Kavango with first-mover advantage across the entire belt. The Botswana portfolio offers exposure to one of the world's most prospective copper regions, with initial drilling intersecting copper, lead and zinc mineralisation in all seven holes, including peak values of 32.06% copper from handheld pXRF readings.​

Kavango is led by a seasoned management team with deep African mining expertise. Executive Chairman and Interim CEO Peter Wynter Bee founded and formerly chaired Moxico Resources, operator of the producing Mimbula Copper Project in Zambia, and brings extensive legal and financing experience. 

Chief Operating Officer Alex Gorman is a trained geologist and former mining analyst at Peel Hunt who began her career on the Khomacau Copper Project in Botswana. Executive Finance Director Donald McAlister has led numerous successful mining financings and previously served as director of Bindura Nickel Corporation and Freda Rebecca Gold Mine in Zimbabwe. Executive Director Hillary Gumbo contributes 35 years of mineral exploration experience across southern Africa. 

The technical team includes Consultant Geologist Dave Catterall, a JORC Competent Person with 40 years' experience including 17 years on African copper belts, and Consulting Mining Engineer Craig Hatch, with 23 years of open-pit and underground operations experience across Africa and Australia.​

Kavango's growth strategy centers on rapidly scaling gold production while systematically de-risking its copper exploration portfolio. The company is executing a two-stage plant expansion: the 50tpd pilot plant will establish operational parameters and generate initial cash flow, while the 200tpd facility will support the 8,000ozpa production target across multiple ore sources including Bill's Luck, Nightshift, and Steenbok. The 2026 drill program aims to define mineable zones and expand the maiden 19koz JORC resource at Nightshift. 

Long-term, Kavango plans to implement mechanised spiral decline mining to access narrow reefs down to 0.8m width, targeting 500-1,000tpd per decline across multiple parallel reefs. In Botswana, the company has completed extensive geophysical surveys (CSAMT, IP, gravity, AEM) and identified three deep drill targets at the D'Kar/Ngwako Pan contact, with holes planned to 1,400m depth. The strategy includes acquiring additional projects in the Filabusi Belt to replicate the production model.​

Kavango maintains a strong financial position with 3,634,380,762 shares issued and a market capitalisation of £29.04 million as of October 2025. Purebond Limited, the cornerstone investor, holds 69.52% of shares, while directors collectively own 9.34%, aligning management with shareholder interests. The company is 100% equity financed with no debt, providing financial flexibility. Production targets indicate steady-state output of 380 ounces per month from the 50tpd plant, generating approximately $1.26 million monthly revenue at $4,000/oz gold. 

The 200tpd expansion is projected to deliver 1,800 ounces monthly, or $5.99 million in monthly revenue. Future capital expenditures will be funded through operational cash flow and mine finance debt, minimizing dilution. The Zimbabwe Pension Funds' Comarton Consortium invested $5 million at a 25% premium, demonstrating institutional confidence. With production commencing in March 2024 and plant commissioning milestones clearly defined, Kavango offers transparent near-term revenue visibility alongside exploration upside.​

Kavango Resources presents a unique investment proposition combining near-term gold production with long-term copper exploration potential in two of Africa's most prospective jurisdictions. With production already established, clear milestones for scaling to 8,000ozpa by 2027, and a defined path to mechanised underground mining, the company offers transparent growth visibility. The Botswana portfolio provides significant blue-sky potential along the Kalahari Copper Belt, validated by initial drilling success and advanced geophysical targeting. 

Backed by a committed cornerstone investor, experienced African mining leadership, and 100% ownership of core assets, Kavango is positioned to deliver sustained value creation. The company's first-mover advantage in underexplored Zimbabwean greenstone belts, combined with its systematic approach to de-risking the copper portfolio, makes it an attractive opportunity for investors seeking exposure to precious and base metals with manageable risk and strong upside potential.​