REG - Caracal Gold PLC - Further Strengthening of Board of Directors

Caracal GoldAnnouncement

23/04/2025 07:00

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RNS Number : 7511F  Caracal Gold PLC  23 April 2025

Caracal Gold Plc

('Caracal' or the 'Company')

Further Strengthening of Board of Directors

Caracal Gold PLC, the East African focused gold company, is pleased to
announce further key strengthening of its Board of Directors, with a number of
immediate appointments.

The Company is pleased to announce the appointment of Ms Noreen Kidunduhu as
its new Independent Non-Executive Chair and the appointments of Mr Kevin
Warrington, Mr Martin Westerman, Ms Hannah Wang'ombe, and Mr Edward Ruheni,
each as Independent Non-Executive Directors.

As announced on 31 March 2025, the new appointments are being made as the
Company progresses its immediate goal to address its outstanding obligations
in Kenya to key stakeholders and the community at the Kilimapesa Gold Mine, to
recommence gold mining operations at the Kilimapesa Gold Mine, and to also
recapitalise the Company's balance sheet ahead of a planned resumption in
trading of the Company's securities on the London Stock Exchange.

These appointments are in addition to Mr Jason Brewer's recent appointment as
an Executive Director of the Company.

Ms Kidunduhu, is based in Kenya and is the founder of a boutique law firm
specialising in legal services for the energy, extractives, and infrastructure
sectors in emerging markets. She holds a Master's in International Energy and
Natural Resources Law from the University of Dundee, with academic work
focused on Africa's energy transition and the role of minerals and metals.

Ms Kidunduhu currently serves in several leadership and advisory roles,
including as Chair of the Association for Women in Energy and Extractives,
Africa Regional Board Member of the Global Alliance of Impact Lawyers and
member of the International Chamber of Commerce's Alternative Dispute
Resolution Commission (Kenya) as well as its Working Group on Environmental
Goods and Services.

Mr Westerman is based in South Africa and is currently the Chief Operating
Officer of Marula Mining plc. He has over 25 years' experience in finance and
the mining industry throughout Africa. He holds a Master of Science in Finance
and Management and is a Certified Professional Forensic Accountant and also a
certified financial modelling valuation analyst. He held various positions as
Chief Financial Officer in various publicly listed and private companies in
Australia, the United Kingdom and Southern Africa.

Mr Westerman has spent over a decade specialising in corporate restructuring
and recapitalization, International Financial Reporting Standards, financial
management, corporate governance and regulatory compliance and reporting. His
work in this area has focused on debt and equity restructuring, stabilising
operations, turnaround strategies and achieving longer-term sustainable
growth.

Mr Warrington is based in the United Kingdom and has over 15 years of
experience in business administration and operational management, with a
strong focus on project management, corporate governance and strategic
oversight. In his role, he will work closely with the Board of Directors as a
representative of UK-based shareholders.

Mr Ruheni is a Kenyan national and is currently a non-executive director of
AIM Market listed Shuka Minerals plc, private Tanzanian mining and exploration
company Takela Mining Tanzania Limited and also General Manager Operations
East Africa for Marula Mining Plc. He has over 10 years of experience in
project management and holds a CPA(K) certification and a degree in Commerce
and Finance.

Ms Wang'ombe has over 10 years' experience in stakeholder engagement,
relationship building, crisis management, and public policy processes at the
Kenya Institute for Public Policy Research and Analysis, where she worked as a
Researcher and Head of Strategy and Planning. She was also the CEO at the
Association of Women in Energy and Extractives in Kenya. She is currently the
Natural Resources Program Lead at Oxfam in Kenya. Hannah also serves as a Non-
Executive Director of Marula Mining Plc.

The five new incoming independent non-executive directors will join current
independent non-executive director Stefan Muller and Mr Simon Grant-Rennick
who steps aside as Executive Chairman and will now assume a non-executive
director's role with the Company and assist the Board in continuing to
strengthen its financial management, corporate governance, compliance and
regulatory reporting activities.

Jason Brewer, Executive Director, said:

"These strategic Board appointments significantly enhance the Company's
governance, operational oversight, and stakeholder engagement capabilities at
a critical time in its growth and restructuring. The appointment of 3 highly
experienced Kenyan legal, financial and strategic policy and engagement
executives further demonstrates our commitment to working effectively in Kenya
and with all key stakeholders.

I have obviously worked very closely with a large number of the new Board of
Directors and I know of their abilities and their work ethics and values that
they will bring to the Company and our planned activities here in Kenya and
East Africa.

"With this strengthened leadership team in place, the Company remains firmly
committed to delivering on its operational objectives in Kenya and East
Africa's gold mining sector.

"I look forward to providing further updates in the coming weeks."

 

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

 

Further information on the appointment of Mr Edward Ruheni Njoroge -

 

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

 

 CURRENT                                    PAST (within the last five years)
 UK
 Shuka Minerals plc                         None
 Tanzania
 Takela Mining Tanzania Limited             None

 Edenville International Tanzania Limited

 

Mr Ruheni holds no shares in the Company.

Further information on the appointment of Mr Kevin Warrington -

 

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

 

 CURRENT  PAST (within the last five years)
 UK
 None     None

 

Mr Warrington holds no shares in the Company.

Further information on the appointment of Mr Martin Westerman -

 

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

 

 CURRENT                                       PAST (within the last five years)
 South Africa
 Neo Uranium Resources Beisa Mine Pty Limited  None

 Sixaxis Holdings (Pty) Limited

 Orexx PO (Pty) Ltd

 Muchai Mining SA (Pty) Ltd

 Shuka Minerals SA (Pty) Ltd

 Hectrocorn (Pty) Ltd

 Opencast Resources (Pty) Ltd

 

Mr Westerman holds no shares in the Company.

Further information on the appointment of Ms Hannah Wang'ombe -

 

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

 

 CURRENT                   PAST (within the last five years)
 UK                        KENYA
 Marula Mining Plc         Association of Women in Energy and Extractives

 Laurel Sterling Limited

 

Ms Wang'ombe holds no shares in the Company.

Further information on the appointment of Ms Noreen Kidunduhu -

 

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

 

 CURRENT                                                                        PAST (within the last five years)
 KENYA
 Noreen & Co                                                                    None

 Association for Women in Energy and Extractives

 Global Alliance of Impact Lawyers and member of the International Chamber of
 Commerce's Alternative Dispute Resolution Commission

 

Ms Kidunduhu holds no shares in the Company.

Other than as set out in this announcement there are no further disclosures
required in respect of these directors under paragraph 9.6.13 of the Listing
Rules.

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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