# Unaudited Interim Results Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/unaudited-interim-results--581a8e0f-a06c-4bb2-9d6f-7ff876c612f1 Original source: https://www.londonstockexchange.com/news-article/KAV/unaudited-interim-results/17799886 Publisher: lse Original announcement: 2026-09-23T05:00:03.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-23T08:35:53.980Z Atlas analysis updated: 2026-09-23T08:35:53.980Z - Company: Kavango Resources PLC - Ticker: KAV - Exchange: LSE - Region: Zimbabwe - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Metallurgy, Other - Extracted: 2026-09-23 08:35:54 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Kavango Resources PLC announced unaudited interim results for H1 2026, reporting a significant reduction in operating loss and increased revenue. Operational highlights include maiden JORC-compliant Mineral Resource Estimates for the Bill's Luck and Nightshift gold mines in Zimbabwe, totaling 33,900 oz and 19,000 oz of gold respectively. Metallurgical test work for Hillside ore samples indicated high gold recoveries of 90-93%, supporting the commissioning of a 50 tpd CIL plant. Reasoning: The company reported maiden JORC-compliant gold resource estimates for two projects and positive metallurgical test work results, alongside improved financial performance with reduced losses and successful fundraises. - Positive factor: Maiden Mineral Resource Estimates - Positive factor: JORC Compliant Reporting - Positive factor: High Gold Recoveries - Positive factor: Reduced Operating Losses - Positive factor: Successful Equity Raises - Positive factor: QP/CP Signed - Negative factor: Continued Net Loss - Negative factor: Material Uncertainty Regarding Future Funding - Negative factor: High Gold Price Assumption for Resource Estimates - Negative factor: Significant Inferred Component in MREs Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 6 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Bill's Luck Mineral Resource Estimate is the Company's maiden Mineral Resource Estimate for the deposit. Evidence · text > These results directly underpinned the maiden JORC Mineral Resource Estimate for Bill's Luck. The Bill's Luck Mineral Resource Estimate set out below is the Company's maiden Mineral Resource Estimate for the deposit **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Bill's Luck Mineral Resource Estimate is reported in accordance with the JORC Code \(2012 Edition\). Evidence · text > The Bill's Luck Mineral Resource Estimate set out below is the Company's maiden Mineral Resource Estimate for the deposit and is reported in accordance with the JORC Code \(2012 Edition\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Competent Person responsible for the Bill's Luck Mineral Resource Estimate was Mr Stephen John Savage of S. J. Savage Consulting CC. Evidence · text > The Competent Person responsible for the Mineral Resource Estimate in that announcement was Mr Stephen John Savage of S. J. Savage Consulting CC. **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The Bill's Luck MRE includes a Measured category of 24,000 tonnes at 3.30 g/t Au. Evidence · table > Measured Context: 24,000 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Bill's Luck MRE includes an Indicated category of 154,000 tonnes at 2.70 g/t Au. Evidence · table > Indicated Context: 154,000 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Bill's Luck MRE includes an Inferred category of 215,000 tonnes at 2.60 g/t Au. Evidence · table > Inferred Context: 215,000 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Resources for Bill's Luck are reported at a cut-off grade of 0.5 g/t. Evidence · text > Resources are reported at a cut-off grade of 0.5 g/t **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The Nightshift Mineral Resource Estimate is the Company's maiden Mineral Resource Estimate for the deposit. Evidence · text > The Nightshift Mineral Resource Estimate set out below is the Company's maiden Mineral Resource Estimate for the deposit **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Nightshift Mineral Resource Estimate is reported in accordance with the JORC Code \(2012 Edition\). Evidence · text > The Nightshift Mineral Resource Estimate set out below is the Company's maiden Mineral Resource Estimate for the deposit and is reported in accordance with the JORC Code \(2012 Edition\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Competent Person responsible for the Nightshift Mineral Resource Estimate was Mr Stephen John Savage of S. J. Savage Consulting CC. Evidence · text > The Competent Persons responsible for the information in that announcement were: Mr Stephen John Savage of S. J. Savage Consulting CC, in respect of the Mineral Resource Estimate **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Nightshift MRE includes an Indicated category of 421,000 tonnes at 0.78 g/t Au. Evidence · table > Indicated Context: 421,000 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Nightshift MRE includes an Inferred category of 273,000 tonnes at 0.98 g/t Au. Evidence · table > Inferred Context: 273,000 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Resources for Nightshift are reported at a cut-off grade of 0.5 g/t. Evidence · text > Resources are reported at a cut-off grade of 0.5 g/t **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Metallurgical test work indicated expected operating recoveries of approximately 90 – 93% for gold. Evidence · text > Test work indicated expected operating recoveries of approximately 90 – 93%. **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The 50 tonnes-per-day proof of concept carbon-in-leach gold processing plant has commenced commissioning. Evidence · text > Commissioning commenced at Hillside following successful processing plant installation **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The metallurgical test work is for a carbon-in-leach gold processing plant. Evidence · text > carbon-in-leach gold processing plant **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/unaudited-interim-results--581a8e0f-a06c-4bb2-9d6f-7ff876c612f1#fact-resource-facts-0) Hillside Gold Project · gold #### Identity - Project: Hillside Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: KAV #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Stephen John Savage - Resource group id: resource:1394c12326769ce56a68 - Deposit or zone: Bill's Luck Gold Mine - Mining method: combined #### Resource Data - Category: measured - Tonnes: 24000 - Grade: 3.3 - Grade Unit: g/t - Contained Metal: 2600 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-01-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: Highest confidence category \(Measured\) for a maiden resource estimate, providing a strong foundation for the project, though based on a high gold price assumption. - Positive factor: Measured Resource - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: High Gold Price Assumption for Resource Estimates Evidence · table > 24,000 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/unaudited-interim-results--581a8e0f-a06c-4bb2-9d6f-7ff876c612f1#fact-resource-facts-1) Hillside Gold Project · gold #### Identity - Project: Hillside Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: KAV #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Stephen John Savage - Resource group id: resource:ac02d4fa2b79258df3b5 - Deposit or zone: Bill's Luck Gold Mine - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 154000 - Grade: 2.7 - Grade Unit: g/t - Contained Metal: 13400 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-01-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: Good confidence category \(Indicated\) for a maiden resource estimate, contributing significantly to the overall resource, but based on a high gold price assumption. - Positive factor: Indicated Resource - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: High Gold Price Assumption for Resource Estimates Evidence · table > 154,000 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/unaudited-interim-results--581a8e0f-a06c-4bb2-9d6f-7ff876c612f1#fact-resource-facts-2) Hillside Gold Project · gold #### Identity - Project: Hillside Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: KAV #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Stephen John Savage - Resource group id: resource:0ba1eb4fdc6252e9c5e2 - Deposit or zone: Bill's Luck Gold Mine - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 215000 - Grade: 2.6 - Grade Unit: g/t - Contained Metal: 18000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-01-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: Lowest confidence category \(Inferred\) for a maiden resource estimate, representing a significant portion of the total resource, and based on a high gold price assumption. - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource - Negative factor: High Gold Price Assumption for Resource Estimates Evidence · table > 215,000 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/unaudited-interim-results--581a8e0f-a06c-4bb2-9d6f-7ff876c612f1#fact-resource-facts-3) Hillside Gold Project · gold #### Identity - Project: Hillside Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: KAV #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Stephen John Savage - Resource group id: resource:952c215a39b0ecdc8edb - Deposit or zone: Nightshift - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 421000 - Grade: 0.78 - Grade Unit: g/t - Contained Metal: 11000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: Good confidence category \(Indicated\) for a maiden resource estimate, though with a lower grade than Bill's Luck, and based on a high gold price assumption. - Positive factor: Indicated Resource - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: High Gold Price Assumption for Resource Estimates Evidence · table > 421,000 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/unaudited-interim-results--581a8e0f-a06c-4bb2-9d6f-7ff876c612f1#fact-resource-facts-4) Hillside Gold Project · gold #### Identity - Project: Hillside Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: KAV #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Stephen John Savage - Resource group id: resource:693100e2e5874255c7cd - Deposit or zone: Nightshift - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 273000 - Grade: 0.98 - Grade Unit: g/t - Contained Metal: 9000 - Contained Unit: oz - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-09-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: Lowest confidence category \(Inferred\) for a maiden resource estimate, with lower grade, and based on a high gold price assumption. - Positive factor: Maiden Resource - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource - Negative factor: High Gold Price Assumption for Resource Estimates Evidence · table > 273,000 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## Metallurgical Results (1) ### carbon-in-leach [Link to this fact](https://atlas-staging.minestarters.com/news/unaudited-interim-results--581a8e0f-a06c-4bb2-9d6f-7ff876c612f1#fact-metallurgical-facts-5) Hillside Gold Project · gold #### Identity - Project: Hillside Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: KAV #### Test Work - Program Status: detailed - Test Type: carbon-in-leach - Processing Route: carbon-in-leach gold processing plant - Sample: multiple Hillside ore samples #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: Metallurgical test work indicated high expected operating recoveries of 90-93% for gold using a carbon-in-leach plant, which is a key input for plant design and future upgrades. - Positive factor: High Recovery - Positive factor: Pilot Scale Complete - Positive factor: Mill Route Evidence · text > Test work indicated expected operating recoveries of approximately 90 – 93%. This test work is a key input for the 50 tonnes-per-day proof of concept carbon-in-leach gold processing plant #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.