REG - Caracal Gold PLC - Update

Caracal GoldAnnouncement

07/03/2024 10:45

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RNS Number : 0043G  Caracal Gold PLC  07 March 2024

7(th) March 2024

Caracal Gold Plc

('Caracal' or the 'Company')

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 following the
recommencement of production at the Milling/CIL plant at Kilimapesa at the
beginning of February.

Highlights

·    Open cast mining continued in pit 3B with a total of 11,400 tonnes
mined at an average grade of 1.82 g/t gold (Au) with a strip ratio of ore to
waste of 2.7 to 1;

·    The carbon in leach (CIL) plant was recommissioned after the mill
relining in January.  Feed into the CIL circuit was 7,350 tonnes for the
month of February at an average feed grade of 1.71 g/t.  The gold recovered
totalled 9,077 grams with a large portion of gold remaining in the process to
build required process inventory;

·    Various recommissioning challenges faced and solved included power
outages from the grid supply and stress testing of the feed rate which
resulted in misplaced grits reporting into the CIL circuit;

·    Pre-screening of the coarse ore fraction out of the feed improved the
grade to the Milling/CIL plant with the oversize material used as feed to the
heap leach plant, thereby progressively improving ongoing flow sheet
optimisation.

Audit progress:

PKF Littlejohn and PKF East Africa are engaged to complete the group audit for
the year ended 30 June 2023. The Company has a dedicated team in the UK and
Kenya working to complete the audit. The audit work is in the final phase and
the Company will publish the audited results as soon as they are available,
together with the unaudited interim results for the six month period ended 31
December 2023.

Following publication of the results, we will aim to finalise the prospectus
with the FCA as soon as possible.

Strengthening of management team:

Mr Stephanus de Kock has joined as the Caracal/Kilimapesa team as general
manager of the Kilimapesa mine.  Stephanus is an experienced mining
professional with over 22 years' experience in project development and
operations in Africa.

The Finance team in Kenya has been strengthened with the appointment of Ms
Stella Nguchu. Stella is a chartered accountant with over 10 years of
experience. Most recently Stella was the Financial Manager for Tatu City
Limited.

 

Robbie McCrae, CEO commented:

"Progress at Kilimapesa is on track since the relining of the mill in January
and the recommencement of production and we look forward to presenting the
March numbers at the end of the month.  The financial team in the UK and
Kenya have been working diligently with our auditors since November and
progress on the audit is in the final stage".

 

* * 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 (mailto: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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