Kavango Resources plc is reinforcing its capital base and deepening local institutional participation after announcing a fresh share issuance to a Zimbabwean pension fund consortium.
The move forms part of its broader dual-listing strategy aimed at unlocking long-term capital to support its gold projects in Zimbabwe, Mining Zimbabwe can report.
By Ryan Chigoche
The company will issue 36,596,469 new ordinary shares at £0.01 each to Comarton Consultants (Private) Limited and six pension funds under the Comarton Managed Pension Funds Investments Consortium.
The transaction represents the third tranche of a five-part capital raise agreed in April 2025, reflecting steady progress in mobilising long-term local capital.
Upon admission, the consortium’s combined holding will increase to 179,977,379 shares across thirteen pension funds, signalling growing institutional confidence in Kavango’s portfolio as it advances the Hillside, Nara, and Leopard gold projects. The remaining two tranches are expected to be completed by the end of August 2026.
In line with its dual-market structure, the new shares will first be admitted to trading on the London Stock Exchange before being transferred to Zimbabwe for secondary listing on the Victoria Falls Stock Exchange (VFEX). This approach enables Kavango to raise capital internationally while ensuring the shares are accessible to local investors.
Following admission, Kavango’s total issued share capital will rise to 4,402,636,126 ordinary shares, with 831,177,585 listed on the VFEX. Each share carries one vote, providing a clear benchmark for shareholder reporting and voting interests.
The latest issuance underscores Kavango’s strategy of linking international capital with domestic participation, positioning Zimbabwean pension funds at the centre of its growth plans as it moves toward scaled gold production.
This push to strengthen local capital backing comes as Kavango begins to translate exploration into output, having produced 23.4 kg of gold from its Hillside Project in the year to December 2025.
Attention is now shifting to scaling up operations at Bill’s Luck Mine, which management views as central to future growth.
Following the publication of a preliminary JORC Mineral Resource Estimate in February 2026, the company is assessing an increase in processing capacity and is working towards commissioning a 50 tonne-per-day carbon-in-pulp (CIP) pilot plant in the second quarter of 2026.
