Kavango Resources PLC (LSE:KAV, OTC:KVGOF) chair David Smith highlighted ‘great strides’ in the first half, towards the company’s ambition to become one of Botswana's leading minerals exploration companies.
“The first six months of 2021 have essentially been a period of transition for the company, as it moves from its start-up phase to a fully operational enterprise, and while there have inevitably been growing pains, I am confident we are continuing to build the right leadership team in place to maximise Kavango's chances of future success,” Smith said.
“We continue to look to identify the right individuals, at all levels of the group, who can help us grow the group, deliver value to our shareholders and play a positive and responsible role in the wider communities in which we operate.”
Smith added that operationally Kavango has accelerated exploration across all its three project areas – namely the Kalahari Suture Zone, the Kalahari Copper Belt and the Ditau rare earth elements project.
The company noted that it spent US$512,000 on exploration in Botswana, and, it reported a US$776,000 operating loss for the six months ended June 30.
Kavango ended the half with US$2.19mln of cash and equivalents.