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Imara Gold Plc

('Imara Gold' or the 'Company')

Second Memorandum of Understanding Signed to Further Expand Strategic Gold Partnerships in Botswana

Imara Gold Plc (LSE: IGLD), the African focused gold company, is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with Corestone Minerals (Pty) Limited ("Corestone") over several exploration licenses in Botswana, which further expands the Company's strategic partnerships in the country targeting high-value gold exploration and projects.

The signing of the MOU with Corestone, follows the Company's earlier announcement of today, of a further Memorandum of Understanding and strategic partnership that has already been signed with Geowise Exploration (Pty) Limited over gold exploration licenses located in the Tati Greenstone Belt and in Serule respectively.

Corestone is an experienced Botswana based and owned exploration, geological and geosciences company, that holds exploration licenses across a broad portfolio of gold and precious metal and other minerals located throughout Botswana.

Under the terms of the MOU with Corestone, Imara will be granted a 90-day exclusive period of time to complete a preliminary technical due diligence on the initial several exploration licenses under the MOU. These licences include PL002920/2025, PL003027/2025, PL003028/2025, PL002945/2025, PL003075/2025 and PL003089/2025, and which extend over an area of 5,416km² of what is considered highly prospective gold, precious metals and other minerals within the Molopo Farms Complex, Kraipan Belt, Letlhakane, Tsetseng Complex and Xade Complex

In return for being granted this exclusivity, Corestone will be issued with ordinary shares in Imara to the value of GBP 50,000 at a price of 0.3 pence per share (the "Exclusivity Shares").

On completion of a satisfactory due diligence, the key commercial terms and respective shareholdings in the proposed new gold joint ventures over the Projects are to be agreed by Imara and Corestone, along with finalisation of a detailed exploration program and budget to take the Projects through to completion of gold resource estimation and feasibility study work. All exploration work is to be completed by Corestone, whom the Company has agreed to appoint as Project Manager of the proposed gold exploration joint ventures on the Projects.

This second strategic partnership in Botswana demonstrates the Board of Directors focus on delivering value to its shareholders and establishing the Company as a leading and diversified gold-focused mining and exploration company in Africa.

Botswana is rated the number one mining jurisdiction in Africa by the Fraser Institute, and the Company has very quickly established strategic partnerships with two established and proven gold exploration and geological and geosciences companies in the country and further secured options over several exploration licenses extending over 7,000km² of what is considered highly prospective exploration ground. 

Exclusivity Shares and Total Voting Rights:

The Exclusivity Shares will be freely tradable, not subject to any trading restrictions or lock-in provisions and free of any encumbrances.

The Exclusivity Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing ordinary shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Following issuance of the Exclusivity Shares, the total number of ordinary shares with voting rights in issue in the Company will be 2,696,578,592.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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

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Notes:

Imara Gold plc is an expanding African focused gold company with a clear strategy to grow gold production and gold resources both organically and through strategic acquisitions and partnerships in East Africa.

Headquartered in Nairobi, Kenya, Imara 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 African-focused company: it buys locally, employs locally, and protects the environment and its employees and their families' health, safety and wellbeing.