18th Apr 2024 14:38
Kavango Resources PLC - Botswana and Zimbabwe-focused exploration company - Pretax loss widens 49% to USD3.3 million in 2023, from USD2.2 million in 2022. Notably, Kavango reports pre-licence exploration costs of USD1.2 million for 2023, compared to none a year prior. Administrative cost decrease 7.0% to USD2.1 million from USD2.2 million. The company is in a pre-revenue state so far. Kavango expects to start drilling at Kalahari copper belt project in Botswana in the middle of the second quarter of 2024. Notes that in March it signed its first contract to start immediate gold mining operations at the Hillside project in Zimbabwe.
Chief Executive Officer Matthew Turney says: "I believe Kavango has successfully transitioned to position itself with a portfolio of well-understood projects that may offer lower technical risk than previous projects, and in parallel has achieved strong financial backing. Our teams on the ground are working hard to deliver successful exploration outcomes from these in 2024."
Current stock price: 1.07 pence per share, up 1.8% on Thursday afternoon in London
12-month change: up 6.9%
By Tom Budszus, Alliance News slot editor
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