Caledonia Mining Corporation Plc · AMEX:CMCL
Caledonia Mining — Q1 2026 Earnings Presentation
25 slides from Caledonia Mining's earnings presentation, May 11, 2026
Slide 1: Q1 2026 Results Presentation
Q1 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 NYSE/AIM/VFEX: CMCL 3
Slide 4: Results Summary
Results Summary • Gold production was below our expectations, reflecting the lower grades mined during the Quarter • Financial performance was supported by a higher gold price environment • Revenue up 18.3% to US$66.4 million and profit after tax up 69.4% to US$18.9 million • Robust cash generation,
Slide 5: Review of operating results
Review of operating results
Slide 6: Safety Culture and Risk Management
Safety Culture and Risk Management Continued focus on robust systems and strong safety culture SAFETY PROACTIVE RISK TRAINING, CULTURE & PERFORMANCE PREVENTION PREPAREDNESS • Stable safety performance at • Increased near-miss reporting, • Ongoing training and safety audits Blanket Mine strengthening
Slide 7: Consistent tonnes delivered to Blanket Mine plant
Consistent tonnes delivered to Blanket Mine plant Tonnes Milled & Grade (2023 – Q1 2026) 4.5 200,000 Tonnes Milled (t) Head grade (g/t) 3.5 150,000 2.5 100,000 1.5 50,000 Q3 Q1 Q2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025 2026 Grade Ounces Produced & Recovery (2023 – Q1 2026) Blanket Quarterly Pr
Slide 8: Assay grades improving, with further upside from remediation initiative
Assay grades improving, with further upside from remediation initiative Remediation initiatives at Blanket Assay Grade (g/t) at Plant • Contractor appointed to accelerate access to 3.40 higher-grade ore sources 3.20 3.02 • Revised shift system implemented, increasing 3.00 2.86 operations from six to
Slide 9: Review of financial results
Review of financial results
Slide 10: Financial Results
Financial Results Summary 3 months ended March 31 YTD YTD Change (%) Ave. realised gold price $4,816/oz 2026 2025 66.3% increase vs comparative quarter Gold sold (oz) 13,784 19,388 -28.9% Gold produced* (oz) 14,767 18,671 -20.9% On mine costs ($000) 23,990 23,295 3.0% Absolute $ costs up 3% (on mine
Slide 11: Review of Results
Review of Results Consolidated profit or loss statement 3 months ended March 31 ($’ 000) 2026 2025 Change (%) $66.4m Revenue Revenue 66,433 56,178 18.3% Combination of high average gold price, Royalty (5,626) (2,771) 103.0% partly offset by lower sales volumes Production costs (24,820) (22,622) 9.7%
Slide 12: Review of Results: Cash Flows
Review of Results Consolidated statements of cash flows 3 months ended ($ 000) March 31, 2026 2025 Change (%) Cash inflow from operations 23,493 18,709 25.6% Interest and tax paid (4,619) (5,368) -14.0% Net cash inflow from operating activities 18,874 13,341 41.5% Capital expenditure (6,591) (8,479)
Slide 13: Review of Results Liquidity
Review of Results Liquidity 3 months ended March 31, 2026 ($‘ 000) Cash on hand 170,026 Cash on hand Significant cash on hand following the closing of the Bullion on hand 16,395 US$150m Convertible Senior Notes issue in January Gold sales receivables 2,894 Bullion on hand TOTAL BEFORE UTILISATION OF
Slide 14: Convertible Senior Notes and Capped Call Options
Convertible Senior Notes and Capped Call Options Convertible Senior Notes Capped Call Options – Accounting Treatment – Accounting Treatment Consolidated statements of profit or loss and other comprehensive Consolidated statements of financial position (extract) income (line extract) Mar 31, 2026 Mar
Slide 15: Bilboes
© Bilboes
Slide 16: Bilboes Project
Bilboes Project 100% Owned, Large-Scale, High-Grade Gold Project • Bilboes Gold Project approved for development following publication of the Feasibility Study in November 2025 • Single-phase development with proven and probable mineral reserves of 1.75 million ounces • Life of Mine of 10.8 years •
Slide 17: Economic Analysis
Economic Analysis The Project generates a value accretive business case in all three of the gold price scenarios evaluated in the Bilboes Gold Project Technical Report Summary1: Consensus 3-Year Trailing Spot Price3 Metric Unit Forecast Price2 Average Price (March 2026) Gold Price (Avg.) US$ / oz 2,
Slide 18: Funding Strategy - Four Funding Pillars
Funding Strategy - Four Funding Pillars 1. Gold Price Hedging ✓ Completed • Put options securing minimum price of $3,500/oz during construction • 3,000 oz/month coverage (Jan 2026 – Dec 2028) • Provides a floor price to support the Interim Facility (see below) • Full participation in gold price upsi
Slide 19: 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 $5,000/oz Working Capital, $25m Forecast Future Net Cash Flow Capitalised Interest, $125m $80m 1/4 Forecast Future Net Cash Flow $275m Senior Debt & Other Facili
Slide 20: Exploration
© Exploration
Slide 21: Blanket Mine Exploration
Blanket Mine Exploration Deep Level Drilling Strengthens Resource Base Upgrades Resource Classification 21 * Encouraging results from deep level drilling at Blanket Mine, Caledonia Mining Corporation Plc, April 7, 2026
Slide 22: Blanket Mine Exploration 10,312m
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 DRILLING RESULTS 2026 OUTCOMES TARGET DEPTH Blanket 7 (BLK7) - unex
Slide 23: Motapa Exploration
Exploration activities at Motapa for FY2025 now completed, with final repeat assays concluded from the external laboratories, allowing for complete analysis of the years activities to take place. Motapa KEY MILESTONE 2026 FOCUS AREAS Exploration Q3 2026 Near-surface oxide potential Assessing near-su
Slide 24: 2026 Strategic Focus
2026 Strategic Focus • Maintain our commitment to the safety of our people, with sustained focus on training, risk management and operational discipline. • Return to reliable operations at Blanket, delivering consistent production performance as access to higher-grade areas improves. • Leverage the
Slide 25: Any Questions?
Any Questions?