12 June 2023

Caracal Gold Plc

('Caracal' or the 'Company')

Corporate Governance and Board Changes Update

Caracal Gold PLC, the expanding East African gold producer with over 1,300,000oz JORC compliant gold resources, makes the following updates.

Corporate Governance and Board Changes:

On 23 January 2023 it was announced that the Board had asked Mr. Simon Grant-Rennick to initiate a comprehensive review of its corporate governance, regulatory, compliance and communications policies in order to strengthen internal procedures. On 26 April 2023, Mr. Grant-Rennick was confirmed as Executive Chairman of Caracal.

The Company has today accepted the resignation of Mr. Riaan Lombard from the Board of Directors with immediate effect. The Company is in discussions with Mr. Lombard regarding an ongoing role in the Company's operations.

Furthermore, Mr. Gerard Kisbey-Green has left the Board of Directors with immediate effect.

In addition to this, the Company and Ambassador Hon Dan Kazungu have reached agreement not to extend his 12-month term as a Director. Dan Kazungu will continue to consult to Caracal and help drive the Company's East African strategy.

The Company expects to report further on the Corporate Governance review in due course.

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.

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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 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.