TIDMGCAT
RNS Number : 3372Z
Caracal Gold PLC
15 May 2023
Caracal Gold plc / EPIC: GCAT / Market: Main / Sector:
Mining
15 May 2023
Caracal Gold plc ('Caracal' or the 'Company')
Corporate Update and Q1 2023 Operations Summary
Caracal Gold plc, the East African gold producer with over
1,300,000oz JORC-compliant gold resources, provides a corporate
update and progress report on its operations and exploration
activities for the quarter ended 31 March 2023 ('Q1 2023')
specifically, the Company's Kilimapesa Gold Mine and Processing
Operation in Kenya ('Kilimapesa' or the 'Project') and the high
grade, shallow gold Nyakafuru Gold Project in Tanzania.
Corporate Update
Financing
On the 16(th) February the company announced it had drawn down
US $1m from ORCA Capital GmbH (ORCA) via the issue of secured
convertible loan notes. In addition the company granted ORCA the
option to subscribe for a further US $4m of loan notes. The company
has continued to progress financing arrangements for the Kilimapesa
expansion project, legal and technical due diligence processes are
underway with the preferred funder. Philoro Global Trading AG
('Philoro') have confirmed their commitment to participate in the
funding, this is dependent on the company securing the balance of
financing required to fully fund the Kilimapesa expansion
project.
Regulatory Disclosure
The Company reached a settlement with Mill End Capital Limited
("Mill End"), the details of which were announced by RNS on 12 May
2023.
Submission of a Prospectus
The Company submitted the first draft of the prospectus to the
FCA for approval on 18 April 2023. The Company is working with its
advisers to seek approval of the prospectus by the FCA and will
update the market in due course.
Board Composition
Mr. Simon Gaines-Thomas resigned from his role as Non-exec
Chairman in mid January. Mr Simon Grant-Rennick was nominated to
the role as Executive Chairman and this nomination was subject to
certain final commercial negotiations and legal formalities which
were completed and his appointment announced on 26 April 2023.
Corporate Governance
The corporate governance review initiated is ongoing.
Q1 2023 Operations Summary
HIGHLIGHTS
-- Due to the delay in funding, activities around the expansion
and operations were limited during January and the 1(st) half of
February.
-- Activities recommenced at the Kilimapesa Mine from the middle of February. These included:
o Heap-leach operations recommencing on 5 March,
o Milling operations recommencing on 8 March,
o Open cast mining recommencing on 5 March,
o Underground mining operations are not planned to reopen until
funding is secured,
-- A high-grade zone was discovered on the Kilimapesa Hill
deposit and mining commenced on this zone on 9 March,
-- Work on the expansion continued with:
o Delivery of new jaw crusher,
o Delivery of new excavator and bull dozer,
o Pad 4 construction commenced.
-- Desk top work was completed for the planned drilling program
at the Nyakafuru Gold Project in Tanzania.
Robbie McCrae, CEO of Caracal, said,
"Q1 of 2023 was a trying time for Caracal Gold stakeholders and
I am very grateful to all stakeholders for their support to the
Caracal and Kilimapesa teams who, under very difficult
circumstances, have pulled us through the Q1 period.
The discovery and processing of the High Grade zone on the
Kilimapesa Hill has assisted greatly in March and the gold price
has also been kind to us during March - the production numbers for
the quarter are down but when you consider the production only
recommenced on 5 March we are well positioned for the Q2
period.
The Mill End financing has been settled and the draft prospectus
lodged with the FCA to commence the approval process.
Activities to secure the expansion funding have progressed well
during the period and we expect to announce financing in due
course."
DETAILS
KENYA
Operations
Q4 - 22 Q1 - 23
Mined tons 35,989 12,045
---------------- -----------------
Treated Tons 19,613 19,104
---------------- -----------------
Smelted ounces
Au 835 627
---------------- -----------------
Stockpile 7,715 @ 1.47g/t 11,504 @ 2.23g/t
tons
---------------- -----------------
-- The Open pit was put on care and maintenance for the first
two months of the quarter and resumed production on the 8(th) of
March 2023.
-- A total of 400 tonnes of low-grade ore was mined at an average grade of 1,38 g/t.
-- High-grade zones were identified and opened up the 2A section
producing 11,645 tonnes at an average grade of 3,98 g/t.
-- A total of 2,946t waste was mined.
-- The Kilimapesa processing plant was on care and maintenance
for the first 2 months of the quarter and resumed normal production
on 5 of March 2023.
-- The plant processed a total of 6,246t at an average grade of
3.60g/t through the CIL circuit and a further 12,858t at an average
grade of 1.25g/t through the Heap leach circuit to realize a total
of 627 ounces in gold sales.
Exploration
Exploration work focussed on the near mine areas on the
Kilimapesa Hill deposit.
A high-grade zone was discovered and sufficient ore to support
13 months of high-grade ore processing defined.
No exploration drilling was completed.
Safety, Health and Environment
Work continued on the approval of the Open Pit and Exploration
Impact Assessment with NEMA.
Ongoing support of employees with various training programmes
completed and underway.
Four minor accidents were reported during the Q1 period.
TANZANIA
Desk top work was completed for the planned drilling program at
the Nyakafuru Gold Project in Tanzania.
**ENDS**
For further information visit www.caracalgold.com or contact the
following:
Caracal Gold plc info@caracalgold.com
Robbie McCrae
VSA Capital Limited
Financial Adviser and Broker
Andrew Raca (Corporate Finance) +44 203 005 5000
---------------------
DGWA, the German Institute info@dgwa.org
for Asset and
Equity Allocation and Valuation
European Investor and Corporate
Relations Advisor
Katharina Löckinger
---------------------
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.
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END
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