REG - Caracal Gold PLC - Board Strengthened with Key Appointment Made

Caracal GoldAnnouncement

31/03/2025 16:00

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RNS Number : 9713C  Caracal Gold PLC  31 March 2025

Caracal Gold Plc

('Caracal' or the 'Company')

Board Strengthened with Key Appointment Made

 

Caracal Gold PLC, the East African focused gold company is pleased to announce
the appointment of Mr. Jason Brewer as an executive director of the Company.

The new executive appointment is being made as the Company continues to
progress its discussions with key stakeholders in Kenya, address local
creditor payments and honour its outstanding obligations and commitments in
Kenya to the local communities and government. These discussions, which
include representation from the Company's major shareholders and financiers,
are being advanced as part of the Company's broader plans to recapitalise its
balance sheet, recommence gold mining operations at the Kilimapesa Gold Mine
in Kenya and at other projects in East Africa, and further seek a planned
resumption in trading of the Company's securities on the London Stock
Exchange.

Mr. Brewer, who currently resides in Nairobi, is currently a director of
Marula Mining plc (AQSE: MARU), Neo Energy Metals plc (LSE: NEO) and Unicorn
Mineral Resources plc (LSE: UMR). He has over 28 years' experience in
international mining, financial markets and investment banking with a
particular focus in Africa. Mr. Brewer was previously a director of the
Company's wholly owned Kenyan subsidiary, Kilimapesa Gold Limited and was
involved in the listing of the Company on the London Stock Exchange in 2021.

As part of an initial restructuring of the Board, Mr. Robbie McCrae has
resigned from his position immediately as Chief Executive Officer of the
Company and as a director of its local subsidiary Kilimapesa Gold Limited. He
will be assisting the Board over the coming months to ensure an orderly and
efficient handover of roles and responsibilities and to ensure the Company's
business activities and immediate priorities in Kenya and Tanzania are
effectively managed.

The Board of Directors would like to thank Mr. McCrae for his hard work and
efforts made over the past years. Mr. McCrae was responsible for the listing
of the Company on the London Stock Exchange, assuming the role as the
Company's inaugural Chief Executive Officer and overseeing the Kilimapesa Gold
Mines operations and expansion in East Africa with its Tanzanian exploration
activities.

Further updates on the Company's recapitalisation and broad corporate and
operational restructuring plans will be announced shortly.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

 

* * ENDS * *

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

 Caracal Gold plc

 Jason Brewer      jason@gathonimuchaiinvestments.com (mailto:jason@gathonimuchaiinvestments.com)

 

Further information on the appointment of Mr. Jason Brewer

 

Full list of present and past directorships (within the last five years) is as
follows:

 

 CURRENT                                             PAST (within the last five years)
 UK
 Marula Mining plc                                   Terra Rara UK Limited

 Shuka Minerals plc                                  Mayflower Copper Investments Limited

 Neo Energy Metals plc                               Mayflower Strategic Minerals Limited

 Mayflower Children's Foundation

 Mayflower Energy Metals Limited

 Gathoni Muchai Investments Limited

 Kenya
 Gathoni Muchai Investments Limited                  Kilimapesa Gold Limited

 501 Capital Limited                                 Great Lakes Graphite Limited

 Muchai Mining Kenya Limited

 South Africa
 Neo Uranium Resources South Africa Pty Limited

 Neu Uranium Resources Beisa Mine Pty Limited

 Muchai Mining South Africa Pty Limited

 Southern African Lithium and Tantalum Pty Limited

 

Notes:

Caracal Gold plc is an expanding East African focused gold company with a
clear strategy to grow production and resources both organically and through
strategic acquisitions. Its immediate aim is to recommence and 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.

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