Encouraging results from drilling at Blanket Mine

Better than expected grades and widths from deep level drilling anticipated to support increased overall resource at Blanket

(NYSE AMERICAN, AIM and VFEX: CMCL)

St Helier, January 30 , 2024 - Caledonia Mining Corporation Plc ("Caledonia" or the "Company") is pleased to report further encouraging results from the deep level drilling programme at Blanket Mine which is currently evaluating the continuity of the mineralised zones on the Blanket and Eroica ore bodies in anticipation of delineating an increased overall resource. These results follow the Eroica ore body drilling results published on July 10, 2023. A total of 7,652 metres of drilling from June 2023 to end of December 2023 indicates that the existing Blanket and Eroica ore bodies have grades and widths which are generally better than expected. Total drilling for 2023 was 13,280 metres.

Highlights of the results include:

*End of hole depth

The complete long hole drilling results for June 2023 to December 2023 are provided in Appendix 1.

Mark Learmonth, Caledonia's Chief Executive Officer, commented:

"Our ongoing drilling campaign continues to demonstrate encouraging results, further improving our confidence in the Blanket resource. We anticipate that the positive grades and widths will result in an increased overall resource, which in due course should result in the extension of the existing life of the mine. We have invested heavily in Blanket over the last seven years to increase production capacity, resulting in a mine infrastructure that can sustain production beyond the current production horizon.

"Drilling is currently focussed on the Blanket and Eroica ore bodies, where crosscuts have been mined to allow optimal access to drill the deeper zones of the steeply-dipping ore bodies. These results are extremely promising, and we look forward to the next phase of drilling and to updating the market accordingly."

Commentary

These results, along with the outcome of further planned exploration, will be reflected in a revised mineral resource and mineral reserve statement which the Company expects to publish in the second quarter of 2024 together with a revised life of mine plan. It is anticipated that a portion of the existing inferred mineral resources will be upgraded to measured or indicated mineral resources together with the addition of new inferred mineral resources. It is expected that this will result in the existing life of mine being extended, rather than an increase in the target annual production rate.

Drillholes at Eroica, drilled from 750 metres below surface, have intersected the orebodies to depths of 1,110 metres below surface, the lowest level of main infrastructure being developed from Central Shaft. Similarly, drillholes at Blanket from 750 metres below surface have intersected orebodies down to 1,110 metres below surface. Drillholes from 930 metres below surface at Blanket and from 1,110 metres below surface on AR South have intersected the orebodies below 1,110 metres, which is encouraging for Blanket's longer-term development.

Further data on each drill hole is set out at Appendix 2 and pictorial representations of the holes are included below.

Appendix 1

* ERCN_HW - Eroica North Hanging wall, ERCN_FW - Eroica North Footwall, ERC_STH - Eroica South, BQR - Blanket Quartz Reef, BLK1HW - Blanket 1 Hanging wall, BLK2HW - Blanket 2 Hanging wall, BLK2FW - Blanket 2 Footwall, BLK3HW - Blanket 3 Hanging wall, BLK4_5 - Blanket 4 and 5, ARS EXT - AR South Extension

Appendix 2

Underground exploration drill hole; azimuth, dip, drilled length, and collar location (UTM NAD83)

Eroica Orebody - Drilling from 750 metres below surface

Blanket Orebodies - Drilling from 930 metres below surface

Blanket Orebodies - Drilling from 870 metres below surface

AR South - Drilling from 1,110 metres below surface

Quality Assurance and Quality Control

Access to Blanket Mine premises is controlled by security personnel on the first gate. On the second gate, in addition to security, entry is gained by biometric entry system. Diamond drilling is performed by qualified diamond drillers under the supervision of a diamond drill foreperson. Drilled core is routinely brought to surface to the core shed where it is received and laid down. A qualified geological technician performs geotechnical logging while a qualified geologist logs the core and marks the portions for splitting. The core is split in half along the core axis using an electric core cutter equipped with a diamond saw cutter. The geologist marks the sample intervals, put tickets, insert standards and blanks. One half of the sample is put into a plastic sample bag and sealed with cable ties. The sampling information is entered into the database. The other half of the core is marked with sample intervals and sample numbers and returned to the core box and retained for future reference. The samples are put in marked grain bags and tied with cable ties.

Transportation is by road using mine vehicle to a SADCAS accredited testing laboratory (accreditation number TEST-05 0030) in Kwekwe, some 330km from Blanket Mine. A delivery note is signed as proof of dispatch.

Gold is analysed by a 50 grams fire assay with an Atomic Absorption (AA) finish. The laboratory also has internal quality control ("QC") programs that include insertion of reagent blanks, reference materials, and pulp duplicates.

Blanket Mine inserts QC samples (blanks and reference materials) at regular intervals to monitor laboratory performance. When results are received, the assay results are painted against the sample numbers on the core retained.