Maiden Mineral Resource Estimate at Motapa

St Helier, August 28, 2026 - Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) is pleased to announce a maiden mineral resource estimate (“MRE”) for its 100%-owned Motapa property in Zimbabwe.

The MRE is presented in accordance Canada's National Instrument 43-101 ("NI 43-101"), which is done on a 100% project basis. The Company expects to file an NI 43-101 technical report in respect of the MRE on SEDAR+ within 45 days.

Highlights

Maiden measured and indicated mineral resource estimate of 7.8 million tonnes at a grade of 1.51 g/t, containing 379,000 ounces of gold at a cut-off grade of 0.5 g/t.

Further inferred mineral resource estimate of 2.7 million tonnes at a grade of 1.48 g/t, containing 131,000 ounces of gold at a cut-off grade of 0.5g/t.

$7.084 million exploration spend and an initial acquisition cost of $8.25 million, results in an exploration discovery and acquisition cost of $40.45 per ounce per measured and indicated resource ounce.

Commenting on the MRE at Motapa, Mark Learmonth, Chief Executive Officer, said:

“The maiden MRE at Motapa is a significant milestone for Caledonia and demonstrates the value created through our exploration activities over the past two years.

“The acquisition of Motapa was a highly strategic move and should be viewed in the context of our ownership of the adjacent Bilboes Gold Project. Bilboes is currently in development, with first gold production expected at the end of 2028, and already hosts substantial mineral resources. In addition, Bilboes itself remains highly prospective and we expect to evaluate and advance its broader exploration potential in due course.

“The identification of 379,000 ounces in the measured and indicated mineral resource categories, together with a further 131,000 ounces in the inferred mineral resource category, demonstrates the value created by the exploration work completed to date. Achieving this at an estimated combined exploration discovery and acquisition cost of approximately US$40.45 per measured and indicated ounce is particularly pleasing.

“This maiden mineral resource estimate supports our view that the combined Bilboes and Motapa properties may ultimately support a larger operation and/or extend the current planned production profile for Bilboes of 1.5 million ounces over a 10.8 year life of mine[1]. While considerable work remains to be completed, including further exploration, metallurgical test work, technical studies and economic evaluation, the proximity of the two properties presents a compelling long-term opportunity.

“Our immediate priority remains bringing Bilboes into production on schedule, with first gold expected in late 2028. At the same time, we expect to continue exploration at Motapa during the Bilboes construction period.”

Overview

The mineral resource is predominantly located at Motapa North, which lies immediately adjacent to Caledonia’s Bilboes Gold Project (“Bilboes”). Motapa’s proximity to Bilboes creates the potential for synergies to exist between the two and for Motapa to contribute to the longer-term development of a broader mining area, although further exploration, metallurgical testing, technical studies and economic assessment will be required before any development decision is made.

The MRE represents three years of exploration in 2023, 2024 and 2025 at an aggregate cost of $7.084 million that has been focussed on the sulphide mineralisation below the historic open pits at Motapa North. Motapa consists of three main shear zones: Motapa North, Motapa Central and Motapa South. Caledonia acquired Motapa in November 2022 for a consideration of $8.25 million in cash and loan notes which have subsequently been repaid from Caledonia’s internal cash generation.

The MRE does not include the results of the 2026 exploration campaign which continues on Motapa North and, during 2026, commenced on Motapa South and Motapa Central.

The MRE is based principally on drilling completed at Motapa North and represents Caledonia’s first mineral resource statement for the Motapa property. The estimate demonstrates both the continuity and scale of mineralisation identified through exploration to date and provides a foundation for future evaluation of development options and additional resource growth opportunities.

The following table provides the measured, indicated and inferred mineral resources estimates for Motapa in accordance with NI 43-101. A full mineral resource estimation report for Motapa is expected to be issued within 45 days.

Notes:

Cut-off applied 0.5 g/t.

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 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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