Results for the Quarter ended June 30, 2025

St Helier, August 11, 2025 - Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces its operating and financial results for the quarter ended June 30, 2025 ("Q2 2025" or the "Quarter"). Further information on the financial and operating results for the Quarter can be found in the Management Discussion and Analysis ("MD&A") and the unaudited condensed consolidated interim financial statements, which are available on the Company's website and are being filed on SEDAR+.

Q2 2025 HIGHLIGHTS

Financial Highlights:

• Gold revenue of $65.0 million (second quarter of 2024 ("Q2 2024"): $50.1 million, +30%)
• Gross profit of $33.8 million (Q2 2024: $22.9 million, +48%)
• EBITDA of $39.5 million (including one off profit on sale of solar plant in April 2025 of $8.5m) (Q2 2024: $20.4 million, +94%)
• Net profit attributable to shareholders of the Company of $20.5 million (Q2 2024: $8.3 million, +147%)
• Adjusted EPS of 113.9 cents (Q2 2024: 44.6 cents, +155%)
• Net cash from operating activities of $28.1 million (Q2 2024: $19.1 million, +47%)
• Net cash position (including fixed term deposits) improved to $26.2 million (Q2 2024: negative $1.4 million)
• A dividend of 14 cents per share was declared today, August 11, 2025
• Completion of the solar plant sale (through the sale of the Zimbabwe subsidiary owning the plant) to CrossBoundary Energy Holdings for $22.35 million which was paid in cash

Operational Highlights:

• Production at Blanket Mine of 21,070 ounces (Q2 2024: 20,773 ounces, +1.4%)
• Production guidance at Blanket Mine for 2025 increased to 75,500 - 79,500 ounces of gold
• On-mine cost per ounce of $1,123 (Q2 2024: $1,013, +10.9%)
• All-in sustaining cost ("AISC") per ounce of $1,805 (Q2 2024: $1,485, +21.5%)
• Average realised gold price of $3,188 per ounce (Q2 2024: $2,302, +38.5%)
• Continued progress on Bilboes feasibility study and Motapa exploration programme
• Continued exploration at Blanket to upgrade inferred resources and explore new areas within the mining lease area.

Mark Learmonth, Chief Executive Officer, commented:

"Caledonia has delivered another strong quarter, highlighted by record second-quarter gold production at Blanket and a substantial increase in profitability, reflecting strong operational performance and a higher gold price environment. I would like to thank the team for their hard work and contribution.

"The successful sale of our solar plant in April has strengthened our balance sheet and ensures a reliable, long-term renewable energy supply for Blanket Mine.

"Our ongoing drilling campaign at Blanket Mine continues to demonstrate encouraging results, further improving our confidence in the mineral resource and pointing to additional future mineral resource growth. The grades and widths we are seeing from this drilling campaign are as good as and, in some cases, considerably better than results from previous drilling campaigns.

"We are encouraged by the progress on the Bilboes feasibility study, and we continue to evaluate opportunities that could materially improve project economics. At the same time, our exploration programme at Motapa is advancing well, with a clear focus on identifying both sulphide and oxide resources that could support near-term production and longer-term growth.

"Looking ahead, we remain focused on delivering our increased production guidance at Blanket, and advancing our growth pipeline in a way that maximises long-term value for shareholders. With a strong operational base and a clear strategic roadmap, Caledonia is well positioned to continue building on this positive momentum."

Revenue and Profit

Revenue for the Quarter was $65.0 million, a 30% increase from $50.1 million in Q2 2024. This improvement was driven by higher gold prices and slightly higher production. Gross profit increased to $33.8 million (Q2 2024: $22.9 million).

Net profit attributable to shareholders of the Company more than doubled to $20.5 million (Q2 2024: $8.3 million), while adjusted EPS rose to 113.9 cents from 44.6 cents in Q2 2024.

Costs

Consolidated on-mine cost per ounce increased by 10.9% to $1,123 (Q2 2024: $1,013), primarily due to higher labour and consumables costs at Blanket Mine. Labour costs increased due to a higher headcount, inflationary salary increases, bonuses paid for higher production, and overtime worked. Consumable costs per ounce at Blanket increased due to higher repair and maintenance activities at the metallurgical plant and on underground trackless mining machinery in the Quarter.

Consolidated AISC rose to $1,805 per ounce (Q2 2024: $1,485); this was as expected due to higher on-mine costs and increased sustaining capital expenditure (as planned).

Full year sustaining capital expenditure remains on target.

Cash Generation

During the half year ended 30 June 2025, Caledonia generated operating cash inflows of $41.3 million (Q2 2025: $28.1 million), driven by higher production at Blanket and a favourable gold price environment.

An additional $22.35 million (pre-tax) was received in the Quarter from the sale of the solar plant, further strengthening the group's cash position.

This strong cash generation supported continued investment in strategic growth. The group invested $17.7 million during the half year (Q2 2025: $10.5 million) in property, plant, and equipment on key infrastructure at Blanket. A further $3.1 million during the half year (Q2 2025: $1.8 million) was allocated to exploration and evaluation activities, primarily at Bilboes and Motapa.

To optimise short-term returns and strengthen the balance sheet, $18.0 million was placed into fixed-term deposits during the Quarter.

Financing activities had a net outflow of $6.0 million during the half year (Q2 2025: $6.9 million), with three key drivers being net proceeds from loans and bond issuance for supporting capital projects making a positive contribution of $3.2 million (Q2 2025: $0.8 million) and an outflow of $9.0 million (Q2 2025: $7.6 million) returned to Caledonia and Blanket minority shareholders through dividends. Additionally, $0.1 million (Q2 2025: $0.1 million) paid lease liabilities in the period.

As a result of all the key movements above, cash and cash equivalents increased by $16.9 million during the half year (Q2 2025: $12.8 million) to $8.2 million. This reflects Caledonia's prudent treasury management and balanced approach to deploying capital for both growth and shareholder returns.

OPERATIONAL REVIEW

Blanket Mine

Blanket Mine produced 21,070 ounces of gold in Q2 2025, a 1.4% increase from 20,773 ounces in Q2 2024. The increase was due to higher grades and better plant recoveries. As announced on July 16, 2025, Blanket's annual production guidance for 2025 was increased to 75,500 - 79,500 ounces, reflecting a strong operational performance.

The plant recovery rate in the Quarter was 94.4%, which represents a new record. The improved recovery was due to the introduction of an additional tank in the carbon-in-leach circuit, closer attention to dosage levels of reagents and improved process controls. The improved recovery rate in the Quarter compared to the average recovery of 93.6% in 2024 resulted in approximately 175 ounces of additional gold production in the Quarter. In the absence of unforeseen changes to the ore feed grade or mineralogy, it is anticipated that the recovery rate achieved in the Quarter can be sustained. The metallurgical team at Blanket continues to evaluate opportunities to achieve further improvements in recovery.

Exploration at Blanket is ongoing with encouraging high grade results. The programme is aimed at evaluating the continuity of the mineralised zones on the Blanket, Eroica and Lima orebodies (which comprise three of the main orebodies at Blanket Mine). The objectives of the programme are to increase the confidence levels of the existing mineral resource and to grow the mineral resource estimate below the 34 level (1,110 metres) of the mine.

Results from 6,976 metres of underground drilling from January 2025 to the end of April 2025 indicate that the existing Blanket and Eroica orebodies have grades and widths which are generally better than expected, while the Lima orebody is shown to continue below 22 level (750 metres). A new potential orebody has been intersected in the Blanket orebody area of the mine, with impressive grades and widths.

Solar Plant Sale Summary

On 11 April, 2025, Caledonia sold its Zimbabwe subsidiary, Caledonia Mining Services (Private) Limited ("CMS"), to CrossBoundary Energy Holdings for $22.35 million in cash. CMS owns the 12.2MWac solar plant powering Blanket Mine, which will continue supplying energy under an exclusive agreement.

Bilboes Project

The feasibility study for the Bilboes sulphide project is progressing well and we continue to evaluate new opportunities which may enhance the economics of the project and the potential for near-term, low capital revenue opportunities elsewhere in Caledonia's asset portfolio to contribute to funding the Bilboes project.

In the Quarter, 372 ounces of gold were produced from the Bilboes oxide mine.

Motapa Exploration

After the encouraging results from the 2024 exploration programme, a $2.8 million exploration programme is underway at Motapa for 2025, targeting sulphide and oxide resources across the Motapa property. With Motapa's location adjacent to Bilboes, significant synergies could be obtained should a viable resource be identified through the planned exploration programme.

To the end of June 2025, a total of 1,788 meters of diamond drilling and 9,638 meters of reverse circulation drilling has been completed. A full overview of activities and results are expected to be provided during the second half of 2025.

LEADERSHIP CHANGES

• Johan Holtzhausen retired from the Board and as chair of the Audit Committee in May 2025.
• Tariro Gadzikwa was appointed as chair of the Audit Committee.

REPORTING CHANGES

Caledonia will no longer publish financial statements and management's discussion and analysis (MD&A) reports on a quarterly basis in accordance with Canadian securities regulations. This decision aligns with applicable exemptions under Canadian securities regulations, including National Instrument 71-102 - Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, and reflects our status as an SEC foreign issuer with equivalent disclosure obligations outside Canada.

We remain fully committed to transparent and timely disclosure of material information through the publication of our annual and half-yearly financial statements and via recognised regulatory channels, and, going forwards, we anticipate publishing revenue, costs and production results for the quarters for which we do not release detailed financial results (namely, the first and third quarters). This change does not affect our obligation to disclose any significant developments or risks that may materially impact the group's financial position or performance. We will continue to provide comprehensive MD&A commentary as part of our annual and semiannual reporting cycle.

OUTLOOK AND GUIDANCE

Blanket is on track to achieve production within its updated guidance range of 75,500 to 79,500 ounces[1] for 2025, while continuing to modernise operations and improve mining and operational cost efficiencies.

Further exploration is being undertaken at Blanket, aiming to upgrade existing inferred mineral resources to measured and indicated categories, with the goal of extending the mine's life. In addition, exploration is ongoing in target areas outside the current mine footprint within the Blanket mining lease area.

Work continues on the feasibility study for the Bilboes sulphide project, including the assessment of new factors that may enhance the project's economics. At Motapa, exploration efforts are progressing through a $2.8 million programme focused on both oxide and sulphide resources.

INVESTOR CONFERENCE CALL

Details of Investor and Analyst Presentation

Conference Call Details

A presentation for investors and analysts will be held as follows:

When: August 13, 2025 at 2:00pm London time

Topic: Q2 2025 Results Call for Investors

Register in advance for this webinar: https://brrmedia.news/CMCL_Q225

(in thousands of United States Dollars, unless indicated otherwise)

Other comprehensive income

Items that are or may be reclassified to profit or loss

* Refer to note 27.

Summarised Consolidated Statements of Financial Position (in thousands of United States Dollars, unless indicated otherwise)