Nara Deed of Variation Signed
Kavango Resources PLC has signed a Deed of Variation for the Nara Gold Project acquisition in Zimbabwe, with completion anticipated shortly. The company has transferred the remaining consideration to an escrow account and is discussing the potential purchase of Romjack Mining (Pvt) Ltd to ensure seamless continuation of operations. This move signifies Kavango's commitment to developing the Nara project and potentially co-locating its exploration teams for greater efficiency in Zimbabwe.
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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 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"
| Kavango Resources plc (Executive Chairman & Interim CEO) Peter Wynter Bee +44 7973 818125 | Shard Capital Partners LLP (Corporate Broker) Damon Heath/Isabella Pierre +44 204 530 6928 | 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.