Caracal Gold plc – US$3m non-dilutive financing secured

12 December 2022 – Caracal Gold plc ('Caracal' or the 'Company'), the expanding East African gold producer with over 1,300,000oz JORC compliant gold resources, is pleased to announce that it has secured non-dilutive financing of US$3m through a pre-paid gold purchase agreement.  This follows the securing of an initial US$10.5m conditional non-dilutive financing through a pre-paid gold purchase agreement announced on 29 November 2022.

Kilimapesa Gold Pty Ltd (‘KPG’), the 100% owned Kenyan operating subsidiary of Caracal, has entered into a pre-paid gold purchase agreement with a contract price totalling up to US$3m with Philoro Global Trading AG (‘Philoro’). The total contract price will be made available to KPG in a single tranche US$3m to be drawn on or before 31st December 2022. The contract price is repayable in six equal instalments commencing immediately. The gold delivered is sold at the spot price of the day at the time of the transaction and is subject to a minimal discount and refining fee.

Robbie McCrae, CEO of Caracal commented: “This second non-dilutive financing further strengthens Caracal’s cash position bringing the total raised in the last two weeks to US$13.5m.  Attracting these two new high-calibre partners, OCIM and Philoro, is testament to the vast potential Caracal offers as it focuses on becoming a +50,000oz per annum producer with +3moz in resources.  We can now concentrate on the final push to deliver on our initial production target of 24,000oz per annum, whilst continuing to advance our regional exploration efforts in Kenya to ultimately build the life of mine and value potential. Alongside this, we are excited by the development opportunity Nyakafuru in Tanzania offers and look forward to progressing our targeted exploration programme to support a Preliminary Economic Assessment.”

Further information about Philoro Global Trading AG can be found at www.philoro-global.com.

**ENDS**

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 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.