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 1st 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."
* * ENDS *
*
For further information
visit www.caracalgold.com or
contact the following:
|
Caracal Gold
plc
Robbie McCrae
Simon Grant-Rennick
|
robbie@kilimapesa.com
simon@caracalgold.com
|
|
DGWA,
the German Institute for Asset and
Equity
Allocation and Valuation
European Investor and Corporate Relations
Advisor
Katharina Löckinger
|
info@dgwa.org
|
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.