Exclusivity Agreement with Pumba Resources Limited.

Caracal Gold Plc

('Caracal' or the 'Company')

Exclusivity Agreement Signed with Pumba Resources Limited

Caracal Gold Plc, the East African focused gold company, is pleased to announce that it has entered into an exclusivity agreement with Tanzanian mining and exploration company, Pumba Resources Limited ("Pumba Resources"), in respect to its portfolio of gold prospecting licence applications located in the Geita and Singida Regions in the Republic of Tanzania.

Under the terms of the exclusivity agreement, Caracal has been granted a four-month exclusivity period ending 30 November 2025, during which it will conduct legal, technical and financial due diligence on the licences, projects and associated assets. Upon completion of a satisfactory due diligence review, Caracal has the exclusive rights to finalise commercial terms in respect to a potential exploration and mine development joint venture agreement with Pumba Resources.

The licenses are considered highly prospective for gold mining, extraction and development, and are all located in the Geita and Singida Regions of Tanzania. These regions are some of the country's largest gold mining areas in Tanzania and are host to major gold mining operations operated by Anglogold Ashanti Limited and by Shanta Gold.

Pumba Resources' portfolio of gold prospecting licenses extend over an area of approx. 30km² and include PL 30889/2025, PL 30761/2025, PL 30759/2025 and PL 32143/2025.

The Company has agreed to issue Pumba Resources with ordinary shares to the value of £50,000 at a price of 0.3 pence per share ("Exclusivity Shares") as a fee for entering into the exclusivity agreement. The shares will be issued on the resumption of trading in the Company's shares on the London Stock Exchange.

Pumba Resources is an opportunity-driven company focused on building strategic partnerships across East Africa. It is advancing both gold and critical battery metal resources throughout East Africa. Caracal's management believe the partnership with the team at Pumba Resources will create further gold exploration and mining opportunities in the region.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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

Notes:

Caracal Gold plc is an expanding East African focused gold company with a clear strategy to grow production and resources both organically and through strategic acquisitions. Its immediate aim is to recommence and 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.