Corporate Presentation 2023

CASH GENERATIVE GOLD PRODUCER

FUTURE GROWTH POTENTIAL

DISCLAIMER

THIS PRESENTATION DOES NOT CONSTITUTE, OR FORM PART OF, ANY OFFER TO SELL OR ISSUE OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SHARES IN CALEDONIA MINING CORPORATION PLC ("CALEDONIA"), NOR SHALL IT (OR ANY PART OF IT) OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, OR ACT AS AN INDUCEMENT TO ENTER INTO ANY CONTRACT OR AGREEMENT THERETO.

CERTAIN FORWARD-LOOKING STATEMENTS MAY BE CONTAINED IN THE PRESENTATION WHICH INCLUDE, WITHOUT LIMITATION, EXPECTATIONS REGARDING METAL AND OTHER PRICES, ESTIMATES OF PRODUCTION, OPERATING EXPENDITURE, CAPITAL EXPENDITURE AND PROJECTIONS REGARDING THE COMPLETION OF CAPITAL PROJECTS AS WELL AS THE FINANCIAL POSITION OF THE COMPANY. ALTHOUGH CALEDONIA BELIEVES THAT THE EXPECTATIONS REFLECTED IN SUCH FORWARD- LOOKING STATEMENTS ARE REASONABLE, NO ASSURANCE CAN BE GIVEN THAT SUCH EXPECTATIONS WILL PROVE TO BE ACCURATE. ACCORDINGLY, RESULTS COULD DIFFER FROM THOSE PROJECTED AS A RESULT OF, AMONG OTHER FACTORS, CHANGES IN ECONOMIC AND MARKET CONDITIONS, CHANGES IN THE REGULATORY ENVIRONMENT AND OTHER BUSINESS AND OPERATIONAL RISKS.

ACCORDINGLY, NEITHER CALEDONIA, NOR ANY OF ITS DIRECTORS, OFFICERS, EMPLOYEES, ADVISERS, ASSOCIATED PERSONS OR SUBSIDIARY UNDERTAKINGS SHALL BE LIABLE FOR ANY DIRECT, INDIRECT OR CONSEQUENTIAL LOSS OR DAMAGE SUFFERED BY ANY PERSON AS A RESULT OF RELYING UPON THIS PRESENTATION OR ANY FUTURE COMMUNICATIONS IN CONNECTION WITH THIS PRESENTATION AND ANY SUCH LIABILITIES ARE EXPRESSLY DISCLAIMED.

REFER TO THE TECHNICAL REPORTS ENTITLED:

  1. "CALEDONIA MINING CORPORATION PLC NI 43-101 TECHNICAL REPORT ON THE BLANKET GOLD MINE, ZIMBABWE" DATED MAY 17, 2021 PREPARED BY
    MINXCON (PTY) LTD AND FILED BY THE COMPANY ON SEDAR (WWW.SEDAR.COM) ON MAY 26, 2021
  2. "BILBOES GOLD PROJECT FEASIBILITY STUDY" WITH EFFECTIVE DATE DECEMBER 15, 2021 PREPARED BY DRA PROJECTS (PTY) LTD AND FILED BY THE COMPANY ON SEDAR ON JULY 21, 2022; AND
  3. "CALEDONIA MINING CORPORATION PLC UPDATED NI 43-101 MINERAL RESOURCE REPORT ON THE MALIGREEN GOLD PROJECT, ZIMBABWE DATED NOVEMBER 3, 2022 PREPARED BY MINXCON (PTY) LTD AND FILED BY THE COMPANY ON SEDAR ON NOVEMBER 7, 2022,

FOR RESOURCES AND RESERVES AND PLANNED PRODUCTION AS STATED IN THIS PRESENTATION.

MR DANA ROETS (B ENG (MIN.), MBA, PR.ENG., FSAIMM, AMMSA), CHIEF OPERATING OFFICER, IS THE COMPANY'S QUALIFIED PERSON AS DEFINED BY CANADA'S NATIONAL INSTRUMENT 43-101 AND HAS APPROVED ANY SCIENTIFIC OR TECHNICAL INFORMATION CONTAINED IN THIS DOCUMENT.

NYSE/AIM/VFEX: CMCL

2

A HIGHLY PROFITABLE, CASH GENERATIVE GOLD PRODUCER WITH A STRONG GROWTH PROFILE

Central Shaft:

Attractive new

Committed to

Significant

acquisitions:

return value

increase

Bilboes, Motapa

to shareholders

in production

& Maligreen

NYSE/AIM/VFEX: CMCL

3

An Overview

  • Established, cash generative gold producer and exploration focused in Zimbabwe
  • Jersey domiciled company; listed on NYSE, AIM & VFEX
  • Significantly increased production at Central Shaft from the Blanket Mine
    • 2022 production of 80,775 ounces

Blanket quarterly production

  • January 2023: completed purchase of Bilboes; 5.12m shares, appr 28.5% of Caledonia's fully diluted equity, and a 1% NSR
    • NI 43-101 compliant M&I resource of 2.56Moz @ 2.26 g/t and an Inferred mineral resource of 577Koz @ 1.89 g/t
  • Nov 2022: purchased Motapa. A large-scale exploration project with excellent geological prospectivity, adjacent to Bilboes
  • Nov 2021: acquired mining claims over Maligreen - contains M&I resource of 442koz at 1.71g/t & inferred resource of 420koz at 2.12g/t

NYSE/AIM/VFEX: CMCL

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Dividend

COMMITTED TO RETURN MONEY TO SHAREHOLDERS

QUARTERLY DIVIDEND PAYMENTS

16

14

12

DollarsUS

10

6

8

4

2

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022

Quarterly dividend of

US$0.14 (14c)

Dividend yield

4%

*as 12 January 2023

Dividend payer since

2012

104% Increase

in quarterly dividend since October 2019

NYSE/AIM/VFEX: CMCL

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Disclaimer

Caledonia Mining Corporation plc published this content on 17 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2023 11:19:03 UTC.