Slide 1: Q3 2025 Results Presentation
Q3 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 not 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 busin
Slide 3: The Presenting team
The Presenting team Mark Learmonth Ross Jerrard James Mufara Victor Gapare Chief Executive Officer Chief Financial Chief Operating Executive and Director Officer Officer Director Craig Harvey Maurice Mason Vice President Vice President Technical Services Corporate Development NYSE/AIM/VFEX: CMCL 3
Slide 4: Q3 2025 Results
Q3 2025 Results Caledonia no longer publishes financial statements and management's discussion and analysis (MD&A) reports on a quarterly basis in accordance with Canadian securities regulations. • Fatality during the quarter; comprehensive safety review and new measures implemented to strengthen ri
Slide 5: Review of operating results
( Review of operating results —
Slide 6: Improved Health and Safety barring Loss of life in Q3
Improved Health and Safety barring Loss of life in Q3 Category KPI Q1 2025 Q2 2025 Q3 2025 Threshold RAG Q3 2025 Comments Accident-Free Days 83 85 87 90 Improved injury-free days, signifying improved safety controls Loss of life 0 0 1 0 Loss of life incident recorded, secondary blasting Lost Time In
Slide 7: Consistent tons delivered to Blanket Plant
Consistent tons delivered to Blanket Plant Tonnes 4.5 Milled & Grade (2023 – Q3 2025) 200,000 Tonnes Milled (t) Head grade (g/t) 3.5 150,000 2.5 100,000 1.5 50,000 Q2 Q1 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Grade Tonnes Ounces Produced & Recovery (2023 – Q3 2025) 94.6 25,000 94.4 94.2 20,000 94
Slide 8: Mining Matrices Above plan
Mining Matrices Above plan ASPECT MILESTONE Tonnes broken: 229 468t (110% achieved) Tonnes trammed: 220 352t (106% achieved) Tonnes Hoisted: 208 676t (100% achieved) ROM Development: 4 464.5m (108% achieved) Total Development: 5 624.9m (106% achieved) Grade (Broken): 3.04g/t 8
Slide 9: On Course To Meet Increased Guidance
On Course To Meet Increased Guidance 3rd QTD YTD ACTUAL BUDGET VAR % VAR ACTUAL BUDGET VAR % VAR Tons Milled 212,504 205,747 6,757 3.28 619,174 577,129 42,045 7.29 BUH (g/t) 3.00 3.20 -0.21 -6.41 3.16 3.21 -0.05 -1.57 Assay (g/t) 2.85 3.20 -0.36 -11.09 3.09 3.21 -0.12 -3.64 Rec Grade (g/t) 2.80 3.00
Slide 10: Securing the future – Positive Reserve Generation
Securing the future – Positive Reserve Generation QUARTER 3 2025 RESERVE GENERATION 450,000 400,000 172,054 389,901 350,000 300,000 TONNAGE (T) 250,000 214,305 200,000 189,327 -200,574 150,000 100,000 50,000 3,542 - Tonnes Generated from N.I.P Tonnes Generated from P.I.P Tonnes Generated from I.P To
Slide 11: Focussing on productivity - improved technology adoption
Focussing on productivity - improved technology adoption CRITICAL TARGET ACTION PLAN STATUS AREAS • Trial Men-riding car has been delivered and • Procure a trial man carriage for 12 commissioned, currently in use at 22L Men Riding employees, suitable for the existing Eroica/Lima Haulage. haulage and
Slide 12: Review of financial results
© Review of financial results
Slide 13: Financial Results Summary
Financial Results Summary 3 months ended 9 months ended September 30 September 30 Q3 Q3 Change (%) YTD YTD Change (%) Gold sold up 9% 2025 2024 2025 2024 vs comparative quarter Gold sold (oz) 20,792 19,136 9% 60,667 59,776 2% Gold produced* (oz) 19,106 18,992 1% 58,847 56,815 4% On mine costs up On
Slide 14: Review of Results Profit or loss
Review of Results Profit or loss 3 months ended September 30, 9 months ended September 30, ($’ 000) Q3 Q3 Change (%) YTD YTD Change (%) $71.4m 2025 2024 2025 2024 Combination of high Revenue 71,440 46,868 52% 192,927 135,503 42% gold price and ounces Royalty (3,487) (2,422) 44% (9,765) (6,831) 43% $
Slide 15: Review of Results Cashflow
Review of Results Cashflow 3 months ended 9 months ended September 30, 2025 September 30, 2025 ($‘m) Q3 Q3 Change (%) YTD YTD Change (%) 2025 2024 2025 2024 Cash inflow from operations 26.0 12.2 113% 78.7 38.9 102% $2.0 million included in taxes paid Interest and tax paid (12.3) (7.6) 62% (23.7) (10
Slide 16: Review of Results Liquidity
Review of Results Liquidity 9 months ended September 30, 2025 ($‘ 000) Cash on hand 15,670 Bullion on hand represents 2,861ounces Bullion on hand 3,592 Gold sales receivables 5,590 Fixed-term deposits 18,500 Gold sales receivables represents 1,526 ounces but at Drawn down bank facilities (8,392) hig
Slide 17: Benchmarking Cost Profile Against African Peers
Benchmarking Cost Profile Against African Peers AISC/Oz SOLD Harmony FY25; Blanket Q3 2025 Cost base not out of line 3,000 S.A Mines with similar mines in the region 2,500 2,000 2,493 Cost base significantly 2,316 2,156 affected by tonnes hoisted and milled AISC/Oz Sold 1,500 1,848 1,000 Operating a
Slide 18: Updated Cost Guidance for 2025
Updated Cost Guidance for 2025 Gold Production Capital Expenditure (Ounces) (US$ Million) 75,500 – 79,500 Maintained $34.1m Total Maintained Previous: 75,500 – 79,500 • Blanket: $29.3m sustaining + $4.8m non-sustaining Production guidance unchanged • Exploration: $5.8m (Bilboes & Motapa) • IT and in
Slide 19: Exploration
© Exploration
Slide 20: Motapa Exploration Programme – To date
Motapa Exploration Programme – To date Investment & Strategic Context • Following strong 2024 results (announced 11 Nov 2024), US$2.8 million allocated for 2025 exploration. • Motapa’s proximity to Bilboes offers potential synergies if a viable resource is confirmed. 2025 Programme encompasses • 25,
Slide 21: Motapa north mineralised resource outlines
Motapa north mineralised resource outlines N BILBOES MOTAPA RC Drillholes DD Drillholes NYSE/AIM/VFEX: CMCL 21
Slide 22: Motapa central (mpudzi) mineralised resource outlines
Motapa central (mpudzi) mineralised resource outlines N RC Drillholes DD Drillholes NYSE/AIM/VFEX: CMCL 22
Slide 23: Exploration Activities at Blanket Mine
Exploration Activities at Blanket Mine Underground Exploration • Deep drilling targeting Eroica, Blanket, and AR South below 34 level, Lima drilling between 22 and 34 levels. • Lima zone includes up to 6 mineralised zones; drilling spans 22–34 Level. • Results comparable to mineral resource estimate
Slide 24: Blanket Mine - Deep Drilling Localities
Blanket Mine - Deep Drilling Localities South North ARS, BQR and BLANKET LIMA Orebody Drilling Orebody Drilling 24
Slide 25: K-pits reverse circulation drilling localities and Surface Geology
K-pits reverse circulation drilling localities and Surface Geology Trench Number RC Drillhole Number 600 m Talc Schist Biotite / Chlorite Schist Banded Iron Formation MetaBasalt Serpentinite Schist Shearing & Deformation NYSE/AIM/VFEX: CMCL 25
Slide 26: Outlook
Outlook • 2025 Gold Production Guidance: 75,500 – 79,500 oz. • Exploration Focus: • Blanket: Deep drilling below 34 level targeting Eroica, Blanket, AR South and Lima zones; surface trenching and RC drilling underway to identify near- surface opportunities. • Motapa: Continued drilling campaign (rev
Slide 27: Any Questions?
Any Questions?