London-listed Kavango Resources plc has announced that the seller of its proposed Nara Gold Project acquisition in Zimbabwe has defaulted on agreed completion terms, prompting the company to pursue legal remedies while continuing with its local gold expansion plans.
In a notice released on 2 March 2026, Kavango said it had exercised an option on 27 June 2025 to acquire 100 percent of the Nara Gold Project, comprising 45 claims, after entering into a Call Option Agreement with Simon John Bowman dated 23 June 2023.
Completion of the transaction, which had been extended, was scheduled to take place on 27 February 2026. The company, however, said the seller had now defaulted on the agreed terms of the Call Option Agreement.
“As the Seller has defaulted on the agreed terms of the Call Option Agreement and subsequent extension, the Company will now pursue all avenues to protect the interests of its shareholders, including but not limited to enforcing the contract and seeking compensation,” Kavango said in a statement.
The company added that while it embarks on claims against Mr Bowman and his operating company, Romjack Mining (Private) Limited, it will continue increasing gold production at its Hillside Gold Project and advance plans to farm out assets in the Kalahari Copper Belt.
The development comes as Kavango accelerates its Zimbabwe growth strategy, backed by fresh capital raised over the past year.
In December 2025, the company secured an additional US$373,323.19 through a subscription of 27.65 million new ordinary shares at the equivalent of £0.01 per share.
The shares were admitted to the Financial Conduct Authority’s Official List and the London Stock Exchange’s Main Market before being transferred for trading on the Victoria Falls Stock Exchange (VFEX).
The latest subscription followed a £2.2 million capital raise completed in September 2025 through the placing and direct subscription of 227.7 million new shares at 1 pence each.
Major shareholder Purebond Limited acquired 111.2 million shares in that round, while chairman and interim chief executive Peter Wynter Bee subscribed for 10 million shares.
Chief executive Ben Turney previously said the funds were secured at a pivotal stage of the company’s Zimbabwe expansion programme, where Kavango is targeting commercial production from recent gold discoveries.
The company aims to commission a 250-tonnes-per-day gold mining and processing plant at its Hillside Gold Project in the first half of 2026.
It is also planning to establish a 200tpd Carbon-in-Leach processing plant at the Bill’s Luck gold mine, alongside underground and surface drilling intended to prove at least three years of mineable reserves.
Kavango is dual-listed on the London Stock Exchange under the ticker KAV and on the Victoria Falls Stock Exchange as KAV.VX.
