Kavango Resources Plc (LSE:KAV) exercised option to acquire Hillside Project and Leopard South Project on April 23, 2024. Sale and Purchase agreements for Hillside and Leopard South were signed by the Sellers with Kavango on 30 April, with what Kavango considers to be improved commercial terms. The main components comprise: $600,000 cash consideration to be paid to the sellers of Hillside; $50,000 cash consideration to be paid to the sellers of Leopard South: Option on Leopard North extended to 30 June 2025, which Kavango may exercise in return for payment of $0.1 million and the issue of 34,125,000 shares in the Company. A further $1 million of shares are to be issued in the Company in the event that a code compliant resource in excess of 200,000 oz gold is defined; Kavango to assume responsibility for up to $0.35 million of debt owed, which is repayable at $10,000 per month.

Kavango has granted a royalty of 5% of gold production on the properties, capped at a value of $1.5 million and which Kavango may at its option buy out within 12 months for an issue of 63,125,000 shares in the Company. Completion is subject to satisfactory transfer by the Sellers of the mining claims into Kavango's Zimbabwe subsidiary, and on the Company paying the Zimbabwe Special Capital Gains Tax ("SCGT") due on the transaction. The transaction is expected to complete on May 15, 2024.