Slide 1: Q2 2026 Results Presentation
Q2 2026 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 Ross Jerrard Victor Gapare Mark Learmonth Chief Financial Executive Chief Executive Officer Officer Director and Director Craig Harvey Maurice Mason Vice President Vice President Technical Services Corporate Development and Investor Relations NYSE/AIM/VFEX: CMCL 3
Slide 4: Results Summary
Results Summary • Blanket production increased 18% QoQ to 17,360 oz, reflecting improved access to higher- grade areas and benefits from operational improvement initiatives. • Revenue increased 16% YoY to US$75.9m and EBITDA increased 16% to US$45.8m, supported by stronger production and a robust go
Slide 5: Review of operating results
Review of operating results
Slide 6: Safety Culture and Risk Management
Safety Culture and Risk Management Record LTI-free performance reflects the effectiveness of our safety culture and risk management systems. SAFETY PROACTIVE RISK TRAINING, CULTURE & PERFORMANCE PREVENTION PREPAREDNESS • 395 consecutive lost-time injury • Risk propensity assessments and • Investment
Slide 7: Production Recovery
Production Recovery Higher-Grade Access Elution Plant Upgrade Completion of the elution plant Access to higher-grade mining areas is upgrade will allow processing of improving, supporting the expected H2 Four factors stockpiled fine grain loaded carbon production recovery. underpinning the from Sept
Slide 8: Gold Recovery %
Consistent tonnes delivered to Blanket Mine plant Tonnes Milled & Grade (2023 – Q2 2026) 4.5 200,000 Tonnes Milled (t) Head grade (g/t) 3.5 150,000 2.5 100,000 1.5 50,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Grade Tonnes Ounces Produced & Recovery (2023 – Q2 2026) Blanket Qu
Slide 9: Review of financial results
Review of financial results
Slide 10: Financial Results
Financial Results Summary 3 months ended 6 months ended 30-June 30-June Change Change 2026 2025 (%) 2026 2025 (%) Avg. realised gold price $4,259/oz 34% increase vs comparative quarter Gold sold (oz) 17,811 20,487 -13.1% 31,594 39,875 -20.8% Gold produced* (oz) 17,360 21,070 -17.6% 32,127 39,741 -19
Slide 11: Financial Results (continued)
Financial Results (continued) Consolidated profit or loss statement 3 months ended 6 months ended $75.9m Revenue ($ 000) 30-Jun 30-Jun Combination of high average gold price, Change YTD YTD Change partly offset by lower sales volumes 2026 2025 (%) 2026 2025 (%) Revenue 75,914 65,309 142,347 121,487
Slide 12: Financial Results (continued): Consolidated statements of cash flows
Financial Results (continued) Consolidated statements of cash flows 3 months ended 6 months ended ($ 000) 30-Jun 30-Jun Change 2026 2025 Change (%) 2026 2025 (%) Cash inflow from operations 38,494 34,111 12.8% 61,987 52,668 17.7% Interest and tax paid (10,059) (6,027) 66.9% (14,178) (11,395) 24.4% N
Slide 13: Financial Results (continued): Liquidity
Financial Results (continued) Liquidity 3 months ended June, 2026 Cash on hand ($‘ 000) Significant cash on hand following the closing of the Cash on hand 171,784 US$150m Convertible Senior Notes issue in January Bullion on hand 13,568 Bullion on hand represents gold processed on hand and ready for
Slide 14: Capital Structure - Debt
Capital Structure - Debt Borrower Instrument/Lender Coupon Amount Outstanding Maturity Notes Mining Industry Pension Fund 9.5% $2.0 m 11 April 2027 NMB Bank Zimbabwe Limited 9.5% $2.5 m 14 January 2028 Caledonia Holdings Zimbabwe Mining Industry Pension Fund 11.5% $2.0 m 24 February 2029 Successfull
Slide 15: Cost Review
Cost Review Blanket on-mine costs stable 3 months ended 6 months ended On-mine cost – Blanket 30-Jun 30-Jun 2026 2025 Variance Variance 2026 2025 Variance Variance (#039;m) (#039;m) (#039;m) (%) (#039;m) (#039;m) (#039;m) (%) Salaries and wages 10.7 10.2 0.5 5% 18 17.3 0.7 4% Blanket Employee Trust (BETs) 3.2 0.2 3.0
Slide 16: Cost Review (continued) AISC
Cost Review (continued) AISC AISC 3 months ended 6 months ended 30-Jun 30-Jun 2026 2025 Variance Variance 2026 2025 Variance Variance (#039;m) (#039;m) (#039;m) (%) (#039;m) (#039;m) (#039;m) (%) On-mine costs 28.5 22.2 6.3 28% 51.4 44.5 6.9 16% Royalty 3.9 3.5 0.4 11% 9.4 6.2 3.2 52% Sustaining capital expenditure 8
Slide 17: Updated Cost Guidance: Production, On-mine & AISC
Updated Cost Guidance Production, On-mine & AISC Production guidance Previous 2026 Guidance Updated Guidance % change On-mine cash costs per ounce sold $1,500 - $1,700 $1,600 - $1,800 +6% Costs On-mine and AISC, updated to reflect AISC per ounce sold $2,100 - $2,300 $2,500 - $2,700 +18% additional o
Slide 18: Updated Cost Guidance: Capex
Updated Cost Guidance Capex Capex Item 2026 Capex Guidance Drivers for update Ref Previous Updated ($’m) ($’m) Sustaining Capex Sustaining capital expenditure a. Accelerated development to open new mining faces to increase production Underground mine development a 7.7 8.5 Engineering (equipment, pow
Slide 19: Accounting for Convertible Senior Notes
ACCOUNTING FOR CONVERTIBLE SENIOR NOTES Compound Financial Instrument Initial Proceeds Received on 20 January 2026: US$150 million Allocated as US$101 million to the host debt (less US$4.9 million transaction costs) and US$49 million to the embedded derivative. Transaction cost of US$2.4 million all
Slide 20: Independent Valuation Support
Independent Valuation Support To enhance the robustness and independence of our valuation process, Deloitte South Africa’s specialist valuation team was engaged to perform an independent valuation of both the derivative liability and the options as at 30 June 2026. Deloitte has completed its assessm
Slide 21: Bilboes
© Bilboes
Slide 22: Bilboes Project
Bilboes Project 100% Owned, Large-Scale, High-Grade Gold Project ✓ Bilboes remains Caledonia's most significant growth project and a key driver of the Group's long- term growth strategy. ✓ Continued progress across financing, engineering and development workstreams during the quarter. ✓ Completed ge
Slide 23: Capital expenditure below budget due to payment timing
Capital expenditure below budget due to payment timing • YTD expenditure of $3.5 million compares with a budget of $8.3 million. This is mainly expenditure on owners' team and Front-End Engineering Design (FEED) work. • Forecast 2026 expenditure is now $48 million, compared with the original $132.1
Slide 24: Economic Analysis
Economic Analysis The Project generates a value accretive business case in all three of the gold price scenarios evaluated in the Bilboes Gold Project Technical Report Summary1: Consensus 3-Year Trailing Spot Price3 Metric Unit Forecast Price2 Average Price (August 2026) Gold Price (Avg.) US$ / oz 2
Slide 25: 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 26: Bilboes Funding Overview
Bilboes Funding Overview Sources and uses of funds to complete the Bilboes project Estimated Total Funding Requirement of $590m $3,500/oz3 $4,000/oz Working Capital, $25m Forecast Future Net Cash Flow Capitalised Interest, $115m Forecast Future Net Cash Flow 1/4 $155m $80m Senior Debt & Other Facili
Slide 27: Exploration
© Exploration
Slide 28: Blanket Mine K-Pits Surface Exploration
New mineralized horizon identified HIGHLIGHTS SELECTED DRILL HIGHLIGHTS ● Surface drilling confirms continuity of gold Blanket Mine mineralisation below surface over the K-Pits target KPT0EX2553 23.00m @ 2.61g/t OXIDE area K-Pits Surface ● Both oxide and sulphide mineralisation identified — KPT0EX25
Slide 29: Blanket Mine Exploration: Deep Level Drilling
Blanket Mine Exploration Deep Level Drilling Strengthens Resource Base Upgrades Resource Classification METRES DRILLED 6,787m Jan– Jun 2026 29 * Encouraging results from deep level drilling at Blanket Mine, Caledonia Mining Corporation Plc, April 7, 2026
Slide 30: Blanket Mine Exploration: Drilling Intersection Highlights
Encouraging results from the deep level drilling programme continue to demonstrate the continuity and quality of key orebodies at depth. Blanket Mine Exploration Drilling Intersection Highlights METRES DRILLED 10,312m Mar – Dec 2025 34 Level · 1,019m ➢ Intersections at 1,285m Blanket 7 (BLK7) - unex
Slide 31: Motapa Exploration
Completion of the FY2025 exploration programme at Motapa delivered encouraging results along a ~6km strike of the Bubi Greenstone Belt across the Motapa North, Central and South shear zones. Exploration in 2026 and beyond continues to target resource growth and the evaluation of additional prospecti
Slide 32: Strategic Focus
Strategic Focus • Enhance production at Blanket, while improving operating efficiency, modernising infrastructure and reducing costs. • Extend Blanket's mine life through resource conversion drilling and exploration of targets beyond the current mining footprint. • Advance Bilboes towards developmen
Slide 33: Any Questions?
Any Questions?