GCAT Caracal Gold Plc

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED WHICH, BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, FORMS PART OF UK LAW. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIAA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

23 December 2024

Caracal Gold Plc

('Caracal' or the 'Company')

General Update

Caracal Gold Plc, the East African gold junior with over 1,300,000 oz JORC compliant gold resources, provides an update across various corporate and financial issues.

Cynergy Transaction

Further to the announcements made on 15 August 2024 and 23 August 2024, regarding the Company and Cynergy Global Ltd ("Cynergy") having agreed to a second extension to the payment of the second US$500,000 tranche due under phase 1 of the Cynergy strategic investment plan.

The extension was to allow Caracal to deal with a due diligence query raised by Cynergy on 20 August 2024 relating to the control of the Company's indirect subsidiary, Tyacks Gold Ltd which is being resolved. This pertaining to both the board composition and the shareholding. Cynergy raised further concerns relating to the financial position and operational status of Kilimapesa Gold Pty Ltd ("Kilimapesa"), the Company's subsidiary in Kenya. These concerns have been raised by the Ministry of Mining, Blue Economy and Maritime Affairs with Kilimapesa. Kilimapesa, with the agreement of Cynergy, has written to the Ministry with a timetable and plan for the recapitalization of the project and Cynergy along with Kilimapesa are awaiting approval for the timetable and plan.

Cynergy have informed Caracal that they would like to renegotiate the terms of their investment and reach a settlement with the Company. The Company has indicated that it is prepared to entertain all reasonable counters but to date an agreeable offer has not been received. The Company remains open to further discussions.

Cashflow

The Company is under significant cash flow pressure and distress. The Company is looking at all available funding options and an update will be provided in due course.

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

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