REG - Caracal Gold PLC - Corporate Governance and Board Changes Update

Caracal GoldAnnouncement

12/06/2023 16:15

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RNS Number : 4470C  Caracal Gold PLC  12 June 2023

12 June 2023

Caracal Gold Plc

('Caracal' or the 'Company')

Corporate Governance and Board Changes Update

Caracal Gold PLC, the expanding East African gold producer with over
1,300,000oz JORC compliant gold resources, makes the following updates.

Corporate Governance and Board Changes:

On 23 January 2023 it was announced that the Board had asked Mr. Simon
Grant-Rennick to initiate a comprehensive review of its corporate governance,
regulatory, compliance and communications policies in order to strengthen
internal procedures. On 26 April 2023, Mr. Grant-Rennick was confirmed as
Executive Chairman of Caracal.

The Company has today accepted the resignation of Mr. Riaan Lombard from the
Board of Directors with immediate effect. The Company is in discussions with
Mr. Lombard regarding an ongoing role in the Company's operations.

Furthermore, Mr. Gerard Kisbey-Green has left the Board of Directors with
immediate effect.

In addition to this, the Company and Ambassador Hon Dan Kazungu have reached
agreement not to extend his 12-month term as a Director. Dan Kazungu will
continue to consult to Caracal and help drive the Company's East African
strategy.

The Company expects to report further on the Corporate Governance review in
due course.

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

 Robbie McCrae                                       robbie@kilimapesa.com (mailto:robbie@kilimapesa.com)
 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

 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.

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