Interview with Ben Turney, CEO & David Catterall, Geologist at Kavango Resources (LSE: KAV)

Our previous interview: https://youtu.be/-DAIik6AdSM

Recording date: 29th September 2023

Kavango Resources, a metals exploration company targeting copper in Botswana and gold in Zimbabwe, recently provided an update on its strategy, exploration progress, and plans to fund ongoing programs. The company aims to demonstrate exploration success and unlock value across its diversified project portfolio.

CEO Ben Turney and Exploration Manager Dave Catterall described how the company has pivoted to new opportunities in Zimbabwe, while applying lessons learned to refine its copper exploration efforts in Botswana.

Turney explained that Kavango moved into Zimbabwe over the past year to capitalize on underexplored, high grade gold opportunities around historic mines. Unlike Kavango's early-stage copper exploration projects obscured by sand cover in Botswana, Zimbabwe offers outcropping gold mineralization that can be rapidly advanced. Kavango plans to start drilling at its first Zimbabwe project in October, aiming to prove up near-surface, bulk minable deposits.

At the same time, Kavango has consolidated prospective ground positions along strike from Sandfire's Motheo copper deposit in Botswana. While past drilling efforts at its Kalahari Suture Zone project were unsuccessful, the company has now shifted focus to the Karakubis project area with less sand cover.

Catterall explained that geophysics and field mapping have better defined copper targets concealed by thin cover that can be drill tested. Kavango aims to refine additional targets across its expanded ground position, with the goal of drilling priority targets starting in early 2024. By proving up mineralization, Kavango aims to demonstrate prospectivity that could attract partners or acquirers.

To fund these exploration efforts, Kavango has secured over £5 million in new capital. Turney explained Kavango has taken an unconventional fundraising approach, engaging directly with investors like major new backer Pure Bonds. This has positioned Kavango strongly compared to peers struggling to raise capital in current markets.

With its strengthened cash position, Kavango is funded to advance exploration programs in both Botswana and Zimbabwe through 2024. The company can also accelerate efforts if initial results are promising. While progress has been slow to date, Kavango is confident its revised strategy and strengthened funding position will enable it to demonstrate exploration success.

In summary, Kavango Resources has an expanded portfolio spanning copper and gold opportunities in two African countries. The company has shifted its copper focus in Botswana to apply lessons learned, while seizing the chance to rapidly advance new high grade gold projects in Zimbabwe. With a strengthened cash position, Kavango can fund accelerated exploration efforts as warranted by results.

The company's experienced leadership team aims to systematically advance projects to unlock value for shareholders. Near-term drilling in Zimbabwe offers potential catalysts for re-rating, while copper exploration progress in Botswana could attract partners. After methodically assembling the ingredients, Kavango now aims to demonstrate effective exploration programs and deliver geological success.

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