Blanket Mine Q3 Production and Revised guidance

St Helier, October 9, 2026 – Caledonia Mining Corporation Plc (“Caledonia” or “the Company”) announces gold production from the Blanket Mine (“Blanket”) in Zimbabwe for the quarter ended September 30, 2026 (“Q3 2026” or the “Quarter”). The Company also provides revised guidance for the year ending December 2026 (“FY 2026”) in respect of production, costs and capital expenditure for Caledonia and its group of companies (the “Group”).

All production numbers are expressed on a 100 per cent basis and are subject to final assays by the refiner.

Production Summary

Gold produced in the Quarter: 17,030 ounces (Q3 2025: 19,106 ounces)

Gold produced in the 9 months ended September 30, 2026: 49,158 ounces (9 months ended September 30, 2025: 58,846 ounces)

Gold production in the Quarter was adversely affected by a shortage of compressed air at certain high-grade, high-volume mining areas and a temporary increase in the gold inventory in the metallurgical plant.

Mining activity in September was increasingly focused on the deeper 30 and 34 levels (990 and 1,110 meters below surface, respectively). Four additional compressors had been procured to facilitate mining at these deeper levels, and indeed the increased amount of development following the appointment of contractors earlier in the year. However, there have been delays in the delivery and deployment of the four new compressors which has severely adversely impacted production at this crucial high-grade mining area.

Two of the new compressors have now been deployed and the last two have now been released from the port and are being transported to the mine. Accordingly, it is anticipated that normalised production will be achieved during Q4.

In September, equipment was introduced to improve efficiency, recovery and security in the gravity gold circuit, which recovers the free-gold. Approximately 45-50 per cent of Blanket’s gold is free-gold which is recovered from the gravity circuit. Difficulties encountered in the commissioning of the new equipment meant that approximately 1,100 ounces of free-gold were retained in the metallurgical plant. The retained gold should be recovered over a period of time, commencing mid-October, after the increased elution capacity has been commissioned.

Revised Production Guidance

Due to the lower than anticipated production in the Quarter, management reduces production guidance for Blanket for FY 2026 from a range of 72,000 to 76,500 ounces to a range of 69,000 to 72,500 ounces.

The lower production guidance for FY 2026 implies production at Blanket in the last quarter of 2026 (“Q4 2026”) of approximately 19,800 to 23,300 ounces.

Production in Q4 2026 is expected to benefit from:

Increased compressed air capacity, following the commissioning of additional compressors;

The recovery from mid-October of approximately 1,100 ounces of gold temporarily retained within the metallurgical plant following the commissioning of the new elution vessel;

The processing at the Lima satellite plant of additional ore arising from the seven-day shift system;

Improved mining flexibility and increased access to higher-grade mining areas; and

Increased elution capacity and improved recovery performance, including the processing of 58.04 tonnes of accumulated activated carbon, which contains approximately 1,166 ounces of gold at an average grade of 625.0 grammes per tonne

These initiatives are consistent with the operational improvement programme outlined previously by management.

The operational initiatives currently underway are expected to provide the foundation for higher and more consistent production in 2027.

Mark Learmonth, Chief Executive Officer, commented:

"Production in the third quarter was below our expectations, principally due to insufficient compressed air capacity in deeper, higher-grade mining areas and the temporary retention of gold within the processing circuit. We are addressing these issues through the installation of additional compressor capacity and the commissioning of increased elution capacity.

"We expect production in the fourth quarter to benefit from improved access to higher-grade mining areas, the recovery from mid-October of approximately 1,100 ounces of gold retained within the metallurgical plant and the processing at Lima of additional ore arising from the seven-day shift system. These measures also support our plans for 2027 and are intended to support more consistent production, improved grade and lower unit costs.

"Although we have revised our guidance for 2026 to reflect the third-quarter performance, Blanket remains a robust and cash-generative operation. We remain focused on delivering a stronger performance in the fourth quarter and implementing the operational improvements required to support production and cash generation in 2027."

Updated 2026 Guidance Including Cost and Capex

As a result of the above, FY 2026 production, cost guidance and capex is re-guided as follows:

Production

Blanket’s gold production guidance revised to 69,000-72,500 ounces (previously 72,000-76,500 ounces).

Costs

On-mine cost per ounce sold revised to US$1,700-US$1,900 per ounce sold (previously US$1,600-US$1,800 per ounce sold), reflecting lower expected production volumes.

All-in sustaining cost ("AISC") guidance revised to US$2,650-US$2,850 per ounce sold (previously US$2,500-US$2,700 per ounce sold).

Capital Expenditure

In order to best allocate capital and match expenditure to expected cash flows, capex guidance for the Group in FY 2026 has been reduced to US$94.3 million (previously US$103.3 million). The reduction reflects the timing of certain expenditures only, primarily components of the 132kV power line project, which are now expected to be incurred in 2027. The revised guidance does not reflect any material reduction in the overall scope of planned capital projects. Capex guidance comprises:

US$44.0 million of sustaining capital expenditure at Blanket (reduced from $48.0m),

US$3.5 million of growth capital at Blanket (unchanged),

US$43.0 million of growth capital expenditure at Bilboes (previously $48.0m) and

US$3.8 million of exploration at Motapa (unchanged).

Management believes this revised guidance for FY2026 will have no adverse effect on the Group's ability to utilise internal cash flows to contribute towards the funding of the Bilboes development project.

Qualified Person