London- and Victoria Falls Stock Exchange-listed Kavango Resources Plc says it is reviewing strategic options for its Kalahari Copper Belt mineral portfolio in Botswana, including the possible introduction of a joint venture partner.

The Southern Africa-focused metals exploration and gold production company said the evaluation process is still at an early stage, cautioning that there is no certainty it will result in a transaction, nor clarity on the timing or terms of any potential deal.

Kavango’s KCB portfolio covers a contiguous licence area of approximately 6,200 square kilometres and lies along strike from established copper-silver operations, including MMG’s Khoemacau mine and Sandfire Resources’ Motheo mine. 

The company said early-stage diamond drilling at its Karakubis prospect has intersected copper mineralisation in all seven initial drill holes, with portable X-ray fluorescence readings exceeding 1% copper in certain sections.

It added that regional geophysical data and structural interpretations point to favourable geological features, including folding and D’Kar–Ngwako Pan contact zones, which are consistent with conditions hosting major deposits elsewhere in the Kalahari Copper Belt. Kavango said it will update shareholders as the strategic review progresses.

The Botswana update comes as the company continues to raise capital to support its expanding gold exploration and development activities in Zimbabwe. 

Last week, Kavango announced it had secured an additional US$373,323.19 through a subscription of 27,651,514 new ordinary shares issued at an equivalent price of £0.01 per share.

The subscription was conducted in line with pricing set out in the company’s Victoria Falls Stock Exchange prospectus. The new shares are expected to be admitted to the Equity Shares (Transition) category of the UK Financial Conduct Authority’s Official List and to trading on the London Stock Exchange’s Main Market around 16 December 2025, before being transferred for trading on the VFEX.

Kavango said the funds raised will be used for general working capital and to advance exploration and mine development across its Zimbabwean gold assets, including drilling programmes, feasibility studies and project development.

Following admission of the new shares, Kavango will have approximately 3.66 billion ordinary shares in issue, all carrying voting rights. Of these, about 370.6 million shares will be listed on the VFEX. The company holds no shares in treasury.

The latest funding follows a larger capital raise completed in September 2025, when Kavango raised £2.2 million through a placing and direct subscription of 227.7 million new shares. Major shareholder Purebond Limited subscribed for 111.2 million shares, while chairman Peter Wynter Bee acquired 10 million shares in that transaction.

Chief executive officer Ben Turney said the capital raised during 2025 comes at a critical stage of the company’s Zimbabwe expansion programme. 

Kavango is targeting commissioning of a 250-tonnes-per-day gold mining and processing plant at its Hillside Gold Project in the first half of 2026, alongside plans for a 200tpd carbon-in-leach plant at the Bill’s Luck gold mine.

The company said upcoming work will include underground and surface drilling aimed at defining at least three years of mineable gold reserves. 

Kavango Resources is dual-listed on the London Stock Exchange (LSE: KAV) and the Victoria Falls Stock Exchange (VFEX: KAV VX).