16  September 2025

KAVANGO RESOURCES PLC
("Kavango" or the "Company")

Unaudited Interim Results

Kavango Resources plc (LSE: KAV, VFEX: KAV.VX), the Southern Africa focused metals exploration company is pleased to announce its unaudited financial results for the six months ended 30 June 2025 ("H1").

SUMMARY

Projects

Hillside Gold Project, Zimbabwe

·      Three phases of surface exploration and resource drilling completed, including:

o  1,504.53 metres ("m") of diamond core resource drilling at Nightshift

o  1,296.82m of diamond core resource drilling at Bill's Luck

o  2,358m of reverse circulation (RC) resource drilling at Bill's Luck

o  910.40m of underground diamond core resource drilling at Bill's Luck

o  3,231.89m of diamond core exploration drilling at Steenbok

·     Construction commenced of a 50 tonne per day ("tpd") Carbon in Pulp ("CIP") gold processing plant at the Bill's Luck Gold Mine.

·      Post H1

o  Start of resource drilling campaign, consisting of 4,000m of diamond drilling and 4,500m of RC drilling, at the Bill's Luck Gold Mine.

Nara Gold Project, Zimbabwe

·      Second phase drilling completed at Nara to confirm potential for large-scale gold mineralised system.

·      Notice of Exercise served, to acquire 45 claims for US$4 million, completion on or before 9 December 2025.

Karakubis Copper Project, Botswana

·    Collaboration completed with First Quantum Minerals ("First Quantum"), in which Kavango ran geophysical surveys over First Quantum's deep drill hole to test the technologies' accuracy for modelling the D'Kar/Ngwako Pan contact.

o  The contact point between the D'Kar and Ngwako Pan rock formations is the main control for large-scale copper/silver mineralisation in the Kalahari Copper Belt.

·      The Company has prepared final targets for a follow-up drill programme later this year.

Financing

·   Pursuant to an FCA-approved prospectus published on 27 January 2025, the company raised £6,566,000 (US$8,160,448) gross by issuing 938,028,569 shares at £0.007 per share. 547,995,076 shares were also issued at 0.7 pence per share on the conversion of the unsecured convertible loan notes (including accumulated interest at 10% per annum).

·    22 April 2025, a US$5 million interest-free convertible loan note facility was issued by the Company to a consortium of Zimbabwe-registered pension funds, administered by Comarton Consultants (Private) Limited, at a conversion price of £0.01 per share, to be drawn down in three tranches by the Company.

·      Post H1

o  8 September 2025, the issue and secondary listing of 333,364,773 ordinary shares admitted to the London Stock Exchange, and the Victoria Falls Stock Exchange ("VFEX"), Zimbabwe by way of a secondary listing, to trade solely on the VFEX comprising:

§ 69,364,667 shares issued to a consortium of nine pension funds, administered by Comarton Consultants (Private) Limited, following the first drawdown totalling US$935,660.00 of the three tranches;

§ 259,240,056 shares issued to Purebond Limited;

§ 1,850,369 shares issued to other Zimbabwean residents.

o  9 September 2025, £2.27 million raised through a subscription and placing of 227,751,720 new ordinary shares at £0.01 per share. Purebond Limited directly subscribed for 111,201,720 shares and the Chairman, Peter Wynter Bee, subscribed for 10,000,000 shares.

The Interim Management Report and financial results are set out in the following pages.

Further information in respect of the Company and its business interests is provided on the Company's website at www.kavangoresources.com and on X at @KavangoRes.

For further information please contact:

INTERIM MANAGEMENT REPORT 30 JUNE 2025

The Company's principal activities are mineral exploration, development and mining. The Company's assets are located in Zimbabwe and Botswana.  The Group's focus for 2025 is exploration and development of its Zimbabwean gold assets and the expansion of early-stage gold production.

Financial Highlights

On 29 August 2024, the Company announced the launch of its capital expenditure programme ("Cap-Ex Programme") to explore and develop the Company's mining projects in Zimbabwe. The Cap-Ex Programme comprises staged capital raises for investment into specific value-generating projects. The primary objective has been to define mineral resources, to develop mining plans and to acquire plant and equipment to expand production.  Kavango's proposed work programmes are focused principally on the Hillside Gold Project ("Hillside") and Nara Project ("Nara") in Zimbabwe, In Botswana exploration has been focussed on the Kalahari Copper Belt Project ("KCB").

As part of the Cap-Ex Programme, on 22 January 2025 shareholders granted authority to the Company to issue up to 1,000,000,000 Ordinary Shares in the capital of Kavango Resources for the Company's planned secondary listing on the VFEX and/or in respect of capital raising linked to the secondary listing on the Victoria Falls Stock Exchange ("VFEX").  Upon expiry, the authority was renewed at the Annual General Meeting held on 29 May 2025.  The total proceeds raised on the VFEX, of approximately US$13,500,000, together with £1,500,000 proceeds raised on the Main Market of the London Stock Exchange, will provide working capital, to progress our exploration and development plans.

On 22 April 2025 the Company announced that it had issued a US$5million convertible loan note ("Loan Note") facility to a consortium of Zimbabwe registered pension funds ("Comarton"). The Loan Note is interest free, can be drawn down in three tranches by Kavango, convertible into new Ordinary Shares in Kavango at a conversion price of the USD equivalent of £0.01 per share based on the Bank of England spot price, (the "Comarton Shares").  Pursuant to the Comarton CLN, Tranche 1 of the Comarton Shares were issued and admitted to trading on the VFEX issued on 8 September 2025. Zimbabwean investors will have the option to keep their Ordinary Shares in Zimbabwe, sell them on VFEX or move them to Main Market of the London Stock Exchange ("LSE") through a Branch Register control account set up by Share Registrars Limited (Kavango's registrar in the UK) and receive Ordinary Shares on the LSE. Conversely, if demand for Ordinary Shares increases on VFEX, Kavango may issue additional ordinary shares to subscribing shareholders in Zimbabwe.   Kavango has appointed Corpserve Registrars as its registrar and transfer agent in Zimbabwe.

On 1 July 2025, post the Half Year, the Company announced that Kavango has received a written commitment from Purebond Limited (the Company's major shareholder) to subscribe for the equivalent of US$5 million worth of new ordinary shares in the Company at £0.01 per share, in order to fund the exercise of the Nara option.

The Company implemented an employee share scheme to enable eligible employees of the Company and its subsidiaries, subject to certain conditions, to participate in the VFEX listing.

Projects, Zimbabwe

Kavango is exploring for gold deposits that have the potential to be developed into commercial scale production quickly through modern mechanised mining and processing. The Company is targeting both underground and open-pit opportunities.

The Company's principal activities in Zimbabwe are located in the Filabusi Archean Greenstone Belt in Matabeleland, which form part of the central Zimbabwe craton. The Company has two main projects, the Hillside Gold Project ("Hillside") comprising of 44 claims named Bills Luck, Britain, Nightshift and Steenbok, located southeast of Bulawayo, and the Nara Project comprising of 45 claims, covering four historic mines located to the south, near to Bulawayo ("Nara"). In Zimbabwe each gold claim is approximately 10 hectares ("Ha").

Kavango also has a much earlier-stage gold exploration project, called the Leopard Project ("Leopard"). Leopard consists of 30 claims and covers 896Ha.

HILLSIDE

Kavango acquired the Hillside Gold Project and Leopard South Project, having exercised the option in April 2024. Final regulatory approval from the Ministry of Mines for the transfer of the projects into the Company is ongoing at the time of this report and is expected to complete imminently.  

Hillside comprises five historic underground mines. The vendors are in the process of transferring the claims to the Company's Zimbabwe subsidiary. The timing of this is subject to legal and regulatory administrative formalities.

At Hillside, the Company has established small-scale gold mining operations and is working towards larger scale mining, subject to drill results. The Company has three high priority targets it aims to develop over the next 18 months: Bill's Luck, Steenbok and Nightshift.

INTERIM MANAGEMENT REPORT 30 JUNE 2025 (continued)

The Company has been producing small amounts of gold since August 2024 at its Bill's Luck mine with plans to increase ore production to 250tpd with an average grade of 2.6g/t Au. Kavango's long-term plan is to produce between 500tpd and 1,000tpd from several localities via modular processing plants and spiral declines for ease of access for underground mining.

Recent structural and kinematic analysis across the Bill's Luck, Night Shift, and Steenbok prospects at Hillside has provided significant insight into the controls on gold mineralisation.

Spiral Decline Mining
Spiral decline mining is not currently widely adopted in Zimbabwe, despite the apparent geological similarities with Western Australia's goldfields. Subject to drill results, Kavango believes that spiral decline mining has the potential to unlock significant value in Zimbabwe's goldfields.

BILLS LUCK

During H1 2025, the Company drilled 1,296.82m of diamond core resource drilling at Bill's Luck, 2,358m of reverse circulation resource drilling and 910.40m of underground diamond core resource drilling. These results significantly upgraded the Company's view Bill's Luck's potential and Kavango is now focussed on building gold production and processing capacity here to 250tpd.

On 11 August 2025, the Company announced the start of resource diamond drilling at Bills Luck, consisting of 1,400 metres around the main shaft and between Roscor and West Shafts at the Bill's Luck Gold Mine, the first phase of a 4,000m diamond drilling campaign, alongside 4,500m of RC drilling, expected to be completed by year end. The aim of the programme is to provide enough information to inform a three year mine plan. The structural complexity, combined with the presence of high-strain domains, linking shear structures, and favourable vein-hosting environments, makes the Bill's Luck area a high-potential brownfield target for structurally-controlled gold exploration within a dextral transpressional regime.

Carbon in Pulp Plant ("CIP Test Plant")

On 27 June 2025 the Company announced that it had commenced construction of a 50tpd CIP Test Plant at Bills Luck Gold Mine, to increase gold production. The intention is that ore produced from the main shaft at Bills Luck, mined by Kavango's mining team, will feed the CIP Test Plant. Commissioning of a 200tpd plant is expected in H1 2026.

NIGHTSHIFT

Kavango is investigating the potential for a selective open-pit mining operation, followed by underground mining, after a successful trenching and drilling programme. The Company drilled 1,504.53m of diamond core resource drilling at Nightshift. From this programme, Kavango has sufficient geological information and positive assay results to begin its first direct resource definition.

STEENBOK

Kavango is pursuing a high-grade mechanised underground mining opportunity. The Nightshift, Bill's Luck, and Steenbok Prospects at Hillside, within Zimbabwe's Filabusi Greenstone Belt, gold-bearing quartz veins have been confirmed to occur within well-developed shear zones. Preliminary structural interpretations highlight the importance of understanding the broader kinematic framework of these shear zones, as it provides critical insights into the controls on mineralisation. This knowledge is expected to inform the anticipated geometry of mineralised domains, guide more effective exploration strategies, and assist with vein recognition in drill core. Furthermore, if stretching lineation influenced fluid flow during mineralisation, the associated shear zone kinematics may offer valuable predictive guidance on the plunge orientation of potential orebodies.

In the first half of 2025, Kavango drilled 3,231.89m of diamond core drilling at Steenbok. Multiple zones of gold carrying mineralisation were intersected, over 400m of confirmed strike. The Company is currently analysing these results to design future exploration and testing of 1.5 kilometres ("km") of total potential strike.

BRITAIN

Kavango is assessing options for further drilling. The goal is to establish whether Britain can support small-scale selective mining and provide ore to supplement gold production at Hillside.

NARA

Nara comprises 45 contiguous gold claims of approximately 10 Ha each. Nara has a total area of 414.9 Ha.

INTERIM MANAGEMENT REPORT 30 JUNE 2025 (continued)

In June 2023 Kavango signed an exclusive  two year option to acquire 100% of a producing gold exploration project in Matabeleland, southern Zimbabwe. The Nara claims have, in the past, supported high-grade underground mining and small-scale open pit mining and custom milling over the last 30 years. Metallurgical test work and engineering design and costing enabled the Company to delineate a JORC Mineral Resource over two tailings dumps at Nara (see Figure 1) in 2024.

Figure 1: JORC Mineral Resource over two tailings dumps at Nara

Technical studies are ongoing to determine the optimal route for processing the tailings at a nearby facility.

The primary target zone is around the historic N1 mine, where the Company is assessing the potential to expand artisanal workings both at depth and along strike. 

The Company exercised the option to acquire 100% of Nara for US$4,000,000 on 27 June 2025, with a completion date of 9 December 2025 or sooner. The Company has already paid US$260,000 of the Nara acquisition price.

In the first half of 2025, Kavango completed analysis of diamond drill cores taken from Nara in 2024. This informed the Company's decision to exercise the Nara option.

Projects, Botswana

In Botswana, Kavango holds prospecting licences (directly and through joint ventures) for three projects: the Kalahari Copper Belt Project ("KCB"), the Kalahari Suture Zone Project ("KSZ"), and the Ditau Project ("Ditau"). The focus is on copper-silver at the KCB, copper-nickel-platinum group elements at the KSZ, and gold-copper at Ditau.

The Company's exploration strategy in Botswana is primarily led by geophysics. The ground covered by the Company's PLs is historically underexplored, or even unexplored, which means there has been little reliable regional data to guide drilling. The stratigraphy is often unknown, meaning that it can be highly challenging to predict ground conditions and to drill through the layers of geology safely.  The presence of sand cover obscuring regional geology across the Company's Botswana PLs has meant there has been a lack of geological evidence of the rock formations the Company is targeting. These formations can only be confirmed by successfully drilling them and extracting core samples.

Exact amounts and timing of further drilling will depend on the success of geophysical and other surveys in prioritising drill targets, depths of drilling, drilling conditions and results. 

In Botswana, Parliament has passed a law that limits the total land holding by any one company to 10,000 square kilometres ("km²"). With the recent pronouncement by the new Minister of Minerals and Energy that companies who have not converted their PLs to mining licences will lose them, management took a decision to withdraw the renewal applications of the old PLs to show good faith. Kavango is currently undergoing a review of its licence holdings in Botswana, to bring its total land package size to below the 10,000km² limit.

KALAHARI COPPER BELT

The KCB Project is located within an area of recently discovered sediment-hosted copper deposits. The KCB extends 1,000km by 250km from NE Botswana to central Namibia. The Company has interests in a total of 18 licences in the KCB, covering 6,212.78km².

Kavango has spent six months improving the interpretation of geophysical survey data taken over recent years at Karakubis to develop a target model for discovery of potential Tier 1 copper-silver mineralisation. The Company is encouraged by the results of this and is currently preparing final targets for a follow-up drill programme later this year.

In collaboration with First Quantum Minerals ("First Quantum"), Kavango gathered additional Controlled-Source Audio-frequency Magnetotelluric and Induced Polarization data along a section line located over First Quantum's deep (1,266.40m) mineral systems exploration hole. This has provided Kavango with access to important drill core, across the key target horizon for copper-silver mineralisation in the KCB. Such physical data acts as a crucial control for interpretation of geophysical survey data to identify higher-confidence drill targets.

INTERIM MANAGEMENT REPORT 30 JUNE 2025 (continued)

DITAU

Kanye Botswana has 100% working interests in four prospecting licences ("PLs") (PL169/2012, PL010/2019, PL2506/2023, and PL 2507/2023) in the Ditau Project that cover an area of 2,652.87km². Kavango is operator. At the Ditau Project, geophysical analyses by Kavango in the area have identified 12 geophysical anomalies. Drilling by Kavango has identified anomalous levels of copper and gold and evidence of brecciation and hydrothermal activity at one of these. Analysis work by a recognised expert in Banded Iron Formation-hosted lode gold mineralising systems, has identified the potential for a lode-gold system at Ditau.  A Technical Report has been released for Ditau which concluded that Ditau is an attractive early-stage exploration project with the potential to host a variety of mineralisation styles, warranting a systematic exploration effort consisting of detailed geophysical surveying and a significant amount of drilling.

KALAHARI SUTURE ZONE

The KSZ project is a 450km long magnetic structure of continental significance in SW Botswana where Kavango hold 11 PLs covering 5,361.41km^2. It is considered prospective for massive sulphides and the Company's management believes the geological setting and formation is similar to the giant copper-nickelPGE deposits at Norilsk in Siberia.

While Kavango's work in the KSZ has focussed on the Ni-Cu-PGE model, the Company is also investigating a second mineralisation style within the "Great Red Spot" target. Located in Prospecting Licence PL365/2018, the Great Red Spot is a 5km x 8km magnetic anomaly on the western margin of the Kaapvaal Craton, which Kavango interprets as a promising location for magmatic intrusions and mineralising systems. It lies at the nexus of 4 interpreted regional geological structures. A Technical Report for KSZ is in preparation. 

Kavango is presently considering recommendations regarding Ditau and next steps for the KSZ.

Principal risks and uncertainties

The principal risks and uncertainties facing our business are monitored on an ongoing basis. The Board of Directors (the "Board") have reviewed the principal risks and uncertainties disclosed in the 2024 annual report and concluded that they remain applicable for the second half of the financial year. A detailed description of these risks and uncertainties is set out on pages 18 to 22 of the 2024 annual report.

The Board

Changes in Board composition in 2025 are set out below.

As announced on 9 June 2025, David Smith indicated his intention to retire from the Board on 30 June 2025, at which time Peter Wynter Bee stepped into the role of Chairman.  Peter Wynter Bee joined the Board as a non-executive director on 16 January 2023 and became deputy Chairman. On 1 July 2025 Gautam Dalal was appointed a non-executive director.

Other Changes

Chief Operating Officer: As announced on 3 March 2025 Alexandra Rose Gorman ("Alex") was appointed Chief Operating Officer ("COO") in June 2025. Alex has been Company director since June 2024 and continues in that role in an executive capacity. 

Broker:  On 18 June 2025 the Company announced the appointment of Shard Capital as the Company's sole broker.

Closing comments

During H1 2025 the Company, has made significant progress in Zimbabwe and achieved strategic milestones. The Board would like to especially thank our loyal shareholders and our employees as well as our contractors, for their continuing support and belief in the Company strategy.  The Board extends its gratitude to our CEO and COO and their diligent and loyal teams for their continued hard work, who have helped to make possible all that the Company has achieved to date and as we move forward with the Cap-Ex Programme.

As noted above, Alex was appointed as COO and moved to Zimbabwe in June 2025 and is already proving to be a strong asset to the team in Zimbabwe and Botswana.  Post the Half Year we welcomed Gautam Dalal ("Gautam") to the Board.  Gautam brings a great deal of board-level experience and will further strengthen the Board as we move into the next phase of the Company's development.

Directors' Responsibility Statement

We confirm that to the best of our knowledge:

-       The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted for use in the United Kingdom.

-       Give a true and fair view of the assets, liabilities, financial position and loss of the Group.

-       The Interim Management Report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

-       The Interim Management Report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.

The Interim Management Report was approved by the Board, and the above responsibility statement was signed on its behalf by:

Peter Wynter Bee, Chairman

16 September 2025

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Condensed Consolidated Statement of Total Comprehensive Income

For the Interim Period Ended 30 June 2025

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