London-listed mining firm Kavango Resources plc has confirmed that it had 4.4 billion ordinary shares in issue as of May 15, 2026, providing shareholders with the latest information on the company's voting rights structure.

In a regulatory update released on June 1, the company said its issued share capital comprised 4,402,636,126 ordinary shares, each carrying one vote. Of this total, 831,177,585 shares are secondary listed on the Victoria Falls Stock Exchange (VFEX).

The company, which is listed on the London Stock Exchange under the ticker KAV and on the VFEX as KAV.VX, stated that it holds no treasury shares. Consequently, the total number of voting rights available to shareholders matches the total number of shares in issue.

Kavango said the figure serves as a reference point for investors when calculating whether they have crossed notification thresholds under the United Kingdom's Disclosure Guidance and Transparency Rules.

The disclosure comes as the company continues to make progress at its Hillside Gold Project in Zimbabwe, where recent metallurgical studies have produced positive results that could support future production growth.

According to Kavango, testwork conducted on ore from the Nightshift and Bill's Luck deposits delivered gold recovery rates exceeding 95 percent under laboratory conditions, with anticipated operational recovery expected to range between 90 and 93 percent.

The studies were undertaken to refine processing methods for a planned 50-tonne-per-day carbon-in-leach processing plant currently under development and to guide a future expansion to 250 tonnes per day.

Results showed that the majority of gold contained in the ore is free-milling, allowing it to be recovered using conventional processing techniques. The company reported that all gold identified in samples from the Nightshift deposit was native gold, while Bill's Luck recorded a free-milling gold content of 91 percent.

The metallurgical programme was carried out with the support of South African-based Solo Resources and Maelgwyn Mineral Services, while SGS South Africa conducted specialised mineralogical assessments.

Kavango also highlighted the low presence of copper, zinc and carbon-bearing minerals within the ore, factors that are expected to support efficient processing and lower operating costs.

Testing identified a grind size of 75 microns as optimal for recovery, while gravity concentration trials achieved recovery rates ranging from 50 to 90 percent depending on the ore blend and processing configuration.

Additional intensive leaching tests indicated that as much as 98 percent of the gold contained in gravity concentrates could be extracted within 24 hours.

Interim Chief Executive Officer Peter Wynter Bee said the results reinforce the company's confidence in expanding both resources and production capacity at Hillside.

"The team is extremely encouraged by these excellent metallurgical testwork results. All processing parameters are considered to be within a normal range, with no excess grinding or reagent consumption requirements," he said.

Bee added that the findings strengthen Kavango's plans to continue growing the Hillside resource base while pursuing increased gold output through larger processing operations in the future.

The Hillside Gold Project forms part of Kavango's broader Zimbabwean portfolio, where the company is advancing a number of gold development initiatives as the country seeks to boost mineral production and attract investment into the mining sector.