·    The mineral Claims are held by a third party with whom Kavango holds a valid Option agreement Call Option Agreement dated 23 June 2023.

·    The 45 Claims under the agreement cover 415 hectares, and the Call Option Agreement is valid for two years to 23 June 2025, during which Kavango has exclusive access to the Claims.

·    Under the Call Option Agreement Kavango will need to pay the licence holder a fee before expiry, following which Kavango will own 100%.

·    There is established mining activity in the area. An environmental permit is held by the Claims holder.

·    The Nara project covers four historic mines with total recorded production of more than 90,000oz in the first half of the 20th Century. These mines also produced credits of tungsten and silver. There is a 30-year plus history of small-scale mining & custom milling on the property.

·    No drilling or modern exploration has been carried out to assess the property.

·    The resource is a tailings deposit. The Nara prospect is located within the Filabusi Greenstone Belt, sitting astride the Redwing Shear Zone, which hosts gold mineralisation. Seven formations have been identified at Filabusi and these are grouped into Lower and Upper greenstones of the Bulawayan Group as in the adjoining Mberengwa belt. There is apparent unconformity between the Lower and Upper greenstones.

·    Historical reports and longitudinal sections show mining of at least two parallel orebodies and a third oblique splay. The southern or footwall reef consists of massive boudinage quartz veins, and the northern hangingwall reef consists of quartz stringers, both hosted within mafic schist. Both types of reefs are set in highly sheared and laminated chlorite- and carbonated biotite-feldspar-schists, with the proportion of biotite increasing towards the quartz. There is congruence between one of the reefs and the splay, with the first type truncating the second along strike east of the old main shaft.

·    The area around the Nara project contains 139 historic gold mines with a combined production of greater than 1.7Moz gold. These mines have been predominantly narrow, high-grade oxide production.

·    There are currently no active large mines. The area is instead serviced by stamp mills, receiving ore from tribute miners.

·    These data are provided as an appendix in the Mineral Resource Report to the Company.

·    No weighted averages have been used.

·    No higher cut has been used, as not considered appropriate.

·    Samples are generally of a consistent length.

·    Only gold values are included.

·    The auger holes are considered perpendicular to stratification from when tailings were laid down.

·    Down hole lengths will therefore approximate to true widths.

·    These are contained in separate resource report.

·    All grades and widths have been reported.

·    Density data was collected from 4 trenches across the eastern dump with 5 samples collected in each trench representing depths between surface (0m) and 4m depth.  After accounting for obvious outliers the final data indicated an average density of 1.8t/m³ was appropriate as a measure of in-situ dry density.

·    No metallurgical work has yet been carried out, however the bottle roll testwork provides a strong indication of the leachability of the tailings.

·    No deleterious materials were observed in the dumps or samples. 

·    Data is stored in a Dropbox archive, which only two people have write access to.

·    All data have been run through Micromine and Surpac's validation tool, and any anomalies investigated and corrected.

·    A manual check of 10% of all data was carried out by the Resource Consultant.

·    Due to the project location and straightforward nature of the tailings deposit the Resource Consultant did not visit. The Company's internal CP did however visit and has validated the hole locations and sampling protocols as well as visiting the analytical laboratory. 

·    The mineralized domains which constitute the deposit consist of horizontally layered tailings deposit material deposited in 2 adjacent facilities which form above ground level elevated "dumps" free draining

·    Data used for the resource estimation consisted of auger drill data assay results as well as logging data describing colour and grain size.

·    The correlation between grade with colour and grain size is low and it was not considered appropriate to try and sub-divide the dumps into separate domains based on either colour or grain size.

·    Continuity of grade appears high, likely due to the relatively uniform nature of the source material.  Variations within the deposits for colour and grain size do not materially impact the variability of grade

·    The Mineral Resource domains consist of 2 adjacent historical tailings dumps.  The east dump contains the bulk of the Mineral Resource and is roughly circular in plan view with dimensions of approximately 220x220m and a height of between 10-12m.  the west dump dimensions are approximately 145m x 130m and a height of only 4m

·    Estimation consisted of exploratory data analysis (EDA) of the auger sample data separately for the two domains (East and West).  Following data validation the sample assay data was selected as the interpolation variable.  The reason for this was that the sample length of 1.5m is the most common sample length and very samples fell below this interval  correlation cross plots of sample length against gold grade showed no material bias between length and grade and it was decided that the sample length is an effective composite for use in the grade estimate.

·    The grade histogram exhibits the classic high grade tail seen in most gold deposits, however, given the nature of the tailings product the high grades are relatively well controlled with the highest grade only 2.5g/t.  It was considered that there was no requirement for high grade cutting given the smoothing process inherent in the kriging algorithm and the fact that the high grades tend to occur in discrete groupings rather than a random scattering throughout the deposit.

·    Estimation and EDA were conducted using the Isatis Neo^®  software.  Semi-variogram analysis was conducted on the raw data composites and the resulting experimental variograms were modelled with ranges of 52m and 37m in the east and north directions respectively and a relatively low nugget variance leading to a high estimated kriging efficiency and high Kriging Slope of Regression (KsoR) results.

·    Search parameters closely followed the geostatistical ranges and are summarized below:

·    Ellipsoid parameters:

o Ellipsoid rotation         Dip = 0° Dip Azimuth = N90° Pitch = 90°

o Ellipsoid size (radius)  50 m,35 m,4 m

o Use anisotropic distances            Yes

o Number of angular sectors            4

o Maximum number per sector            20

o Split ellipsoid vertically            No

o Minimum number of samples            4

·    Parent block size was set at 10x10x4m (XYZ) and sub blocking was performed in order to better fit the resulting reporting to the modelled domain boundaries.  The sub-blocks were defined at 2.5x2.5x0.5m.  hole spacing is 20x20m with an average sample length of 1.4m thus the block size is considered appropriate to locate sufficient samples within a block to provide a reliable estimate of grade.

·    Grade interpolation was performed into the parent blocks and all sub-blocks retained the grade of their parent block for reporting purposes

·    Validation was carried out using visual examination of hole and block sections along with swath plots for the two domains independently.  The following plot shows the superimposed histograms for the East domain samples (red) and kriged blocks (blue) highlighting the smoothing caused by the kriging algorithm.

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·    There are no previous estimates.

·    No by-product production is assumed.

·    No deleterious elements have been identified, however future metallurgical work should include this.

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·    Densities have been measured using in-situ tailings densities, moisture has not been calculated but is considered typical for this largely hot and dry area.

·    No cut-off has been applied. The majority of material contains some grade, and owing to the nature of the deposit style, all material will be required to be mined and processed.

·    It is assumed that small mobile plant will be used.

·    As selective mining will not be used no mining losses or dilution are anticipated.

·    The material is considered to be "free dig" throughout the full depth extent of the dumps and the gold grade is relatively consistent throughout the domains modelled

·    The format of the dumps makes such mining straightforward.

·    The bottle roll data may provide a reasonable proxy for recoverable gold using a cyanide leach.

·    Adjacent properties are processing tailings and generating significant revenue. This appears to demonstrate the viability of a future operation.

·    Metallurgical testwork will follow as a next step to verify recoveries, residence times, and estimate reagent consumptions.

·    The project is in a brownfield area of tailings. With careful planning it is expected that given there will be minimal change in volume of the material, that it can be redeposited in its source area.

·    Consideration will be given as to whether the material can be improved in terms of chemical and physical stability, and whether for example revegetation can be facilitated.

·    Density data was collected from 4 trenches across the eastern dump with 5 samples collected in each trench representing depths between surface (0m) and 4m depth.  After accounting for obvious outliers the final data indicated an average density of 1.8t/m³ was appropriate as a measure of in-situ dry density.

·    There is distinct variation in the results obtained from the upper layers of each trench with the highest density in the upper surface (possibly due to compaction by machinery) with relatively wide variations (outliers) in the upper 1-2m below which the density values become considerably more uniform.  The final density estimate used was a global figure of 1.80t/m³ which matches closely with data obtained from benchmarking of sand material density from a number of sources in the engineering literature and from experience of similar styles of deposition. 

·    The continued determination of reliable and accurate density is recommended for the project going forward.

·    The data are considered representative for what is a relatively homogenous tailings deposit.

·    The majority of the defined Mineral Resource (96%) is considered by the competent person to be in the Indicated category.  A portion of the deposit is considered suitable for classification as Measured Mineral Resource given the updated density sampling and assessment.

·    The resulting Mineral Resource statement appropriately and accurately reflects the Competent Persons view of the grade values and distribution within the defined domains.

·    No third party review has yet been carried out.