Blanket Mine Q2 2026 Production Update

St Helier, July 20, 2026 - Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces gold production from the Blanket Mine ("Blanket") in Zimbabwe for the quarter ended June 30, 2026 ("Q2 2026" or the "Quarter").

Production Summary

• Gold production of 17,360 ounces in Q2 2026
• Production increased by 18% compared with the 14,767 ounces in the first quarter of 2026 ("Q1 2026"), reflecting improving access to higher-grade mining areas
• Grades delivered to the plant have improved steadily since January 2026, further reflecting progress in restoring access to higher-grade ore

o Average Q2 2026 grade of 2.88g/t

o July 2026 grade to date of 3.05g/t

• Caledonia reaffirms Blanket's 2026 production guidance of 72,000 to 76,500 ounces[1]

Operational Update and Outlook

In line with initial 2026 production guidance published on January 14, 2026, and the 2025 results published on March 23, 2026, the Company expects production at Blanket to be weighted towards the second half of the year as access to higher-grade mining areas improves.

Production in Q2 2026 was lower than in the comparable period in 2025, which benefitted from exceptional grades and resulted in a record second quarter. The lower performance in 2026 reflects the planned mining sequence and constrained access to higher-grade areas during the first half of the year, as previously indicated.

Operational measures to restore access to higher-grade ore are gaining traction, as reflected in improving grades quarter-on-quarter.

Production in Q2 2026 was an improvement on Q1 2026 and is consistent with the expected recovery for 2026. This improvement reflects early progress in restoring access to higher-grade areas, with further benefits expected in the second half of the year.

Looking ahead, production is expected to increase further in the second half of the year, supported by:

• Improved access to higher-grade mining areas
• The completion of the elution plant upgrade, enabling the processing of stockpiled fine grain loaded carbon from September onwards
• The processing of approximately 200 tonnes per day of additional ore following the successful implementation of a 7-day working week from June 2026

These initiatives are expected to support a stronger production profile through the remainder of 2026.

Mark Learmonth, Chief Executive Officer, said:

"Production in Q2 2026 was 17,360 ounces, an improvement on the first quarter, reflecting continued improvement in access to higher-grade mining areas.

"As expected, production was lower than in the corresponding period in 2025, which benefitted from record grades. This reflects the planned mining sequence and the temporary constraints on access to higher-grade areas earlier in the year, as previously indicated.

"Encouragingly, we are now seeing improved grades in deliveries of ore to the plant, indicating that the measures we have taken to restore access to higher-grade ore are gaining traction. We are now tracking a grade of approximately 3g/t and we expect to remain at that level for the rest of the year.

"With the introduction of a 7-day working week and the completion of the elution plant upgrade due in the third quarter of 2026, we expect production to further increase in the second half of the year, in line with our guidance. We therefore remain confident in our full-year production guidance for 2026."

Qualified Person