Caracal Gold Plc

('Caracal' or the 'Company')

Board Strengthened with Key Appointment Made

Caracal Gold PLC, the East African focused gold company is pleased to announce the appointment of Mr. Jason Brewer as an executive director of the Company.

The new executive appointment is being made as the Company continues to progress its discussions with key stakeholders in Kenya, address local creditor payments and honour its outstanding obligations and commitments in Kenya to the local communities and government. These discussions, which include representation from the Company's major shareholders and financiers, are being advanced as part of the Company's broader plans to recapitalise its balance sheet, recommence gold mining operations at the Kilimapesa Gold Mine in Kenya and at other projects in East Africa, and further seek a planned resumption in trading of the Company's securities on the London Stock Exchange.

Mr. Brewer, who currently resides in Nairobi, is currently a director of Marula Mining plc (AQSE: MARU), Neo Energy Metals plc (LSE: NEO) and Unicorn Mineral Resources plc (LSE: UMR). He has over 28 years' experience in international mining, financial markets and investment banking with a particular focus in Africa. Mr. Brewer was previously a director of the Company's wholly owned Kenyan subsidiary, Kilimapesa Gold Limited and was involved in the listing of the Company on the London Stock Exchange in 2021.

As part of an initial restructuring of the Board, Mr. Robbie McCrae has resigned from his position immediately as Chief Executive Officer of the Company and as a director of its local subsidiary Kilimapesa Gold Limited. He will be assisting the Board over the coming months to ensure an orderly and efficient handover of roles and responsibilities and to ensure the Company's business activities and immediate priorities in Kenya and Tanzania are effectively managed.

The Board of Directors would like to thank Mr. McCrae for his hard work and efforts made over the past years. Mr. McCrae was responsible for the listing of the Company on the London Stock Exchange, assuming the role as the Company's inaugural Chief Executive Officer and overseeing the Kilimapesa Gold Mines operations and expansion in East Africa with its Tanzanian exploration activities.

Further updates on the Company's recapitalisation and broad corporate and operational restructuring plans will be announced shortly.

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:

Further information on the appointment of Mr. Jason Brewer

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

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.