16 April 2026

KAVANGO RESOURCES PLC

("Kavango" or the "Company")

Nara Deed of Variation Signed

Kavango Resources plc (LSE:KAV, VFEX:KAV.VX), the Southern Africa focused metals exploration and gold production company, announced on 1 July 2025 that the Company had exercised the option to acquire 100% of the Nara Gold Project, Zimbabwe, consisting of 45 claims ("Nara"). 

Further to the announcements of 9 December 2025, 2 March 2026, and 19 March 2026, Kavango and the Seller (the "Parties") have signed a Deed of Variation ("DoV") in respect of the call option agreement dated 23 June 2023, to address the mechanics of completion ("Completion"), which we anticipate occurring shortly.

Kavango has transferred the balance of the consideration into an escrow account to be transferred to the Seller upon Completion of the final documentation. 

The Parties are currently discussing the possible sale and purchase of the operating company, Romjack Mining (Pvt) Ltd ("Romjack"), so that Kavango can aim seamlessly to continue the current operations at Nara.

Peter Wynter Bee, Chairman & Interim Chief Executive Officer of Kavango, commented:

"We are excited to be embarking on the Nara project. The Company is committed to building upon the success of the Nara Gold Project, for the benefit of its shareholders and the local community. 

"Kavango is taking this opportunity to evaluate the co-location of its exploration team to maximise operational efficiency and further strengthen the development of our projects in Zimbabwe"

Further information in respect of the Company is provided on the Company's website at www.kavangoresources.com .