Aankondiging • May 22

Kavango Resources plc Completes Metallurgical Testwork Programme At Hillside Gold Project

Kavango Resources plc, the Southern Africa-focused metals exploration and gold production company, announced the results from a detailed and comprehensive metallurgical testwork programme on ore samples from the Hillside Gold Project ("Hillside"), Zimbabwe. The programme achieved its objective of defining the optimal processing design, processing parameters, and reagent consumption rates for the 50 tonnes-per-day ("tpd") carbon-in-leach ("CIL") gold processing plant at Hillside, and for a future capacity upgrade. Testwork completed on various blend compositions of Nightshift and Bill's Luck ores demonstrated high metallurgical recoveries of gold within standard processing parameters. Very high overall metallurgical recovery of >95% achieved in ideal lab conditions, tested during the optimisation test work. Real-world conditions are expected to deliver in the 90-93% recovery range. The Nightshift sample's gold speciation indicated 100% of the gold was native (non-refractory), whilst speciation of the Bill's Luck sample indicated 91% of the gold was in a free milling (native gold and Electrum) form. Limited coarse gold detected in the samples tested. Gold species were very fine-grained. Very low content of elements that could potentially act as pregnant liquor gold robbers, such as native carbon minerals, and of elements that could potentially lead to high reagent consumption, including copper and zinc. Variability test work indicated that a target grind size of 75 microns was optimal for recovery. Gravity recovery via centrifugal concentrators ranged from 50% to 90%. Gravity gold concentrates can be leached via standard Intensive Leach Reactor ("ILR") technologies with up to 90% recovery after eight hours of leaching time, and 98% recovery after 24 hours of leaching time. Required reagent and energy consumption rates to achieve high recoveries are within normal ranges. The information from the testwork will also prove invaluable for optimising and refining the 50 tonnes-per-day plant once it is operational. Kavango has completed a metallurgical testwork programme in cooperation with Solo Resources ("Solo"), using Maelgwyn Mineral Services ("Maelgwyn"), both based in South Africa. SGS South Africa ("SGS") was subcontracted by Maelgwyn to complete the mineralogical analysis and assessment portion of the scope. SGS is a SANAS-accredited laboratory, and Maelgwyn is an ISO 9001:2015 certified laboratory. A total of ten samples were utilised in the testwork programme. The two main composite blends tested were those deemed to best represent the expected feed material into the two planned processing plants at Hillside: 50 tpd plant - currently under construction - Composite D - 50% Bill's Luck Underground High Grade, 50% Bill's Luck Underground Medium Grade. Upgrade to 250 tpd - Composite C - 70% Nightshift Fresh Rock, 15% Bill's Luck Underground High Grade, 15% Bill's Luck Underground Medium Grade. Other plausible feed blends to either of the above plants that were tested included the following: Composite A- 50% Nightshift Fresh Rock + 50% Nightshift Oxidised Rock, Composite B- 100% Bill's Luck (40 % BL high grade, 40% BL medium grade, 20% BL low grade), Composite E- 50% Nightshift Fresh Rock, 50% Bill's Luck Fresh Rock (50% BL high grade, 50% BL medium grade), Composite F- 100% Bill's Luck (50 % BL low grade, 40% BL medium grade), Composite G- 100% Nightshift Oxidised Rock, Composite H- 100% Nightshift Fresh Rock. The average head grades assayed from each of the composite blends are shown in the table below: Composite A: Au 1 (g/t) 1.08, Au 2 (g/t) 0.99, Au 3 (g/t) 1.09, Au 4 (g/t) 1.05; Composite B: Au 1 (g/t) 4.17, Au 2 (g/t) 3.33, Au 3 (g/t) 2.93, Au 4 (g/t) 3.78, Au average (g/t) 3.55; Composite C: Au 1 (g/t) 3.02, Au 2 (g/t) 2.97, Au 3 (g/t) 3.25, Au 4 (g/t) 3.08; Composite D: Au 1 (g/t) 8.15, Au 2 (g/t) 8.42, Au 3 (g/t) 8.21, Au 4 (g/t) 8.26; Composite E: Au 1 (g/t) 2.79, Au 2 (g/t) 2.63, Au 3 (g/t) 2.96, Au 4 (g/t) 2.79; Composite F: Au 1 (g/t) 2.03, Au 2 (g/t) 2.13, Au 3 (g/t) 2.15, Au 4 (g/t) 2.10; Composite G: Au 1 (g/t) 0.48, Au 2 (g/t) 0.55, Au 3 (g/t) 0.55, Au 4 (g/t) 0.53; Composite H: Au 1 (g/t) 1.75, Au 2 (g/t) 1.82, Au 3 (g/t) 1.71, Au 4 (g/t) 1.76. Mineralogical studies were conducted on Bill's Luck and Nightshift ores. The results are very positive with negligible pregnant liquor robbers present (Carbon), and low concentrations of elements that could lead to high reagent consumption (i.e. Copper, Zinc). The table below shows gold species detected. Gold Mineral Bill's Luck (Fresh) Nightshift (Oxide) Native Gold (Au, Ag) 84.63% 100.00% Calverite (AuTe2) 7.34% Electrum (Au(Ag)) 6.40% Aurostibite (AuSb2) 1.16% Petzite (Ag3AuTe2) 0.48% Total 100.00% 100.00%. The majority of the gold species for both Bill's Luck and Nightshift occur as native gold. The gold species at Nightshift are much finer than at Bill's Luck. The tables below show the liberation characteristics of the gold species: Liberation by Volume % of gold in host minerals Bill's Luck (Fresh) Nightshift (Oxide) Locked (< 30%) 27.5% 99.5% Low Middlings (>=30%, <60%) 9.2% 0.3% High Middlings (>=60%, <90%) 45.3% 0.0% Liberated (>=90%) 18.0% 0.5% Total 100.00% 100.00%. Liberation by Exposure % of gold in host minerals Bill's Luck (Fresh) Nightshift (Oxide) Locked (<10%) 25.5% 98.5% Partially Exposed (10-30%) 0.8% 0.8% Exposed (30-50%) 24.4% 0.2% Exposed (50-80%) 31.3% 0.0% Exposed (>=80%) 18.0% 0.5% Total 100.00% 100.00%. The gold species at Bill's Luck (in Fresh Rock) are more easily liberated than at Nightshift (in oxide rock). Average assayed residue (tailings) grades of 0.14 grammes per tonne ("g/t") and 0.11 g/t gold were recorded for Composites C and D during the kinetic leach tests. These translate to total plant recoveries under ideal laboratory conditions of 97% and 96%, respectively, for Composites C and D. Five Stage GRG Tests using a Falcon centrifugal gravity concentrator were conducted on composites A, C, and D to determine GRG % versus different grind sizes. Three Stage GRG Tests using a Falcon centrifugal gravity concentrator were conducted on composites E, F, G, and H to determine GRG % versus different grind sizes and fluidisation pressures. The results clearly demonstrate the optimal grind size is at P80 = 75 microns for all composites. Under lab conditions, up to 69% of the gold could be recovered via gravity concentration for Composite A, while Composite C achieved 90% gold recovery via gravity concentration. Composite D achieved a gravity recovery of 87%. Up to 90% of the gold could be recovered via gravity concentration for Composites E and F, while Composite C achieved 59% gold recovery via gravity concentration, and Composite H achieved a gravity recovery of 50%. During plant commissioning, fluidisation pressures will be optimised within the ranges tested. ILR tests were performed for future reference, should an elution circuit be chosen to be added to the processing plant(s).

Percentage CEO-salaris	100.00%
Dienstverband CEO	less than a year
Eigendom CEO	6.2%
Management gemiddelde ambtstermijn	less than a year
Gemiddelde ambtstermijn bestuur	1.9yrs

Datum	Totale vergoeding	Salaris	Bedrijfswinsten
Dec 31 2025	US$49k	US$49k	-US$15m
Sep 30 2025	n/a	n/a	-US$14m
Jun 30 2025	n/a	n/a	-US$13m
Mar 31 2025	n/a	n/a	-US$11m
Dec 31 2024	US$32k	n/a	-US$9m
Sep 30 2024	n/a	n/a	-US$6m
Jun 30 2024	n/a	n/a	-US$4m
Mar 31 2024	n/a	n/a	-US$3m
Dec 31 2023	US$31k	n/a	-US$3m

Naam	Positie	Tenure	Compensatie	Eigendom
Peter Francis Bee	Interim CEO & Executive Chairman	less than a year	US$49.07k	6.2% $ 2.9m
Hillary Gumbo	Founder & Executive Director	4.3yrs	US$16.16k	0.38% $ 177.6k
Donald Robert McAlister	Interim CFO & Director	less than a year	US$45.68k	0.017% $ 7.8k
Alexandra Gorman	COO & Executive Director	less than a year	US$107.30k	geen gegevens
Lorraine Whitehorn	Company Secretary	1.7yrs	geen gegevens	geen gegevens

Naam	Positie	Tenure	Compensatie	Eigendom
Peter Francis Bee	Interim CEO & Executive Chairman	3.3yrs	US$49.07k	6.2% $ 2.9m
Hillary Gumbo	Founder & Executive Director	4.9yrs	US$16.16k	0.38% $ 177.6k
Donald Robert McAlister	Interim CFO & Director	1.9yrs	US$45.68k	0.017% $ 7.8k
Alexandra Gorman	COO & Executive Director	1.9yrs	US$107.30k	geen gegevens
Gautam Dalal	Independent Non-Executive Director	less than a year	US$17.31k	0.94% $ 442.4k

Gegevens	Laatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse	2026/05/23 19:55
Aandelenkoers aan het einde van de dag	2026/05/19 00:00
Inkomsten	2025/12/31
Jaarlijkse inkomsten	2025/12/31

Pakket	Gegevens	Tijdframe	Voorbeeld Amerikaanse bron ^*
Financiële gegevens bedrijf	10 jaar	Resultatenrekening Kasstroomoverzicht Balans	SEC-formulier 10-K SEC-formulier 10-Q
Consensus schattingen analisten	+3 jaar	Financiële prognoses Koersdoelen analisten	Onderzoeksrapporten van analisten Blue Matrix
Marktprijzen	30 jaar	Aandelenprijzen Dividenden, splitsingen en acties	ICE Marktgegevens SEC-formulier S-1
Eigendom	10 jaar	Top aandeelhouders Handel met voorkennis	SEC-formulier 4 SEC-formulier 13D
Beheer	10 jaar	Leiderschapsteam Raad van bestuur	SEC-formulier 10-K SEC-formulier DEF 14A
Belangrijkste ontwikkelingen	10 jaar	Bedrijfsaankondigingen	SEC-formulier 8-K

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