Imara Gold Plc
("Imara" or the "Company")
Corporate Update
Imara Gold plc (LSE: IGLD), the East African focused gold company is pleased to provide the following update on its activities in Kenya.
Since the appointment of the new executive management and Board of Directors in Q2 2025, the Company has been focused on addressing previous issues raised by stakeholders regarding the Company's subsidiary in Kenya, Kilimapesa Gold Pty Limited ("Kilimapesa"), and its gold mining and exploration activities at the Kilimapesa Gold Mine located in Narok County.
These issues relate to among other things, the previous non-payment of amounts due to the Moyoi Community, local workers and key suppliers to Kilimapesa in Kenya and commitments made to sustainable and long-term community development projects.
Following community presentations on a negotiated settlement of outstanding issues with Kilimapesa and pursuant to the provisions of Kenya's Mining Act, Cap 306 on the general powers of the Cabinet Secretary for Mining, Blue Economy and Maritime Affairs (the "Ministry"), the Cabinet Secretary has proposed the establishment of a committee to be known as the "Kilimapesa Gold Mining Resumption Committee" (the "Committee").
The Committee will be composed of representatives of the Ministry, the Moyoi Community, the County Government of Narok, and Kilimapesa.
The Committee's terms of reference include:
i. Resolve all outstanding community complaints raised against gold mining operations by Kilimapesa;
ii. Review the new commitments entered between the community and the Company including review of projects to be undertaken for the community pursuant to the provisions of the Community Development Agreement Regulations;
iii. Facilitate continuous engagement between the community and Kilimapesa; and
iv. Make recommendations to the Cabinet Secretary on all matters, grievances, complaints or disputes between Kilimapesa and the community and in respect of any matter in connection with or under the mineral right.
The Company wholeheartedly supports the establishment of the Committee and believes it provides the most effective and transparent platform upon which it can address the legacy issues created by its former executive management team in Kenya and allow all stakeholders to move forward in re-establishing large-scale commercial gold mining and gold processing operations at Kilimapesa.
The Company has proposed that its representatives on the Committee consist of its independent Kenyan directors, Ms. Noreen Kidunduhu, Ms. Hannah Wang'Ombe and Mr. Edward Ruheni.
Although mining and gold processing activities at the Kilimapesa Gold Mine were suspended in Q1 2024 and the last gold sales made in March 2024, the Company is aware of illegal access and activities at the Kilimapesa Gold Mine and which have been raised with the Ministry and other regulatory bodies in Kenya.
The Company has received approval from the Ministry to establish adequate security at the Kilimapesa Gold Mine, to safeguard all assets therein, and is currently reviewing ways to strengthen security arrangements on site.
Representatives from the Company's new executive management team in Kenya will be meeting with key stakeholders this week as part of its broader strategy of growing its portfolio of gold production and gold resources both organically and through strategic acquisitions and partnerships in Kenya, Tanzania, Uganda, Eritrea and Burundi.
Further updates will be provided as matters progress.
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For further information visit www.caracalgold.com or contact the following:
| Imara Gold plc Jason Brewer Shareholder Enquiries |
|
| Bowsprit Partners Limited (Financial Adviser) |
+44 (0) 203 833 4430 |
Notes:
Imara 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, Imara Gold plc 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.
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