Replacement Results for Q3 2023

The following amendment has been made to the announcement titled "Results for the quarter and nine months ended September 30, 2023" that was released on November 14, 2023 at 07:00 under RNS Number 3053T.

Diluted earnings/ (loss) per share (cents) for the Quarter should be 24.0 and (6.8) for the three and nine months, rather than 14.7 and (5.5) respectively. The financial statements and management discussion and analysis, which can be found on the Company's website, should be read accordingly. Management of the Company does not consider the error, which arose due to a clerical mistake, to be material to the financial statements taken as a whole.

All other details remain unchanged. The full amended text is shown below. The shareholder call referred to in the original text took place as planned on November 16, 2023, and shareholders can find a link to watch/listen to the call on the Company's website at https://www.caledoniamining.com/media/#corpvideos.

Caledonia Mining Corporation Plc

Results for the quarter and nine months ended September 30, 2023

(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)

St Helier, November 27, 2023: Caledonia Mining Corporation Plc ("Caledonia" or the "Company") announces its operating and financial results for the quarter and the nine months ended September 30, 2023 (the "Quarter" and "nine months" respectively). Further information on the financial and operating results for the Quarter and nine months can be found in the management discussion and analysis ("MD&A") and the unaudited financial statements, which are available on the Company's website and are being filed on SEDAR.

This Quarter's results demonstrate a significant improvement in the production performance of Blanket Mine ("Blanket"), which reported record quarterly production. This Quarter was also the last quarter to be affected by the negative contribution from the Bilboes oxide mine prior to being placed on care and maintenance from 1 October 2023. This will reduce monthly costs from approximately $1 million to approximately $200,000 at Bilboes.

Financial Highlights

• Revenues in the Quarter of $41.2m, a record quarterly performance for the Group. Nine months' revenue of $107.7m is in line with the prior year performance.
• Gross profit in the Quarter of $14.1 million and EBITDA[1] of $15.5 million, 2.5 per cent lower than the $15.9 million in the third quarter of 2022 ("Q3 2022" or the "comparative quarter").
• Consolidated on-mine cost per ounce for the Quarter of $928 (Q3 2022: $734 per ounce). The increase was mainly due to the high cost per ounce at the Bilboes oxide mine, which has subsequently been placed on care and maintenance. On-mine costs at Blanket were $817 per ounce, an 11.3 per cent increase from the comparative quarter with the increase being due to higher labour and electricity costs.
• All-in sustaining cost ("AISC") at Blanket for the Quarter was $1,171 per ounce (Q3 2022: $962), the increase being due to the higher on-mine cost per ounce and higher sustaining capital expenditure and administrative expenses. The group's AISC for the Quarter was higher, at $1,268 per ounce, reflecting the costs of Bilboes which have now materially reduced having entered care and maintenance.
• Basic IFRS earnings per share ("EPS") for the Quarter of 24.1 cents (Q3 2022: 65.4 cents).
• Adjusted EPS[2] for the Quarter of 33.0 cents (Q3 2022: 60.7 cents).
• Net cash from operating activities in the Quarter of $14.5 million (Q3 2022: $8.9 million).
• Net debt at the end of the Quarter of $3.2 million (Q3 2022: net cash $6.2 million. Q2 2023: net debt $2.9 million). Notwithstanding the very strong operating cash flow in the Quarter, net cash and cash equivalents decreased in the Quarter due to the negative cash flows at the Bilboes oxides mine and the continued high level of capital investment at Blanket, principally on a new tailings storage facility.
• A dividend of 14 cents per share was paid in July 2023; a further dividend at the same rate of 14 cents per share was paid in October 2023, being the 40th quarterly dividend paid by the Company since it began paying dividends in 2013.

Operating Highlights

• 21,772 ounces of gold were produced in the Quarter, three per cent higher than the 21,120 ounces produced in Q3 2022 and a new quarterly production record.
• Gold produced in the nine months was 55,244 ounces.
• Caledonia reiterates its gold production guidance for 2023 of between 75,000 and 80,000 ounces.

Bilboes gold project

• Mining and metallurgical processing continued at the Bilboes oxide mine until the end of September after which the operation returned to care and maintenance, resulting in a substantial reduction in monthly costs from approximately $1 million to approximately $200,000. After taking account of revenues arising from the sale of gold that will be extracted from the heap leach, Bilboes is expected to operate on a break-even basis for the remainder of the year.
• 1,151 ounces of gold were produced from the Bilboes oxide mine in the Quarter, showing an increase from the 1,076 ounces produced in the second quarter of 2023. Leaching of material that has already been deposited on the leach pad will continue for the remainder of 2023.
• Oxide mining will resume when the stripping of the waste for the sulphide project commences.
• Work continues on a revised feasibility study for the Bilboes sulphide project with a focus on capital allocation with a view to maximising future shareholder value. This may result in a phased approach to the project to reduce the initial capital requirement. A phased approach requires a completely new approach to the feasibility study (rather than an update to the existing feasibility study); the initial results of the work on the phased approach are expected in early 2024.

Other

• On August 7, 2023, an accident took place at Blanket and, as a result, an employee of GMG Pty Ltd, a company contracted to Blanket, succumbed to his injuries in hospital. Caledonia and Blanket express their sincere condolences to the family and colleagues of the deceased.
• The ongoing underground drilling program at Blanket targeted the Eroica ore body and has yielded encouraging results (as announced on July 10, 2023).
• Following a tender process, the Company received an offer from a global solar operator to buy the solar plant. It is proposed that the new owner exclusively supplies Blanket with electricity from the current plant, on a take-or-pay basis, and in doing so secures some of Blanket's future power supply. Negotiation of contracts and commercial terms is continuing.
• The Environmental Impact Assessment at Motapa has been approved as a precursor to the start of on-the-ground exploration activities.

Strategy and Outlook: increased focus on growth opportunities

• Maintain production at Blanket at the targeted range of 75,000 - 80,000 ounces for 2023 and at a similar level in 2024.
• Continue deep level drilling at Blanket with the objective of further upgrading inferred mineral resources, thereby extending the life of mine.
• Complete the feasibility study on the Bilboes sulphide project to determine the best implementation strategy with a view to optimal capital allocation and to estimate the revised funding requirements.
• Commence the first phase exploration at Motapa.

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

"Production at Blanket in the Quarter was excellent: Blanket is now operating as expected having achieved record gold production in the Quarter. Management is exploring initiatives to further improve mining efficiencies and manage operating costs.

"The Bilboes oxide mine has been a disappointment and as a result of operating losses incurred at Bilboes it has been returned to care and maintenance with effect from 1 October; from October onwards, the monthly holding cost of Bilboes is expected to be significantly reduced to approximately $200,000 per month. In due course, the remaining oxide material will be mined and processed alongside the sulphide ore. This outcome has no bearing on the viability of the much larger sulphide project which was the reason for acquiring Bilboes.

"The solar plant which was commissioned in early 2023 continues to operate well. The solar plant is owned by Caledonia rather than by Blanket and therefore the economic benefit arising from the solar plant has been realised in the consolidated all-in sustaining cost rather than the on-mine cost. An offer has been received from a global solar operator to buy the solar plant and the sale process is underway.

"As previously announced, encouraging results were received during the Quarter from the ongoing underground drilling program at Blanket which currently targets the Eroica ore body. Initial results indicate that the Eroica ore body has better grades and widths than expected. These results 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 mine. Blanket continues to provide a solid foundation for the Company, providing us with a platform for our other growth projects in Zimbabwe.

"We continue to work on a revised feasibility study for the sulphide project at Bilboes which will consider updated commercial assumptions and will inform the most judicious way to commercialise the project with the objective of providing the best returns for investors. I look forward to providing an update on our progress in due course."

Caledonia will host an online presentation and Q&A session open to all investors on 16 November at 14.00 London Time

The zoom details are set out below:

When: Nov 16, 2023 02:00 PM London

Topic: Q3 2023 call for shareholders

Register in advance for this webinar:

($'000's)

Other comprehensive income

Items that are or may be reclassified to profit or loss

[1] Adjusted EBITDA excludes asset impairments, depreciation and net foreign exchange movements.

[2] Adjusted EPS excludes net foreign exchange movements (including the deferred tax effect and the non-controlling interest thereon) and deferred tax. A reconciliation of IFRS EPS to Adjusted EPS is set out in section 10.3 of the MD&A.