Kavango Resources plc has extended the completion date for its planned acquisition of the Nara Gold Project in Zimbabwe to 27 February 2026, as the company and the seller work to finalise outstanding legal processes.
The Southern Africa-focused metals exploration and gold production company, listed on both the London Stock Exchange (LSE: KAV) and the Victoria Falls Stock Exchange (VFEX: KAV.VX), announced in July that it had exercised its option to acquire 100% of the 45-claim project. Kavango said both parties remain committed to concluding the deal as soon as possible.
The extension comes as the company accelerates its development strategy in Zimbabwe, supported by a £2.2 million financing round completed in September. The capital was raised through a placing and direct subscription of 227.7 million new ordinary shares at 1 pence each.
The raise saw Kavango’s largest shareholder, Purebond Limited, take up 111.2 million shares, while Executive Chairman Peter Wynter Bee subscribed for 10 million shares.
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Chief Executive Officer Ben Turney said the financing was timely, noting that the company is entering a pivotal phase in its Zimbabwe operations.
“In the last two years, we’ve made four significant discoveries that we believe we can bring into commercial production,” Turney said. “Our immediate objective now is to build and commission 250 tonnes-per-day of gold mining and processing capacity at our Hillside Gold Project in the first half of next year.”
He added that the pilot-scale plant will be key in demonstrating that Zimbabwe remains a viable and mining-friendly investment destination.
Proceeds from the capital raise will fund working capital, resource drilling, mine development, and the construction of a 200tpd Carbon-In-Leach (CIL) plant at the Bill’s Luck gold mine. Planned work includes extensive surface and underground drilling aimed at confirming at least three years of mineable reserves.
Kavango expects the newly issued shares to be admitted to the LSE’s main market on 15 September 2025, increasing the company’s total issued share capital to 3.61 billion shares.
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