Company Announcements

Caracal Gold plc / LSE: GCAT / Market: Main Market of the London Stock Exchange

Caracal Gold Plc

('Caracal' or the 'Company')

Appointment of Financial Controller

Caracal, the East African focused gold company, is pleased to announce the appointment of Ms. Esther Ndeto as Financial Controller, effective immediately.

Ms Ndeto is based in Kenya and brings over 15 years of regional financial leadership experience across East and Southern Africa. She has a strong track record in International Financial Reporting Standards ("IFRS") reporting, financial planning and analysis, regulatory compliance, capital optimisation, and stakeholder engagement. She is a Certified Public Accountant (CPA-K) and holds an MBA in Fintech and Blockchain, positioning her at the aligned intersection of finance and business growth.

Ms Ndeto's experience spans financial services, infrastructure, and capital markets, where she has successfully led multi-market teams, managed complex budgets, driven performance improvement, and implemented financial systems aligned with international standards. She has also overseen strategic capital raising and deployment, shaped and executed dynamic financial frameworks, secured multi-million-dollar funding instruments and strengthened risk and treasury controls.

She has previously served at Imfact Working Capital Solutions, the Kenya Pooled Water Fund, Alios Finance, and Grain Bulk Handlers Ltd., demonstrating deep sectoral versatility and governance acumen.

Her appointment significantly strengthens Caracal's financial management capabilities as the Company continues to scale operations at the Kilimapesa Gold Mine and pursue regional expansion.

As Financial Controller, Esther will report directly to the Board of Directors and will oversee the Group's financial operations across corporate and operational entities. Her core responsibilities include:

·      Leading long-term financial strategy and performance planning in alignment with corporate objectives

·      Overseeing financial reporting, budgeting, compliance, and internal audits

·      Ensuring regulatory compliance with IFRS, tax laws, and statutory obligations

·      Driving financial systems improvement and reporting automation

·      Managing treasury functions, liquidity, and funding strategies

·      Supporting the Company's annual audit and internal control framework

·      Developing the finance team's capacity through leadership and training initiatives

Esther's appointment comes at a critical time as Caracal continues to enhance its financial structure, systems, and audit readiness in preparation for further operational growth and stakeholder reporting in 2025 and beyond.

Jason Brewer, Executive Director, Caracal Gold Plc said:

"Esther's appointment is an important addition to our leadership team and underscores our commitment to strong financial governance. Her wide-ranging experience and proven leadership in finance will support our efforts to build a scalable finance function that aligns with our operational and strategic goals.

 She has consistently delivered enhanced financial transparency, strengthened internal controls, and enabled robust capital allocation strategies for sustainable business growth, and we are confident that she will bring the same level of focus and expertise to Caracal as we continue with operations and expand across the region."

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). 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.