Nara Completion Default
Kavango Resources plc announced that the seller of the Nara Gold Project has defaulted on the agreed terms of the Call Option Agreement, which was to acquire 100% of the 45 claims. The company had exercised its option on June 27, 2025, with completion originally set for February 27, 2026. Kavango Resources plc intends to pursue all avenues to protect shareholder interests, including enforcing the contract and seeking compensation, while continuing to increase gold production at the Hillside Gold Project and farm-out its Kalahari Copper Belt portfolio.
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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 ("Notice of Exercise") on 27 June 2025 to acquire 100% of the Nara Gold Project, Zimbabwe, consisting of 45 claims (the "Claims"), having entered into a Call Option Agreement with the seller Simon John Bowman ("Seller") dated 23 June 2023.
Pursuant to the terms of the Notice of Exercise, the subsequent extension to Completion was to take place on 27 February 2026. The Seller has now defaulted on the agreed terms of the Call Option Agreement.
As the Seller has defaulted on the agreed terms of the Call Option Agreement and subsequent extension, the Company will now pursue all avenues to protect the interests of its shareholders, including but not limited to enforcing the contract and seeking compensation, and will announce further updates as appropriate.
Whilst the Company embarks on claims against Mr Bowman and his operating company Romjack Mining (Private) Limited ("Romjack"), the Company will continue to increase gold production at the Hillside Gold Project and the farm-out of the Company's portfolio located in the Kalahari Copper Belt.
| Kavango Resources plc (Chairman & Interim CEO) Peter Wynter Bee +44 7975 818125 | Shard Capital Partners LLP (Corporate Broker) Damon Heath +44 204 530 6926 | BlytheRay (Financial PR) Tim Blythe/Megan Ray/Said Izagaren kavango@blytheray.com +44 207 138 3204 |
Inter-Horizon Group (Sponsoring Broker - Zimbabwe) Lloyd Mlotshwa lmlotshwa@ih-group.com
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.