KAVANGO RESOURCES PLC

Remuneration Information • Aug 11, 2021

National Storage Mechanism | Additional information

RNS Number : 3515I

Kavango Resources PLC

11 August 2021

PRESS RELEASE

11 August 2021

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Grant of Share Options

The Remuneration Committee has recommended, and the Board has approved, the grant of 6,000,000 Share Options (the "Management Options") to recent additions by the Company to its senior team in Botswana. The Management Options will be subject to a vesting period of two years, with half the Options vesting after one year and the remainder vesting after two years, save in certain limited circumstances. The Management Options are exercisable at a price of 5.00 pence per Ordinary Share, are exercisable only once the Company's share price has closed at not less than 7.5 pence on five trading days (not necessarily consecutive),  and are otherwise on the same terms as those granted to other senior staff.

The Remuneration Committee has further recommended, and the Board has approved, the grant of 4,500,000 and 1,000,000 Share Options (the "Director Options") to Ben Turney and Hillary Gumbo, respectively. The Director Options will be subject to a vesting period of two years, with half the Options vesting after one year and the remainder vesting after two years, save in certain limited circumstances. The Director Options are exercisable at a price of 7.50 pence per Ordinary Share, are exercisable only once the Company's share price has closed at not less than 15 pence on five trading days (not necessarily consecutive), and are otherwise on the same terms as those granted to other directors.

The Company has also agreed with Michael Moles, a non-executive director, to settle his directors' fees (net of statutory deductions) in shares. With effect from 1 July 2021 Mr Moles has been entitled to receive director's fees of £2,000 per month and the Company has now agreed with him that following the end of each calendar quarter, he will be issued with shares, credited as fully paid at an issue price equal to the average of the closing mid-price of the Company's shares over that quarter, to an amount equal to the net fees due to him for that period. The first allotment will take place in October 2021, in respect of Mr Moles' net fees for the three months commencing 1 July.

Further information in respect of the Company and its business interests is provided on the Company's website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc                                                                                     

Ben Turney

bturney@kavangoresources.com

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson             

SI Capital Limited (Joint Broker)                                                                          

+44 1483 413500

Nick Emerson

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