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Kavango Resources is an AIM-listed junior trying to graduate from “neat drill hits” to near-term gold cash flow in Zimbabwe. The flagship is Hillside (Bill’s Luck). It’s a small, narrow-vein underground mine they’re already mining (~35 t/day, stockpiling ore) while a 50 tpd CIP test plant is slated to start around October and scale toward ~250 t/d in 2026. The near-term target is a ~20 koz starter resource to fund the rest. The balance sheet is steered by Purebond (~70%), with a VFEX raise/convertible facility lining up the next meters and motors. Botswana (KSZ/KCB/Ditau) is now optionality with limited budget dedicated to it (roughly 10%). The business case is to prove continuity and recoveries, pour ounces, and use cash flow to grow.
TLTW
- 1. Operations
Bill’s Luck is mining underground at ~35 t/da. There’s ~1,800 t of ROM on the pad (about 1,200 t in high/medium-grade piles) and a stamp-mill/co-op setup producing ~2.2 kg Au/month from sands while the company stockpiles its own ore. - 2. Commissioning
The 50 tpd CIP test plant is targeted for ~1 Oct. Mining is planned to lift to 55–60 tpd to feed it. Metallurgy work targets >95% recovery, and current stockpile sampling indicates ~2.7 g/t for combined high+medium piles, with the sampling protocol under review for bias. - 3. Targets
Near-term objective is a ~20,000 oz starter resource to ~150 m (≈3-year mine plan). Ramp plan is 50 tpd test plant now, adding a ~200 t/d plant in H1-2026 (total ~250 t/d) with a production aim of ~7,000 oz/yr by end-2026 and PLC-level cash flow in Q1-2026; shareholder returns of capital are hoped for 2027. - 4. Funding
Management quoted ≈£8m cash on hand, expects ~US$10m via the VFEX financing (and is in talks with another Zim pension fund), and frames this as the “last raise of necessity” if the plan works, as they intend to pursue debt next year. Gold is sold at about 95–96% of spot, and each mine is planned <20 kg/month to retain USD receipts. - 5. Ownership
Purebond holds ~70%; management says ~86% of the register is identifiable “sticky” holders. The CEO holds ~0.5% of shares and ~55m options, and states there are no insider royalties/side-deals. A London-based family’s cumulative backing to date is ~£20m (including current commitments).
Kavango Resources CEO Interview With Ben Turney
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