Appointment of COO and Option award

RNS Number : 4237R

Kavango Resources PLC

05 November 2021

 

PRESS RELEASE

5 November 2021

KAVANGO RESOURCES PLC

("Kavango" or "the Company")

Appointment of COO & option award

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce that it has appointed Mr Brett Grist as Chief Operating Officer designate. Mr Grist brings valuable operational and technical skills to the Company's executive team. Mr Grist will join Kavango on 7 February 2022, and will join the board of Kavango as an executive director.

Mr Grist is a geologist from the Royal School of Mines, London, with over 22 years of exploration and mining experience in base metals and gold across Africa, Europe, the Middle East, and Australia. He is also a Chartered Professional member of the Australasian Institute of Mining and Metallurgy.

Over the course of his career, Mr Grist has worked in geological and management roles as CEO, Director, and Exploration Manager, taking projects from early exploration through resource definition and into development. In Africa he worked for Reunion Mining PLC and CASA Mining Ltd, covering projects in Mali, Ghana, DRC, and Mozambique. In DRC, as CEO of CASA, he led a large exploration program covering airborne geophysics, soil sampling, and extensive diamond drilling, which successfully delivered a maiden resource for the Misisi gold deposit. Most recently he has worked in the UK, where he has led definition of a substantial high-grade metal resource for Strategic Minerals PLC's Redmoor tin-tungsten-copper project. Brett also presently co-chairs the Critical Minerals Association's UK mining working group.

David Smith, Chairman of Kavango Resources, commented:

" We are very happy to welcome Brett, an experienced exploration executive, to Kavango. His extensive background in advancing exploration programs and delivering projects adds important technical skills to Kavango's senior management.

We have made a great deal of progress building a much more robust foundation for the Company over 2021. Brett's appointment will significantly strengthen Kavango, as we grow the business more ambitiously in 2022. I am really looking forward to welcoming him to the team and working with him from February . "

Brett Grist states:

"I am very pleased to be able to join David, Ben Turney and the rest of the Kavango team at such an exciting time for the company. Botswana is a highly attractive mining investment destination, and the combination of Kavango's team and an exciting exploration holding of significant scale, focussed on metals that are in increasing demand, means that the company is well placed to deliver exploration success. I look forward to helping the company to deliver this even more effectively."

Option Award

The Company has agreed to award Mr Grist two grants of employee Share Options (the "Options").

The first award of Options will be subject to a vesting period of one year, with half the Options vesting after twelve months and the remainder vesting after eighteen months, provided Mr Grist remains employed within the Kavango group. The Options are exercisable at a price of 5 pence per Ordinary Share for a period of seven years. The Options carry a vesting condition whereby the Options only become exercisable once the Company's reported closing mid-market price per Ordinary Share closes above 7.5p on five separate trading days.

The second award of Options will be subject to a vesting period of one year, with half the Options vesting after twelve months and the remainder vesting after eighteen months, provided Mr Grist remains employed within the Kavango group. The Options are exercisable at a price of 7.5 pence per Ordinary Share for a period of seven years. The Options carry a vesting condition whereby the Options only become exercisable once the Company's reported closing mid-market price per Ordinary Share closes above 15p on five separate trading days.

The award of the Options to Mr Grist aligns his incentive package with those of existing executive directors.

The Options will be granted on these terms on the day Mr Grist's employment begins, or, if later, when there is sufficient headroom within the Company's limit for executive options of ten per cent of the issued share capital.

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

[e-mail]  

  First Equity (Joint Broker)

[phone]

Jason Robertson 

SI Capital Limited (Joint Broker) 

[phone]

Nick Emerson

 

END

 

 

MSCDKQBQOBDDODK