Chairman Confirmation & Governance Review Update

Caracal Gold PLC

26 April 2023

 

Caracal Gold plc

('Caracal' or the 'Company')

Confirmation of Executive Chairman and Corporate Governance Review

Caracal Gold plc, the expanding East African gold producer with over 1,300,000oz JORC-compliant gold resources, is pleased to announce that Mr Simon Grant Rennick has been formally confirmed as Executive Chairman of the Company, and that since the announcement on 23 January 2023 appointing him 'Chairman Designate', substantial progress has been made on the review of the Company's corporate governance policies and procedures, with an update expected to be announced shortly.

Confirmation of Executive Chairman

Following the completion of certain commercial and legal formalities, Simon Grant Rennick has been confirmed as Executive Chairman of Caracal Gold plc. Mr Grant Rennick is a graduate of the Cambourne School of Mines. His expertise encompasses not only mining and minerals but also metals, agriculture, and property. He has managed mining companies, both public and private, in Uganda, Malawi, Kenya, Mexico and Botswana; metal trading businesses in Bermuda and in the UK; was a co-founder of Industrial Mineral Finance House which provides consultancy services covering all aspects of the industrial minerals' sector; and established a property development business (since sold).

Corporate Governance Review Update

The comprehensive review of the Company's corporate governance, regulatory compliance, and communications policies will be released shortly. The review is considering the structure of the board, including the mix of executives and non-executives, as well as all corporate-governance related matters, practices, and policies with the objective of improving internal procedures.

Robbie McCrae, CEO of Caracal, commented:

"The Company is delighted that Simon Grant Rennick has now been formally appointed as Executive Chairman. His expansive knowledge of mining and extensive experience leading UK listed companies makes him the ideal person to review the Company's corporate governance procedures. I look forward to implementing the findings of his report shortly."

**END**

For further information visit www.caracalgold.com or contact the following:

Caracal Gold plc Robbie McCrae	[e-mail]
Clear Capital Markets Ltd Joint Broker Keith Swann / Jonathan Critchley	[phone] [phone]
VSA Capital Ltd Financial Adviser and Joint Broker Andrew Raca (Corporate Finance)	[phone]
DGWA, the German Institute for Asset and Equity Allocation and Valuation European Investor and Corporate Relations Advisor Katharina Löckinger	[e-mail]

 Notes:

Caracal Gold plc is an expanding East African focused gold producer with a clear path to grow production and resources both organically and through strategic acquisitions. Its aim is to rapidly increase production to +50,000ozs p.a. and build a JORC compliant resource base of +3Moz. The company is progressing a well-defined mine optimisation strategy at its 100% owned Kilimapesa Gold Mine in Kenya, where there is significant mid-term expansion potential and the ability to increase gold production to 24,000oz p.a. and the resource to +2Moz (current JORC compliant resources of approx. 706,000oz). Alongside this, Caracal is undertaking a targeted exploration programme at the Nyakafuru Project in Tanzania, which has an established high-grade shallow gold resource of 658,751oz at 2.08g/t contained within four deposits over 280 km2 and appears amenable to development as a large scale conventional open pit operation.

Caracal's experienced team has a proven track record in successfully developing and operating mining projects throughout Africa.

The Company is a responsible mining and exploration company and supports the positive social and economic change that it contributes to the communities in the regions that it operates. It is a proudly East African-focused company: it buys locally, employs locally, and protects the environment and its employees and their families' health, safety, and wellbeing.

Caracal's shares are quoted on the Main Market of the London Stock Exchange (LON: GCAT) and on the Frankfurt Stock Exchange (FSE: 6IK). The Company is also in the process of listing on the Nairobi Securities Exchange.

 

END