Record Quarterly Production at Blanket Mine

St Helier, October 11, 2023 - Caledonia Mining Corporation Plc ("Caledonia" or the "Company") announces gold production from the Blanket Mine in Zimbabwe ("Blanket") for the quarter ended September 30, 2023 ("Q3 2023" or the "Quarter"). All production numbers are expressed on a 100 per cent basis and are based on the final assay at the refiners.

Highlights

• Quarterly gold production of 21,772 ounces, a new quarterly record for Blanket mine
• An increase of three per cent on the 21,120 ounces produced in the corresponding quarter of 2022.
• Gold produced in the nine months to the end of September was 55,244 ounces.
• Caledonia reiterates its gold production guidance for 2023 of between 75,000 and 80,000 ounces[1].

Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:

"I am pleased that Blanket is performing well and we have set a new quarterly production record. I look forward to achieving our guidance of between 75,000 and 80,000 ounces of gold for 2023.

"We have invested heavily in Blanket over the last seven years, including investment this year to construct a new tailings storage facility which is expected to have a life of at least 15 years, based on the current production profile, and will support production well into the future.

"The recent encouraging drill results at Blanket indicate that there is additional mineralisation that may, in due course, be accessed using the current infrastructure and which should further extend the life of Blanket.

"Blanket continues to provide a solid foundation for the Company, providing us with a platform for our other growth projects in Zimbabwe."