Kavango Resources plc has agreed a time extension to acquire the Nara gold project in Zimbabwe, after the seller defaulted on the terms of the call option.
FORMALITIES
The company exercised the option in July 2025 and, following a previous extension, completion was scheduled for 27 February 2026.
Earlier in March, Kavango said that, following the default by seller Simon Bowman, it would “pursue all avenues” including “enforcing the contract and seeking compensation”.
On 19 March, the company announced that the parties had “agreed to extend completion, so as to work towards enabling the finalisation of the legal formalities”.
“Both parties remain committed to completion and the execution of the Nara sale and purchase as soon as possible,” added Kavango.
Since 2023, the company has completed drilling programmes, ground work, technical and drone surveys, as well as investigating the potential for a large undergound mine at Nara, which is located in Matabeleland.