Slide 1: Q2 2025 Results Presentation
Q2 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 busin
Slide 3: The Presenting team
The Presenting team Mark Learmonth Ross Jerrard James Mufara Victor Gapare Chief Executive Officer Chief Financial Chief Operating Executive and Director Officer Officer Director Craig Harvey Maurice Mason Vice President Vice President Technical Services Corporate Development NYSE/AIM/VFEX: CMCL 3
Slide 4: Q2 2025 Results
Q2 2025 Results 1.Strong Financial Growth • Revenue up 30% to $65.3M, net profit attributable to shareholders of the Company up 147% to $20.5M, and adjusted EPS up 155% • Operating cash flow rose to $28.1M, with a net cash position of $8.2M (excluding $18M fixed term deposits) 2.Operational • Blanke
Slide 5: Results
Results Summary 3 months ended June 30 6 months ended June 30 Q2 Q2 Change YTD YTD Change 2025 2024 (%) 2025 2024 (%) Safety - Blanket TIFR 0.7 1.3 -46% 0.78 1.04 -25% Production (ounces) 21,442 21,174 1% 40,548 38,650 5% Average gold price ($/oz)1 3,186 2,300 39% 3,045 2,179 40% Revenue ($’m) 65,30
Slide 6: Caledonia's long-term performance
Caledonia's long-term performance Data shows the Bloomberg Total Return assuming reinvestment of dividends comparing Caledonia to the Van Eck Junior Gold Miners ETF and Spot Gold. Data is indexed to 100 as of August 8th 2015 NYSE/AIM/VFEX: CMCL 6
Slide 7: Zimbabwe: encouraging signs
Zimbabwe: encouraging signs ➢ Physical security ➢ Foreign Exchange stability and liberalisation • Increasing liquidity in the "willing-buyer-willing-seller" FX market • Recent stability in the Zig underpinned by continued financial rectitude ➢ High quality local workforce ➢ Domestic electricity gene
Slide 8: Review of financial results
© Review of financial results
Slide 9: Review of Results
Review of Results Profit or loss for Quarter 2 Blanket Bilboes oxide Other1 Consolidated Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Change ($’m) 2025 2024 2025 2024 2025 2024 2025 2024 (%) Revenue 64.2 49.2 1.1 0.9 - - 65.3 50.1 30% $65.3m Combination of gold price and record ounces Royalty (3.5) (2.4) - (0.1) - - (3.
Slide 10: Review of Results
Review of Results Quarterly Gross Profit 2023 - 2025 40.00 35.00 Bilboes 30.00 $ Million 25.00 no longer has a negative impact 20.00 15.00 10.00 5.00 Blanket significant increase in profit - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 Blanket & Bilboes Blanket NYSE/AIM/VFEX: CMCL 10
Slide 11: Review of Results
Review of Results Production costs per ounce consolidated Blanket on-mine cost Blanket AISC Guidance: $1,050 - $1,150 per ounce Guidance: $1,690 - $1,790 per ounce On-Mine Cost per ounce $ (Qtr vs comparable Qtr) AISC per ounce $ (Qtr vs comparable Qtr) 1,150 2,000 1,130 1.9% 1,123 1.6% 1,900 0.5% 2
Slide 12: Review of Results
Review of Results Profit or loss for Quarter 2 (continued) Blanket Bilboes oxide Other1 Consolidated ($’m) Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Change 2025 2024 2025 2024 2025 2024 2025 2024 (%) Gross profit 34.3 22.6 0.2 - (0.7) 0.3 33.8 22.9 48% Exchange losses Net foreign exchange under constant focus (0.7) (
Slide 13: Review of Results
Review of Results Cashflow 3 months ended June 6 months ended June 30, 2025 30, 2025 ($‘m) Q2 Q2 YTD YTD 2025 2024 2025 2024 Cash from operations before working capital 31.2 19.8 56.1 30.3 Working capital (net) 2.9 1.2 (3.4) (2.8) Cash inflow from operations 34.1 21.0 52.7 27.5 Interest and tax paid
Slide 14: Review of Results
Review of Results Net cash 1 & Cashflow (
Caledonia Mining — Q2 2025 Earnings Presentation | 6ix
000) Consolidated net cash1 across the jurisdictions where the Group holds its cash As at Jun 30, Sep 30, Dec 31, Mar 31, June 30, 2024 2024 2024 2025 2025 Zimbabwe (3,393) (11,375) (10,251) (7,109) 4,183 South Africa 750 1,754 1,539 961 2,225 UK/Jersey 1,2Slide 15: Reporting changes going forward
Reporting changes going forward • Caledonia will no longer publish financial statements and management’s discussion and analysis (MD&A) reports on a quarterly basis in accordance with Canadian securities regulations. • This decision aligns with applicable exemptions under Canadian securities regulat
Slide 16: Review of operational results
Review of operational results
Slide 17: Health and Safety Update Q2
Health and Safety Update Q2 • The number of accident-free days increased from 83 to 85 • The total number of injuries reduced from 8 to 6 • Lost Time Injuries (LTIs) decreased from 4 to 1 • Bowtie analysis completed for all 52 Significant Unwanted Events • Risk propensity profiling for all superviso
Slide 18: Review of Operations - Blanket
Review of Operations - Blanket Tonnes Milled & Grade (2023 – Q2 2025) 4.5 200,000 Tonnes Milled (t) Head grade (g/t) 3.5 150,000 2.5 100,000 1.5 50,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 2023 2024 2025 Grade Tonnes Ounces Produced & Recovery (2023 – Q2 2025) 94.6 25,000 94.4 94.2 20,000 Gold Recovery % 9
Slide 19: Consistent delivery through Q2 2025
Consistent delivery through Q2 2025 Actual vs Budget Oz for Q2 2025 21 070; Q2 2025 22 000 20 000 18 000 Cumulative Budget & Actual Oz for 2025 16 000 Jun Q2 B ; 18 844 14 000 12 000 May Q2 B ; 12 189 10 000 8 000 6 000 Apr Q2 B ; 5 818 4 000 2 000 - 12-Jun 15-Jun 18-Jun 21-Jun 24-Jun 27-Jun 30-Jun
Slide 20: Quarter 2 2025 Reserve Generation
Quarter 2 2025 Reserve Generation Document Tracker 20
Slide 21: Bilboes Update
© Bilboes Update
Slide 22: Bilboes Update
Bilboes Update Feasibility Study: continued work confirms robust economics with a high debt capacity. Key Areas of Further Evaluation: • Consider moving the Tailings Storage Facility to Motapa property to lower construction costs due to favourable topography • Reassess a phased or smaller-scale appr
Slide 23: Motapa Exploration
Motapa Exploration
Slide 24: Motapa Surface Exploration – To date
Motapa Surface Exploration – To date 2025 Budget as follows • Diamond Drilling : 18 holes : 1 200 metres • Reverse Circulation Drilling : 191 holes : 20 800 metres Targets as follows • Motapa North – Pluvious 1,2,3,4 & 5, Boomgate, Jupiter, Shawl open pits • Drill to delineate sulphide mineral resou
Slide 25: Motapa North – DD and RC Drilling to date
Motapa North – DD and RC Drilling to date 2024 RC 2025 RC 2024 DD 2025 DD NYSE/AIM/VFEX: CMCL 25
Slide 26: Motapa Central (Mpudzi) – DD and RC Drilling to date
Motapa Central (Mpudzi) – DD and RC Drilling to date NYSE/AIM/VFEX: CMCL 26
Slide 27: Outlook
Outlook • Achieve production at Blanket within its updated guidance range of 75,500 to 79,500 ounces for 2025, whilst modernising operations and improving mining and operational cost efficiencies. • Engage in further exploration at Blanket with the objectives to upgrade existing inferred mineral res
Slide 28: Any Questions?
Any Questions?