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Kavango Resources PLC, a London-based exploration company, has officially completed its listing on the Victoria Falls Stock Exchange (VFEX), making history as the first pure-play exploration firm to take this route. The move signals growing investor confidence in Zimbabwe’s mineral wealth and dovetails with government efforts to modernize and formalize the gold sector.
By Rudairo Mapuranga
Kavango CEO, Ben Turney, described the VFEX listing as more than just a fundraising exercise.
“We are extremely pleased to have completed our listing on the Victoria Falls Stock Exchange and to welcome Zimbabwean investors onto our shareholder register,” Turney said.
“Kavango has a bold mission to introduce modern exploration and mining technologies to Zimbabwe’s goldfields. Our listing means Zimbabwean investors can share in the rewards as our business grows in this exciting gold frontier.”
Launched in 2020, VFEX is a U.S. dollar-denominated stock exchange designed to attract global capital while giving local investors access to world-class mining plays. Its incentives—including tax exemptions on dividends and capital gains—make it attractive for investors seeking dollar-based returns.
The success of Caledonia Mining, which operates Blanket Mine, has already shown that VFEX can provide real depth of capital. In fact, Caledonia has raised more on VFEX than on its New York Stock Exchange listing—an endorsement that gave Kavango confidence to take the same path.
Kavango’s listing comes as the company develops its Hillside Gold Project and the Nara Project. But the bigger bet is on Zimbabwe’s under-explored gold belts, where artisanal miners dominate and modern exploration techniques remain limited. Kavango believes that systematic exploration, using geophysics, data analytics, and new geological approaches, could reveal major deposits that past generations of miners left undiscovered.
The VFEX listing not only provides Kavango with capital but also creates strong alignment with Zimbabwean investors—an important step in a country where resource nationalism often shapes mining policy. By bringing locals onto its shareholder register, Kavango strengthens goodwill and builds a stronger case for long-term regulatory support.
While producers like Caledonia have proven VFEX works for established miners, Kavango’s listing will test the market’s ability to support early-stage explorers with no immediate revenues but significant long-term potential. If successful, it could open the door for more junior companies seeking exposure to Zimbabwe’s mineral wealth.
Zimbabwe has set ambitious targets to grow the economy to an upper middle income by 2030, with gold expected to anchor the growth. Attracting foreign companies that bring expertise, technology, and risk capital is central to this vision. Firms like Kavango, which are willing to take bold exploration risks, could be the key to unlocking the next generation of large-scale gold mines.
Zimbabwe’s persistent economic instability, policy uncertainty, and political risk perceptions remain concerns. However, the VFEX—by providing a USD-based, investor-friendly platform—aims to neutralize some of these issues and give both local and foreign investors confidence.
All eyes will now be on how Kavango performs post-listing. If it can replicate even part of Caledonia’s success, it will send a strong message: Zimbabwe’s gold sector is open for business, and the Victoria Falls Stock Exchange is ready to be the financial lifeline driving its next phase of growth.
