Caledonia Mining Corporation Plc · AMEX:CMCL
Caledonia Mining — FY2025 Earnings Presentation
34 slides from Caledonia Mining's earnings presentation, March 2026
Slide 1: FY 2025 Results Presentation
FY 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 or it
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 • Caledonia delivered an exceptional financial performance in FY 2025, benefiting from a higher gold price environment, and consistent operational delivery. • Gold Production and Sales: • Blanket Mine produced 76,213 ounces (“oz”) of gold in FY 2025 and sold 77,392 oz, with 2,262 oz
Slide 5: Long-term Value Creation
Long-term Value O Creation
Slide 6: Long-term value creation for Zimbabwe
Long-term value creation for Zimbabwe 80,000 CONTRIBUTIONS TO THE ZIMBABWEAN ECONOMY (US$) 75,000 (10 YEAR PROFILE) 2.0 70,000 65,000 60,000 55,000 50,000 47.8 45,000 40,000 35,000 30,000 1.2 1.3 25,000 1.0 1.5 13.2 20,000 1.7 12.0 16.4 15,000 12.1 11.9 12.5 10,000 10.6 12.0 10.1 10.4 9.1 6.1 7.1 7.
Slide 7: Long-Term Value Creation for Investors
Long-Term Value Creation for Investors Caledonia's 10-Year Performance • Gold +311% • GDXJ +464% • Caledonia +1,022% Data shows the Bloomberg Total Return assuming reinvestment of dividends comparing Caledonia to the Van Eck Junior Gold Miners ETF and Spot Gold. Data is indexed to 100 as of March 18
Slide 8: Review of operating results
( Review of operating results —
Slide 9: Safety Culture and Risk Management
Safety Culture and Risk Management Continued focus on robust systems and strong safety culture INCIDENT RESPONSE COMMITMENT Blanket Mine — September Comprehensive Review Strengthening Risk 2025 Initiated Management Fatal accident related to secondary Full review of safety procedures, Ongoing focus o
Slide 10: Consistent tons delivered to Blanket Plant
Consistent tons delivered to Blanket Plant Tonnes Milled & Grade (2023 – Q4 2025) 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 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Grade Tonnes Ounces Produced & Recovery (2023 – Q4 2025) Blanket Quarterly Production
Slide 11: Securing the future – Positive Reserve Generation
Securing the future – Positive Reserve Generation Quarter 4 2025 Reserve Generation Increase Decrease Total 450,000 400,000 182,161 382,101 350,000 300,000 250,000 Tonnage(t) 150,576 195,178 200,000 -186,923 150,000 100,000 49,364 50,000 - Tonnes Generated from N.I.P Tonnes Generated from P.I.P Tonn
Slide 12: Review of financial results
© Review of financial results
Slide 13: Financial Results Summary
Financial Results Summary 3 months ended 12 months ended December 31 December 31 Q4 Q4 YTD YTD Gold sold up 1.5% Change (%) Change (%) vs comparative quarter 2025 2024 2025 2024 Gold sold (oz) 18,408 18,141 1.5% 79,075 77,917 1.5% Gold produced* (oz) 17,367 19,841 -12.5% 76,213 76,656 -0.6%On mine c
Slide 14: Production Costs by Category
Review of Results Production Costs by Category YEAR ENDED 31 DEC 2025 Production Cost COST CATEGORY UNIT FY2025 FY2024 VARIANCE (2025 Full Year Actuals) Labour US$ 000 32,714 26,960 (5,754) 21% ↑ Consumables US$ 000 29,838 26,074 (3,763) 14% ↑ Labour Power US$ 000 20,321 18,500 (1,821) 10% ↑ Overtim
Slide 15: Profit or loss
Review of Results Profit or loss 12 months ended December 31 ($’ 000) 2025 2024 Change (%) Revenue 267,663 183,018 46.2% $267m revenue Combination of high gold price Royalty (13,521) (9,263) 46.0% and sales volumes Production costs (101,321) (80,744) 25.5% Depreciation (15,697) (16,021) -2.0% Gross
Slide 16: Cashflow
Review of Results Cashflow 12 months ended ($ 000) December 31, 2025 2024 Change (%) Cash inflow from operations 105,419 55,438 90.2% Interest and tax paid (29,186) (13,483) 116.5% $2.0 m included in CGT tax paid on solar plant sale Net cash inflow from operating activities 76,233 41,955 81.7% Capit
Slide 17: Liquidity
Review of Results Liquidity 12 months ended December 31, 2025 ($‘ 000) Bullion on hand Cash on hand 35,738 represents gold processed on hand and ready for shipment after year end Bullion on hand 10,293 Gold sales receivables 7,718 Gold sales receivables represents 1,790 ounces Fixed-term deposits 5,
Slide 18: Capex by Key Categories
Review of Results Capex by Key Categories YEAR ENDED 31 DEC 2025 CAPEX CAPEX UNIT FY2025 FY2024 VARIANCE SUSTAINING CAPEX (2025 Full Year Actuals) Underground Mine Development US$ 000 6,659 7,642 983 13% ↓ Engineering Equipment US$ 000 9,612 8,739 (873) 10% ↑ Sustaining Capex Other Sustaining Capex
Slide 19: Blanket Mine Only – Capex by Key Categories
Review of Results Blanket Mine Only – Capex by Key Categories SUSTAINING CAPEX — 80% Engineering equipment 31% Electrical, mechanical & shaft engineering Other sustaining capex 80% 27% Mining, milling, MRM, IT, finance & admin Sustaining UG mine development 22% Opens new areas; adds to Reserves & Re
Slide 20: FY 2026 Capex Guidance
Review of Results CAPEX GUIDANCE FY 2026 Capex Guidance Total Group capital expenditure for FY 2026 is projected to be US$178.9 million, reflecting Caledonia’s commitment to sustaining production at Blanket Mine while advancing its growth pipeline. This Capex comprises: • Sustaining capex of US$43.0
Slide 21: Dividend
Review of Results Dividend Balancing growth and shareholder returns Caledonia has approved a quarterly dividend of 14 United States cents (US$0.14) on each of the Company's shares. The relevant dates relating to the dividend are as follows: • Ex-dividend date VFEX: March 31, 2026 • Ex-dividend date
Slide 22: Bilboes
© Bilboes
Slide 23: Bilboes Project
Bilboes Project 100% Owned, Large-Scale, High-Grade Gold Project • Bilboes Gold Project approved for development following publication of the Feasibility Study in November 2025 • Single-phase development with proven and probable mineral reserves of 1.75 million ounces • Life of Mine of 10.8 years •
Slide 24: Economic Analysis
Economic Analysis The Project generates a value accretive business case in all three of the gold price scenarios evaluated in the Bilboes Gold Project Technical Report Summary1: Consensus 3-Year Trailing Spot Price3 Metric Unit Forecast Price2 Average Price (March 2026) Gold Price (Avg.) US$ / oz 2,
Slide 25: 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 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 $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 1/4 Fa
Slide 27: Exploration
© Exploration
Slide 28: Motapa drilling activities – 2024 & 2025
Motapa drilling activities – 2024 & 2025 • Continued investment in Motapa exploration during 2025 • Strategically important brownfield asset, located adjacent to Bilboes • Maiden sulphide mineral • Part of the Group’s ambition to establish a multi-asset gold production hub in resource estimate for Z
Slide 29: Blanket mine deep drilling activities 2025
Blanket mine deep drilling activities 2025 • 11,017.3 meters of underground long hole drilling completed during 2025 • Drilling results exceeded expectations, with grades and widths similar or better than those in the current mineral resource model. • Highlights potential for life-of-mine extension
Slide 30: Blanket mine deep drilling activities 2025
Blanket mine deep drilling activities 2025 • Orebody continuity confirmed at depth • Blanket orebody and the BQR orebody extended beyond 36 Level (1,170 meters below surface), to an intersected depth of 1,387 meters below surface 34 Level (1110m below surface) Long hole exploration 36 Level drilling
Slide 31: Blanket mine deep drilling activities 2025
Blanket mine deep drilling activities 2025 • Lima orebody extension demonstrated • Extended to 30 Level (990 meters below surface) from 22 Level (750 meters), the current lowest mining level 22 Level (750m below surface) Long hole exploration drilling, drilled or completed during 2025. (Lima orebodi
Slide 32: Zimbabwe Mining Forum
Zimbabwe Mining Forum Core Government Messages Economic Highlights ▸ Mining contributes 14.5% of GDP and ~80% of export earnings ▸ 100% foreign ownership permitted; no 8.5% indigenisation restrictions GDP growth in 2025 ▸ Improved policy stability; amendments vs 6.6% forecast following industry cons
Slide 33: 2026 Strategic Focus
2026 Strategic Focus • Continued commitment to safety of our people. • Sustain reliable operations at Blanket, ensuring consistent production performance. • Leverage strong gold prices to invest in Blanket projects that boost operating resilience and help mitigate input-cost pressures. “2025 has bee
Slide 34: Any Questions?
Any Questions?