Kavango Resources PLC has signed a Deed of Variation (DoV) linked to its planned acquisition of Zimbabwe’s Nara Gold Project, marking a significant step toward concluding the transaction and strengthening the company’s footprint in the country’s gold sector.
In an update, the Southern Africa-focused metals exploration and gold production company said the DoV amends a call option agreement originally signed on June 23, 2023, which grants Kavango the right to acquire 100 percent of the Nara Gold Project comprising 45 mining claims.
The latest development follows previous updates issued on December 9, 2025, March 2, 2026, and March 19, 2026. Kavango said the variation clarifies completion mechanics, with the transaction now expected to be finalised in the near term.
The company confirmed that it has transferred the outstanding balance of the purchase consideration into an escrow account, with the funds set to be released to the seller once all final documentation has been completed.
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Kavango also revealed ongoing discussions around the potential acquisition of Romjack Mining (Pvt) Ltd, the operating company currently running the Nara project. The company said purchasing Romjack would enable operational continuity immediately after completion of the deal.
Executive Chairman and Interim Chief Executive Officer Peter Wynter Bee said the company intends to build on existing progress at the project.
“We are excited to be embarking on the Nara project. The company is committed to building upon the success of the Nara Gold Project, for the benefit of its shareholders and the local community,” he said.
He added that Kavango is assessing the co-location of its exploration teams to enhance operational efficiency and strengthen development across its Zimbabwean assets.
The Nara Gold Project is expected to become a key addition to Kavango’s regional portfolio as the company expands gold exploration and production activities across Southern Africa.
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