Kavango Resources Plc · LSE:KAV
Kavango Resources — Investor Presentation (November 2025)
29 slides from Kavango Resources's investor presentation, Nov 22, 2025
Slide 1: Kavango Resources Investor Presentation
Kavango Resources Investor Presentation November LSE:KAV 2025 VFEX:KAV.VX
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Kavango Resources plc (“Kavango” or “Company”) and is provided solely for information purposes. By viewing or attending this Presentation (defined below), you agree to be bound by the following conditions: The information contained in these slides an
Slide 3: Corporate Overview
Corporate Overview • Directors own 9.34% of issued share capital • Cornerstone investor Purebond Limited holds 69.52%; invested £22.4 million since November 2022 • Zimbabwe Pension Funds, Comarton Consortium, invested $5m @ 25% premium • Experienced executive & technical team, with proven track reco
Slide 4: Directors & Senior Technical Leadership
Directors & Senior Technical Leadership Peter Wynter Bee Donald McAlister Alex Gorman Executive Chairman & Interim CEO Executive Finance Director Executive Director & COO Founder and former Chairman of Donald has led numerous successful Alex is a trained geologist, who Moxico Resources, the majority
Slide 5: Zimbabwe
Zimbabwe
Slide 6: First Mover Advantage in a World Class Gold Setting
First Mover Advantage in a World Class Gold Setting Zimbabwe’s 22 Archean greenstone belts have produced more than 60Moz of gold historically. These greenstones share a similar geological setting to those in W. Australia that supported a 40-year bulk-mining boom in gold. In the early 1980’s, Zimbabw
Slide 7: Recent VFEX listing well received
Recent VFEX listing well received • +51% price appreciation since listing • Market recognises KAV’s value proposition – both growth and cash flow – in a high gold price environment • Gold remains an exciting place to be – plenty of room left to run. Goldman Sachs forecast $4,900/oz by end 2026 7
Slide 8: Kavango Growth Strategy
Kavango Growth Strategy Kavango is 100% Equity Financed – No Debt Mining Projects 100% Owned • Fully permitted mining leases, held in perpetuity by production (no spending commitments) • Accelerated development timeline from “Decision to Mine” to production Production Plan • Kavango in production si
Slide 9: Filabusi Greenstone Belt Targeting 8,000ozpa by End 2027
Filabusi Greenstone Belt Targeting 8,000ozpa by End 2027 Kavango’s objective is to mine multiple ore bodies in parallel • Kavango has first mover advantage over entire Hillside: greenstone belt Steenbok • Kavango owns 100% of the Hillside Gold Project and has exercised its option to acquire 100% of
Slide 10: Bill's Luck: Existing mine, under expansion
Bill’s Luck: Existing mine, under expansion Bill’s Luck is Kavango’s operating mine, under expansion to provide feed for the 50t/d plant and beyond • Surface and underground Significant Au diamond drilling, plus intercepts at surface reverse circulation Bill’s Luck drilling, has identified a (1m wid
Slide 11: 50t/d pilot plant under construction
50t/d pilot plant under construction Targeting initial 2,000 oz annual gold production November 25 December 25 January 26 February 26 March 26 April 26 May 26 UG development and extraction TSF Design & Permitting TSF construction Civils construction CIP tank fabrication and installation Power supply
Slide 12: Moving to Larger-Scale Gold Production
Moving to Larger-Scale Gold Production Based on exploration success at Hillside, and following the successful commissioning of the 50t/d pilot plant, Kavango Mining intends to commission a 200t/d gravity gold recovery and CIL plant (the “Plant”). Tenders are out for the supply of the 200t/d plant wi
Slide 13: Nightshift: Maiden open-pit resource
Nightshift: Maiden open-pit resource Kavango’s Maiden Resource, a near-surface, 19koz gold deposit with significant upside potential • 2,109m shallow diamond drill campaign (34 holes) intersected 65 significant intercepts (>1g/t Au) • JORC-compliant Mineral Resource Estimate of 19koz • Potential for
Slide 14: Data driven approach to 200t/d plant FID
Data driven approach to 200t/d plant FID 8,000oz through multiple derisked ore sources 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 50t/d test plant EPC 50t/d commissioning UG development and extraction Metallurgy/test work Resource drilling at Nightshift Economic studies for 200t/d FID 200t/d plant OP d
Slide 15: Future development project: Steenbok
Future development project: Steenbok At least 4 trending reefs identified over 400m of strike: • Total strike of 1,500m, of which Kavango drill tested 400m for a potential spiral decline • 3,479m of diamond drilling over 8 holes intersected 41 significant gold intersections (>1g/t Au) • Initial stru
Slide 16: Future development project: Nara
Future development project: Nara Drilling has confirmed: • Total strike length at Nara now interpreted to exceed 4km, with at least 2 parallel reefs forming the central zone with numerous other reefs inferred from drill intersections • Economic ore zone continues at depth, below base of current work
Slide 17: Long-term objective: Spiral decline mining
Long-term objective: Spiral decline mining • Kavango is focussed on the potential 1 spiral decline can mine 400m of horizontal for underground mechanised mining strike to at least 1.8km vertical depth in the Archean greenstone belts of Zimbabwe • Targeting orogenic gold vein systems, with the intent
Slide 18: Botswana
Botswana
Slide 19: Three exploration projects: Kalahari Copperbelt, Kalahari Suture Zone and Ditau
Three exploration projects: Kalahari Copperbelt, Kalahari Suture Zone and Ditau • Kalahari Copper Belt (KCB): Targeting significant copper-silver mineralisation within one of the most prospective copper belts in the world: • 16 PLs (10 100% ownership and 6 90% JV) • Licences proximal to several near
Slide 20: Kalahari Copper Belt: one of the world's most prospective regions
Kalahari Copper Belt: declared one of the world’s most prospective regions for sediment hosted copper by USGS MMG’s Khoemacau Mine and Licences, which it recently acquired for Cobre Ltd & BHP (5,365km2 ) $1.85bn (3,963.50km2 ) geophysics driven exploration using seismics, deep drilling First Quantum
Slide 21: KCB: Kavango holds significant ground along strike from new mines
KCB: Kavango holds significant, highly sought after ground along strike from new mines Area underlain by the Kara and Korong Conducted ground geophysics over First antiforms interpreted from drilling and Quantum’s deep exploration hole along geophysics to host the D’Kar/Ngwako strike on the Kara Ant
Slide 22: KCB: Extensive work program conducted by regional and technical experts
KCB: Extensive work program conducted by regional and technical experts Geological mapping Dave Catterall, Consultant Geologist Geologist with over 40 years exploration experience in base and precious metals, who Geochemical sampling (deflation lag, soil, termite has spent 17 years exploring a varie
Slide 23: KCB: Initial drilling intersected base metals and hit key objectives
KCB: Initial drilling intersected base metals and hit key objectives Confirmation of receptive Extensive zones with Presence of copper, lead & stratigraphy and structural significant alteration zinc mineralisation together setting conducive to trap- providing evidence for with pathfinder element sit
Slide 24: KCB: Stratigraphic basement highs identified
KCB: Stratigraphic basement highs identified Gravity Helicopter-borne gravity data has clearly defined a WSW-ENE trending gravity high hat may indicate the presence of stratigraphic basement highs defining multiple edges between two deeper basins. Basin margins are considered very prospective sites
Slide 25: KCB: IP and CSAMT has delivered advanced understanding of traps
KCB: IP and CSMAT has delivered advanced understanding of traps within the basin • The AEM data and inversions infer a simplistic structural interpretation due to the wavelength measured, and this has now been confirmed by Kavango’s diamond drilling. • The initial CSAMT& IP programmes delivered data
Slide 26: KCB: Three targets ready to drill
KCB: Three targets ready to drill, targeting the D’Kar/ Ngwako Pan contact Using the combined IP & CSMT data, interpretations and insights gained from the collaboration with FQM has allowed Kavango’s technical team to interpret and infer the contact positions on 3 other sections where Deep IP & CSAM
Slide 27: Kalahari Suture Zone: Norilsk-style potential
Kalahari Suture Zone: Norilsk-style potential • 14 100%-owned Prospecting Licences totalling 7,962 km2 near the Makgadikgadi fault’s intersection with the north-south oriented Kalahari line • 450km long deep-seated discontinuity marking a cratonic edge • Analogous geological position to the Norilsk
Slide 28: Ditau: Early-stage Lode Gold Potential
Ditau: Early-stage Lode Gold Potential • 4 prospecting licences covering 2,653 km2 • Hole DITDD004 intersected 100m thick “Zone of Interest” from 293m to 393m • Anomalous gold values within the i10 target • Review by Dr. Hamid Mumin suggests likely presence of a large alteration system with excellen
Slide 29: Contact Us
Contact Us 6th Floor 99 Gresham Street, London, EC2V 7NG United Kingdom, Alex Gorman Chief Operating Officer Web: www.kavangoresources.com 29
Kavango Resources — Investor Presentation (November 2025) on 6ix