Slide 1: Q1 2025 Results Presentation
Q1 2025 Results Presentation
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements This presentation has been prepared solely for information and does purport to contain all of the information that may be necessary or desirable to fully and accurately evaluate Caledonia Mining Corporation Plc (“Caledonia” or “the Company”) or its business
Slide 3: The Presenting team
The Presenting team Ross Jerrard Victor Gapare James Mufara Mark Learmonth Chief Financial Executive Chief Operating Chief Executive Officer Officer Director Officer and Director Craig Harvey Rusiano Tsoka Maurice Mason Vice President Group Safety, Health & Vice President Environment Manager Technic
Slide 4: Summary
Summary • Strong Financial Performance • • Profit growth Record gross profit 14c Dividend declared • Strong EPS growth • Taxes and Royalties +95% • Strengthened Balance Sheet Gross Profit Successful sale of solar plant $2,898 • • Improved cash position • Gold price avg. gold price per oz • Operation
Slide 5: Results
Results Summary 3 months ended March 31 Q1 Q1 Change 2025 2024 (%) Safety - Blanket TIFR 0.6 0.9 33% Production (ounces) 19,106 17,476 9% Average gold price ($/oz)1 2,896 2,040 42% Revenue ($’m) 56,178 38,528 46% Gross Profit ($’m) 2 26,926 13,815 95% Net profit attributable to shareholders 8,915 1,
Slide 6: Review of financial results
© Review of financial results
Slide 7: Review of Results: Profit or loss for Quarter
Review of Results Profit or loss for Quarter 1 Blanket Bilboes oxide Other1 Consolidated Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Change ($’m) 2025 2024 2025 2024 2025 2024 2025 2024 (%) $56.2m Combination of gold Revenue 55.0 37.7 1.2 0.8 - - 56.2 38.5 46% price and record ounces Royalty (2.7) (1.9) (0.1) - (2.8) (
Slide 8: Review of Results: Quarterly Gross Profit 2023-2025
Review of Results Quarterly Gross Profit 2023 - 2025 30 25 Significant increase in 20 profit at Blanket $ Million 15 10 Bilboes no longer 5 has a negative 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 impact 2023 2024 2025 Blanket & Bilboes Blanket NYSE/AIM/VFEX: CMCL 8
Slide 9: Review of Results: Production costs per ounce
Review of Results Production costs per ounce consolidated Blanket on-mine cost Blanket AISC $1,050 - $1,150 per ounce $1,690 - $1,790 per ounce On-Mine Cost per ounce $ (Qtr vs comparable Qtr) AISC per ounce $ (Qtr vs comparable Qtr) 1,250 2000 3.7% 1,202 1900 1,200 -0.1% -0.2% 1800 3% 1 797 3.1% 11
Slide 10: Review of Results: Profit or loss for Quarter (continued)
Review of Results Profit or loss for Quarter 4 (continued) Corporste1 Blanket Bilboes oxide Consolidated ($’m) Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Change 2025 2024 2025 2024 2025 2024 2025 2024 (%) Gross profit 26.5 13.3 0.2 - 0.2 0.5 26.9 13.8 95% Net foreign exchange losses (1.0) (5.0) - (0.1) (0.3) 0.2 (1.3)
Slide 11: Cashflow
Review of Results Cashflow ($‘m) 3 months ended Mar 31 Q1 Q1 2025 2024 Cash from operations before working capital 24.8 10.5 Inventories (1.5) (0.3) Prepayments (0.2) (1.6) Trade and other receivables (4.6) 1.1 Trade and other payables 0.2 (3.2) Cash inflow from operations 18.7 6.5 Interest and tax
Slide 12: Net cash & Cashflow
Review of Results Net cash 1 & Cashflow (
Caledonia Mining — Q1 2025 Earnings Presentation | 6ix
000) Consolidated net cash1 across the jurisdictions where the Group holds its cash As at Jun 30, Sep 30, Dec 31, Mar 31, 2024 2024 2024 2025 Zimbabwe (3,393) (11,375) (10,251) (7,109) South Africa 750 1,754 1,539 961 UK/Jersey 1,277 1,986 44 1,518 Dubai –Slide 13: Review of operational results
Review of operational results
Slide 14: Review of Operations - Blanket
Review of Operations - Blanket Tonnes 5.5 Milled & Grade (2012 – Q1 2025) 200,000 4.5 Tonnes Milled (t) Head grade (g/t) 150,000 3.5 100,000 2.5 1.5 50,000 Q4 Q3 Q2 Q1 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 15: Setting ourselves up for a success
Setting ourselves up for a success • Record Q1 Oz production without high-grading the mine (BUH of 3.09 g.t) • Leveraging the Stockpile to ensure consistency of milling throughput • Leveraging plant sprint capacity to counter lower feed grade • High plant utilisation • Relatively stable ZESA power s
Slide 16: Mining team achieved 111% of budget for tonnes broken
The mining team achieved All Mining areas performing better than budget 111% of budget for tonnes broken and 107% for tonnes hoisted in Q1 All Operational KPIs achieved Reserve Generation 16
Slide 17: Cost reduction initiatives
Mg Cost reduction initiatives
Slide 18: Cost reduction initiatives
Cost reduction initiatives • Business improvement manager recruited • Central Shaft Optimisation • Electricity management improvements • Voltvision onboarding • Improved labour utilisation • Improved planning for resources NYSE/AIM/VFEX: CMCL 18
Slide 19: Safety
O Safety
Slide 20: Safety Enhancements
Safety Enhancements • May 2024 - initiated comprehensive safety review • Hired Group SHE Manager implementing proactive safety approach • Enhanced safety tracking and monitoring systems • Introduced "Stop, Look, Assess and Manage" (SLAM) methodology • Implemented 10-point accident mitigation plan (9
Slide 21: Bilboes
e) Bilboes
Slide 22: Bilboes: Capital Allocation
Bilboes Capital Allocation • Maximise uplift in Caldonia's NPV/share • Optimise project economics • Minimise equity dilution: o Minimise up-front capital cost o Explore options to increase Caledonia's internal equity contribution o Prudent approach to debt funding NYSE/AIM/VFEX: CMCL 22
Slide 23: Bilboes: Project optimisation key areas of focus
Bilboes Project optimisation: key areas of focus Timing • Improved pit scheduling/mine sequencing • 240ktpm • Re-visit metallurgical processing - Biox o Preliminary results before the end of the plant year (other than reconsideration of o Defer capex related to Phase 2 upgrade alternative TSF site)
Slide 24: 2025 Exploration
© 2025 Exploration
Slide 25: 2025 Exploration Focus Areas - Motapa
2025 Exploration Focus Areas - Motapa Motapa North • Define sulphide mineral resource >250Koz • Drilling currently underway: o 18,465m RC drilling planned o 970m DD drilling planned Mpudzi Block (Banded Iron Formation) • Define oxide mineral resource <30Koz • Drilling currently underway: o 5,385m RC
Slide 26: 2025 Exploration Focus Areas - Blanket
2025 Exploration Focus Areas - Blanket Underground Exploration • Continue Long Hole exploration drilling o Upgrade Inferred resources to Indicated resources o Minimum target: 34 level (lowest level) Surface Exploration Strategy • Banded Iron Formation & Blanket Quartz Reef o 10,000m strike length o
Slide 27: Near Term Opportunities
Near Term Opportunities Motapa Spent Heap Leach Pad • Last irrigated in 2000 • Run of Mine leach pad (1mm to +300mm particle size) • 2.2Mt loaded onto pad with ~53% historical recovery • Potential yield with -50mm crushing: 13-17Koz gold Bubi Spent Heap Leach Pad • Last irrigated in 2020 • Run of Mi
Slide 28: Outlook
Outlook Strategic Focus: Disciplined growth • Maintain Blanket production at 74-78K oz gold (2025- 26) while modernising operations "As we move forward in 2025, we • Continue cost reduction initatives at Blanket mine remain focused on three strategic priorities: maximising profitable • Expand Blanke
Slide 29: Any Questions?
Any Questions?