olivLaw · European equity research
KAVANGO RESOURCES PLC KAV.L
United Kingdom · London Stock Exchange · ISIN GB00BF0VMV24 · Vertical: Listed companies from United Kingdom
Kavango Resources PLC is a mining and exploration company listed in London that works on gold and base metals in Botswana and Zimbabwe. Interest in the company comes from its gold resources at Steenbok and its exploration projects in the Kalahari, with new funding in view.
At the close of 05 Nov 2026, KAVANGO RESOURCES PLC (KAV.L) stock was 0.01 GBP (+0.00% on the day), with beta -0.02, 52-week range 0.01–0.01 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.8
- weak (30–45)
- Bollinger (20, 2)
- 0.01 – 0.01
- in the lower half of the band · %B 0.21 · band width 24.6%
- SMA 50 / 200
- 0.01 / 0.01
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | unavailable | −0.6% | unavailable | — |
| 3 months | −14.3% | −4.2% | −10.1 pp | — |
| 6 months | −29.4% | +4.3% | −33.7 pp | — |
| Year to date | −17.2% | +7.5% | −24.8 pp | — |
| 1 year | −25.0% | +9.9% | −34.9 pp | +5.8% |
| 3 years | −29.4% | +49.8% | −79.3 pp | +26.3% |
| 5 years | −88.7% | +42.8% | −131.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 0 | 445.0 k | 1.7 m |
| Revenue YoY | unavailable | unavailable | +285.6% |
| Net income | -3.3 m | -8.7 m | -14.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.45 | -0.01 | -0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | -1,946.5% | -870.2% |
| Free cash flow | -2.5 m | -6.6 m | -12.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.6 m USD
- Financial debt
- 0 USD
- Net debt
- -4.6 m USD
- Equity
- 21.5 m USD
- Total assets
- 23.2 m USD
- Debt / equity
- 0.00x
- Current ratio
- 4.25x
- ROE
- -85.2%
- ROA
- -70.8%
- FCF margin
- -720.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 445.0 k | 1.7 m | esef· 12 May 2026verified |
| Cost of revenue | 0 | 484.0 k | 4.1 m | esef· 12 May 2026verified |
| Gross profit | 0 | -39.0 k | -2.4 m | esef· 12 May 2026verified |
| Operating income | -3.3 m | -8.6 m | -14.9 m | esef· 12 May 2026verified |
| Interest expense | 0 | 119.0 k | 42.0 k | esef· 12 May 2026verified |
| Pre-tax income | -3.3 m | -8.7 m | -14.9 m | esef· 12 May 2026verified |
| Income tax | 0 | 0 | 0 | esef· 12 May 2026verified |
| Net income | -3.3 m | -8.7 m | -14.9 m | esef· 12 May 2026verified |
| Diluted EPS | -0.45 | -0.01 | -0.00 | esef· 12 May 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.4 m | 1.1 m | 4.6 m | esef· 12 May 2026verified |
| Receivables | 928.0 k | 1.8 m | 1.3 m | esef· 12 May 2026verified |
| Inventories | 0 | 103.0 k | 0 | esef· 12 May 2026verified |
| Current assets | 4.7 m | 4.0 m | 6.0 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 352.0 k | 940.0 k | 1.4 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 14.6 m | 14.1 m | 15.8 m | esef· 12 May 2026verified |
| Total assets | 19.6 m | 19.0 m | 23.2 m | esef· 12 May 2026verified |
| Accounts payable | 1.3 m | 712.0 k | 1.3 m | esef· 12 May 2026verified |
| Short-term debt | 0 | 4.8 m | 0 | esef· 12 May 2026verified |
| Current liabilities | 1.3 m | 5.5 m | 1.4 m | esef· 12 May 2026verified |
| Total liabilities | 1.3 m | 5.5 m | 1.6 m | esef· 12 May 2026verified |
| Equity | 18.4 m | 13.5 m | 21.5 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 7.3 m | — | — | esef· 07 May 2025derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.3 m | -5.8 m | -11.4 m | esef· 12 May 2026verified |
| Capex | 259.0 k | 794.0 k | 923.0 k | esef· 12 May 2026verified |
| Free cash flow | -2.5 m ≈ | -6.6 m ≈ | -12.4 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -4.0 m | -5.0 m | -1.8 m | esef· 12 May 2026verified |
| Financing cash flow | 7.3 m | 8.5 m | 16.8 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -73.4% | 0 (vs peers) | 38% |
| Net margin · Quality | -870.2% | 3 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -355.0x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 4.3x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality1/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KAVANGO RESOURCES PLC (KAV.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 m USD in 2025; YoY growth 285.6%; net margin -870.2%; ROE -86.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.3x
What contradicts it
- ROIC: -73.4%
- Net margin: -870.2%
- Interest coverage: -355.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for KAV.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kavango Resources PLC is a mining and exploration company listed in London that works on gold and base metals in Botswana and Zimbabwe. Interest in the company comes from its gold resources at Steenbok and its exploration projects in the Kalahari, with new funding in view 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Exploration riskhigh
Exploration may fail to identify economically viable deposits, and technical delays could postpone projects 1.
- Funding riskhigh
The company depends on raising capital, and a shortage of funds could reduce the drilling programme 1.
- Geographic concentration riskmedium
Assets are in two countries, but all are in southern Africa and exposed to regional risks 1.
- Licensing riskmedium
The expiry of some licences and the failure to renew others could reduce the exploration area 1.
- Environmental and social riskmedium
Mining activities can affect the environment, and liability for earlier works may fall on the company 1.
Investment thesis
What would need to be true (bull case)
- If the KCB transaction is completed, the company could finance the next exploration phase without further dilution of shareholders 1.
- Tailings at Nara could bring revenue faster than new projects 1.
- If drilling at Karakubis confirms Tier 1 style mineralisation, the value of the projects could rise significantly 1.
What to watch
- Completion of the KCB strategic transactionH1 2026
- Completion of the Nara acquisition2026
- Resumption of artisanal mining at Steenbok after the tribute agreement2026
- Results of the regional 3D magnetic modelling in the KCBQ2 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company carries out its activity through subsidiaries in Botswana and Zimbabwe, with the main purpose of exploring and mining base and precious metals 1. Its main assets are the licences in the Kalahari Copper Belt, Kalahari Suture Zone and Ditau in Botswana, as well as the Hillside, Lonely and Nara projects in Zimbabwe 1. The company is listed on the main market of the London Stock Exchange and has a secondary listing on VFEX 1.
Segments
Steenbok and Hillside (gold, Zimbabwe)
Steenbok holds indicated and inferred gold resources, with an average grade of 0.86 g/t Au at 30 September 2025 1. The company is considering a high-grade mechanised underground operation, but artisanal mining is currently paused until a tribute agreement is negotiated 1.
Nara (gold and tailings)
The Nara project includes five historic gold mines and a tailings resource classified under JORC, which could offer near-term revenue 1. Completion of the acquisition is in progress, and the parties extended the completion date to finalise legal formalities 1.
Botswana (copper-silver and exploration)
In the Kalahari Copper Belt the company is pursuing copper-silver mineralisation, but it let two licences lapse because the mineralised contact was too deep 1. The company is evaluating a strategic transaction for the KCB project, which could open the way to a joint venture 1.
Market context
The market for gold and base metal exploration in Botswana and Zimbabwe depends on external funding and drilling results, and the projects are at early stages 1. The company's gold resources are modest compared with established producers, so any drilling result could have a relatively large impact 1.
Demand for copper and gold from Botswana and Zimbabwe depends on global metal prices, and the company uses a gold price assumption of US$3,000/oz for resource estimation 1. If prices fall, marginal projects could become uneconomic 1.
Trends
- Raising capital for explorationmixed
The company has raised funds through its VFEX secondary listing and later subscriptions, which allow it to finance its capex programme 1. If access to capital becomes harder, the drilling plan could be reduced 1.
- Exploration with advanced geophysical toolstailwind
The company uses CSAMT, IP and soil geochemistry data, which could speed up the identification of new targets 1.
- Licence and mining regime uncertaintyheadwind
The lapse of some licences and delays in completing acquisitions show the administrative risk in the region 1.
- Monetising old tailingstailwind
Tailings resources at Nara could provide revenue faster than new exploration projects, if the operation proceeds 1.
Competitive position
The company competes for funding and ground with other explorers in Botswana, Zimbabwe and South Africa, especially for copper and gold projects 1. Its difference lies in the management team's experience in financing projects in the region 1.
The company's advantage is its presence in two countries at once, which, according to the board, reduces concentration risk 1. However, its resources are still small compared with established producers in the region 1.
- First Quantum Minerals
Collaboration partner in the Kalahari Copper Belt that provided access to drilling data for the KCB project 1.
- Moxico Resources
Zambian company with a producing copper project, linked to the company's management through former directors 1.
- Reunion Mining
Former mining company in the region, developed by the current founders and later taken over by an international group 1.
- Mwana Africa
Company that operated gold mines in Zimbabwe, with similar experience in project financing 1.
News & filings
In the press
- Kavango appoints Jasper Musadaidzwa as CEO and executive directorYahoo Finance — News · 07 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / KAVANGO RESOURCES PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.