Strategic Investment - Amendment

15 August 2024

Caracal Gold Plc

('Caracal' or the 'Company')

Strategic investment - Amendment

Caracal Gold Plc, the East African gold producer with over 1,300,000 oz JORC compliant gold resources, announces an amendment to the Heads of Terms ("HOT") with Cynergy Global Ltd ("Cynergy"), as announced on 21 June 2024.

Under Phase 1 of Cynergy's three phased investment into Caracal and its subsidiaries, Caracal received the first tranche payment under Phase 1 of USD $500,000 as announced on 1 July 2024. 

It has been agreed with Cynergy that the second tranche payment of USD $500,000 ("Second Tranche") will now be due by 20 August 2024 ("Phase 1 Completion Date").

After the Second Tranche has been received, Cynergy will receive 25% of Caracal Holdings Ltd ("CH"), a wholly owned subsidiary of Caracal which will own 100% of Kilimapesa Gold Pty Ltd and 99% of Tyacks Gold Ltd.  The funds under Phase 2 will be used for the Kilimapesa expansion project.

All other details within the HOT on the subsequent financing arrangements with Cynergy remain unchanged.

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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.