Business
ZIM: Nara Option Exercise, Subscription Commitment
ZIM: Nara Option Exercise, Subscription Commitment.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n\nPRESS RELEASE\n01 July 2025\nKAVANGO RESOURCES PLC\n(\"Kavango\" or \"the Company\")\nZIM: Nara Option Exercise & $5m Subscription Commitment\nKavango Resources plc (LSE: KAV), the Southern Africa focused metals exploration and gold production Company, is pleased to announce it has exercised its option to acquire 100% of the Nara Gold Project (\"Nara\"), Zimbabwe.\nTo fund the Nara acquisition and provide working capital for development, Kavango has received a written commitment from Purebond Limited to subscribe for the equivalent of US$5million worth of new ordinary shares in the Company at 1p per share (the \"Subscription\"). The Subscription is expected to form part of the fundraise associated with the Company's forthcoming listing on the Victoria Falls Stock Exchange. Further updates will be provided shortly.\nKavango intends to release its technical and commercial appraisal of Nara in the coming month.\nBen Turney, Chief Executive Officer of Kavango Resources, commented:\n\"Once we have completed the Nara acquisition, Kavango will own 100pc of two significant gold mining projects in the Filabusi Greenstone Belt. Both projects are fully permitted mining leases that are held in perpetuity by production. This puts Kavango in a strong position to generate free-cash flow over the long-term.\nThanks to Purebond's support, we have built our business through equity investment and have no debt. Our debt-to-equity ratio is zero and our hope is shareholders will enjoy good returns over the coming years.\nAt the Hillside Gold Project, we are working towards an initial production target of 250tonne per day. We aim to achieve this over the next 12 months. Now that we are about to add Nara to our portfolio, we can pursue an even more ambitious plan.\nWe look forward to providing further updates in the next month.\"\nNara Gold Project Option Agreement\nKavango entered the option to acquire Nara in June 2023 (announced >>> 26 June 2023). Full details of the option agreement to acquire Nara can be read HERE.\nKavango's Operations in Zimbabwe\nKavango is exploring for gold deposits in Zimbabwe that have the potential to be developed into commercial scale production quickly through modern mechanised mining and processing. The Company is targeting both open-pit and underground opportunities.\nKavango has two projects on the Fi...