Funding update

Caracal Gold PLC

14 October 2024

 

14 October 2024

Caracal Gold Plc

('Caracal' or the 'Company')

Funding update

Caracal Gold Plc, the East African gold producer with over 1,300,000 oz JORC compliant gold resources, is pleased to provide an update on funding.

Following the announcement on 1 October 2024 pertaining to the Financing Agreement with Koenig Vermoegensverwal mbH in the amount of US $500,000 and the Loan Agreement with Robbie McCrae, the CEO of Caracal, in the amount of US $100,000 the company confirms that both amounts have been received by the Company.

Simon Grant-Rennick, Chairman of Caracal states:

"The Company has a clear plan for both the corporate and project areas of the business and are working hard to deliver.

On the corporate side, the finance team are completing the December 2023 interim accounts and along with the auditors, are progressing the June 2024 year-end financial statements.

On the project side, the funding for the Kilimapesa expansion is the focus and closing the Cynergy transaction is a key input of this funding. We expect to provide an update on this funding in the near future. Everything we set out to achieve at Kilimapesa, in 2022, unlocks with this funding.

The strategy for Tanzania will become clear in the near future. A fully permitted development project with 650kz in JORC resources combined with current high gold prices is a very valuable asset.

As we all know the Caracal team, from the Board to management to operations, was drastically reduced, but with the frustration of the 2023 audit behind us, the Cynergy transaction progressing and the 1^st mining license in Tanzania approved, the outlook for Caracal is starting to move in the right direction and the company will start to evaluate key appointments across all areas of the business.

An important focus, going back to when I was appointed as Chairman, was to strengthen the areas of the finance team and the Corporate Governance. This was done and going forward we will continue to strengthen these areas alongside the key appointments mentioned above. All Caracal team members are and will be focussed on delivering value for all stakeholders by building trust, mitigating risks and driving sustainable growth."

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

Caracal Gold plc Robbie McCrae Simon Grant-Rennick	[e-mail] [e-mail]
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 owns 100% of Tyacks Gold Ltd which owns 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.

 

END