Focus Expands to Ugandan Gold Opportunities

Caracal Gold Plc

('Caracal' or the 'Company')

Acquisition Focus Expands to Ugandan Gold Opportunities

Caracal Gold Plc, the East African focused gold company is pleased to advise that it is in the process of incorporating a new wholly owned subsidiary in Uganda, through which it will be looking to secure majority interests in a number of advanced and near-term gold mining opportunities in the country.

The Company's Executive Director and technical consultants are ready to commence due diligence work on several projects and later this month will drive to Uganda from Nairobi to progress its legal and technical due diligence activities and to also meet with key stakeholders and advance negotiations.

The incorporation of a new wholly owned subsidiary in Uganda and due diligence work on gold mining opportunities in the country, is considered a key part of the Company's strategy of positioning Caracal as one of the leading East African gold-focused mining and exploration company.

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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 gold production and gold resources both organically and through strategic acquisitions and partnerships in Kenya, Tanzania, Uganda, Eritrea and Burundi.

Headquartered in Nairobi, Kenya, Caracal 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.