Trading update for year ended December 31, 2023

St Helier, March 4, 2024 - Caledonia Mining Corporation Plc ("Caledonia" or "the Company") provides the following trading update for the year ended December 31, 2023.

Caledonia reports that Blanket Mine has continued to perform well since the end of the quarter ended September 30, 2023 with full year production for 2023 of 75,416 ounces. As a result, the Company expects to report revenue for the full year in line with market expectations.

However, increased operating costs for 2023 and several significant one-off, non-operating costs in the final quarter of the year have resulted in reduced profit for the full year. The increase in operating costs comprises of higher than expected overtime payments and power costs at Blanket Mine. In relation to non-operating costs, general and administrative costs rose with global inflation and these also included higher than expected staff termination costs. The Company also encountered higher financing costs, including hedging, interest, and foreign exchange losses and a one-off impairment charge in relation to a VAT refund claim at the Blanket Mine solar project.

As a result of the above, the Company now expects to report an adjusted profit before tax for the year ended December 31, 2023 materially below market expectations.

Further information on the increase in costs will be provided in the operating and financial results for the quarter ended December, 31 2023.

Reassuringly, a significant proportion of these cost increases are not expected to be carried through into 2024. Specifically, costs associated with Bilboes are now reduced to care and maintenance only and the project was cash neutral in the fourth quarter of 2023. Production and costs at Blanket in 2024 to-date are also within expectations of full year guidance, and the Company is introducing measures aimed at reducing electricity costs over the medium term.

At December 31, 2023, the Company had cash on hand of $6.7 million and overdrafts and term loans of $17.7 million.

Notice of Results

The Company announces that its operating and financial results for the quarter ended December 31, 2023 will be published on or before March 28, 2024.

Mark Learmonth, Chief Executive Officer, commented:

"It is regrettable that, at a group level, we have been adversely affected by a series of higher-than-expected costs in the second half of 2023 which have had a negative effect on the full year profitability. The performance of Blanket Mine remains strong and, notwithstanding some unforeseen overtime and power cost issues in the second half, has met guidance and produced a robust performance for the second half of 2023.

"A number of the other cost items are not anticipated to be recurring, whereas others have arisen from our decisions to invest in the business, most notably around personnel and advancing the Bilboes sulphide project. I am confident that many of these will not recur in 2024 which has started positively and I look forward to the future with optimism as we pursue our goal of becoming a multi-asset production company."