GCAT Caracal Gold Plc

1 July 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 its recently announced conditional fundraising which is proceeding according to plan. 

The funding comprises a three phased investment to be made by Cynergy Global Ltd ("Cynergy").

The first tranche of USD $500,000 has been received and a further USD $500,000 is due by the end of July 2024.  At which time Cynergy will receive 25% of Caracal Holdings Ltd ("CH"), a wholly owned subsidiary of Caracal.

Progress on the subsequent financing arrangements with Cynergy continue as previously announced.

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

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.