GCAT Caracal Gold Plc

9 May 2024

Caracal Gold Plc

('Caracal' or the 'Company')

Update on progress with the Annual Report and Interim results

Caracal Gold Plc, the East African gold producer with over 1,300,000 oz JORC compliant gold resources, provides the following update in relation to progress on the finalization of its Annual Report and Financial Statements for the year ended 30 June 2023 ("Group Audit").

Further to the announcement on 7 March 2024 PKF Littlejohn LLP (PKF) have been engaged to complete the Group Audit.  

As part of the Group Audit an independent review of the Kilimapesa 3 year mine plan was required to be undertaken. This report was submitted to PKF on 3 May 2024.

The Company has responded to PKF's enquiries in connection with the Group Audit to date and have requested a timeline from them for completion.  The Company will provide an update as soon as confirmation of the timing of completion of the audit process is received from PKF.  The timeline from PKF will be dependent on a variety of factors which could impact the timing.

The Company will publish its 2023 Annual Report as soon as it is able to do so.  After completion of the Group Audit, the Company will then also be in a position to finalise its unaudited interim results for the six months ended 31 December 2023.  Following publication of these accounts, the Company will apply for the suspension of trading in its shares to be lifted.

Following publication of the Group Audit and the unaudited interim results for the six months ended 31 December 2023, the Company will be in a position to resubmit its draft prospectus to the FCA for review and will aim to finalise this as soon as possible.

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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.