London Stock Exchange-listed mineral exploration company Kavango Resources plc is pursuing a secondary listing on the Victoria Falls Stock Exchange (VFEX) to raise up to US$13.5 million for gold mining and exploration in Zimbabwe and Botswana.
According to the company’s prospectus, the listing will be structured through a branch register linking with its London Stock Exchange (LSE) listing. This will allow Zimbabwean investors to trade Kavango shares locally while retaining the option to move them to the UK market.
Two anchor investors have committed a combined US$8.5 million. Purebond Limited will provide US$3.5 million, while Comarton, a consortium of Zimbabwean pension funds, will offer a US$5 million convertible loan facility. The remaining US$5 million will be open to institutional, corporate, and individual investors in Zimbabwe.
Funds raised will be directed toward the development of Kavango’s Hillside gold project in Matabeleland, Zimbabwe, and continued exploration in Botswana’s Kalahari Copper Belt, Kalahari Suture Zone, and Ditau projects. The budget includes US$2.27 million for mine access construction, US$6.87 million for plant development, and US$2.9 million for mining fleets and working capital.
In Zimbabwe, Kavango is consolidating small-scale gold claims into larger exploration packages. Early-stage production has already started at Hillside, with a maiden drilling programme returning high-grade gold results. Plans include bulk mining using modern techniques such as spiral decline access.
The Nara project, also in Matabeleland, is under due diligence and contains a JORC-compliant tailings resource of nearly 6,000 ounces of gold.
In Botswana, the company is advancing work on 18 licences in the Kalahari Copper Belt and 15 in the KSZ and Ditau projects, with drilling and geophysical surveys identifying several mineralised targets.
Kavango’s board says the VFEX listing will expand its shareholder base, improve access to local capital, and encourage Zimbabwean participation in mining. The listing date is set for 29 August 2025, with subscriptions open from 5 to 26 August.
The company highlighted several benefits of the secondary listing, including increased local investor participation, financial inclusivity, liquidity in the VFEX market, and the potential to attract foreign investment. Funds raised will be held in approved local or offshore accounts with internationally recognised banks.
The VFEX has approved the listing subject to meeting minimum capital and shareholder spread requirements. Kavango will maintain its primary LSE listing, with VFEX shares trading locally unless transferred to the UK register.
