Blanket Mine M&I Resources Increases by 22%

Blanket Mine Underground Measured and Indicated Mineral Resources Estimate Increases by 22% to 2.18 Million Ounces and Declaration of a Surface Mineral Resource Estimate

(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)

St Helier, August 28, 2026 - Following the announcements of encouraging underground drilling results at Blanket Mine in Zimbabwe ("Blanket") on June 23, 2025 and April 7, 2026, and surface exploration on July 23, 2026, Caledonia Mining Corporation Plc ("Caledonia" or "the Company") is pleased to announce a 22% increase to the underground measured and indicated mineral resource estimates (“M&I Resources”) at Blanket to 2.178 million ounces of gold, contained in 17.7 million tonnes at a grade of 3.83 g/t.

Mineral resource estimates are presented under Canada's National Instrument 43-101 ("NI 43-101"), which is done on a 100% project basis. The Company intends to file an NI 43-101 technical report in respect of an increase in Blanket's mineral resource estimates with SEDAR+ within 45 days which will include a restated Life of Mine Plan resulting in a new mineral reserve estimate.

Highlights

Increase in the underground M&I Resources at Blanket of 22% to 2.178 million ounces (December 31, 2023: 1.789 million ounces) of gold, reflecting the success of its underground drilling and development programmes.

Measured mineral resources increased by 48%, demonstrating successful conversion of mineral resources into higher-confidence categories.

Indicated mineral resources declared for surface oxide and transitional material of 22 thousand ounces of gold contained in 1,024 kt of ore at a grade of 0.69 g/t with further indicated mineral resources of 8 thousand ounces of gold contained in 228 kt of sulphide material at a grade of 1.07g/t.

These mineral resource estimates provide increased confidence in Blanket's long-term production profile and form the basis for a revised Life of Mine Plan and a future mineral reserve update.

Commenting on the mineral resource estimates at Blanket, Mark Learmonth, Chief Executive Officer, said:

“Following the commissioning of the Central Shaft in 2021, Caledonia has used the increased operating capacity to re-start underground exploration, investing $3.733 million in deep drilling at Blanket over the last 6 years enabling the addition of 1.279 million ounces of measured and indicated ounces of gold (before depletion) – a discovery cost of $2.92 per ounce.

“This most recent mineral resource estimate at Blanket re-confirms that Blanket’s mineralisation continues at depth with generally improving grades and widths and creates the potential to extend Blanket’s mine-life by deepening its operations. A technical study to evaluate the optimal approach to further deepen Blanket’s operations below the current depth of 1,100 meters below surface is well-advanced and is expected to be published towards the end of 2026.

“The newly discovered oxide ore-body at surface opens up the possibility of near-term incremental gold production from oxides. Metallurgical test work on the amenability of the oxide material to heap-leach processing demonstrates recoveries of up to 67%. Work will commence shortly on preparing a trial heap-leach pad and mining a 10,000 tonne sample. Application has been made for the necessary environmental approvals for an oxide mining and processing operation. Subject to the success of the evaluations and receipt of the necessary environmental approvals, oxide mining and processing may commence in the first half of 2027 with a target mining rate of 40,000 tonnes of ore per month.

“The discovery of the small sulphide resource below the new oxide resource was unexpected and requires further evaluation but could give rise to incremental gold production from sulphide material in the shallower portion of Blanket’s underground operations – thereby increasing mine flexibility and reducing the pressure on the higher-volume production areas at depth. We will now assess the amenability of this material to processing through Blanket’s existing metallurgical plant. If this is successful, the shallower expressions of the sulphide resource may be accessed by open-pit operations after the oxide overlay has been removed. Further exploration is planned during 2027 to identify whether the sulphide mineralisation extends deeper. If this exploration identifies a commercially viable resource, it may be accessed by extending the existing underground infrastructure on 7 Level (210 meters below surface) at the Sheet orebody which is approximately 200 meters from the new mineralised zone.

“Together, these developments demonstrate the untapped potential that remains within the Blanket mining area, and I look forward to providing further updates as these workstreams progress."

Caledonia has updated the Blanket underground mineral resource estimate published on May 15, 2024 (effective date of December 31, 2023) with data derived from the underground development sampling, run of mine drilling and the long hole exploration drilling programme to an effective date of June 30, 2026.

As per the announced drilling result information, the long hole exploration programme has proved particularly successful, together with underground development, in upgrading the mineral resource classification from inferred, through to indicated and ultimately into the measured mineral resource category.

The measured and indicated underground mineral resources at Blanket have increased by 22%, driven by a 16% increase in tonnes and a 5% increase in grade, to 2.178 million ounces of gold (December 31, 2023 M&I Resources = 1.789 million ounces).

The inferred underground mineral resources at Blanket have reduced by 30%, driven by a 21% decrease in tonnes and a 10% decrease in grade, to 0.748 million ounces of gold (December 31, 2023 inferred mineral resource = 1.061 million ounces). The reduction in inferred mineral resources largely reflects successful resource conversion into higher-confidence M&I Resource categories rather than depletion alone, demonstrating the effectiveness of Blanket’s drilling programme in improving geological confidence across the deposit.

The decrease in the inferred mineral resources is due to the long hole drilling programme having focussed on the southern portion of the underground Blanket mineralised zones with recent drilling having been done from 30 (990 meters below surface) and 34 (1,110 meters below surface) levels to 34 level and beyond. Long hole drilling in the northern section of Blanket, incorporating Eroica and Lima, extends to between 30 and 34 level with limited information below 34 level. The long hole drilling programme will move to these areas as scheduled over the next two years.

The following table shows a comparison of the new measured, indicated and inferred mineral resource estimates with the previous mineral resource estimates in accordance with NI 43-101.

Notes:

Cut-off applied 1.5 g/t.

2.5% geological loss applied for measured, 5% for indicated and 10% inferred.

Commodity price of $3,000/oz for RPOEE.

Mineral resources are reported as 100% attributable to Caledonia.

All orebodies are depleted for mining.

Mineral resources are stated inclusive of mineral reserves.

Mineral resources are reported in-situ.

Mineral resources are not mineral reserves and have no demonstrated economic viability.

Totals may not add due to rounding.

Surface

Following a period of successful surface trenching and reverse circulation drilling at Blanket, detailed in the announcement of July 23, 2026, a maiden surface mineral resource estimate is announced for Blanket. The exploration programme was designed primarily for the identification of shallow, near surface oxide and transitional material that may have the potential for low-cost heap leach processing.

The newly estimated surface mineral resource estimate highlights the potential for future near-surface mining opportunities and supports ongoing evaluation of lower-cost processing methods, including heap leach applications. No comparison is provided as this is the first surface mineral resource estimate reported for Blanket.

The following table provides the indicated and inferred mineral resource estimate for the oxide, transitional and sulphide mineralisation at Blanket in accordance with NI 43-101.

Notes:

Oxide and transitional cut-off grade applied 0.30 g/t.

Sulphide cut-off grade applied 0.60 g/t.

No geological loss applied.

Commodity price of $3,000/oz for RPOEE.

Mineral resources are reported as 100% attributable to Caledonia.

Mineral resources are reported in-situ.

Mineral resources are not mineral reserves and have no demonstrated economic viability.

Totals may not add due to rounding.

Qualified Person and Data Verification

Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed, approved and verified the scientific and technical information contained in this news release. Craig James Harvey is a “Qualified Person” as defined by each of (i) the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K under the U.S. Securities Act of 1933, as amended (“S-K 1300”).

The Qualified Person has verified the results disclosed in this news release through a review of the applicable assay certificates, sampling records and quality assurance and quality control data. Historical exploration results have been reviewed against historical records available to the Company. The Qualified Person has not independently verified all historical sampling and drilling procedures or all underlying historical assay data, but considers the historical information sufficiently reliable for the limited purpose of guiding the Company's current exploration activities.

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