Caracal Gold plc announced financing of USD 1,550,000 to support development of the Kilimapesa project. The use of proceeds will include Phase 2 of the Minopex work program, maintenance and expansion capex, costs related to the ongoing expansion financing process and other operational expenses. The Company has entered into a USD 1,400,000 Financing Agreement with Koenig Vermoegensverwal MBH.

The Company shall make monthly payments and each monthly payment shall be calculated as the higher of USD 50,000 and 50% of free cash flow of the Company. The total repayment has been agreed as follows: USD 1,750,000 if settled on or before 30 June 2024 USD 2,100,000 if settled on or before 31 December 2024; USD 2,450,000 if settled on or before 30 June 2025; USD 2,800,000 if settled on or before 31 December 2025. The funds will cover inter alia the following expansion project scope of work: Minopex Phase 2 Exploration and Grade Control Drilling; Heap Leach Plant - Completion of Pad 4 construction; Crushing and Screening Plant; Milling Plant; Thickener Plant; CIL Plant; and Gold Room.