Caracal Gold Plc

('Caracal' or the 'Company')

Group JORC Compliant Mineral Resource Estimate

Caracal Gold Plc, the East African focused gold company is pleased to provide its Mineral Resource Estimate for its gold projects located in Kenya and Tanzania.

The Mineral Resource Estimate has been completed in accordance with the Australasian Joint Ore Reserves Committee Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (the "JORC Code" or "the Code").

Over the past 12 months, there has been no significant exploration or mining activities conducted by the Company and no updates have been made to the Mineral Resource Statement that was previously released in an RNS dated 13 July 2023.

The Group Mineral Resource Estimate has been signed off by the Company's Interim-Exploration Manager, who previously oversaw the exploration and resource drilling programs completed by the Company in 2022 and has reviewed the previous Group Mineral Resource Estimate prepared by Mr. Franck Bizouerne, P.Geo., the former Group Mineral Resource Manager and Competent Person of the Company.

The Company is planning to recommence gold exploration activities in East Africa later in 2025 once it has completed its proposed balance sheet recapitalisation and debt and equity refinancing plans.

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 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).

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.

Glossary of Terms:

"g/t" - grammes per tonne, equivalent to parts per million

"Inferred Resource" - that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability

"Indicated Resource" - that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed

"JORC" - The Australasian Joint Ore Reserves Committee Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (the "JORC Code" or "the Code"). The Code sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves

"Measured Resource" - that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity

"Mineral Resource" - a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories when reporting under JORC

"Mt" - million tonnes

"oz" - troy ounce (= 31.103477 grammes)

"Reserve" - the economically mineable part of a Measured and/or Indicated Mineral Resource

"t" - tonne (= 1 million grammes)