RCS - Caracal Gold PLC - Chairman Confirmation & Governance Review Update

Caracal GoldAnnouncement

26/04/2023 07:00

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RNS Number : 4285X  Caracal Gold PLC  26 April 2023

Caracal Gold plc

('Caracal' or the 'Company')

Confirmation of Executive Chairman and Corporate Governance Review

 

Caracal Gold plc, the expanding East African gold producer with over
1,300,000oz JORC-compliant gold resources, is pleased to announce that Mr
Simon Grant Rennick has been formally confirmed as Executive Chairman of the
Company, and that since the announcement on 23 January 2023 appointing him
'Chairman Designate', substantial progress has been made on the review of the
Company's corporate governance policies and procedures, with an update
expected to be announced shortly.

 

Confirmation of Executive Chairman

Following the completion of certain commercial and legal formalities, Simon
Grant Rennick has been confirmed as Executive Chairman of Caracal Gold plc. Mr
Grant Rennick is a graduate of the Cambourne School of Mines. His expertise
encompasses not only mining and minerals but also metals, agriculture, and
property. He has managed mining companies, both public and private, in Uganda,
Malawi, Kenya, Mexico and Botswana; metal trading businesses in Bermuda and in
the UK; was a co-founder of Industrial Mineral Finance House which provides
consultancy services covering all aspects of the industrial minerals' sector;
and established a property development business (since sold).

 

Corporate Governance Review Update

The comprehensive review of the Company's corporate governance, regulatory
compliance, and communications policies will be released shortly. The review
is considering the structure of the board, including the mix of executives and
non-executives, as well as all corporate-governance related matters,
practices, and policies with the objective of improving internal procedures.

 

Robbie McCrae, CEO of Caracal, commented:

"The Company is delighted that Simon Grant Rennick has now been formally
appointed as Executive Chairman. His expansive knowledge of mining and
extensive experience leading UK listed companies makes him the ideal person to
review the Company's corporate governance procedures. I look forward to
implementing the findings of his report shortly."

 

**END**

 

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

 

 Caracal Gold plc                                    robbie@kilimapesa.com

 Robbie McCrae
 Clear Capital Markets Ltd                           +44 203 897 0981

 Joint Broker                                        +44 203 869 6086

 Keith Swann / Jonathan Critchley
 VSA Capital Ltd                                     +44 203 005 5000

 Financial Adviser and Joint Broker

 Andrew Raca (Corporate Finance)

 DGWA, the German Institute for Asset and            info@dgwa.org (mailto:info@dgwa.org)

 Equity Allocation and Valuation

 European Investor and Corporate Relations Advisor

 Katharina Löckinger

 

 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.

 

 

 

 

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