Q1 2026 Results Presentation

The Presenting team

Mark Learmonth

Chief Executive Officer and Director

Craig Harvey

Vice President Technical Services

Ross Jerrard

Chief Financial Officer

Victor Gapare

Executive Director

Maurice Mason

Vice President Corporate Development

NYSE/AIM/VFEX: CMCL 3

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, with operating cash flow of US$18.9 million and free cash flow of US$12.3 million

• Cost per tonne in line with expectations although all in sustaining costs increased (AISC: US$2,765/oz) reflecting lower volumes sold

• Bilboes Gold Project progressed following Feasibility Study, supported by a US$150

  million convertible senior notes issue in January

• Encouraging deep-level drilling at Blanket Mine continues to support long-term sustainability and resource confidence

• Post-quarter-end production at Blanket has improved and is now running as expected

• A quarterly dividend of 14 cents per share declared

• Mr July Ndlovu was appointed Chairman by the Board following the AGM.

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Safety Culture and Risk Management

Continued focus on robust systems and strong safety culture

S A F E T Y

P E R F O R M A N C E

• Stable safety performance at Blanket Mine

• TIFR improved to 2.22

• LTIFR remained at zero.

P R O A C T I V E R I S K

P R E V E N T I O N

• Increased near-miss reporting, strengthening safety awareness and engagement

• Engineering controls implemented to prevent incidents and recurrence

• Fatal risk management initiatives

progressed during the quarter.

T R A I N I N G , C U L T U R E &

P R E P A R E D N E S S

• Ongoing training and safety audits

• Emergency response drills and crisis management exercises completed

• Management commitment to continuous improvement through training, auditing and risk management.

NYSE/AIM/VFEX: CMCL 6

Consistent tonnes delivered to Blanket Mine plant

4.5

200,000

3.5

150,000

2.5

100,000

1.5

50,000

2023

2024

2025

2026

Grade

Head grade (g/t)

Tonnes Milled (t)

Tonnes Milled s Grade (2023 - Q1 2026)

Blanket Quarterly Production

95

94

93

92

91

90

25,000

20,000

15,000

10,000

5,000

0

2023

2024

Ounces

2025

2026

Recovery

Gold Recovery %

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Ounces

Ounces Produced s Recovery (2023 - Q1 2026)

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

NYSE/AIM/VFEX: CMCL 7

Assay grades improving,

with further upside from remediation initiative

Linear (Assay grade)

Assay grade

Apr-26

Mar-26

Feb-26

Jan-26

Dec-25

2.40

2.20

2.00

2.61

2.55

2.60

2.73

2.80

2.86

3.00

3.02

3.40

3.20

Assay Grade (g/t) at Plant

Remediation initiatives at Blanket

• Contractor appointed to accelerate access to

  higher-grade ore sources

• Revised shift system implemented, increasing operations from six to seven days per week

• New shift structure expected to:

  • Reduce worker fatigue

  • Support increased and more consistent ore production

• Commissioning of an additional ball mill to increase overall milling capacity

• In the short term, additional ore will be stockpiled

NYSE/AIM/VFEX: CMCL 8

Financial Results

Summary

3 months ended

March 31

Ave. realised gold price $4,816/oz

66.3% increase vs comparative quarter

Absolute $ costs up 3% (on mine) and G% (AISC) vs comparative quarter

Unit costs up 45% (on mine) and 54% (AISC) vs comparative quarter driven by lower ounces

Free cashflow up 153% vs comparative quarter

EPS up 78% vs comparative quarter

* The gold production number above only includes Blanket`s results. Bilboes oxide mine contributes marginally to the overall results; however due to materiality its numbers have not been included.

NYSE/AIM/VFEX: CMCL 10

Review of Results

Consolidated profit or loss statement

3 months ended March 31

$66.4m Revenue

Combination of high average gold price, partly offset by lower sales volumes

$32.1m Gross profit driven by improved margins due to higher gold price

$5m Admin costs driven by advisory fees of $1.6m for the senior loan note transaction

$4m Derivative instruments gain primarily from increases in the fair value of the gold put options

$2.7m Net finance cost

driven by interest expense on the

convertible senior notes' host debt

NYSE/AIM/VFEX: CMCL 11

Review of Results

Consolidated statements of cash flows

3 months ended

Net cash used in investing activities (21,007) (10,071) 58.9%

$14.4m acquisition of capped calls options to hedge against equity dilution

$6.5m repayment of solar loan notes

$145.1m proceeds from Convertible senior notes, closed January

$161.1m closing cash and cash equivalents

12

NYSE/AIM/VFEX: CMCL

Review of Results Liquidity

3 months ended

March 31, 2026

($' 000)

Cash on hand

Significant cash on hand following the closing of the US$150m Convertible Senior Notes issue in January

Bullion on hand

represents gold processed on hand and ready for shipment after year end

Gold sales receivables

represents 667 ounces

NYSE/AIM/VFEX: CMCL 13

Convertible Senior Notes and Capped Call Options

Convertible Senior Notes

- Accounting Treatment

Consolidated statements of financial position (extract)

Mar 31, 2026

(US$ 000)

Non-current asset

Derivative financial assets 14,7331 Non-current liabilities

Derivative financial liability 38,362

1. Includes US:4.43 million relating to the carrying amount of the capped call options, (in the illustration above) and US:10.3 million relates to the Asian gold put options acquired in November 2025

   Capped Call Options

   - Accounting Treatment

   
   
   

   Consolidated statements of profit or loss and other comprehensive

   income (line extract)

   Mar 31, 2026

   Fair value movement

   (US$ 000)

   Asian gold put options (3,401)

   Derivative financial liability2 (10,605)

Derivative financial assets3 10,011

Net fair value gain on derivative financial instruments (3,GG5)

1. Relates to the embedded derivative component on the Convertible Senior Notes

2. Relates to the Capped Call Options

   NYSE/AIM/VFEX: CMCL 14

   
   
   Bilboes
   
   
   
   

   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

   • Expected production of ~200,000 ounces in the first full year. First gold anticipated in late 2028

   • Strong project economics. Post-tax NPV (8% real) of US$582 million

   • Post-tax IRR of 32.5% at a gold price of $2,548

   • Materially higher returns at prevailing spot gold prices

   NYSE/AIM/VFEX: CMCL 16

   
   
   
   
   

   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:

   Metric	Unit	Consensus Forecast Price2	3-Year Trailing Average Price	Spot Price3 (March 2026)
   Gold Price (Avg.)	US$ / oz	2,548	2,350	5,177
   Post-Tax NPV8% Real	US$ M	582	454	1,992
   Post-Tax IRR	% Real	32.5	27.4	67.9
   Payback Period4	years	1.7	2.8	0.8
   Peak Funding Required	US$ M	484	484	484
   Value-Investment Ratio	ratio	1.2x	0.9x	4.1x
   Life of Mine	years	10.8	10.8	10.8
   Operating Margin %		59.5	56.5	74
   AISC	($/oz)	1,061	-	1,3525

   1. Referenced in Bilboes Gold Project Technical Report Summary, with effective date October 31, 2025, which was filed with the SEC on EDGAR in November 2025

   2. Based on S&P consensus forecast price for September 2025

   3. Based on LBMA spot price on March 10, 202c

   4. As measured from the date of first ore processed / first revenue

   5. Higher AISC under the spot price scenario is a result of higher royalties at a gold price of above :5,000/oz

   NYSE/AIM/VFEX: CMCL 17

   
   
   
   
   

   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 upside above $3,500/oz

   2. Convertible Notes Offering ✓ Completed

      • $150M raised (upsized from $100M due to $600M+ demand)

      • 5.875% coupon, convertible after Oct 2032

      • Net proceeds: ~$130M after fees and capped call structure

      • Capped calls reduce dilution (effective conversion at $56.72/share vs $40.51)

   3. Interim Funding Facility

      • Up to $150M from Zimbabwean/South African bank consortium

      • Caledonia has appointed Stanbic Bank Zimbabwe and CBZ Bank Limited as co-lead arrangers for the Interim Funding Facility

      • Expected by mid-2026

      • Secured against Blanket Mine cash flow

   4. Project Finance

      • Formal process commenced Q1 2026

      • Regional and global financial institutions

      • Timeline: 12+ months to reach financial closure

   NYSE/AIM/VFEX: CMCL 18

   
   
   
   
   

   Bilboes Funding Overview

   Sources and uses of funds to complete the Bilboes project

   Estimated Total Funding Requirement of $5G0m

   $3,500/oz3

   $5,000/oz

   Use of Funds

   2

   Cash on hand, $161m

   Senior Debt C Other Facilities

   $154m

1/4

Forecast Future Net Cash Flow

$275m

2

Cash on hand, $161m

1/4

Forecast Future Net Cash Flow

$125m

Source of Funds

NYSE/AIM/VFEX: CMCL 1G

Blanket Mine Exploration

Deep Level Drilling Strengthens Resource Base

Upgrades Resource Classification

* Encouraging results from deep level drilling at Blanket Mine, Caledonia Mining Corporation Plc, April 7, 202c 21

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

2 0 2 6 O U T CO M ES

Results to be incorporated into an updated Mineral Resource and Reserve statement

2026

22

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.

Investing for Future Growth

• 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 strong gold price environment to invest in Blanket projects that enhance operating resilience and improve efficiency

• Advance the Bilboes Gold Project in line with the agreed financing

  and development timetable.

• Progress exploration at Motapa to support long-term growth and future production optionality.

• Continue to execute our strategy with the objective of becoming a

multi-asset gold producer.

"The financial performance in the Ǫuarter benefited from a higher gold price, which offset the impact of lower production. Revenue Increased by 18.3% to US:cc.43 million, EBITDA rising 50.2% to US:33.87 million and free cash flow of US:11.S3 million."

NYSE/AIM/VFEX: CMCL 24