24^th April 2023

Caracal Gold PLC

('Caracal' or the 'Company')

High Grade Zone Mining and Ore Processing Results from Kilimapesa Hill Deposit

Caracal Gold PLC, the expanding East African gold explorer, developer and producer with over 1,300,000oz of JORC compliant gold resources, intends to publish its quarterly update for the period ended 31 March 2023 on or around the end of April 2023. As the company will be presenting to investors at the Mines & Money conference in London on the 26^th April, the Company is pleased to provide an interim update on the delivery of high-grade ore from the high-grade zone in the Kilimapesa Hill deposit to the Milling Plant.

Highlights                                                                                                                                

·      Ongoing 360tpd of high-grade material with average daily grades from 3.15g/t to 4.92g/t being processed,

·      The initial mining plan has now been extended to period of 13 months of delivery of high-grade material to the milling plant,

·      Pivot Mining Consultants appointed to produce an independent mine design and scheduling for Kilimapesa including the high-grade zone,

·      Exploration to define the full potential of the high-grade zone in ongoing. 

The average grades for the period from 9^th March to 7^th April 2023 are detailed below:

Hourly belt cuts are taken on the mill feed conveyor and the daily summary sampling sheets for samples are attached. These samples are assayed in the Kilimapesa laboratory. Sampling and analytical procedures are subject to a comprehensive quality assurance and quality control program. The QAQC program involves insertion of duplicate samples, blanks and certified reference materials in the sample stream. Gold analyses are performed by standard fire assaying protocols using a 50-gram charge with atomic absorption (AAS) finish and a gravimetric finish performed for assays greater than 10 grams per tonne.

Tonnages mined continue to average at over 400tpd from the high-grade zones and an additional bulldozer and additional excavator have been mobilised to further increase tonnages. Recoveries remained in line at 75%, the plant availability improved from 75% from the previous period to 82% for the period from 29^th March to 7^th April. For April 2023 the plant availability for April 2023 to date is 86%.

Robbie McCrae, CEO of Caracal commented:

"The results from the first 30 days of mining and processing ore from the Kilimapesa Hill high-grade zone have gone beyond expectations and the team are continuing to improve in all the areas. The high-grade zone now supports the current production levels for 13 months, plant availability is back on track and improving after the installation of standby power and recoveries are expected to improve with the delivery and commissioning of the new crusher and additional CIL tank capacity".

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

Qualified Person:

Mr. Franck Bizouerne, P.Geo., Group Mineral Resource Manager of Caracal Gold PLC, is the Company's Competent Person under JORC Code "Standards of Disclosure for Mineral Projects" and has reviewed and assumes responsibility for the scientific and technical content in this press release.

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.