5 June 2026

Kavango Resources PLC

("Kavango" or the "Company")

ISSUE OF NEW SHARES

Kavango Resources plc (LSE:KAV, VFEX:KAV.VX), the Southern Africa focused metals exploration and gold production company, is pleased to announce that it has raised, by way of subscription, approximately US$ 1.9 million in Zimbabwe ("VFEX Subscription").

122,625,215  new Ordinary Shares (the "VFEX Subscription Shares") are to be allotted and issued on or around 10 June  2026 to Dendere Asset Management (Private) Limited ("Dendere") and three pension funds sourced and facilitated by Dendere (the " Funds"), at a subscription price of £0.0115 per share, and with the US Dollar and British Pound conversion rate using the Bank of England daily spot rate on 24 March 2026 (GBP1:US1.3382). 

Admission

Application has been made for the VFEX Subscription Shares to be first admitted to trading on the Main Market of the LSE and then immediately transferred to Zimbabwe through a branch register control account, in order for the VFEX Subscription Shares to be listed and directly traded on the Victoria Falls Stock Exchange in Zimbabwe ("VFEX Admission").

It is expected that the VFEX Admission will become effective and that dealings in the VFEX Subscription Shares will commence at 8.00 am on or around 10 June 2026.

Funds from the VFEX Subscription, in addition to the existing cash resources of the Company and committed funds, are intended to be used for the further expansion of the Hillside gold production, the Nara project, further exploration in Zimbabwe and general working capital.  

Total Voting Rights

In accordance with DTR 5.6.1 of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules (the "DTRs"), the total number of Ordinary Shares in issue as at the date of admission of the new Ordinary Shares will be 4,525,261,341, of which  953,802,800  Ordinary Shares are secondary listed on the VFEX, with each Ordinary Share carrying the right to one vote.

The Company does not hold any shares in treasury. Therefore, the number of Ordinary Shares with voting rights will be 4,525,261,341. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the DTRs.

Information in respect of the Company and its business interests is provided on the Company's website at www.kavangoresources.com.