Funding update

1 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.

The Company has entered into a US $500,000 Financing Agreement with Koenig Vermoegensverwal MBH. The Company will repay the principal and accrued interest amounting to US $1m on 31 December 2025.

In addition, the Company has entered into a Loan Agreement with Robbie McCrae, the CEO of Caracal. The principal amount of the loan is $100,000. The final repayment date will be 31 December 2024, accruing interest at 10% per annum above the Bank of England's Bank Rate.

The funds raised will cover inter alia the following:

·    Costs associated with Mining License being issued to the Company subsidiary Tyacks Gold Ltd ('Tyacks'),

·    2024 Audit payments to the Company's new auditor RPG Crouch Chapman and PKF East Africa,

·    Working capital for the group.

Related Party Transaction - The loan from Robbie McCrae constitutes a Related Party Transaction. The Board of Directors of the Company which were not involved in the transaction considered the terms of the loan fair and reasonable in so far as the shareholders are concerned.

As per the announcement on 23 August 2024, the payments made for Tyacks will allow the Company to resolve the issue raised by Cynergy Global Ltd ('Cynergy") and Cynergy have confirmed their intention to pay the 2^nd US $500,000 and conclude phase 1 of the transaction and to progress the completion of Phase 2 of the transaction as announced on 21 June 2024.

Under phase 2 Cynergy will invest US $5,000,000 into the Kilimapesa expansion project. The details of the phased investment are detailed in the announcement on 21 June 2024.

Simon Grant-Rennick, Chairman of Caracal states:

"The ongoing support Koenig Vermoegensverwal mbH is appreciated and we look forward to announcing the receipt of our first mining license in Tanzania followed by the completion of phase 1 of the transaction with Cynergy.

We will now prioritise and complete phase 2 of the Cynergy investment while completing the interim accounts and 2024 audit.

With the quality of our assets, the gold price at an all-time high and with us coming towards the end of a very difficult time we look forward to getting the company back on track to be a 24,000oz per annum producer with 3moz in resource."

Progress on the subsequent financing arrangements with Cynergy continue as previously announced.

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For further information visit www.caracalgold.com or contact the following:

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.