Botswana-focused minerals explorer Kavango Resources PLC (LON:KAV) is looking ahead to an “exciting” 2019 following a “very busy” nine months or so since going public.
The company only joined the standard segment of the London Stock Exchange at the end of July, but it has already achieved “several significant milestones”, said chief executive Michael Foster.
WATCH: Kavango encouraged by results from first hole at Ditau
Over 4,000 line-kilometres of airborne electromagnetic surveys have been carried out over Kavango’s prospecting licences, which cover around 9,000 sq km in south west Botswana.
Around 1,000m of drilling has also been completed at the Ditau prospect, which has so far indicated the presence of high cobalt and elevated copper, as well as copper, nickel and zinc values.
Kavango said assays from the latest drill programmes are “eagerly awaited” and will be announced as they become available.
In terms of the financials, the company ended the 2018 with US$3.4mln of cash on hand (2017: US$2.9mln), boosted by the US$2.0mln (£1.5mln) it raised as part of its initial public offering.
Exciting programme planned for 2019
That figure is likely to be even healthier following the raising of a further US$1.0mln (£0.75mln) last month (March).
The annual loss widened to US$755,300 (2017: US$127,000) reflecting the
“We are pleased to announce our audited financial statements for the year ended 31 December 2018, our first since listing on the London Stock Exchange on 31 July 2018,” said CEO Foster.
“We look forward to an exciting programme of exploration in 2019.”
Shares fell 9.2% to 2.68p in late-afternoon trading on Tuesday.