Kavango Resources (GB:KAV)
LSE:KAV
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Kavango Resources
(LSE:KAV)
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Rating:45Neutral
Price Target:
0.73 p
▼(-6.28% Downside)
Action:UpgradedDate:01/28/26
The score is held down primarily by weak financial performance—large operating losses and significant cash burn despite only early-stage revenue—partly offset by a balance sheet with positive equity and moderate leverage. Technicals are mixed with neutral momentum and short-term stabilization, while valuation is difficult to support due to a negative P/E and no dividend yield provided.
Positive Factors
Initial revenue growth
Kavango reported its first meaningful revenue (GBP 445k) with ~206.7% revenue growth, a durable signal that early-stage commercialisation or monetisation activity is beginning. For an explorer, growing revenue provides a foundation to validate targets and attract partners over months.
Negative Factors
Large operating losses and cash burn
Reported net loss (~GBP 8.7m) and substantial negative operating and free cash flows reflect persistent cash burn far exceeding current revenue. For a non-producing explorer this creates structural funding pressure, increasing likelihood of dilutive raises or halted programs absent partner funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Initial revenue growth
Kavango reported its first meaningful revenue (GBP 445k) with ~206.7% revenue growth, a durable signal that early-stage commercialisation or monetisation activity is beginning. For an explorer, growing revenue provides a foundation to validate targets and attract partners over months.
Read all positive factors
Kavango Resources (KAV) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£31.65M
Dividend YieldN/A
Average Volume (3M)1.40M
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees107
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding4,366,039,600
10 Day Avg. Volume2,590,708
30 Day Avg. Volume1,403,294
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)1.13
Price to Sales (P/S)34.01
P/FCF Ratio-1.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Kavango Resources Business Overview & Revenue Model
Company Description
Kavango Resources Plc, together with its subsidiaries, engages in the exploration of base and precious metals in Botswana. The company explores for nickel, copper, platinum group metals, silver, and rare earth deposits. Its projects include the Ka...
How the Company Makes Money
Kavango Resources primarily seeks to generate shareholder value through the exploration and advancement of mineral projects rather than through established operating production. Its potential revenue model (when monetised) generally includes: (1) ...
Kavango Resources Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
38
Negative
Cash Flow
15
Very Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 656.00K | 445.00K | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -490.00K | -39.00K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -14.18M | -8.40M | -3.15M | -2.27M | -197.00 | 395.00K |
| Net Income | -13.02M | -8.66M | -3.29M | -2.21M | -1.74M | -708.00K |
Balance Sheet | ||||||
| Total Assets | 23.26M | 19.01M | 19.64M | 13.27M | 8.09M | 5.07M |
| Cash, Cash Equivalents and Short-Term Investments | 3.67M | 1.52M | 3.77M | 2.27M | 2.52M | 2.42M |
| Total Debt | 0.00 | 4.76M | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 938.67K | 5.47M | 1.28M | 571.00K | 299.00K | 79.00K |
| Stockholders Equity | 22.14M | 13.35M | 18.17M | 12.70M | 7.79M | 4.99M |
Cash Flow | ||||||
| Free Cash Flow | -12.22M | -9.54M | -5.86M | -1.63K | -1.58K | -770.00 |
| Operating Cash Flow | -8.31M | -5.77M | -2.28M | -1.56K | -1.33K | -740.00 |
| Investing Cash Flow | -3.14M | -4.96M | -4.02M | -2.60M | -2.55M | -270.00 |
| Financing Cash Flow | 13.19M | 8.52M | 7.34M | 4.33M | 4.02M | 3.08K |
Kavango Resources Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | £19.03M | -1.29 | -9.71% | ― | ― | ― | |
52 Neutral | £31.73M | -9.13 | >-0.01% | ― | ― | -19.57% | |
50 Neutral | £15.82M | -1.11 | -43.43% | ― | ― | ― | |
45 Neutral | £31.65M | -1.74 | -73.36% | ― | ― | ― | |
| ― | £15.53M | ― | ― | ― | ― | ― | |
41 Neutral | £57.67M | 13.30 | -76.15% | ― | ― | -0.59% |
* Basic Materials Sector Average
GB:KAV
Kavango Resources
0.73
0.05
7.41%
GB:KDNC
Cadence Minerals
4.65
3.03
187.04%
GB:POW
Power Metal Resources Plc
13.75
0.25
1.85%
GB:ZNWD
Zinnwald Lithium Plc
5.85
-0.05
-0.85%
GB:CRTM
Critical Metals Plc
7.50
-2.75
-26.83%
GB:CTL
CleanTech Lithium PLC
7.75
-2.00
-20.51%
Kavango Resources Corporate Events
Business Operations and StrategyLegal ProceedingsPrivate Placements and Financing
Kavango Raises US$8.4m to Fund Zimbabwe Gold Expansion
Positive
Mar 6, 2026
Kavango Resources has raised about US$8.4 million via subscriptions in Zimbabwe and the UK, issuing roughly 630 million new shares at a 33% premium to its recent mid‑market price. Chairman and interim CEO Peter Wynter Bee participated in the...
Business Operations and StrategyLegal Proceedings
Kavango Pursues Legal Action After Nara Gold Project Seller Defaults
Negative
Mar 2, 2026
Kavango Resources has disclosed that the seller of the Nara Gold Project in Zimbabwe, Simon John Bowman, has defaulted on the agreed terms of a call option agreement covering 45 mining claims, despite Kavango having exercised its option to acquire...
Business Operations and StrategyRegulatory Filings and Compliance
Kavango Files NI 43-101 Report as Karakubis Drilling Confirms Copper Potential
Positive
Feb 17, 2026
Kavango Resources has published a National Instrument 43-101 Technical Report for its Karakubis Project in Botswana’s Kalahari Copper Belt, prepared by SLR Consulting and now available on the company’s website. The report underpins the...
Business Operations and Strategy
Kavango declares maiden JORC resource at Bill’s Luck to drive Hillside gold growth
Positive
Feb 9, 2026
Kavango Resources has published a maiden JORC-compliant mineral resource estimate for the historic Bill’s Luck Gold Mine at its Hillside Gold Project in Zimbabwe, outlining 33,900 ounces of gold at an average grade of 2.68 grams per tonne, r...
Regulatory Filings and Compliance
Kavango Resources Confirms Share Capital and Voting Rights Structure
Neutral
Jan 30, 2026
Kavango Resources, listed on both the London Stock Exchange and the Victoria Falls Stock Exchange, has confirmed its current issued share capital and voting rights structure. As of 19 January 2026, the company has 3,736,048,519 ordinary shares in ...
Business Operations and Strategy
Kavango Drilling at Bill’s Luck Delivers High Grades Ahead of Maiden Resource
Positive
Jan 29, 2026
Kavango Resources has completed a 7,714-metre reverse circulation and diamond drilling programme at the historic Bill’s Luck Gold Mine in Zimbabwe’s Hillside Project, reporting multiple high-grade gold intersections across several para...
Business Operations and Strategy
Kavango Drilling Confirms Extensive High-Grade Gold System at Bill’s Luck Mine
Positive
Jan 26, 2026
Kavango Resources has reported successful results from a 7,714-metre diamond and reverse circulation drilling campaign at the historic Bill’s Luck Gold Mine within its Hillside Project in Zimbabwe, confirming a mineralised system that extend...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Kavango Resources Expands Zimbabwe Pension Fund Backing With New Share Issue
Positive
Jan 14, 2026
Kavango Resources will issue 74,016,243 new ordinary shares on or around 16 January 2026 to Comarton Consultants and nine pension funds that are part of the Comarton Managed Pension Funds Investments Consortium, at an issue price of £0.01 per...
Business Operations and Strategy
Kavango Resources Awards 240 Million Share Options to Management and Staff
Positive
Jan 7, 2026
Kavango Resources has granted a total of 240 million new share options, comprising 90 million options to directors and persons discharging managerial responsibilities and 150 million options to employees and consultants, all exercisable at 1p per ...
Regulatory Filings and Compliance
Kavango Resources Updates Total Voting Rights and Share Capital
Neutral
Dec 31, 2025
Kavango Resources has confirmed that, as of 16 December 2025, it has 3,662,032,276 ordinary shares in issue, all carrying one vote each, with 370,573,735 of these shares secondary listed on the Victoria Falls Stock Exchange and no shares held in t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.