Caracal Gold plc announced that Mr. Riaan Lombard has been appointed to the Board of Caracal Gold Plc ("Caracal") as an Executive Director and Chief Operating Officer ("COO"), effective immediately.  Mr. Lombard is a qualified mining engineer and native of Namibia with 25 years of experience across a multitude of senior management and technical roles and a diverse range of commodity projects in West Africa, East Africa, and South America.  Mr. Lombard has held the role of General Manager of Caracal's fully owned subsidiary Kilimapesa Gold (Pty) Ltd, which operates the Company's flagship Kenyan mine, since February 2022 (refer RNS announcement 13 January 2022).  He has also been instrumental in Caracal's recent acquisition of the Nyakafuru Project in Tanzania, which is located in the world-class Lake Victoria Gold Fields.  The Company is also pleased to announce the board appointment of Mr. Stefan Mülller as a Non-Executive Director, effective immediately.  Mr. Müller has extensive corporate and financial experience having supported over 250 capital market transactions during his career and served on the boards of a number of national and international companies.  He started his career at Dresdner Bank AG in international securities trading before becoming Senior Vice President at Bankhaus Sal Oppenheim (Europe's largest private bank at the time).  He subsequently worked in asset management before founding DGWA - Deutsche Gesellschaft für Wertpapieranalyse GmbH (German Institute for Asset and Equity Allocation and Valuation), a German Investment Banking Boutique focused on the global mining and resources industry, where he is still CEO.  He is also a board member of the German Federation of International Mining and Mineral Resources (FAB), and a member of the DIN Technical Committee, which is establishing a new ISO standard for lithium.  His corporate and financial experience will support the Company in delivering on its growth strategy.

As part of the Board changes, the Company announces that Mr. Gerard Kisbey-Green, current Executive Director, will become a Non-Executive Director, effective immediately.