Kavango Resources Plc, a London-listed metals exploration and development company focused on Southern Africa, narrowed its operating loss in the first half of 2026 as revenue increased sharply, while advancing gold and copper exploration projects across Zimbabwe and Botswana.

The report comes 16 days after the resumption of the newly appointed Zimbabwean mining executive Jasper Musadaidzwa as its new chief executive officer to lead its transition toward gold production.

Hillside Gold Project advances toward production

According to the company’s unaudited interim results for the six months ended June 30, 2026, Kavango Resources’ revenue rose to $2.03 million from $420,000 in the same period of 2025. Gross profit improved to $471,000 from a gross loss of $410,000 a year earlier. The company’s operating loss narrowed to $1.78 million from $6.05 million, while its loss before other comprehensive income declined to $1.78 million from $6.08 million. Total comprehensive loss stood at $2.04 million, compared with $4.10 million in H1 2025.

Kavango Resources’ Hillside Gold Project in Zimbabwe remained a key focus during the period, with a preliminary JORC-compliant Mineral Resource Estimate of 33,900 ounces of gold at 2.68 grammes per tonne declared at Bill’s Luck Gold Mine. Metallurgical test work indicated expected operating recoveries of approximately 90% to 93%, providing key data for the company’s planned 50-tonne-per-day proof-of-concept carbon-in-leach processing plant and potential future capacity expansion.

The company also advanced mine development and infrastructure at Hillside, including work to open multiple underground mining faces, as it continued shifting from artisanal-based production toward owner-operated mining and processing. Following this period, commissioning of the Hillside processing plant commenced after successful installation.

Zimbabwe and Botswana projects progress

At the Nara Gold Project in Zimbabwe, Kavango Resources signed a deed of variation relating to its option to acquire 45 claims for $3.96 million, with completion formalities ongoing after the reporting period. In Botswana, the company released a National Instrument 43-101 technical report for the Karakubis Project within the Kalahari Copper Belt, while mineral systems modelling continued after the reporting period.

Exploration also continued at the Kalahari Suture Zone and Ditau projects, with hydrogeochemistry, ultrafine soil geochemistry and auger surveys underway.

Kavango raises $7.1 million through VFEX listing

Kavango Resources drew $489,734 from Tranche 3 of its loan note facility and raised approximately $7.1 million through its secondary listing on the Victoria Falls Stock Exchange during H1 2026.

After the reporting period, the company drew a further $418,452 from Tranche 4 and $27,050 from Tranche 5, while the loan note facility was extended to include a sixth tranche drawable by January 31, 2027.

As of June 30, 21.08% of Kavango’s register was held through its VFEX branch register, including 16 Zimbabwean pension funds. By September 14, the proportion had increased to 21.65%, with participation from 19 Zimbabwean pension funds.

Following H1, Kavango Resources appointed Jasper Musadaidzwa as chief executive officer and director, Lorenz Werndle as chief financial officer and director, and Thamsanqa Mpofu as a non-executive director, alongside the appointment of S.P. Angel Corporate Finance LLP as corporate broker.

New CEO takes charge as Kavango advances gold strategy

Jasper Musadaidzwa’s appointment, effective September 7, comes as Kavango Resources advances the development of its Hillside Gold Project in Zimbabwe and seeks to move from exploration toward commercial gold production.

The Zimbabwean mining executive brings more than 27 years of industry experience to Kavango, including 17 years at AngloGold Ashanti, where he held senior operational and executive positions across several African mining jurisdictions.

Most recently, Musadaidzwa served as senior vice president responsible for AngloGold Ashanti’s Guinea business. Before that, he was senior vice president of operations for the company’s Africa region, overseeing mines in Ghana, Tanzania, Mali and Guinea.