Kavango Resources PLC (LON:KAV), an exploration company targeting world class mineral deposits in Botswana, raised a total of GBP2.0mln in 2020 and made progress on all of its projects, it said alongside financial results for the year.
“It has been an eventful year, with good progress on our projects, principally the Kalahari Suture Zone (KSZ), where our geological and geophysical teams have done fantastic work to get the project to the stage whereby we expect drilling will be carried out later this year, coupled with completing two significant capital raisings,” said chairman David Smith.
Pretax losses narrowed to US$0.71mln from US$1.47mln in 2019 when it took a US$1.0mln impairment. It has no revenue.
The company ended the year with cash and cash equivalents of US$2.14mln versus US$0.97mln in 2019.
It is exploring three projects in Botswana: KSZ for copper-nickel platinum group metal (PGM) deposits; the Kalahari Copperbelt Project (KCB) for copper-silver deposits; and the Ditau project for copper and rare earths.
“Progress at the project level has been achieved despite the global pandemic and related travel restrictions,” said Smith.
“Botswana has so far coped admirably with COVID-19, allowing our field work to resume in September 2020 after only 5-6 months of lock down. Luckily, that period coincided with our own analysis of a huge amount of data derived from several years of field work, and much of this was done from home. Our exploration programme, therefore, was not delayed too much.”
“Both copper and nickel metals have a rosy future as a result of their use in the green technology revolution. Price rises have reflected this.”
The company plans to accelerate its exploration programme on all three of its projects this year as well as undertaking a drilling programme in the KSZ.