Resource update and Form 20-F 2024

St Helier, May 15, 2024 - following the announcements of encouraging drilling results at Blanket Mine in Zimbabwe ("Blanket") on July 10, 2023 and January 30, 2024, Caledonia Mining Corporation Plc ("Caledonia" or "the Company") is pleased to announce an increase to the mineral resources and mineral reserves estimates at Blanket.

The Company also announces that today it is filing with the U.S. Securities and Exchange Commission (the "SEC") on EDGAR the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (the "Annual Report"). As per last year, the Annual Report was prepared in compliance with the SEC's technical disclosure requirements for mining companies under subpart 1300 of Regulation S-K ("1300 S-K"). In accordance with 1300 S-K, the Annual Report includes estimates of mineral resources in addition to the mineral reserves for each of the Company's mineral projects as at the end of the reporting period (i.e. December 31, 2023), on an attributable basis (i.e. in respect of Blanket, on the basis of its 64% ownership), with mineral resources presented exclusive of mineral reserves. This method of presentation differs from the Company's other method of presentation of mineral resources and mineral reserves estimates under Canada's National Instrument 43-101 ("NI 43-101"), which is done on a 100% project basis and mineral resources being inclusive of mineral reserves. The Company is also filing an NI 43-101 technical report in respect of an increase in Blanket's mineral resources and mineral reserves estimates with SEDAR today (the "New Blanket NI 43-101").

Highlights

• Increase in Blanket's 1300 S-K mineral reserve and mineral resource ounces by 111% and 36% respectively, with a 7% and 23% increase in mineral reserve and mineral resource grade respectively.
• Increase in Blanket's NI 43-101 mineral reserve and measured and indicated ("M&I") mineral resource ounces by 106% and 63% respectively, with a 5% and 14% increase in mineral reserve and M&I mineral resource grade respectively.
• Increase in Blanket's NI 43-101 inferred mineral resource ounces by 26% with an increase in inferred mineral resource grade of 28%.
• Blanket's life of mine is estimated, based only on the updated mineral reserves estimate, to 2034. Management believes that the inferred mineral resources may, based on past successful conversion rates, further extend the life of mine past 2040.
• Release of 1300 S-K mineral reserves and resources estimates at the Bilboes Gold Project ("Bilboes") for the first time, which, using the same methodology, are similar to current NI 43-101 mineral reserves and mineral resources estimates.

Commenting on the increased mineral resources and mineral reserves estimates at Blanket, Mark Learmonth, Chief Executive Officer, said:

"Our 2023 drilling campaign at Blanket yielded excellent results, with better than expected grades and widths indicated from our deep level drilling programme. I am delighted that the 2023 campaign has resulted in a significant increase to Blanket's mineral resources and mineral reserves estimates. Measured and indicated mineral resources, reported under NI 43-101, have increased by 63% to 1,789k ounces and mineral reserves by 106% to 812k ounces.

"Blanket's mine life is estimated to 2034 based only on the updated mineral reserves estimate, thus securing the future of our flagship asset and demonstrating its continued prospectivity and potential at higher production levels. Management believes that the inferred mineral resources may, based on past successful conversion rates, further extend the life of mine past 2040."

The total 1300 S-K M&I mineral resource estimate at Blanket, exclusive of mineral reserves and at 64% attributable ownership to Caledonia (as reported pursuant to 1300 S-K), has increased by 50% to 606k ounces of gold in 5,426k tonnes with a 16% improvement in grade and the total mineral reserves estimate at Blanket has increased by 111% to 519k ounces of gold in 4,918k tonnes with a 7% improvement in grade. The moderate increase in inferred mineral resource, by 26% to 679k ounces of gold in 5,646k tonnes, is due to successfully converting the bulk of the inferred mineral resources into indicated mineral resources as evidenced by the 2% drop in tonnes and is offset by a 28% increase in grade.

A comparison of the 1300 S-K measured, indicated and inferred mineral resources estimates as at December 31, 2022 with those as at December 31, 2023 at Blanket are shown below:

Notes:

• Cut-off applied 1.5 g/t.
• 2022 - No geological loss applied for measured, 5% for indicated and inferred.
• 2023 - Geological loss for measured 2.5%, indicated 5%, inferred 10%.
• 2022 - Commodity price of $1,800/oz.
• 2023 - Commodity price of $2,150/oz.
• Mineral resources are reported as 64% attributable to Caledonia.
• All orebodies are depleted for mining.
• Mineral resources are stated exclusive of mineral reserves.
• Plant recovery factor of 93.64% applied.

A comparison of the 1300 S-K mineral reserves estimates as at December 31, 2022 with those as at December 31, 2023 at Blanket are shown below:

Notes (December 31,2023):

• Mineral reserve cut-off of 2.1 g/t applied.
• The gold price that has been utilised in the economic analysis to convert diluted measured and indicated mineral resources in the life or mine ("LoM") plan to mineral reserves is an average real term price of USD1,877/oz over the LoM, using the forecast prices as per economic analysis.
• The mineral reserve estimation utilises the depleted 2023 mineral resource estimation and the 2023 mine design and LoM plan.
• Mineral reserves are reported as 64% attributable to Caledonia.
• Totals may not add due to rounding.

The total NI 43-101 M&I mineral resource estimates at Blanket, inclusive of mineral reserves (as reported in the New Blanket NI 43-101), have increased from the estimates set out in the technical report entitled "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" dated March 13, 2023 prepared by Caledonia and Minxcon (Pty) Ltd and filed on SEDAR (www.sedar.com) on March 13, 2023 ("Previous Blanket NI 43-101"), by 63% to 1,789k ounces of gold in 15,273k tonnes and the total mineral reserves estimates at Blanket have increased by 106% to 812k ounces of gold in 7,684k tonnes. Again, the moderate increase in inferred mineral resources, by 26% to 1,061k ounces of gold in 8,821k tonnes, is due to successfully converting the bulk of the inferred mineral resources into indicated mineral resources as evidenced by the 2% drop in tonnes and is offset by a 28% increase in grade.

The following table shows a comparison of the new measured, indicated and inferred mineral resources estimates under the New Blanket NI 43-101 with those set out in the Previous Blanket NI 43-101:

Mineral resources (December 31, 2023)

Notes:

• Cut-off applied 1.5 g/t.
• Geological loss applied: measured 2.5%, indicated 5.0%, inferred 10.0%.
• Commodity price utilised: USD2,150/oz.
• Mineral resources are stated inclusive of mineral reserves.
• Mineral resources are reported as total mineral resources and are not attributed.
• All orebodies are depleted for mining.
• Totals may not add due to rounding.

The following table shows a comparison of the new mineral reserves estimates under the New Blanket NI 43-101 with those set out in the Previous Blanket NI 43-101:

.

Mineral reserves (March 1, 2024)

Notes:

• Mineral reserve cut-off of 2.1 g/t applied.
• The gold price that has been utilised in the economic analysis to convert diluted measured and indicated mineral resources in the LoM plan to mineral reserves is an average real term price of USD1,877/oz over the LoM.
• Mineral reserves are reported as total mineral reserves and are not attributed.
• Totals may not add due to rounding.

Publication of Annual Report and Technical Report Summaries

As mentioned above, the Annual Report includes a technical report summary ("TRS") for each of the Blanket Gold Mine and the Bilboes Gold Project, prepared in accordance with S-K 1300. It does not include an updated TRS for the Maligreen Gold Project or a TRS for the Motapa Gold Project, given there has been no gold production from those areas or subsequent exploration results. The Company's annual report on Form 20-F for the fiscal year ended December 31, 2022 included a TRS for the Maligreen Gold Project but did not include a TRS in respect of the Bilboes Gold Project because the acquisition by Caledonia of Bilboes Gold Limited took place after the end of that reporting year. The current NI 43-101 technical report in respect of the Bilboes Gold Project is the "Bilboes Gold Project Feasibility Study" with effective date December 15, 2021 prepared by DRA Projects (Pty) Ltd and filed by the Company on SEDAR on July 21, 2022 (the " Bilboes NI 43-101 Report ").

Similarly to the announcements made by the Company on May 17, 2022 and April 28, 2023 regarding the annual reports on Form 20-F for the fiscal years ended December 31, 2021 and 2022 respectively, shareholders are reminded that, as stated above, under 1300 S-K the mineral resources and mineral reserves estimates in the Annual Report are reported on an attributable basis, as at December 31, 2023, and the mineral resources estimates are reported exclusive of mineral reserves. Therefore, the mineral resources and mineral reserves estimates in the Annual Report in respect of Blanket and the Bilboes Gold Project differ from those stated in the New Blanket NI 43-101 and the Bilboes NI 43-101 Report respectively.

Whilst there are TRSs for Blanket in previous annual reports to compare its new 1300 S-K mineral resources and mineral reserves estimates with, this Annual Report is the first report in which Bilboes' mineral resources and mineral reserves estimates have been reported pursuant to 1300 S-K. In terms of the differences in the mineral resources and mineral reserves estimates between the Bilboes NI 43-101 Report and the Annual Report/Bilboes TRS, these are insignificant if the 1300 S-K methodology (e.g. excluding mineral reserves from mineral resources) is applied to the estimates in the Bilboes NI 43-101 Report. The mineral resources and mineral reserves estimates in the Bilboes TRS are slightly reduced after taking into account oxide mining depletion during 2023 and reclassification of oxide material to transitional or sulphide material due to grade control drilling undertaken in 2023.

The tables below compare the mineral resources and mineral reserves estimates in the Bilboes NI 43-101 Report as at December 15, 2021 to the 1300 S-K mineral resources and reserves estimates for Bilboes in the Annual Report which are stated with an effective date of December 31, 2023. Column B in the table below shows the 1300 S-K mineral resources, but inclusive of mineral reserves so as to more easily show the correlation with the NI 43-101 Bilboes Report mineral resources. The final table shows a comparison of the mineral reserves.

Mineral Resources Comparison

Shareholder webinar

Shareholders are invited to a Zoom webinar for management to discuss the updates to the mineral resources and mineral reserves estimates. The details are as follows:

When: May 17, 2024 02:00 PM London

Topic: Shareholder call to discuss resource update

Register in advance for this webinar:

.