30^th March 2023

Caracal Gold PLC

('Caracal' or the 'Company')

High Grade Zone on Kilimapesa Hill

Caracal Gold PLC, the expanding East African gold producer with over 1,300,000oz of JORC compliant gold resources, is pleased to confirm ongoing 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 grades from 3.39g/t to 4.92g/t being processed,

·      The initial mining plan has been extended to over 180 days of delivery of high-grade material to the milling plant ,

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

The average grades for the period from 19^th March to 28^th March 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 improved to over 400tpd from the high-grade zone, recoveries remained in line at 75%, the  plant availability was affected by power outages after pole on the main feed line to plant collapsed during a heavy rainstorm - plant availability for the period was 75%.

Robbie McCrae, CEO of Caracal commented:

"It has been 20 days since we started mining and processing ore from the Kilimapesa Hill high-grade zone and the team are pleased with the results across the board from the exploration to the mining and to the processing. The mining team have worked hard to complete the access roads and strip waste and now are focussed on increasing the tonnage mined and delivered to the Milling plant. At the Milling plant the focus Is to increase the tonnage from 360tpd to 500tpd over the next few weeks. We are looking forward to updating the market on the results from the exploration work on the high-grade zone in the near future".

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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.