Caracal Gold Plc provided an update following the recommencement of production at the Milling/CIL plant at Kilimapesa at the beginning of February. Open cast mining continued in pit 3B with a total of 11,400 tonnes mined at an average grade of 1.82 g/t gold (Au) with a strip ratio of ore to waste of 2.7 to 1; The carbon in leach (CIL) plant was recommissioned after the mill relining in January. Feed into the CIL circuit was 7,350 tonnes for the month of February at an average feed grade of 1.71 g/t. The gold recovered totalled 9,077 grams with a large portion of gold remaining in the process to build required process inventory; Various recommissioning challenges faced and solved included power outages from the grid supply and stress testing of the feed rate which resulted in misplaced grits reporting into the CIL circuit; Pre-screening of the coarse ore fraction out of the feed improved the grade to the Milling/Cil plant with the oversize material used as feed to the heap leach plant, thereby progressively improving ongoing flow sheet optimisation.

Audit progress: PKF Littlejohn and PKF East Africa are engaged to complete the group audit for the year ended 30 June 2023. The Company has a dedicated team in the UK and Kenya working to complete the audit. The audit work is in the final phase and the Company will publish the audited results as soon as they are available, together with the unaudited interim results for the six month period ended 31 December 2023.

Strengthening of management team: Mr. Stephanus de Kock has joined as the Caracal/Kilimapesa team as general manager of the Kilimapesa mine. Stephanus is an experienced mining professional with over 22 years' experience in project development and operations in Africa. The Finance team in Kenya has been strengthened with the appointment of Ms. Stella Nguchu.

Stella is a chartered accountant with over 10 years of experience. Most recently Stella was the Financial Manager for Tatu City Limited.