Caledonia Mining Corporation Plc · AMEX:CMCL
Caledonia Mining — Investor Presentation (September 2025)
23 slides from Caledonia Mining's investor presentation, September 2025
Slide 1: Established Gold Producer with Pathway to Multi-Asset Production
Established Gold Producer with Pathway to Multi-Asset Production C O R P O R AT E P R E S E N TAT I O N 2 0 2 5
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: Our Formula
Our Formula YIELD + GROWTH = VALUE
Slide 4: Established Zimbabwe Gold Producer with Multi-Asset Development Strategy
Established Zimbabwe Gold Producer with Multi-Asset Development Strategy Growth focus: Uniquely Strong positioned: financial returns: Targeting over 200koz annual production, supported by stable High-quality project pipeline and Consistent quarterly dividends current production profile significant i
Slide 5: Focussed on growing profitable gold production and building per share value
Focussed on growing profitable gold production and building per share value PRODUCTION DEVELOPMENT PROJECT Blanket Mine Bilboes Central Shaft: expansion project successfully delivered Acquired January 2023 for $65.7m in shares plus 1% NSR 2025 guidance: 75.5 – 79.5koz; on-mine cost $1,050- M&I: 2.47
Slide 6: Strategic Evolution 2025 Onwards
Strategic Evolution Building a multi asset gold producer 2015 – 2020 2021 - 2024 2025 Onwards Single-Asset Miner focused Building Growth Platform with Transition to a Multi Asset, on Blanket Mine acquisitions and expansion Mid-Tier Producer • Central shaft commissioned • Continue ~75koz production a
Slide 7: A track record of long-term value creation for Zimbabwe and investors
A track record of long-term value creation for Zimbabwe and investors Over $50 million in taxes paid over the last 10 years Caledonia's long-term performance Data shows the Bloomberg Total Return assuming reinvestment of dividends comparing Caledonia to the Van Eck Junior Gold Miners ETF and Spot Go
Slide 8: Zimbabwe: encouraging signs
Zimbabwe: encouraging signs ➢ Physical security ➢ Foreign Exchange stability and liberalisation • Increasing liquidity in the "willing-buyer-willing-seller" FX market • Recent stability in the Zig underpinned by continued financial rectitude ➢ High quality local workforce ➢ Domestic electricity gene
Slide 9: Blanket Mine
Blanket Mine OUR CORNERSTONE ASSET
Slide 10: Blanket Mine: A Compelling Track Record
Blanket Mine A Compelling Track Record Successful execution of growth project: Constructed a 6m diameter, 4-compartment shaft from surface to 1,200m. Funded from internal cash flow Stable growth platform: Record production 2025 production guidance increased to 75.5 – 79.5koz1. NI 43-101 mineral reso
Slide 11: Significant Increase in Mineral Reserves
Blanket Mine Significant Increase in Mineral Reserves Highlights: • Proven Reserves: Increased from 210koz to 220koz, an 2025 exploration to 5% increase. continue at Blanket to • Probable Reserves: Increased from 185koz to 592koz, a upgrade existing 220% increase. inferred resources • Total Reserves
Slide 12: Growth Projects
Growth Projects
Slide 13: Bilboes – Our Next Mine
Bilboes – Our Next Mine Elevating Caledonia to Intermediate Producer Status 100% owned, fully 2.47Moz (M&I) PEA: 1.5Moz AU Feasibility study Funding solutions; permitted, large- @2.30g/t over a 10-year LOM; timeline extended to attractive debt financing scale, high-grade 560koz (inferred) 1.9 year p
Slide 14: Motapa: A large-scale exploration project
Motapa A large-scale exploration project Historically producing mining area, adjacent to Bilboes with processing synergy Has a mining lease covering approximately 2,200 hectares Initial drilling (Q2 2024) shows promising oxide and sulphide results Drilling highlights to date include: Hole JPRC01 – 1
Slide 15: Environment, Social and Governance
Environment, Social and Governance 2024 ESG Highlights Caledonia aims to maintain and develop sustainable 100% in country employment business practices and align them with its corporate strategy CSR investment $1.3m Caledonia has enhanced sustainability reporting to aligned with Total payments to Go
Slide 16: Outlook
Outlook A BUSINESS IN THE ASCENT
Slide 17: Caledonia's Vision: Driving growth and value
Caledonia’s Vision Driving growth and value Continue ~75koz target p.a from Blanket Mine Complete Feasibility Study at Bilboes and start to progress new assets Invest in the Company’s growth for best long-term returns to shareholders Strategy of becoming a multi-asset gold producer in Zimbabwe NYSE/
Slide 18: Corporate Snapshot
Corporate Snapshot Listing and Trading (As of 26 August 2025, all numbers in USD unless noted otherwise) 2.40% 3.22% Share Price (NYSE) $25.64 12.62% 3.25% Quarterly Dividend per Share $0.14 Market Capitalisation $470m 3.25% 52-Week High/Low $8.81– 26.06 Avg. Volume 171,501 4.15% 9.97% Capital Struc
Slide 19: Contacts
Contacts Caledonia Mining Aim Broker: Panmure Liberum Investment Research Mark Learmonth, CEO | Tel: +44 (0) 1534 679800 Scott Mathieson | Tel: +44 203 100 2184 Cavendish Capital Markets Email: marklearmonth@caledoniamining.com Email: scott.mathieson@panmureliberum.com | www.cavendish.com Camilla Ho
Slide 20: Appendix
Appendix A RESPONSIBLE MINER
Slide 21: Board of Directors
Board of Directors Mark Learmonth John Lawson Kelly Victor Gapare Lesley Goldwasser Chief Executive Officer and Director Chairman Executive Director Director Member of Strategic Planning, Technical, Member of Nomination and Corporate Member of Strategic Planning, Technical, Member of Audit, Compensa
Slide 22: Management
Management Mark Learmonth Ross Jerrard Victor Gapare James Mufara Elton Gwatidzo Maurice Mason Chief Executive Officer Chief Financial Executive Chief Operating General Manager Vice President and Director Officer Director Officer of Blanket Mine Corporate Development Camilla Horsfall Adam Chester Co
Slide 23: Thank You
@A Caledonia Mining € Corporation Plc Thank You
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