London-listed Kavango Resources PLC has secured an additional US$373,323.19 in Zimbabwe through a subscription of 27,651,514 new ordinary shares, as the company accelerates its gold exploration and development programme in the country.
The new shares were issued at the equivalent of £0.01 per share, in line with pricing set out in the Victoria Falls Stock Exchange (VFEX) prospectus.
The shares will first be admitted to the Equity Shares (Transition) category of the FCA’s Official List and the London Stock Exchange’s Main Market, before being transferred to Zimbabwe for trading on the VFEX.
Admission is expected to become effective at 8:00 AM on or around 16 December 2025.
Kavango said the capital raised will support general working capital requirements while advancing exploration and mine development activities across its Zimbabwe assets, including drilling, feasibility work and project build-out.
“Proceeds from the Subscription will contribute to general working capital and will fund further exploration and mine development work in Zimbabwe,” the company stated.
Upon admission of the new shares, the company will have 3,662,032,276 ordinary shares in issue, all carrying voting rights. Of these, 370,573,735 shares will be listed on the VFEX. Kavango does not hold any shares in treasury.
The latest subscription follows a larger capital raise completed in September 2025, when Kavango secured £2.2 million via the placing and direct subscription of 227.7 million new shares.
The company’s major shareholder, Purebond Limited, acquired 111.2 million of those shares, while chairman Peter Wynter Bee subscribed for 10 million.
CEO Ben Turney said the funds raised this year come at a pivotal time for the company’s Zimbabwe expansion programme.
“We are now entering the crucial phase of Kavango’s plan in Zimbabwe. In the last two years, we’ve made four significant discoveries that we believe we can bring into commercial production,” Turney said.
Kavango aims to commission a 250-tonnes-per-day gold mining and processing plant at its Hillside Gold Project in the first half of 2026. The company said the pilot-scale production is intended to demonstrate Zimbabwe’s competitiveness as a mining investment destination.
Turney added that the fresh capital will help fast-track this development, along with the establishment of a planned 200tpd Carbon-in-Leach (CIL) plant at the Bill’s Luck gold mine.
Upcoming work includes underground and surface drilling aimed at proving at least three years of mineable reserves.
The September financing increased Kavango’s issued share capital to 3.61 billion shares, ahead of the latest admission.
Kavango Resources is dual-listed on the London Stock Exchange (LSE: KAV) and the Victoria Falls Stock Exchange (VFEX: KAV VX).
