REG - Caracal Gold PLC - Funding update

Caracal GoldAnnouncement

14/10/2024 07:00

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RNS Number : 9455H  Caracal Gold PLC  14 October 2024

14 October 2024

Caracal Gold Plc

('Caracal' or the 'Company')

Funding update

Caracal Gold Plc, the East African gold producer with over 1,300,000 oz JORC
compliant gold resources, is pleased to provide an update on funding.

Following the announcement on 1 October 2024 pertaining to the Financing
Agreement with Koenig Vermoegensverwal mbH in the amount of US $500,000 and
the Loan Agreement with Robbie McCrae, the CEO of Caracal, in the amount of US
$100,000 the company confirms that both amounts have been received by the
Company.

Simon Grant-Rennick, Chairman of Caracal states:

"The Company has a clear plan for both the corporate and project areas of the
business and are working hard to deliver.

On the corporate side, the finance team are completing the December 2023
interim accounts and along with the auditors, are progressing the June 2024
year-end financial statements.

On the project side, the funding for the Kilimapesa expansion is the focus and
closing the Cynergy transaction is a key input of this funding. We expect to
provide an update on this funding in the near future. Everything we set out to
achieve at Kilimapesa, in 2022, unlocks with this funding.

The strategy for Tanzania will become clear in the near future. A fully
permitted development project with 650kz in JORC resources combined with
current high gold prices is a very valuable asset.

As we all know the Caracal team, from the Board to management to operations,
was drastically reduced, but with the frustration of the 2023 audit behind us,
the Cynergy transaction progressing and the 1(st) mining license in Tanzania
approved, the outlook for Caracal is starting to move in the right direction
and the company will start to evaluate key appointments across all areas of
the business.

An important focus, going back to when I was appointed as Chairman, was to
strengthen the areas of the finance team and the Corporate Governance. This
was done and going forward we will continue to strengthen these areas
alongside the key appointments mentioned above. All Caracal team members are
and will be focussed on delivering value for all stakeholders by building
trust, mitigating risks and driving sustainable growth."

 

* * 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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