Kavango Resources plc said it was exploring all solutions after the seller of its Nara gold project in Zimbabwe defaulted on the agreed terms of the call option.
ENFORCEMENT
The company signed the agreement in June 2023, and exercised the option in July 2025, with the seller Simon John Bowman.
Following an extension, completion of the exercise was scheduled for 27 February 2026.
Kavango added: “As the seller has defaulted on the agreed terms of the call option agreement and subsequent extension, the company will now pursue all avenues to protect the interests of its shareholders, including but not limited to enforcing the contract and seeking compensation, and will announce further updates as appropriate.
“Whilst the company embarks on claims against Mr Bowman and his operating company Romjack Mining (Private) Limited, the company will continue to increase gold production at the Hillside gold project and the farm-out of the company’s portfolio located in the Kalahari Copper Belt.”
Nara comprises 45 contiguous claims, each of 10 hectares, and covers four historic mines and a tailings dump.
Since 2023, Kavango has completed drilling programmes, ground work, technical surveys, drone surveys and investigated the potential for a large undergound mine at the site, which is located in Matabeleland.