tanzanian gold project acquisitions delivering on our east

Tanzanian Gold Project Acquisitions

Delivering on our East African Gold Strategy

Corporate Presentation

December 2021Production | Exploration | Acquisition

Tanzania Gold Acquisition Presentation | December 2021

Disclaimer

This document has been produced in connection with the proposed offer (the "Offer") of securities in Caracal Gold plc (the "Company") and is the sole responsibility of the Company. The information and opinions contained in this document are providedas at the date hereof and are subject to amendment (without notice), further verification and completeness. This document is directed at investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005 and at organisations of a kind described in and to whom Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (High Net Worth Companies, Unincorporated Associations, etc) applies, and allsuch persons together are referred to herein as "relevant persons". This document must not be acted on, or relied on by, or passed on to (directly or indirectly) persons who are not relevant persons. Any investment or investment activity to which thisdocument relates is available only to relevant persons and will be engaged in only with relevant persons (save as set out below).

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▪ Established gold production and resources at our Kilimapesa operations in Kenya

▪ Future growth from increased production and exploration in Kenya AND acquisition of further

advanced and near-term production assets in East Africa

▪ Now to acquire 100% of Tyacks Gold Limited and its Nyakafuru Gold Project in Tanzania

▪ Now to acquire a 75% interest in Simba Gold Project in Tanzania from Shangaza Golden Group

▪ New projects add total JORC resources of 1Mozs to the company’s existing 671.400ozs

▪ New project resources can increase to 1.4Mozs if Nyakafuru Reefs application is successful

▪ Development studies already completed on Nyakafuru Gold Project in Tanzania

▪ Simba Gold Project located 25km along strike from the Nyakafuru Gold Project

▪ Development of conventional open pit mining operations

▪ Located in the Lake Victorian Goldfields close to established world-class mines

▪ Tanzania is one of the largest gold producers in Africa

African Gold Producer

Established Resources

Clear Growth Strategy

Caracal Gold PLC

Advanced Projects

Proven Gold Districts

Strategically Located

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Capital Structure

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LSE Code GCAT

Shares on issue 1,575m

Share price 1.30p

% share price increase on 31 August listing 30%

Market Capitalisation £20.5m

Options and Warrants on issue 250m

Substantial shareholders

DEM – Deutsche E Metalle AG (Germany)

Orca Capital GmbH

Goldplat plc

11.6%

9.32%

9.12%

Board and Management 21.70%


▪ Non-Executive Chairman with 28 years’ sales, trading, lending and structured financing in preciousmetals, metals, energy, agriculture, and environmental commodity markets

▪ Senior positions with major international investment and commercial banks

Board and Senior Management

▪ Senior mining executives with extensive corporate, technical and financial capabilities and previous Board representation

with publicly listed companies in the mining and exploration sectors in London, North America and Australia

Simon Games Thomas

▪ Chief Executive Officer with 20 years’ experience in the mining and exploration industry

▪ Involved in the management of exploration, development and financing of projects in over 15 Africancountries for both private and listed companies

Robbie McCrae

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Gerard Kisbey-Green

▪ Technical Director with 34 years’ experience in the mining and related financial industry

▪ Qualified Mining Engineer with financial markets, as mining equity analyst on the JSE and miningcorporate finance in South Africa and UK with major global investment banks

Jason Brewer▪ Commercial Director with 25 years’ experience in mining, financial markets and investment banking

▪ Mining engineer and director of ASX and AIM listed mining companies focused on African minedevelopment and operations throughout Africa


▪ General Manager with 41 years’ experience in underground and open pit gold mining in Africa

▪ Qualified Mining Engineer and General Manager of Kilimapesa Gold since 2013

Senior Management

Nico Di Cio

▪ Project Manager with 15 years’ experience in management of advanced African development projects

▪ Country manager with specific focus on community relations, permitting and government relations forbulk commodity, base and precious metals projects throughout African

Mark Green

Innocent Chifamba

▪ Processing Plant Manager a Qualified Metallurgical Engineer with 10 years’ experience in the design,construction and operation of gold processing plants in Southern and East Africa

Gordon McCrae

▪ Metallurgical Consultant with 40 years experience in the design, construction and development ofmajor gold and base metals operations throughout Africa

▪ Founder of one of Africa’s premier metallurgical and process engineering companies

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▪ Geologists, mining engineers and metallurgists with proven track records in successfully developing and operating

mining projects throughout Africa


Kilimapesa Gold Mining and Processing Operation

A Pure East African Gold Focus

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Simba Gold Project

▪ Gold production

▪ Targeting initial 1,000ozs/ month

▪ 671,440 ozs resource

Nyakafuru Gold Project

▪ Development studies

▪ Targeting 50,000 ozs per annum

▪ Up to 1,059,230 ozs resource

Simba Gold Project

▪ Advanced exploration

▪ 25km NE of Nyakafuru

▪ 320,000 ozs resource


Kilimapesa Gold Mining and

Processing Operations


▪ Agreements for two major gold project acquisitions adding 1.0Mozs resources

▪ Projects located in Tanzania on same geological setting as the company’s

existing Kilimapesa Gold Mining and Processing Operations in Kenya

▪ Projects have proven high grade shallow gold resources that have been

subject to substantial exploration and feasibility study work since 1990s

▪ Previously held by ASX-listed Resolute Mining and Liontown Resources

▪ Over 350km2 granted mining and exploration licenses and new applications

▪ Projects located within the Lake Victoria Goldfield which has +50Moz gold

endowment and several world class deposits

▪ Multiple +10Moz deposits and world class mines nearby including Barrick

Gold’s Bulyanhulu Gold Mine and AngloGold’s Geita Gold Mine

▪ Tanzania refocused on gold mining and remains Africa’s 4th largest gold

producer

Tanzanian Gold Acquisitions

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Simba Gold Project


▪ Agreement to acquire 100% of Tyacks Gold Limited

▪ Tyacks Gold is the holder of the 11 granted exploration licenses and an exploration and

mining license that are under application and which make up the Nyakafuru Gold Project

▪ Previously held by ASX-listed gold company Resolute Limited

▪ Assets also include an established exploration camp and administration offices

▪ Total up-front/ milestone based share and cash based acquisition payments of US$7.12/oz

Acquisition agreement

signed with Tyacks Gold

Tanzanian Acquisitions

Acquisition agreement

signed with Shangaza

Golden Group

9

▪ Commercial agreement with local Tanzanian gold company, Shangaza Golden Group

▪ Shangaza Golden is the holder of the 15 granted mining licenses and 3 mining license

applications and which make up the Simba Gold Project

▪ Simba Gold Project is located along strike and 25km NE of the Nyakafuru Gold Project

▪ Total up-front/ milestone based share and cash based acquisition payments of US$3.38/oz


Delivering on strategy with acquisition of advanced projects in East Africa and clear path to grow

production and resources

Kilimapesa Gold Mine production in Kenya supplemented by new

mine development and BFS studies at Nyakafuru Gold Project

Updated development studies to commence on the Nyakafuru Gold Project for conventional open pit mine producing +50,000ozs p.a.

Acquisition costs of less than US$5.00 /resource ounce is well

below average valuation of US$50/oz for exploration projects

Landholding increased by 700% with additional 18 Mining Licenses

and 12 Exploration Licenses acquired in Tanzania

Increase to existing JORC resources by 250% with an

immediate 1.0 Mozs added and potential to take total resources

to over 2.0 Mozs

Acquisition Fundamentals

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A Major Increase in Total JORC Resources

11

*


Nyakafuru Gold Project – Immediate Focus

▪ Located 140km by sealed road southwest of Tanzania’s second largest city

▪ Excellent infrastructure - national highway, power and established camp with

office, accommodation and workshop facilities

▪ Granted licenses have JORC compliant resource of 0.7Mozs at 2.08g/t with

major exploration upside

▪ Potential to add a further 448,000ozs if Nyakafuru Reefs application is granted

▪ Previous positive development studies completed by Resolute Limited and

based on large scale conventional open pit operation and CIL processing plant

▪ EIA approved providing opportunity for near-term development

▪ Next steps include license application approval for the Nyakafuru Reefs

Project, additional resource definition drilling and appointment of Projects

Team to complete updated study and commence on site construction

activities


Nyakafuru Gold Licenses

▪ Nyakafuru Gold Project is located within the Nyanzian System of

the Lake Victoria Gold Fields in the northern part of the Archaean

Tanzania Craton

▪ The licenses cover the south-western end of the Siga-Mabale

Greenstone Belt which is 60km SW of Barrick Gold’s 18Mozs

Bulyanhulu Gold Mine

▪ The Nyakafuru Gold Project comprises 11 granted exploration

licenses and a mining and exploration license under application

▪ Total exploration license area approx. 280 km2

▪ The Leeuwin, Grange, Cullen and Voyager and Mentelle deposits

are all located on existing granted exploration licenses

▪ Mining /exploration licence application remains in process for the

400,000oz Nyakafuru Reefs deposit and has not yet been granted


Four Main Deposits and Additional Targets

▪ 4 deposit areas with significant, previously reported high-grade

shallow gold resources:

▪ Voyager - Mentelle

▪ Cullen

▪ Leeuwin - Grange

▪ Nyakafuru Reefs – application for license submitted

▪ Multiple other exploration targets, several with significant drill

intercepts:

▪ Nyakasaluma, Redgate

▪ Golden Hoe, West Reefs,

▪ Western Greenstone Contact

▪ Kakumbi, Mwag iMagi


Voyager – Mentelle Deposits

▪ At Voyager, mineralisation is located on a north-south oriented shear

▪ Associated with narrow shears, quartz tension veins and breccia

zones that host significant amounts of disseminated to semi-massive

pyrite and pyrrhotite

▪ Drill results include

▪ 19m at 16.69g/t 12m at 9.1g/t 3m at 59.72g/t



▪ High grade gold mineralisation above the base of complete oxidation

is hosted within highly weathered, haematitic basalt and clastic

sediments with minor sulphide box works

▪ Distribution of gold identified to date suggests some supergene

enrichment has occurred above the top of fresh rock


Voyager – Mentelle Deposits

▪ Mentelle is located immediately west of Voyager

▪ Mineralisation is hosted within and on the contacts between steep NNE dipping

basalt, clastic sediments and felsic porphyry units

▪ High-grade oxide mineralisation up to 150m wide at the centre of the deposit is

associated with weathered, haematitic basalt and clastic sediments

▪ Drill results include




▪ Primary gold mineralisation is associated with stockworks of narrow quartz,

calcite and pyrite veins


Cullen – Leuwin Deposits


Nyakafuru Reefs

▪ Exploration and mining license is under application by Tyacks Gold

▪ Near surface, multiple high grade veins

▪ 11 reef structures with a combined strike length of +11km within an area of 4km2

▪ Previous detailed drilling mostly confined to 2E, 2W and 6 reefs with a combined

strike length of approx. 1 km, for which resources were previously reported

▪ Existing JORC resource of 3.5Mt at 3.56g/t for 400,488 ozs

▪ Previous high grade drill results include




▪ Further selective, higher grade open pit potential

▪ Will add a further 400,488ozs to the company if exploration and mining license

application is successful


659,000ozs and +1Mozs with Nyakafuru Reefs

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▪ Resources based on approx. 3,160 DD, RC and AC drill holes totalling 186,000m drilled

▪ Further resource potential at Voyager-Mentelle and Leeuwin–Grange with strike and depth extensions

▪ Existing deposits have only been drilled shallowly and significant potential for depth extensions remain

▪ Nyakafuru Reefs application in process and has potential to add further resources of 3.5Mt at 3.56g/t for 400,488ozs

▪ Further opportunity for resource increases in areas to the north of the existing Nyakafuru Reefs resources


Further Exploration Upside

▪ Extensive holding of 280 km2 covering prolific Archaean granite –

greenstone terrain with extensive strike length of prospective

greenstones hosting well mineralised, regional-scale structures

▪ Quality regional geophysical and geochemical database of previous

exploration work highlighting excellent potential for further shallow,

high grade gold deposits to underpin near-term production strategy

▪ Multiple drill-ready targets including:

▪ Nyakasaluma: +2km mineralised shear zone with numerous

wide drill intersections

▪ Redgate: lightly tested target with significant strike length

▪ Golden Hoe – site of recent major artisanal gold rush

▪ Significant exploration upside with a number of other prospective

targets identified from initial geophysical and geochemical data


Nyakafuru Strategy to Production

▪ Additional resource drilling programs at Voyager-Mentelle, Cullen and Nyakasaluma

▪ Update JORC resource and reserve estimates and pit optimisations

▪ Appointment of Projects Team to complete updated development studies

▪ Metallurgical drilling at Voyager-Mentelle, Cullen Leeuwin to provide samples for

metallurgical test work including bulk density

▪ Updated geotechnical and hydrogeology assessments

▪ Commencement of environmental work program for environmental studies to

international standards required for project financing

▪ Progress application process for the Nyakafuru Reefs license area

▪ Detailed engineering work for processing plant

▪ Completed updated Development Study

▪ Receipt of final regulatory approvals and permits

▪ Commence site preparation works and mine construction


Simba Gold Project – Consolidation

▪ Located 25km northeast and along strike from the Nyakafuru Gold Project

▪ JORC compliant resource of 320,000ozs and major exploration upside

▪ 4 priority prospects delineated at Simba

▪ Broad, near-surface gold zones intersected

▪ Gold structurally controlled and 18 sub-parallel lodes of mineralisation have

been identified at Simba

▪ Main lodes of mineralisation at Simba extend over 400m along strike with

some lodes interpreted to have a strike length of over 1,000m and many

remaining open

▪ Potential for large-scale gold systems

▪ Next steps include additional resource definition drilling as part of a broader

and consolidated exploration plan incorporating the Nyakafuru and Simba

Gold Projects


A Large Gold System at Simba Confirmed

▪ Mineralisation so far drilled over 1,000m strike, 800m width with significant

growth potential and which remains open to the northeast

▪ Drill results include:




▪ Gold anomalism open

▪ Potential for large gold system with multiple lparallel odes

▪ Granitoid-hosted gold (syenite-diorite complex)

▪ Largely obscured by thin (<30m) sediment cover


Simba and Beyond – Exploration Upside

▪ Mineralised system at the Simba Gold Project remains open along strike and

with multiple trends to now be drill tested

▪ Simba – Panapendesa Gap

▪ Immediate extension (~1.5km) of main Simba zone

▪ Western extension of Panapendesa

▪ Soil covered

▪ Simba – Parallel Lodes

▪ Strike extensions of 15m at 1.9g/t , 23m at 2.9g/t and 17m at 1.2g/t

▪ Koboko Trend

▪ 2km soil anomaly

▪ Structurally modified

▪ Additional resource definition drilling to now proceed as part of a broader and

regionally consolidated exploration plan


Tanzania Supports Future Caracal Growth

▪ Future growth will come from increased production and exploration in Kenya and

from the acquisition of further advanced and near-term production assets

▪ Tyacks Gold and Shangaza Golden Group acquisitions are firmly in line with the

company’s growth strategy and regional expansion in East Africa

▪ Acquisition costs of less than US$5.00 /resource ounce is well below average

valuation of US$50/oz for exploration projects

▪ Potential to increase JORC resources by 250% with an immediate 1.0 Mozs added and

potential to go quired taking total resources to over 2.0 Mozs and subject to

Nyakafuru Reefs license application being successful and being granted

▪ Landholding increased by 700% with additional 18 Mining Licenses and 12

Exploration Licenses acquired in Tanzania

▪ Resource drilling and updated development studies to commence


Emerging African focused gold producer with a clear path to

grow production and resources, both organically and through

strategic acquisitions

100% interest in the producing Kilimapesa Gold Mine in Kenya,

and major new gold mine development potential in

Tanzania

Defined development and growth plan with optimisation of

operations at Kilimapesa and BFS to commence at the Nyakafuru

Gold Project

Favourable gold market outlook and cashflow positive mine

operationsLow acquisition and operating

costs for new projects

Experienced management team and Board with proven track

records in bringing Kilimapesa into production and complimentary

acquisitions in Tanzania

Listing onto the London and Frankfurt Stock Exchanges in

August 2021 provides platform for major revaluation in Caracal with

strong market support

Key Value Fundamentals

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Contacts

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Robbie McCrae, Chief Executive Officer

Email: [email protected]

Caracal Gold plc

27-28 Eastcastle Street

London

United Kingdom

W1W 8DH

Email: [email protected]

Web: http://caracalgold.com

Twitter: #CaracalGoldplc

LinkedIn: CaracalGold

mailto:[email protected]

tanzanian gold project acquisitions delivering on our east

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