Caledonia Mining Corporation Plc · AMEX:CMCL
Caledonia Mining — Investor Day (September 2026)
74 slides from Caledonia Mining's investor day presentation, September 2026
Slide 1: From an established gold producer to multi-asset production
From an established gold producer to multi-asset production From an established gold producer to multi- asset production Capital Markets Event New York 2026 1
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 3. “S-K 1300 Technical
Slide 3: Caledonia at a glance
Caledonia at a glance Market Capitalisation $484m1 Total Consolidated Debt $164m Total Cash & Liquid assets $183m Net Cash $19m Producing asset Development project Exploration project Pre-development resource Blanket Mine Bilboes Motapa Maligreen 72koz – 76.5koz 140,000 oz 379 Koz M&I and 131 Koz 44
Slide 4: The presenting team
The presenting team Mark Learmonth Craig Harvey Chief Executive Vice President Officer and Director Technical Services Ross Jerrard Maurice Mason Chief Financial Vice President Corporate Officer Development and Investor Relations Victor Gapare Camilla Horsfall Executive Vice President Group Director
Slide 5: Table of contents
Table of contents Evolution and Operation: Growth: strategy Blanket Mine Bilboes Company identity, Production performance, Feasibility study evolution and portfolio cost structure, and cash outcomes, funding transformation generation strategy, and investment thesis, and development pathway different
Slide 6: Evolution and strategy
Maurice Mason VP Corporate Development and IR 01 | Evolution and strategy Company identity, evolution and portfolio transformation investment thesis, and differentiated positioning 6
Slide 7: Corporate snapshot
Corporate snapshot LISTING AND TRADING (As of September 1, 2026, all numbers in USD unless noted otherwise) Share Price (NYSE) P/E Ratio $25.07 7.4x Stock Exchange Listing 52-Week High/Low NYSE American, $15.85 – $38.75 LSE AIM, VFEX Average Daily Trading Volume Place of Incorporation 200,000 Jersey
Slide 8: Shareholders
Shareholders Management and Insiders 15% Shining Capital Holdings II LP 10% Blackrock Inc 5% Dimensional Fund Advisors LP 4% Significant management and director shareholding Baker Steel Capital Managers LLP 3% Blackrock and Van Eck are Fremiro Investments passive holders in the GDXJ Pvt Ltd 3% and R
Slide 9: Portfolio evolution since 2009: lessons that shaped today's strategy
Portfolio evolution since 2009: Lessons that shaped today’s strategy Blanket Barbrook & Bushveld Nama — Mine Eersteling PGM Copper/Co Exploration balt Acquired from Kinross in Two South African gold PGM exploration on the Exploration exposure to 2006 for ~$4M. Production assets divested in 2008, nor
Slide 10: Evolution: Increasing our focus on Zimbabwe Gold
Evolution: Increasing our focus on Zimbabwe Gold 1 2 3 2015 - 2020 2021 - 2025 2026 onwards Single–asset miner Building growth platform Multi-asset mid-tier producer • Blanket Mine sole focus • Enhance Blanket's cash-generation • Modest production increases • Central Shaft project launched • Central
Slide 11: Harare Office, Maligreen, Bilboes/Motapa
Harare Office Maligreen Bilboes/Motapa Bulawayo Office Blanket NYSE/AIM/ VFEX: CMCL 11
Slide 12: Our formula
Our formula YIELD + GROWTH = VALUE Yield funds growth; growth compounds value NYSE/AIM/ VFEX: CMCL 12
Slide 13: Long-term value creation for investors
Long-term value creation for investors Caledonia’s 10-year+ performance since January, 1 2016 Tight capital allocation Limited equity issuance Consistent dividend Gold Spot GDXJ GDX Caledonia (CMCL) +312% +677% +691% +1175% since Jan 2016 VanEck Junior Gold Miners ETF VanEck Gold Miners ETF Total re
Slide 14: Long-term strategy
Long-term strategy Clear, disciplined, and on-track Zimbabwe- Blanket as cash- Organic growth Capital discipline Comfort in focused generating core and new projects maintained Zimbabwe by design Deliberate Long-life Organic growth Shareholder returns 20+ years operating concentration in a undergroun
Slide 15: Opportunities and challenges
Opportunities and challenges Risk category Commodity Operating Jurisdiction / Cost Resource price risk regulatory inflation nationalism Gold price volatility Underground mining Policy changes, Labour, energy, and Indigenisation Key risk impacting revenue and hazards, equipment permitting, and consum
Slide 16: Operations: Blanket Mine
Mark Learmonth Chief Executive Officer and Director 02 | Operations: Blanket Mine Production performance, cost structure, and cash generation 16
Slide 17: Blanket Mine
Blanket Mine SOUTH OF BULAWAYO, ZIMBABWE’S SECOND CITY, WITH GOOD ROAD LINKS TO SOUTH AFRICA AND REGULAR FLIGHTS VIA JOHANNESBURG ~75koz ASSET OVERVIEW annual production 2.18Moz Underground mine operating to a 17.7Mt @ 3.83 g/t Harare depth of 1,200m Measured and Indicated Victoria Falls 0.75Moz Mal
Slide 18: Central shaft project (2015-21)
Central shaft project (2015-21) Successful and safe execution of a transformative capital project Central shaft project (2015-21) Successful and safe execution of a transformative capital project Engineering Self-funded Capital Platform for achievement execution discipline long-term demonstrated gro
Slide 19: Blanket Mine performance
Blanket Mine performance Gold production, cost and profitability, 2010 – 2026 Blanket Mine performance Gold production, cost and profitability, 2010 – 2026 80k Gold produced (oz) 120m 76k 70k 100m 60k 2025 – up 4.3× from 2010 Ounces 80m 50k 40k 60m Subsidiary Level $USD 30k Profit before tax1 130M 4
Slide 20: Cost evolution 2020 – 2025
Cost evolution 2020 – 2025 Costs increased as operations deepened and expanded Cost evolution 2020 – 2025 Costs increased as operations deepened and expanded On-Mine Costs 2020-2025 ($'m) Tonne-Meters and Costs 100 1,400 900 1.80 90 800 1.60 1,200 80 Cost per Ounce ($/oz) Operating Costs $'m) 700 1.
Slide 21: Three levers to restore lower unit costs
Three levers to restore lower unit costs Recent grade disruption magnified the structural cost of mining deeper. Blanket is responding through grade recovery, higher production and disciplined cost control. Three levers to restore lower unit costs Recent grade disruption magnified the structural cos
Slide 22: Grade Improvement
Grade Improvement NYSE/AIM/ VFEX: CMCL 22
Slide 23: Grade improvement
Grade improvement Historic performance Jan-24 – Jun-25 3.16g/t avg Monthly plant feed grade (g/t) | Jan 2024 – Jul 2026 4.0 1 2 Disruption period 3.5 Jul-25 – Dec-25 3.0 2.77g/t avg 2.5 2.0 1.5 Recovery trajectory 1.0 Jan-26 – Jul-26 2.86g/t avg 0.5 0.0 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-
Slide 24: Better mining control supports sustainable grade recovery
Better mining control supports sustainable grade recovery More available stopes, better information and tighter execution reduce dilution and improve access to planned grade. 01 02 03 More mining Better stope design Stronger flexibility and evaluation operating control • Accelerated run-of-mine deve
Slide 25: Increase Production
Increase Production NYSE/AIM/ VFEX: CMCL 25
Slide 26: Blanket pathway to higher production and lower unit costs
Blanket pathway to higher production and lower unit costs Near-Term production growth opportunities Blanket pathway to higher production and lower unit costs Near-Term production growth opportunities 4 initiatives to increase ounces and dilute the fixed cost base New Capex Initiative Timing Producti
Slide 27: Seven-day shift system adds capacity at no capital cost
Seven-day shift system adds capacity at no capital cost Implemented in June 2026, continuous operation adds around 100,000tpa of ROM capacity and has already rebuilt the stockpile, creating flexibility for planned processing and infrastructure work. • Seven-day working week 01 02 • Overtime cost red
Slide 28: Processing the additional tonnes: Lima now, No.4 Shaft from 2027
Processing the additional tonnes: Lima now, No.4 Shaft from 2027 The extra tonnes from the seven-day week to be converted into ounces at Lima in 2026, with the No.4 Shaft plant taking over once crushing and CIL capacity is upgraded. • Approximately 200 tonnes per day aimed to be processed at the nea
Slide 29: No.4 Shaft plant upgrade: crushing and CIL capacity
No.4 Shaft plant upgrade: crushing and CIL capacity from 2027 The seven-day week delivers the tonnes; upgraded secondary crushing and CIL capacity, alongside the completed BM3 mill and upgraded elution plant, provide the route to process them. 01 02 03 04 Elution Secondary CIL capacity BM3 mill Comp
Slide 30: K-Pits surface oxide mining
K-Pits surface Mbudzane NEW MINERALIZED oxide mining HORIZON IDENTIFIED HIGHLIGHTS Maiden surface resource: 30koz indicated, 14koz inferred Heap leach test work: Valentine recoveries of up to 67% Aug 2026 SURFACE RESOURCES KPT0EX2553 Updated Blanket resource OXIDE 23.00m @ 2.61g/t 10,000t trial heap
Slide 31: The upgraded elution plant unlocks gold held in stockpiled carbon
The upgraded elution plant unlocks gold held in stockpiled carbon To be completed in September 2026, the upgrade allows stockpiled fine grain loaded carbon to be processed from October onwards, supporting higher second-half production. 01 02 03 The stockpiled Elution plant Recurring benefit carbon u
Slide 32: Control addressable costs
Control addressable costs NYSE/AIM/ VFEX: CMCL 32
Slide 33: Management action is focused on three addressable cost areas
Management action is focused on three addressable cost areas Management cannot control depth or market inflation, but it can improve how labour, energy and consumables are deployed and consumed. WHAT MANAGEMENT CAN INFLUENCE CURRENT ACTIONS MEASURE Focus on controllable 01 • Shift design and workfor
Slide 34: A pathway to higher production, lower unit costs and stronger cash generation
A pathway to higher production, lower unit costs and stronger cash generation More ounces over the fixed-cost base is what restores unit economics. Grade recovery More ROM tonnes More ounces Lower unit costs over the fixed- and stronger Additional recovery and processing capacity cost base cash gene
Slide 35: Growth: Bilboes
Victor Gapare Executive Director 03 | Growth: Bilboes Feasibility study outcomes, funding strategy, and development pathway 35
Slide 36: Bilboes
Bilboes A FULLY OWNED, LARGE-SCALE PROJECT TARGETING AT A GLANCE FIRST GOLD IN OCTOBER 2028 AND C.277KOZ CONSOLIDATED GROUP PRODUCTION IN 2029 1.75Moz Proven & probable reserves c. 200koz 100% owned and fully permitted; approved for development following Expected first full-year production Harare th
Slide 37: Project structure and the team delivering it
Project structure and the team delivering it The team delivering the project Project Steering Committee Mark Learmonth Chief Executive Officer Chair – CEO Group leadership and delivery oversight Executive Sponsor – V Gapare Victor Gapare Executive Director – Executive Sponsor Zimbabwe operating expe
Slide 38: Production transformation
Production transformation 350koz 300koz 250koz 75 75 75 75 75 Ounces 200koz 75 75 75 150koz 75 75 100koz 202 181 186 75 166 171 133 124 126 115 75 Recovered Gold (Bilboes) 50koz 80 Blanket Mine 46 19 0koz 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 FIRST GOLD IN 2028 c.277koz combine
Slide 39: Production Flowsheet
Production Flowsheet A conventional flowsheet around proven BIOX technology — and the evidence we can execute it Crushing Carbon-in- Elution and Mining Flotation BIOX Gold and milling leach (CIL) gold room Flotation TSF BIOX TSF Tailings streams are segregated: flotation tailings and BIOX residue re
Slide 40: Mining readiness
Mining readiness Ore feed sequenced to meet plant commissioning Forecast Sept'26 Target Dec '26 Target by July 2027 01 02 03 Block model Production scheduling Mining execution Geo-metallurgical data added to the Schedule revised to geo-metallurgical Mining contractor appointed block model, alongside
Slide 41: Processing plant
Processing plant One plant, six zones Neutralisation Tailings Flotation Water Recovery Crushed Return Thickener Ore Pollution Water Stockpile Control Treatment Dam Ore receipt Process and Water crushing Dam Milling Admin Area Regrind Milling CIL and Circuit Plant Elution Reagents BIOX Electrowinning
Slide 42: Tailings storage facility
Tailings storage facility Preliminary design to be completed Nov 2026 BIOX TSF TSF design timeline COMMENCEMENT 13 JUL 2026 Design consultant letter of intent issued; contract negotiations to be concluded FORECAST COMPLETE 10 NOV 2026 Preliminary design — construction drawings and bill of quantities
Slide 43: Infrastructure and early works
Infrastructure and early works Powering, watering and housing the site — the enabling work behind the plant Construction power Bulk power Water surety Accommodation and early works • Discussions with ZETDC in • Scope of work finalised for • Water surety strategy • EPCM camp location finalised progre
Slide 44: Procurement and construction readiness
Procurement and construction readiness Six critical packages carry the schedule — earthworks and power drive the October 2026 construction start On track Adjudication 11 Aug ’26 · award 14 Sep ’26 On track Adjudication 14 Aug ’26 · award 17 Sep ’26 Package: Grinding mills Package: Thickeners Adjudic
Slide 45: Procurement and construction readiness
Procurement and construction readiness Procurement PACKAGE # PACKAGE DESCRIPTION Tech Pack Compiled RFT Approved Tender Period Closed Adjudication Completed TEAR Approved Contract Signed 001 Geotechnical Engineering Services 10-Mar-26 31-Mar-26 14-May-26 12-Jun-26 01-Jul-26 24-Jul-26 • Packages (RFT
Slide 46: Path to first gold
Path to first gold A date-driven path from study to first gold 1 2 3 4 5 6 Nov 2025 2026 2026–27 2027–28 Sep 2028 Oct 2028 Feasibility Detailed engineering Financing and Main Ore First Study and early works FID gate construction to mill gold • Approved • Detailed mine and • Financing strategy • Open
Slide 47: Economic analysis
Economic analysis The Project generates a value accretive business case in all of the gold price scenarios evaluated in the Feasibility Study1: Consensus Forecast 3-Year Trailing Average Spot Price1,3 Spot Price3 Metric Unit Price1,2 Price1 (September 1, 2025) (August 5, 2026) Gold Price (Avg.) US$
Slide 48: Funding strategy
Funding strategy Four funding pillars ✓ Gold hedging ✓ Convertible notes Interim facility Project finance 1 Gold price hedging ✓ Completed 2 Convertible notes offering ✓ Completed $3,500 3,000 oz $150M ~$130M Floor price / oz Monthly coverage Raised (upsized) Net proceeds • Put options active Jan 20
Slide 49: Bilboes funding overview
Bilboes funding overview Fully funded at $590m under both gold price scenarios Estimated total funding requirement of $590m $3,500/oz $4,000/oz Working Capital $25m (4%) Forecast Future Net Cash Flow Forecast Future Net Cash Flow $115m (19%) Capitalised Interest $80m (14%) $155m (26%) Senior Debt &
Slide 50: Capital structure – cash & available liquidity
Capital structure – cash & available liquidity LIQUIDITY INFORMATION (As of June 30, 2026, all figures in USDm) Cash on hand 171.8 Total available Bullion on hand 13.6 Liquidity c.$200M Gold sales receivables 1.7 Total before utilisation of Facilities 187.1 Drawn down bank facilities (4.0) Net Cash
Slide 51: Capital structure – debt
Capital structure – debt Amount Borrower Instrument/Lender Coupon Maturity Notes Outstanding Mining Industry Pension Fund 9.5% $2.0 m 11 April 2027 Caledonia Holdings NMB Bank Zimbabwe Limited 9.5% $2.5 m 14 January 2028 Zimbabwe Mining Industry Pension Fund 11.5% $2.0 m 24 February 2029 Successfull
Slide 52: Key risks and mitigations
Key risks and mitigations Risk area Risk Mitigation Extensive metallurgical testwork completed during Feasibility Study; defined processing Metallurgical variability parameters and recovery assumptions by ore type. Robust blending system for plant feed for optimal BIOX plant performance. Technical S
Slide 53: Zimbabwe economic contribution
Zimbabwe economic contribution Bilboes will be a significant contributor to Zimbabwe's economy1 Potential foreign Potential royalty Potential corporate Potential payroll & Wider economic exchange generation payments income taxes withholding taxes impact US $6bn+ US $300m US $975m US $150m 2-4X Over
Slide 54: Employment & skills development
Employment & skills development Creating jobs, skills and long-term opportunities Permanent Skills Construction Salaries and operational jobs development jobs wages 500 ~1,200 $50m training and skills transfer Supporting sustainable Building technical mining Generated during the Paid over the life o
Slide 55: Growth: Exploration
Craig Harvey VP Technical Services 04 | Growth: Exploration Blanket (deep level and surface); Motapa; Maligreen 55
Slide 56: Target Generation Process
Target Generation Process NYSE/AIM/ VFEX: CMCL 56
Slide 57: Four strategic exploration pillars
Four strategic exploration pillars Delineate downdip Upgrade Inferred to extensions and Indicated where generate new 01 02 drilling density and Inferred Resources. Deep Resource continuity support it. exploration conversion Test lateral gaps, hidden 03 04 Advance near-surface Inter-orebody Surface o
Slide 58: Caledonia regional exploration localities
Caledonia regional exploration localities Maligreen – 100% Ownership Total M & I: 8.0Mt @ 1.71g/t, 442Koz Total Inf: 6.2Mt @ 2.12g/t, 420Koz Bilboes – 100% Ownership Proven & Probable : 24.1Mt @2.26g/t : 1.75Moz Motapa – 100% Ownership Maiden M & I: 7.8Mt @ 1.51g/t : 379Koz Maiden Inf: 2.7Mt @ 1.48g
Slide 59: Blanket: Resource growth by Deep Drilling
Blanket Resource growth by Deep Drilling Deep Drilling pre 2022 Mineral Resource Estimate 31 December 2023 Underground M & I: 15.3Mt @ 3.64g/t, 1.79Moz Underground Inf: 8.8Mt @ 3.74g/t, 1.06Moz Deep Drilling post 2022 Mineral Resource Estimate 30 June 2026 Underground M & I: 17.7Mt @ 3.83g/t, 2.18Mo
Slide 60: Blanket: Resource growth by Inter Orebody Drilling
Blanket Resource growth by Inter Orebody Drilling Blanket commenced circa 1904 – underground. Continued following orebodies down. New orebodies found by 'accidental' intersections from underground haulages. Previous inter orebody exploration successfully identified extensions of the BF and ARM orebo
Slide 61: Blanket: Resource extension - strike
Blanket Resource extension - strike SMILER OLD LIMA K-PITS REDWICK JENNA SABIWA Sheet Jethro Drillholes and Level Lima Sampling Eroica AR BQR Blanket Drilling campaigns at SMILER, OLD LIMA & SABIWA have been limited. Economical grades form in ‘ore shoots’ that may be anywhere from 50 to 200 metres w
Slide 62: Blanket: Surface opportunities
Blanket Surface opportunities Clear exploration targets exist that need to Strategy be evaluated with a view to prospectivity Long, shallow surface trenching and sterilisation of near-surface potential: Follow on shallow (oxide) Reverse Circulation drilling Banded Iron Formation (BIF) Sabiwa (Solar
Slide 63: Blanket Mine K-Pits surface exploration results
Blanket Mine Mbudzane K-Pits surface exploration results HIGHLIGHTS Surface drilling confirms continuity of gold Valentine mineralisation below Aug 2026 surface over the SELECTED DRILL HIGHLIGHTS KPT0EX2553 K-Pits area Surface M & I: 1.2Mt @ 0.76g/t, 30Koz OXIDE 23.00m @ 2.61g/t Surface Inf: 0.5Mt @
Slide 64: Multiple pathways to create value
Multiple pathways to create value Near term Medium term Long term Heap leach test work underway with Measured + Indicated mineral resources Test potential sulphide extension toward encouraging recoveries of 23Koz for oxide & transitional Blanket underground workings resources at a 0.3 g/t cut-off gr
Slide 65: Blanket surface opportunities
Blanket surface opportunities Classical Greenstone geology. Hosts multiple mineralisation styles Banded Iron Formation (BIF) Shear Zone Hosted • Disseminated sulphide mineralisation • Quartz vein hosted NYSE/AIM/ VFEX: CMCL 65
Slide 66: Blanket: Regional claim strategy
Blanket Regional claim strategy Ranking Prospect Work Planned Timeline Priority 1 KPits -Old Lima-Smiler Trenching / RC Drilling 2026 - 2029 Priority 2 Cinderella Oxides assessment Trenching / RC Drilling 2027 - 2029 Priority 3 Abercorn Oxides assessment Trenching / RC Drilling 2027 - 2029 Priority
Slide 67: Motapa: Exploration activities
Motapa Exploration activities Acquired Dec 2022 2023 ($1.0M) • Data gathering • Lidar Survey • GPR Survey 2024 ($2.0M) • 12,724m surface trenching • 4,413m DD Drilling • 5,433m RC Drilling 2025 ($3.0M) • 22,364m surface trenching • 1,562m DD Drilling • 18,547m RC Drilling Mineral Resources 30 June 2
Slide 68: Motapa North: Mineral Resource estimate
Motapa North Mineral Resource estimate N Vertical sections : A - AA Grade (g/t) NYSE/AIM/ VFEX: CMCL 68
Slide 69: Motapa: Exploration Program (2026 – Onwards)
Motapa Exploration Program : ( 2026 – Onwards) 2026 exploration targets Remaining infill below Motapa North open pits 1 1 Motapa Central shallow drilling at Mpudzi, 2 below open pits at Fossicker and Britwell 2 Below Halfday and Trail open pits at Motapa 3 South 4 5 4 North east extension of Motapa
Slide 70: ESG: Community ownership, in-country contributions
Video Presentation: 05 | ESG Community ownership, in-country contributions 70
Slide 71: Delivering yield today, growth tomorrow
Delivering yield today, growth tomorrow 01 02 Cash-generative Transformational foundation at Blanket growth through Bilboes 03 04 Exploration at Blanket Long-term value for and Motapa to support shareholders and future growth Zimbabwe NYSE/AIM/ VFEX: CMCL 71
Slide 72: Q&A
06 | Q&A 72
Slide 73: Government speech
07 | Government speech Ambassador Taonga Mushayavanhu Zimbabwe’s Permanent Representative to the United Nations 73
Slide 74: Board of Directors
Board of Directors Mark Learmonth Lesley Goldwasser Tariro Gadzikwa Chief Executive Director Director Officer and Director Experienced leadership with deep mining, July Ndlovu John Kelly Gordon Wylie Chairman Director Director Zimbabwe and capital markets expertise Victor Gapare Geralda Stefan Buys