TIDMGCAT
RNS Number : 2589I
Caracal Gold PLC
04 August 2023
Caracal Gold plc / EPIC: GCAT / Market: Main / Sector:
Mining
4 August 2023
Caracal Gold plc ('Caracal' or the 'Company')
Corporate Update and Q2 2023
Operations Summary
Caracal Gold plc, the East African gold producer with over
1,300,000oz JORC-compliant gold resources, provides a corporate
update and progress report on its operations and exploration
activities for the quarter ended 31 June 2023 ('Q2 2023')
specifically, the Company's Kilimapesa Gold Mine and Processing
Operation in Kenya ('Kilimapesa' or the 'Project') and the high
grade, shallow gold Nyakafuru Gold Project in Tanzania.
Corporate Update
Financing
During the quarter the company continued to progress the
Kilimapesa expansion financing transaction.
Submission of a Prospectus
The company submitted the first draft of the prospectus to the
FCA for approval on 18 April 2023. The company is working with its
advisers to seek approval of the prospectus by the FCA and will
update the market in due course.
Board Composition
During the quarter:
-- Mr Simon Grant-Rennick joined the Board as Executive Chairman,
-- Mr Riaan Lombard resigned from his role as Executive Director,
-- Mr Gerard Kisbey-Green and Ambassador Hon Dan Kazungu both
resigned from their roles as Non-Executive Directors,
The Board are in discussion with various possible Non-Executive
Director candidates and possible candidates that may be put forward
as part of the financing.
DETAILS
KENYA
Operations
Q1 - 23 Q2-23 April Q2-23 May Q2-23 June
Mined tons 12,045 15,000 18,660 19,970
-------- ----------- --------- ----------
Treated Tons 19,104 16,819 17,210 16,691
-------- ----------- --------- ----------
Smelted ounces
Au 627 640 526 479
-------- ----------- --------- ----------
Sales
-- 1,645oz of gold were sold during the quarter
-- The average price received for the quarter was US $1,933 per oz
-- The AISC per oz produced for the quarter was US $1,218 per oz
Mining
-- The underground mine remained on care and maintenance,
-- A total of 38,011 high-grade tonnes were mined from the open pit @ 2,51 g/t,
-- A total of 18,394 low-grade tonnes were mined from the open pit @ 1,55 g/t,
Processing
-- The milling plant processed a total of 38,543t at an average grade of 2.23g/t,
-- The heap leach plant processed a total of 12,177t at an average grade of 1.26g/t,
-- Improvements included:
o Installation of a standby power genset in April, improved
plant availability from 81% in April to 89% in May and 89% in
June,
o Commissioning of an additional 100m(3) CIL tank in the leach
circuit, improved recoveries in the Milling plant from 76% in Q1 to
78.7% in Q2.
-- Milling plant availability was impacted negatively in June
due to a drive breakdown and worn mill liners. The repair works for
the mill drive and liner repairs were completed in July.
Exploration
-- High-grade zones were identified and opened up the 2A, 2B,
3B, 3A, and 1C sections producing 38,011 high-grade tonnes at an
average grade of 2,51 g/t.
-- The focus on high-grade 1C area:
The area consists of zones of weathered BIF hosting quartz veins
of different sizes. Mapping and grab sampling at the zone indicate
a strong potential. Two quartz veins, one 3 to 5m wide and one of
4m wide are actually mined since the end of May. They are hosted in
weathered BIF with proximal mineralization. The area has been
drilled in 2022 and the results of the RC drilling assays indicate
an increased potential at depth. Currently, the exploration works
in the area are to assess the extent east and west of the mined
area.
Safety, Health and Environment
-- There were no major/reportable accidents during the 2(nd)
quarter, only 2 minor accidents were recorded,
-- No LTI was recorded in the 2(nd) Quarter. The last recorded
LTI was in July the 3(rd) quarter of 2022,
-- Fatality rate, a notice of violation and fines is maintained at zero.
Robbie McCrae, CEO of Caracal, said,
"After a difficult first quarter it has been great to see
Kilimapesa run in a steady state over the second quarter. The
production numbers confirm that the operation is running well.
Activities to secure the Kilimapesa expansion funding have
progressed well and the transaction is into the final documentation
phase which when complete means we will announce financing deal and
move to drawdown of the funds.
The approval process for the prospectus by the FCA continued
during the quarter and getting this approved is a priority for
us."
**ENDS**
For further information visit www.caracalgold.com or contact the
following:
Caracal Gold plc info@caracalgold.com
Robbie McCrae
VSA Capital Limited
Financial Adviser and Broker
Andrew Raca (Corporate Finance) +44 203 005 5000
---------------------
DGWA, the German Institute info@dgwa.org
for Asset and
Equity Allocation and Valuation
European Investor and Corporate
Relations Advisor
Katharina Löckinger
---------------------
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 optimization 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 programmez 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.
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END
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August 04, 2023 02:00 ET (06:00 GMT)
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