Results for Q3 and 9M 2024

St Helier, November 11, 2024: Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces its operating and financial results for the quarter and the nine months ended September 30, 2024 (the "Quarter" and "nine months" respectively). Further information on the financial and operating results for both 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+ and EDGAR.

Financial and Corporate Highlights

• Revenues in the Quarter of $46.9 million; nine months' revenue of $135.5 million.
• Gross profit in the Quarter of $19.3 million increased from $14.1 million in the third quarter of 2023 (the "comparable quarter" or "Q3 2023") due to the higher gold price and lower costs of the Bilboes oxide mine.
• Consolidated on-mine cost per ounce for the Quarter of $1,056 (Q3 2023: $928). The increase was mainly due to lower ounces sold and higher production costs at Blanket.
• The group's all-in sustaining cost ("AISC") for the Quarter was $1,501 per ounce (Q3 2023: $1,268 per ounce), the increase being due to lower ounces sold, higher on-mine costs (primarily labour and electricity) and increased cash-settled share-based payment expenses in the Quarter due to the increase in Caledonia's share price.
• Basic IFRS earnings per share ("EPS") for the Quarter of 12.0 cents (Q3 2023: 24.1 cents).
• Adjusted EPS[1] for the Quarter of 26.2 cents (Q3 2023: 29.9 cents).
• Net cash from operating activities in the Quarter was $4.6 million, lower than the $14.5 million earned in the comparable quarter due to lower operating profits, increased realised foreign exchange losses due to the devaluation of the Zimbabwean currency ("ZiG"), increased tax payments due to timing of payments, and increased working capital due to accelerating spend on inventory levels during the Quarter to support preventative maintenance initiatives and reduce potential production delays. Operating cashflow in the Quarter before working capital movements was $16.2 million (Q3 2023: $16.3 million).
• A further dividend of 14 cents per share has been declared on November 11, 2024 and will be paid on December 6, 2024. To streamline the administration relating to board processes, and as previously announced, dividends are now expected to be approved at the same time as the publication of quarterly results.

Operational Summary

• Regrettably, a fatality occurred on September 21, 2024 as a result of a rock fall while a Blanket mine employee was performing support drilling activities in a decline area. Caledonia takes the safety of its employees very seriously and, accordingly, measures have been taken to reinforce adherence to prescribed safety procedures.
• Quarterly gold production of 18,992 ounces was lower than the 21,772 ounces produced in the comparable quarter (which established a new production record) due to lower grade and reduced metallurgical recoveries.
• Gold produced in the nine months was 56,815 ounces (nine months 2023: 55,244 ounces) at Blanket.
• Caledonia reiterates gold production guidance for 2024 of between 74,000 and 78,000 ounces[2] at Blanket.
• On-mine cost guidance for 2024 at Blanket has increased to between $950 and $1,050 per ounce from the previous guidance of $870 to $970 per ounce due to higher labour and electricity costs. Management is pursuing initiatives to achieve cost reductions in both of these areas.
• A conditional sale agreement to sell the company which owns the 12.2MWac solar plant for $22.35 million, payable in cash, was signed on September 30, 2024. Upon completion of the sale, Caledonia will realise a profit on the $14.3 million construction cost while Blanket will retain the exclusive supply of energy.
• $2.3 million increase in inventory levels during the Quarter to support preventative maintenance initiatives and reduce potential production delays. $2.7 million planned in the last quarter of 2024.
• Caledonia has published encouraging results from its recent exploration programme at Motapa, which comprised deeper drilling below historic open pits and shallower drilling in a new target area.

Strategy and Outlook: increased focus on growth opportunities

The immediate strategic focus is to:

• Maintain production at Blanket at the targeted range of 74,000 to 78,000 ounces for 2024 and at a similar level for 2025;
• Complete the Caledonia feasibility study on the Bilboes sulphide project (expected first quarter of 2025); progress development funding solutions; commence development of the sulphide project; and
• Continue with exploration activities at Motapa.

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

"I am pleased to report that production for the Quarter was in line with expectations and we remain on track to meet our production guidance for the year.

"Regrettably, during the Quarter we had a fatality at Blanket. I would like to extend our condolences to the family and friends of the deceased. We remain committed to improving our safety performance and delivering a zero-harm environment.

"We continue to explore ways to reduce on-mine costs at Blanket - particularly the cost of electricity and labour where several initiatives are being implemented and further measures are under consideration.

"In parallel, we continue to carefully manage our cashflows and working capital, albeit we have made the strategic decision to accelerate investment in inventory levels during the Quarter to support preventative maintenance initiatives and reduce potential production delays. This investment would have previously been scheduled for 2025. Our cash reserves have also been negatively impacted by the currency devaluation in Zimbabwe during the Quarter.

"During the Quarter, Caledonia announced the signing of a conditional sale agreement to sell the subsidiary that owns the 12.2MWac solar plant which supplies power to Blanket for $22.35 million. Completion of the sale will return capital to Caledonia at a key moment in the Company's growth trajectory while retaining the exclusive energy offtake, ensuring approximately 20% of Blanket's daily electricity requirement continues to be met by renewable power.

"Blanket remains a solid foundation for our growth profile in Zimbabwe; our exploration activities at both Blanket and Motapa continue to deliver encouraging results, playing to our future growth ambitions.

"We continue to progress the revised feasibility study for the Bilboes sulphide project with a focus on capital allocation and expect to complete this in the first quarter of 2025. We are also making encouraging progress towards identifying and implementing a funding structure for Bilboes with the objective of minimising equity dilution and optimising the uplift in net present value per Caledonia share. We are excited by this opportunity to evolve our business and expand our production profile, which we believe will generate significant long term shareholder value."

Caledonia will host an online presentation and Q&A session open to all investors on 11 November at 14.00 London Time

You are invited to a Zoom webinar.

When: Nov 11, 2024 02:00 PM London

Topic: Q3 2024 Results call for Investors

Register in advance for this webinar:

Note:

($'000's)

Other comprehensive income

Items that are or may be reclassified to profit or loss

[1] 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.

[2] Refer to technical report "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with effective date December 31, 2023 prepared by Caledonia Mining Corporation Plc and filed by the Company on SEDAR+ (www.sedarplus.ca) on May 15, 2024