PRESS RELEASE

10 May 2023

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

KSZ: B Conductor Drill Contract Signed

Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce a drilling campaign on its Kalahari Suture Zone North ("KSZ North") project.

The Company has signed a contract with Mindea Exploration and Drilling Services Pty ("Mindea") to drill the cluster of three "B Conductors" it has identified in the project area.  Kavango's technical team prioritised the B Conductors for drill testing after remodelling their conductance to be in the range of possible nickel, copper, platinum group element ("PGE")-bearing massive sulphides (announced >>> 02 March 2023).

OVERVIEW

-     Drill rig mobilisation

·    Mindea will deploy a diamond drill rig capable of drilling beyond target depth.

·    Kavango selected Mindea, after it successfully drilled two holes into the B Conductors last year as part of the Company's Proof of Concept campaign (announced >>> 18 August 2022).

-     Drill programme details

·    Mindea will drill up to 4 holes, targeting the B Conductors at a depth of 600-700m.

·    The primary target will be the B1 Conductor, which was recently remodelled with a conductance of 28,700 Siemens using Downhole Electromagnetic ("DHEM") survey data.

§ This is well into the range accepted by nickel-copper specialised geophysicists for pyrrhotite-bearing massive sulphides.

§ Pyrrhotite is very highly conductive iron sulphide mineral often associated with the nickel-bearing mineral pentlandite in nickel/copper/PGE massive sulphide bodies.

·    Secondary targets comprise the B3 and B4 conductors. These have been modelled at 4,100 and 2,760 Siemens respectively, also in the range of possible massive sulphides.

-     Preparations underway

·    Kavango has mobilised its exploration camp for the drilling campaign.

·    The Company is also preparing an access road to the proposed drilling site and preparing the water borehole for the drilling of the B1 Conductor.

·    Drilling expected to commence within 3 weeks.

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

"We are delighted to return to drilling the Kalahari Suture Zone. Following last year's 'near miss' of the B1 Conductor, we've made thorough preparations for our return to this target.

Mindea successfully drilled two holes in the area last year for us, overcoming difficult ground conditions. We learned a lot together from that campaign and are confident Mindea's team will give us the greatest chance of making a successful intersection of the 28,700 Siemens B1 Conductor. 

This high level of conductance is among the stronger geophysical indicators in nickel/copper exploration, and we look forward to proving the causative source with physical drill core."

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

+46 7697 406 06

First Equity (Broker)

+44 207 374 2212

Jason Robertson

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP).  Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status.  Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.