Third Quarter Production at Blanket Mine

St Helier, October 15, 2024 - Caledonia Mining Corporation Plc ("Caledonia" or the "Company") announces gold production from the Blanket Mine in Zimbabwe ("Blanket") for the quarter ended September 30, 2024 ("Q3 2024" 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 18,992 ounces (Q3 2023: 21,772 ounces; this was a quarterly record for Blanket).
• Gold produced in the nine months to the end of September was 56,815 ounces (2023: 55,244 ounces).
• Caledonia reiterates its gold production guidance for 2024 of between 74,000 and 78,000 ounces[1].

Dividend

• As previously announced, in the Company's last quarterly results, to streamline board processes, future dividends are expected to be declared at the same time as the publication of quarterly results (i.e. mid-March, May, August, and November). This will mean that the Q3 2024 dividend, if approved by the board, will be declared in mid-November rather than at the start of October.
• This change relates only to the timing of future dividends and does not denote any change in the Company's dividend policy.
• The board will continue to consider the dividend as appropriate in line with other investment opportunities and its prudent approach to risk management.

Craig James Harvey, MGSSA, MAIG, Caledonia's Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act.