Results for Q2 and Half Year Ended June 30, 2026

RESULTS FOR THE QUARTER AND HALF YEAR ENDED JUNE 30, 2026; DETAILS OF MANAGEMENT CONFERENCE CALL; DIVIDEND DECLARATION

St Helier, Jersey, August 10, 2026 - Caledonia Mining Corporation Plc ("Caledonia" or the "Company" and together with its subsidiaries the "Group") is pleased to report its financial and operating performance for the quarter and the six months ended June 30, 2026 (the "Quarter" and "Half Year" respectively).

Further information on the financial and operating results for the Quarter and Half Year can be found in the Management Discussion and Analysis ("MD&A") and the unaudited condensed consolidated interim financial statements (the "interim financial statements"), which are available on the Company's website and are being filed on EDGAR and SEDAR+.

Q2 2026 HIGHLIGHTS

Safety

Blanket achieved its strongest safety performance on record, completing the Quarter with no lost time injuries ("LTIs") and establishing a new record of approximately 395 consecutive LTI-free days and over 5.4 million LTI-free man-hours worked.

Overview

· The Quarter marked a significant operating recovery at Blanket Mine ("Blanket"): gold production increased 18% compared to the first quarter of 2026 ("Q1 2026" or the "preceding quarter") as grades improved; combined with a strong gold price environment, this delivered materially higher revenues. Whilst still lower than the second quarter of 2025 ("Q2 2025" or the "comparative quarter" or the "comparable quarter") which was a record quarter largely due to exceptional grades which enhanced production and financial performance, the improvement over Q1 2026 is clear and is expected to continue in the second half of 2026.

· On-mine costs and all-in sustaining costs ("AISC") per ounce now reflect activity not only at Blanket but also the cost of funding initiatives for Bilboes, which includes the costs relating to the successful Convertible Senior Notes issue to fund Bilboes. In addition, following the maturing of the employee ownership trust at Blanket, dividends paid to Blanket employees arising from the trust's 10% shareholding in Blanket are treated as employee costs and therefore substantially increase the labour component of on-mine costs. After adjusting for these items, on-mine costs expressed on the basis of cost per tonne milled have been stable. The increases in on-mine and all-in sustaining costs per ounce are therefore attributable to the lower grades in the Quarter and Half Year compared to the comparative quarter and to the first six months of 2025.

• Initiatives to increase production at Blanket are expected to bear fruit from the end of the third quarter; management is confident of a strong operating performance at Blanket in the second half of 2026 and particularly in the fourth quarter. Increased sustaining capital in the second half of 2026 is expected to result in production levels at Blanket from 2027 that are higher than current guidance. Further details will be provided at the end of 2026 on completion of detailed budgeting and technical planning.
• Workstreams on the Bilboes project are proceeding as planned:

o The Company is making good progress on raising the final elements of the funding package; and

o Front-End Engineering Design has commenced and the procurement for the first tranche of long-lead-time equipment is in progress.

Financial Highlights

• Revenue increased by 16% to US$75.9 million in the Quarter compared to US$65.3 million in Q2 2025, mainly due to a stronger realised gold price. Compared with Q1 2026, revenue increased by 14% from US$66.4 million, reflecting improved production in the Quarter.
• The average realised gold price increased by 34% to US$4,259/oz sold compared to the comparable quarter but was 12% lower than the preceding quarter.
• Consolidated gold sales (i.e. including gold production from Bilboes where limited production continues) were 17,811 ounces. Sales exclude 3,589 ounces of gold finished goods inventory on hand at the end of the Quarter which was sold immediately after the end of the Quarter.
• Gross profit increased by 16% to US$39.2 million, compared to US$33.8 million in Q2 2025, driven by higher gold sales revenues arising from a stronger average realised gold price, partly offset by lower ounces sold. Compared with Q1 2026, gross profit increased by 22% from US$32.1 million, reflecting improved production and sales in the Quarter.
• On-mine costs in the Quarter and Half Year include substantial employee benefits costs, which do not reflect core operating activities. On-mine costs per ounce in the Quarter were also adversely affected by the lower grade. On-mine costs in the Quarter were US$1,675/oz sold, 49% higher than the comparative quarter but 3.7% lower than the US$1,740/oz sold in the preceding quarter.
• AISC decreased by 3% to US$2,678/oz sold compared to the preceding quarter due to the higher grade.
• EBITDA increased by 16% to US$45.8 million from US$39.5 million in Q2 2025. EBITDA for the Quarter includes US$11.5 million of gains arising from the revaluation of derivative financial instruments (as discussed further in note 9.3 to the interim financial statements).
• Excluding the US$11.5 million net fair value gain recognised in the Quarter and the US$8.5 million gain on the sale of the solar plant recorded in the comparative quarter, profit after tax increased by 23% from US$15.0 million to US$18.5 million.
• Basic earnings per share increased to US$1.36/share, up 28% from US$1.06/share in the comparable quarter and 71% from US$0.80/share in the preceding quarter. The increase reflects increased profitability, supported by favourable gold prices, and positive fair value adjustments recognised during the Quarter.
• Net cash generated from operating activities increased from US$28.1 million to US$28.4 million.
• Net cash and cash equivalents increased to US$167.8 million from US$8.2 million at June 30, 2025, reflecting the continued cash generation from operations and receipt of proceeds from the Convertible Senior Notes issued in January 2026. The Group's liquidity position provides substantial financial flexibility to support the Bilboes project.

Operating Highlights

• Gold production and sales: Blanket produced 17,360 ounces of gold during the Quarter, an 18% increase on the preceding quarter due to improved access to high grade mining areas. The grade has continued to improve in July.
• The average feed grade in the Quarter was 2.9g/t compared to 2.5 g/t in the preceding quarter and 3.4g/t in the comparative quarter.
• Cost discipline in terms of cost per tonne milled has been good in the Quarter which reflects several initiatives including a focus on reducing electricity consumption and measures to reduce overtime working.
• Operating improvement initiatives at Blanket, including the transition to a seven-day operating schedule and improved access to higher-grade mining areas, are beginning to deliver positive results and support expectations for higher production and lower on-mine costs per ounce in the second half of 2026.

Bilboes Project

• Progress has continued across the engineering and development workstreams:
• Metso Finland Oy, the owner of the BIOX process technology, has been appointed to provide the BIOX technology, BIOX plant design and support.
• DRA Projects (Pty) Limited's appointment as the EPCM contractor for the project will be finalised shortly;
• core members of the development team have commenced work; and
• the tendering process for the first phase of long-lead-time equipment has commenced.
• It is expected that the first physical on-site activity will commence in October 2026, being the construction of contractor accommodation and related infrastructure works.
• Subsequent to the over-subscribed issue of Convertible Senior Notes in January 2026 which raised net proceeds of US$130million, good progress has been made on the remaining two components of the funding package for the project, being:
• An interim facility from Zimbabwe commercial banks of US$150 million: credit approvals have been obtained by the two appointed lead arrangers to the facility for over 50% of the target amount; other prospective members of the syndicate are currently engaged in due diligence and credit processes; and
• A limited recourse project finance facility of US$300 million: prospective lenders are well-advanced in their due diligence and credit processes.
• Caledonia continues to evaluate other non-dilutive funding structures.

Exploration

• Motapa exploration: Drilling results announced during the Quarter confirmed mineralisation across approximately six kilometres of strike and support publication of a maiden mineral resource estimate in the third quarter of 2026 ("Q3 2026").
• Blanket exploration: As announced in July 2026, exploration and evaluation work has identified significant oxide and sulphide mineralization at a new zone which is approximately 200 meters from the nearest mining infrastructure at Blanket. It is expected that the results of this drilling will also be incorporated into a mineral resource estimate to be published in Q3 2026. This presents a potential new near-surface mining opportunity adjacent to Blanket: metallurgical test work is well advanced, and planning is in progress for a trial mining and heap-leach programme to commence in the fourth quarter of 2026 ("Q4 2026").

2026 Production, cost guidance and capex guidance

• Blanket gold production guidance range re-affirms production guidance for 2026 of 72,000-76,500 ounces.[1]
• Cost guidance:

o On-mine cost per ounce guidance range, updated to US$1,600-US$1,800/oz sold (up from US$1,500-US$1,700/oz sold). The increased guidance recognizes inter alia the inclusion in on-mine operating costs of dividends payable to Blanket employees which arise from the 10% shareholding in Blanket that is owned by an employee trust.

o AISC per ounce guidance range, updated to US$2,500-US$2,700/oz sold (up from US$2,100-US$2,300/oz sold). The increase includes the impact of higher royalty expenses and US$4 million to prepare for possible oxide mining and processing operations at Blanket. The expenditure on the 132kV power line (as previously announced) has now been costed over the total project cost of US$14.4 million; US$8.0 million is expected to be spent in 2026 and the remainder in 2027.

Capex guidance:

o Capex guidance for the Group in 2026 was US$178.9 million, comprising sustaining capital investment of US$43.0 million at Blanket, US$132.1 million of growth capital expenditure at Bilboes and US$3.8 million of exploration at Motapa.

o Revised capex guidance for the Group in 2026 has been reduced to US$103.3 million, comprising US$48.0 million of sustaining capital expenditure at Blanket, US$3.5 million of growth capital at Blanket, US$48.0 million of growth capital expenditure at Bilboes and US$3.8 million of exploration at Motapa. The reduction in the planned capital expenditure at Bilboes does not reflect any change in the project timetable, scope or costs; it reflects a better understanding of the timing of deposits required for long-lead time equipment which continues to emerge from the ongoing procurement programme.

Details on the revised guidance are discussed in section 4.7 of the MD&A.

2027 Outlook

Management anticipates that gold production at Blanket in 2027 will exceed the previous guidance of 72,000-76,500 ounces due increased run-of-mine production arising from the introduction of the 7-day shift and the potential for oxide mining at the K-pits.

The increased AISC guidance for 2026 includes US$3.5 million in respect of planned upgrades to the crushing and Carbon-in-leach plants at Blanket to process the increased rate of ore production. Management is finalising the governance and procurement aspects relating to this incremental expenditure. The timing and quantum of increased gold production in 2027 will be determined by the timescale required to complete the necessary work, which management is currently finalising.

Management is finalising a resource estimate for the K-pits and is assessing the timing of any increased production, the required capital expenditure to achieve higher production and the resultant effect on on-mine and all-in sustaining costs.

Management expects that firm guidance for 2027 in respect of production, costs and operating costs will be provided after the 2027 budgeting exercise has been completed at the end of 2026.

Capital Markets Day

The Company will host a Capital Markets Day on Wednesday, September 16, 2026 in New York.

Date: Wednesday, September 16, 2026

Time: 9.30 New York / 14.30 London / 15.30 Harare

Format: In-person or online

Location: Sofitel New York, 45 West 44th Street, 10036 New York, United States

To register for the event, please visit: https://caledonia.brrmedia.co.uk/

Presentation materials will be made available on the Company's website in advance, with a webcast replay made available on our social media channels following the event.

Dividend

The Board has approved a quarterly dividend of 14 United States cents (US$0.14) on each of the Company's shares.

The relevant dates relating to the dividend are as follows:

• Ex-dividend date VFEX: August 19, 2026
• Ex-dividend date AIM and NYSE American: August 21, 2026
• Record date: August 21, 2026
• Payment date: September 4, 2026

Shareholders with a registered address in the UK will be paid in Sterling.

OPERATING AND FINANCIAL RESULTS SUMMARY

• Previously reported in 200,000 man hours.
• The production summaries above only show Blanket's results. Bilboes oxide mine contributes marginally to the overall results; however, due to materiality, its numbers have not been included above.
• Refer to the financial statements' appendices at the end of this announcement for some of the lines in the summary above.
• The capex relates to Blanket only.
• TIFR - total incident frequency rate.
• Free cash flow, calculated as being the net cash generated from operations after funding sustaining and growth capital expenditure

Chief Executive Officer's Comment

Mark Learmonth, Caledonia's Chief Executive Officer, commented:

"The second quarter represented a significant improvement in operating performance across the business. Most importantly, Blanket achieved a record safety performance, reaching approximately 395 consecutive lost-time injury free days and more than 5.4 million LTI-free man-hours worked. This reflects the commitment of our workforce and the strong safety culture that continues to develop throughout the organisation.

"We delivered a clear improvement on the first quarter, with gold production increasing by 18% to 17,360 ounces. Encouragingly, grades improved steadily throughout the period as access to higher-grade mining areas increased, and this positive trend will continue into the third quarter. The measures we have implemented to improve mine flexibility and ore availability are gaining traction and are delivering tangible results.

"The successful introduction of our seven-day working week in June marks another important milestone and is expected to increase production from September 2026, when we intend to start to process an additional 200 tonnes per day. Together with the completion of the elution plant upgrade later this year and continuing improvements in access to higher-grade ore, we expect production to strengthen further in the second half of 2026.

"These improvements, combined with a robust gold price environment, resulted in quarterly revenue of US$75.9 million, profit after tax of US$30.0 million and operating cash flow of US$28.4 million. Basic earnings per share increased to US$1.36 and our cash position strengthened further, leaving us well positioned to fund our growth initiatives at Bilboes and Blanket while continuing to return value to shareholders through our dividend.

"We continued to make excellent progress across our growth portfolio. At Motapa, drilling results confirmed mineralisation across approximately six kilometres of strike and support our intention to publish a maiden mineral resource estimate later this year. At Blanket, the K-Pits exploration programme identified significant oxide and sulphide mineralisation close to the existing operations and in respect of which we expect to publish a resource estimate later this year. This has the potential to create an attractive new, near-term oxide mining project, with medium-term sulphide potential.

"On mine and all-in sustaining costs per ounce remained high in the six months to 30 June but include substantial costs which do not reflect core operating activities. Such costs include $3.2 million dividend payments to Blanket's employees which arise from the 10% ownership of Blanket by the employee trust, $4 million of advisory fees arising from the successful issue of $150 million of convertible bonds and other fund raising initiatives and $3.2 million of higher royalty payments to the government of Zimbabwe arising from the higher gold price and an increase in the royalty rate for those shipments which realised a gross price of over $5,000 per ounce. All-in sustaining cost per ounce was also affected by higher sustaining capital expenditure, which reflects a strategic decision to improve the mine infrastructure, improve the environment for Blanket's workforce and enhance Blanket's operating resilience. After adjusting for these items, the residual increase in cost per ounce was due entirely to the lower grade. Management is confident that continued vigilance in controlling operating cost per tonne, coupled with the improved mine grade, means that Caledonia's full year guidance of the on-mine cost per ounce is in the range of US$1,600-US$1,800, and the all-in sustaining cost per ounce is expected to be in the range of US$2,500- US$2,700.

"The increased guidance for all-in sustaining costs for 2026 is partly due to an increase in sustaining capital expenditure which is intended to increase production from 2027 onwards. I expect to provide updates on the timing and quantum of such production increases and the implications for on-mine and all-in sustaining costs toward the end of the year when the detailed capital scheduling and budget process has been completed.

"With improving operating momentum, a strong gold price environment and several growth opportunities advancing across the portfolio, we remain confident in Caledonia's outlook and our ability to create long-term value for shareholders. The continued improvement in operating performance at Blanket supports our expectation of a stronger second half of 2026, in line with market expectations.

WEBCAST

The Company will host a remote presentation for analysts and investors on its abridged and unaudited operating and financial results for the Quarter and Half year on Monday August 10, 2026 at 2:00pm London time, followed by an opportunity to ask questions.

Webcast link: https://stream.brrmedia.co.uk/broadcast/6a631cd9da9f6e0013d170b5

END NOTES

Non-GAAP measures

This announcement includes certain financial performance measures which are non-GAAP measures. These include cash costs of production, AISC, cash and liquid assets, and free cash flow. Management believes these measures provide valuable additional information for users of the information to understand the underlying trading performance. Definitions and explanation of the measures used along with reconciliation to the nearest IFRS measures are detailed in the Form 20-F filed on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system on April 23, 2026 as well as being available at www.caledoniamining.com/investors/reports-presentations/.

Cash and liquid assets

LTIFR

TIFR

Appendix A

Consolidated statements of profit or loss and other comprehensive income

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

Other comprehensive income

Items that are or may be reclassified to profit or loss

[1] Refer to "S-K 1300 Technical Report Summary on the Blanket Gold Mine, Zimbabwe" with effective date December 31, 2023 prepared by Caledonia and filed by the Company on EDGAR as an exhibit to its annual report on Form 20-F on May 15, 2024; and "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with effective date December 31, 2023 prepared by Caledonia and filed by the Company on SEDAR+ on May 15, 2024.