London Stock Exchange (LSE) listed mineral exploration company Kavango Resources plc is seeking a secondary listing on the Victoria Falls Stock Exchange (VFEX) to raise up to US$13.5 million for mining and exploration projects in Zimbabwe and Botswana.
According to the company’s prospectus, the VFEX listing will involve the admission of ordinary shares to Zimbabwe’s capital market through a branch register structure linking with Kavango’s primary listing on LSE.
The arrangement will allow Zimbabwean investors to trade the company’s shares locally while retaining the option to transfer them to the UK market.
The fundraising will be anchored by two major investors: Purebond Limited, which has committed US$3.5 million, and Comarton, a consortium of Zimbabwean pension funds providing a US$5 million convertible loan facility.
The remaining US$5 million will be offered to institutional, corporate and individual subscribers in Zimbabwe.
Proceeds from the issue are earmarked for development of Kavango’s Hillside gold project in Matabeleland, Zimbabwe, and for continued exploration in Botswana’s Kalahari Copper Belt (KCB), Kalahari Suture Zone (KSZ), and Ditau projects.
The company has budgeted US$2.27 million for mine access construction, US$6.87 million for plant development, and US$2.9 million for mining fleets and working capital.
In Zimbabwe, Kavango is consolidating small-scale gold claims into larger exploration packages and has already achieved early-stage gold production at its Hillside site.
A maiden drill programme has returned promising high-grade results, and the company plans to expand into bulk mining using modern techniques such as spiral decline access.
The Nara project, also in Matabeleland, is undergoing due diligence and contains a JORC-compliant tailings resource estimated at nearly 6,000 ounces of gold.
In Botswana, Kavango is advancing exploration across 18 licences in the Kalahari Copper Belt and 15 licences in the KSZ and Ditau projects, where drilling and geophysical surveys have identified multiple mineralised targets.
Kavango’s board says the VFEX listing will broaden the company’s shareholder base, provide access to local capital, and encourage Zimbabwean participation in the mining sector.
The listing is scheduled for 29 August 2025, following an open subscription period running from 5 to 26 August.
“The benefits of the Secondary Listing include, but are not limited to, the following:
Zimbabwean Subscribers will be able to participate directly in any potential future success of Kavango’s business model.
“Kavango will be able to access local investors in Zimbabwe thus creating local shareholder spread and potential liquidity.
“The Secondary Listing is expected to promote financial inclusivity and to allow Zimbabwe institutional and retail investors to participate in potential upside from local assets.
“The Secondary Listing allows Kavango to hold capital raised through the VFEX in approved local or offshore accounts with an internationally recognised banking institution, Capital raised is intended to assist Kavango to expand gold exploration.
“The Secondary Listing is expected to attract global investments and strengthen foreign investor confidence, potentially making Zimbabwe’s capital markets more attractive to international investors,” the company noted.
The VFEX has approved the listing subject to the company meeting minimum capital and shareholder spread requirements.
Kavango will maintain its primary LSE listing, though shares issued under the new structure will trade exclusively on the VFEX unless transferred back to the UK register.
