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Exercise of share options

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Caledonia Mining Corporation Plc announced that two consultants exercised options for 10,000 common shares at a price of US$9.49 per share. Following the issue of these option shares, the company will have no further outstanding share options. Application has been made for depositary interests equivalent to the option shares to be admitted to trading on AIM, expected to commence on October 7, 2025. Post-issuance, the total number of shares in issue will be 19,304,784 common shares, with no shares held in treasury.

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St Helier, October 3, 2025: Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces that two consultants to the Company have exercised options in respect of, in aggregate, 10,000 common shares of no par value each in the Company (the "Option Shares"). The exercise price was US$9.49 per Option Share. Following issue of the Option Shares, the Company will have no outstanding share options.

Application has been made by Caledonia for a number of depositary interests equivalent to the Option Shares to be admitted to trading on AIM and it is anticipated that trading in such securities will commence on October 7, 2025.

Following the issue of the Option Shares, the Company will have a total number of shares in issue of 19,304,784 common shares of no par value each. Caledonia has no shares in treasury; therefore, this figure may be used by holders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company.

Enquiries: Caledonia Mining Corporation Plc Mark Learmonth Camilla HorsfallTel: +44 1534 679 800 Tel: +44 7817 841 793
Cavendish Capital Markets Limited (Nomad and Joint Broker) Adrian HaddenTel: +44 207 397 1965 Tel: +44 131 220 9775
Liberum Capital Limited (Joint Broker) Scott MathiesonTel: +44 20 3100 2000
Camarco, Financial PR (UK) Gordon Poole Elfie KentTel: +44 20 3757 4980
3PPB (Financial PR, North America) Patrick Chidley Paul DurhamTel: +1 917 991 7701 Tel: +1 203 940 2538
Curate Public Relations (Zimbabwe) Debra TatendaTel: +263 77802131

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.

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