REG - Caracal Gold PLC - External auditor update

Caracal GoldAnnouncement

09/10/2024 15:45

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RNS Number : 5931H  Caracal Gold PLC  09 October 2024

9 October 2024

Caracal Gold Plc

('Caracal' or the 'Company')

External auditor update

Caracal Gold Plc, the East African gold producer with over 1,300,000 oz JORC
compliant gold resources, announces that it has received notification of the
resignation of PKF Littlejohn LLP as auditors of the Company.

 

Section 519 of the Companies Act 2006 ('the Act') requires PKF Littlejohn LLP
to send a statement of the reasons for their ceasing to hold office. They are
also required, under this section of the Act, to include details of any
matters that they consider need to be brought to the attention of members or
creditors of the company.

 

In accordance with section 519 of the Act, they are ceasing to hold office due
to the following reasons

which they believe should be brought to the attention of the company's members
or creditors:

 

They are resigning as auditors of the entity due to the matters set out in our
disclaimer of opinion in their audit report dated 18 September 2024 which is
due to a management-imposed limitation in adjusting the financial statements
and providing sufficient appropriate audit evidence.

 

PKF Littlejohn LLP were appointed as statutory auditors for the company on the
4 July 2022 to audit the

30 June 2022 financial statements and subsequent periods.

 

As a consequence of the multiple uncertainties arising, they issued a
disclaimer of opinion on the 30

June 2023 financial statements. The inability to obtain sufficient appropriate
evidence was assessed as

being due to a management-imposed limitation. When applying the requirements
of International

Standard on Auditing (UK) 705 for a management-imposed limitation, they
determined that it was not

practicable for them to resign before issuing the auditor's report. However,
as they have now issued their disclaimer of opinion, they are resigning from
the office of auditor for the company.

 

They confirmed that there were no other matters connected with their
resignation which they consider needed to be brought to the attention of
members or creditors of the company.

 

Following the resignation of PKF Littlejohn LLP the Company has engaged a new
auditor to complete the audit for the period ending 30 June 2024. The new
auditors appointed are RPG Crouch Chapman LLP.

 

Simon Grant-Rennick, Chairman of Caracal states:

"We understand the reasons for the resignation of PKF Littlejohn LLP and are
actively rectifying the shortfalls. However, we are very excited to appoint
RPG Crouch Chapman LLP and look forward to a long and fruitful relationship."

 

* * ENDS * *

For further information visit www.caracalgold.com
(http://www.caracalgold.com/)  or contact the following:

 Caracal Gold plc

 Robbie McCrae                                       robbie@kilimapesa.com

 Simon Grant-Rennick                                 simon@caracalgold.com
 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 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.

 

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