Kavango Resources plc announced the Company has formed a new subsidiary in Zimbabwe; Kavango Mining (Pvt) Limited ("Kavango Mining"). Kavango Mining will become the Company's mining arm in Zimbabwe and will move into revenue this month. Further, the Company announced it has signed its first contract to commence immediate gold mining operations at the Hillside Project ("Hillside") (the "Mining Contract").

Kavango to take over existing mining operations at Hillside immediately. Kavango to fund capital investment and will receive 100% of revenue generated. Gold production at Hillside has been consistently profitable for three years.

Kavango aims to double current production to 1 kilogram ("kg") of gold a month over the course of 2024. Current revenue at Hillside is c.US$30,000 a month, which will be reflected in Kavango's financial reporting from 01 March 2024 (the Mining Contract's effective date). Kavango to develop a mining 'growth point' at Hillside by upgrading the project's plant and enhancing local community-led gold extraction to increase near-term production.