28^th February 2023

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Strategy Update

Kavango Resources plc (LSE:KAV) ("Kavango"), the Southern Africa focussed metals exploration company, has completed its strategic review (the "Strategic Review"). The scope of the Strategic Review was to perform a detailed analysis of the Company's current projects, its operations in Botswana, its commodity focus, opportunities for regional expansion and outline the swiftest path to delivering a maiden economic resource.

The key outcomes of the Strategic Review include:

I.    Botswana Exploration

Kavango's technical team will execute the Company's updated exploration plan in Botswana, with the support of external expert exploration geologists. Over 2023, Kavango will conduct focussed exploration on the Great Red Spot ("GRS") in the Kalahari Suture Zone ("KSZ"), which will include drilling the B Conductors. Kavango will also continue further fieldwork and drilling in the Kalahari Copper Belt ("KCB") across its Karakubis block and investigate the Iron Oxide Copper Gold (IOCG) model for the GRS and the precious metal potential at Ditau.

II.   Botswana Project Financing

In parallel to the Botswana exploration plan, Kavango's commercial team will seek direct project funding to finance 2-year exploration programmes for the Company's KSZ, KCB and Ditau projects. Kavango has advanced all three projects to the point where direct finance will enable the Company to pursue much more extensive exploration. Expanded exploration programmes will include more widespread surveying (geophysical and geochemical), sharper targeting and extensive drilling. Kavango believes securing one or more project finance partners would significantly increase the chances of success in Botswana.

III.  Portfolio Expansion

Kavango will seek to acquire prospective metal exploration projects, with the potential for near-term economic discoveries, in Southern Africa. Following completion of its strategic financing in Q4 2022, Kavango is well-positioned to take advantage of liquidity weakness in the global exploration sector. The Company has put together a skilled exploration team, built a strong regional presence in Botswana and identified a pipeline of possible acquisition targets. The Company has been evaluating a number of these opportunities and is at advanced stages of due diligence for two possible acquisitions.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

"We have built a team at Kavango that is ready to make economic metal discoveries.

 In the last four months, we've completed a major strategic financing at Kavango, strengthened our board, and significantly sharpened our technical capabilities. We've developed innovative methods for using modern surveying technologies and have recruited expert exploration geologists to guide our programmes.

It is vital that we now build on this strong foundation by delivering success in the field.

Today's strategic update describes how we intend to achieve this.

More detail will follow, as we look to deliver improved results over the course of 2023."

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

[email protected]

+46 7697 406 06

First Equity (Broker)

Jason Robertson

+44 207 374 2212