Caracal Gold Regulatory News (GCAT)

Caracal Gold plc

('Caracal' or the 'Company')

Subscription raises £92,750

Caracal Gold plc, the expanding East African gold producer with over 1,300,000oz JORC-compliant gold resources, is pleased to announce it has raised £92,750 by way of Subscription ("Subscription"), through the issue of 30,916,667 new Ordinary Shares of £0.001 in the Company ("Ordinary Shares") at a price of £0.003 per Ordinary Share (the "Subscription Price").

The subscribers ("Subscribers") from the Subscription will be issued with one option ("Options") for every two new Ordinary Shares subscribed for, with an option exercise price of £0.006 per option. The option will expire December 31st 2024.

The issue of the new Ordinary Shares to trading is conditional upon approval of a prospectus by the Financial Conduct Authority ("FCA"). Caracal continues to progress the prospectus through the FCA.

The Company has also entered into a Loan Agreement ("Loan Agreement") with Robbie McCrae the CEO of Caracal. The principal amount of the Loan Agreement is US $40,000 (Forty thousand United States Dollars). It will have a duration of two years and will accrue interest at 10% per annum.

Simon Grant Rennick, Chairman of Caracal, said,

"The Company is pleased to have secured this funding and we would like to thank the Subscribers for their support. The proceeds will be used to advance our the Kilimapesa expansion funding process and general working capital requirements. The Caracal team continue to advance the Kilimapesa expansion funding process, the Joint Venture for the development of the Tanzania project and the approval of the prospectus by the FCA. We look forward to being able to announce the completion in due course".

**ENDS**

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.

Caracal's shares are quoted on the Main Market of the London Stock Exchange (LON: GCAT) and on the Frankfurt Stock Exchange (FSE: 6IK). The Company is also in the process of listing on the Nairobi Securities Exchange.