Kavango Resources Produces 23.4kg Gold at Hillside, Targets Scale-Up at Bill’s Luck Mine

Key Takeaways

• Produced 23.4 kg gold in 2025, mainly from artisanal ore.
• Bill’s Luck MRE released Feb 2026, guiding expansion plans.
• 50 t/d CIP plant slated for Q2 2026 commissioning.
• Study underway to scale plant to 250 t/d capacity.
• Scaling aims to secure feedstock and boost consistent output.

Pulse Analysis

Kavango Resources, listed on the Victoria Falls Stock Exchange, posted a modest 23.4 kg of gold in the year to December 2025. The output was driven largely by a hybrid model that blends artisanal ore from small‑scale miners with limited company‑mined feed from the Bill’s Luck Mine. While the quantity is small by global standards, it represents the company’s first measurable production foothold in the Filabusi Greenstone Belt, a region historically rich in gold but plagued by under‑investment and logistical constraints.

The turning point arrives with the February 2026 preliminary JORC Mineral Resource Estimate for Bill’s Luck, which gave Kavango a data‑backed basis to expand. Management is commissioning a 50‑tonne‑per‑day carbon‑in‑pulp (CIP) plant in Q2 2026, a continuous processing circuit that will replace the legacy stamp‑mill setup. A parallel scoping study targets a 250 t/d upgrade, a scale that could lift annual production into the hundreds of kilograms range, provided sufficient ore feed is secured.

From an investment perspective, the shift toward proprietary processing reduces dependence on artisanal supply chains and improves recovery efficiency, two factors that can sharpen margins in a volatile gold market. If Kavango successfully scales Bill’s Luck, the Hillside Project could evolve from a pilot operation into a reliable regional producer, attracting both equity and debt financing. However, the roadmap hinges on timely plant commissioning, successful deep‑stoping at Bill’s Luck, and the identification of additional ore sources within the broader licence area.