Slides
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Q2 2025 Results Presentation
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Disclaimer and Forward-Looking Statements NYSE/AIM/VFEX: CMCL 2 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 business prospects. For the purposes of this notice, "presentation" includes this document, any oral presentation, any questions and answer session and any written or oral material discussed or distributed by the Company during such presentation. By attending this presentation and/or accepting, reading or accessing a copy of this document, you agree to be bound by the limitations, terms and conditions set out below and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice. This presentation does not constitute, or form part of, any offer to sell or issue or any solicitation of any offer to purchase or subscribe for any shares in Caledonia, nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, or act as an inducement to enter into any contract or agreement thereto. All statements, other than statements of historical fact, contained in this presentation constitute "forward-looking statements" within the meaning of certain securities laws and are based on expectations, estimates and projections as of the date of the presentation. Such forward-looking statements include, for example, statements relating to mine life, production guidance and exploration at the Company’s mining sites, dividend yield and growth prospects and are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Neither the Company nor its directors, officers, partners, employees, agents or advisers undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future earnings, or otherwise, except to the extent required by applicable law. The forward-looking statements in the presentation are based on the beliefs and assumptions of the Company's officers and directors and information only as of the date of the presentation. The forward-looking events discussed in the presentation might not occur. Therefore, readers of this presentation should not place any reliance on any forward-looking statements. Without prejudice to the generality of the foregoing, no representation or warranty is given, and no responsibility or liability is accepted, as to the achievement or reasonableness of any future projections or the assumptions underlying them, or any forecasts, estimates, or statements as to prospects contained or referred to in the presentation. No responsibility or liability whatsoever is accepted by any person for any loss howsoever arising from any use of, or in connection with, the presentation or its contents or otherwise arising in connection therewith. Refer to the technical reports entitled: 1. “NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe” with effective date December 31, 2023 prepared by Caledonia and filed by the Company on SEDAR+ on May 15, 2024; 2. “S-K 1300 Technical Report Summary on the Blanket Gold Mine, Zimbabwe” with effective date December 31, 2023 prepared by Caledonia and filed by the Company on EDGAR as an exhibit to its annual report on Form 20-F on May 15, 2024; 3. “Bilboes Gold Project Preliminary Economic Assessment” with effective date May 30, 2024 prepared by DRA Projects (Pty) Ltd and filed by the Company on SEDAR+ on June 3, 2024; 4. “Bilboes Gold Project Technical Report Summary” with effective date May 30, 2024 prepared by DRA Projects (Pty) Ltd and filed by the Company on EDGAR as an exhibit to a Form 6-K Report of Foreign Private Issuer on December 16, 2024; and 5. “Caledonia Mining Corporation Plc Updated NI 43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe" with effective date September 30, 2022 prepared by Minxcon (Pty) Ltd and filed by the Company on SEDAR+ on November 7, 2022, for the mineral reserves and resources and economic analysis set out in this presentation. Craig James Harvey, MGSSA, MAIG, Caledonia Vice President Technical Services, has reviewed and approved the scientific and technical information contained in this document. Craig James Harvey is a “Qualified Person” as defined by each of (i) the Canadian Securities Administrators’ National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act.
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The Presenting team Mark Learmonth Chief Executive Officer and Director Ross Jerrard Chief Financial Officer Victor Gapare Executive Director James Mufara Chief Operating Officer Maurice Mason Vice President Corporate Development Craig Harvey Vice President Technical Services NYSE/AIM/VFEX: CMCL 3
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NYSE/AIM/VFEX: CMCL 4 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 • Blanket Mine production increased to 21,070 oz; full-year guidance raised to 75,500–79,500 oz • Average realised gold price at $3,186/oz, supporting profitability 3.Sale of Solar Plant • Solar plant sold for $22.4M, securing long-term renewable energy supply for Blanket Mine 4.Growth Pipeline • Bilboes feasibility study progressing; exploring cost-saving and phasing options • $2.8M exploration programme underway at Motapa • Exploration at Blanket ongoing to replace resource depletion and explore new areas within the lease. Another strong financial quarter underpinned by excellent production
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NYSE/AIM/VFEX: CMCL 5 Results Summary 3 months ended June 30 6 months ended June 30 Q2 2025 Q2 2024 Change (%) YTD 2025 YTD 2024 Change (%) Safety - Blanket TIFR 0.7 1.3 -46% 0.78 1.04 -25% Production (ounces) 21,442 21,174 1% 40,548 38,650 5% Average gold price ($/oz)1 3,186 2,300 39% 3,045 2,179 40% Revenue ($’m) 65,309 50,107 30% 121,487 88,635 37% Gross Profit ($’m) 2 33,806 22,933 47% 60,732 36,748 65% Net profit attributable to shareholders of the Company ($’m) 20,487 8,283 147% 29,402 9,769 201% Adjusted earnings per share (cents)1 113.9 44.6 155% 172.4 54.2 218% 1. Refer to section 3.2. of the MD&A for a discussion of non-IFRS measures 2. Gross profit is after deducting royalties, production costs and depreciation but before administrative expenses, other income, interest and finance charges and taxation.
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NYSE/AIM/VFEX: CMCL 6 Caledonia's long-term performance Data shows the Bloomberg Total Return assuming reinvestment of dividends comparing Caledonia to the Van Eck Junior Gold Miners ETF and Spot Gold. Data is indexed to 100 as of August 8th 2015
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NYSE/AIM/VFEX: CMCL 7 Zimbabwe: encouraging signs ➢ Physical security ➢ Foreign Exchange stability and liberalisation • Increasing liquidity in the "willing-buyer-willing-seller" FX market • Recent stability in the Zig underpinned by continued financial rectitude ➢ High quality local workforce ➢ Domestic electricity generation/distribution remain challenging, but largely remediated by Government initiatives • Intensive Energy User Group: imports power from the Southern Africa Power Pool • Fast-track permitting for Independent Power Projects ➢ Improved Fraser Institute ranking • Zimbabwe ranked 8th out of 17 African countries in the 2024 Fraser Institute Investment Attractiveness Index
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Review of financial results
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NYSE/AIM/VFEX: CMCL 9 Review of Results Profit or loss for Quarter 2 Blanket Bilboes oxide Other1 Consolidated ($’m) Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Change (%) Revenue 64.2 49.2 1.1 0.9 - - 65.3 50.1 30% Royalty (3.5) (2.4) - (0.1) - - (3.5) (2.5) 40% Production costs (22.2) (19.7) (0.9) (0.8) (0.9) 0.1 (24.0) (20.4) 18% Depreciation (4.2) (4.5) - - 0.2 0.2 (4.0) (4.3) -7% Gross profit 34.3 22.6 0.2 - (0.7) 0.3 33.8 22.9 48% $33.8m Record Gross Profit $65.3m Combination of gold price and record ounces 1. Inter-company adjustments and overhead costs
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NYSE/AIM/VFEX: CMCL 10 Review of Results Quarterly Gross Profit 2023 - 2025 Blanket significant increase in profit Bilboes no longer has a negative impact $ Million - 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 Blanket & Bilboes Blanket
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Q2 2024 Labour Consumables Admin costs Power CSR & other costs Q2 2025 950 970 990 1,010 1,030 1,050 1,070 1,090 1,110 1,130 1,150 On-Mine Cost per ounce $ (Qtr vs comparable Qtr) NYSE/AIM/VFEX: CMCL 11 Review of Results Production costs per ounce consolidated Blanket on-mine cost Guidance: $1,050 - $1,150 per ounce Blanket AISC Guidance: $1,690 - $1,790 per ounce 4.4% 4.6% 1.9% -1.8% 1.6% Q2 2024 On mine cost per ounce Admin expenses Sustaining Capex Royalties Other Q2 2025 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 AISC per ounce $ (Qtr vs comparable Qtr) 7.4% 2.4% 2.0% 9.4% 0.5% 1,485 1,805 1,123 1,013 Increase driven by ➢ Production bonuses ➢ Increased consumable spend ➢ Partially offset by power savings ➢ Capex spend on track
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NYSE/AIM/VFEX: CMCL 12 Review of Results Profit or loss for Quarter 2 (continued) Blanket Bilboes oxide Other1 Consolidated ($’m) Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Change (%) Gross profit 34.3 22.6 0.2 - (0.7) 0.3 33.8 22.9 48% Net foreign exchange losses (0.7) (1.9) - - (0.3) (0.3) (1.0) (2.2) -55% Corporate2 (2.7) (1.9) - - (3.1) (2.7) (5.8) (4.6) 26% Profit on the sale of non- current asset held for sale - - - - 8.5 - 8.5 - 100% Net finance cost (0.6) (0.9) - - 0.1 0.2 (0.5) (0.7) -29% Profit (loss) before tax 30.3 17.9 0.2 - 4.5 (2.5) 35.0 15.4 127% Tax expense (8.7) (4.9) - - (2.7) (0.3) (11.4) (5.2) 119% Profit (loss) for the period 21.6 13.0 0.2 - 1.8 (2.8) 23.6 10.2 131% NCI 3.1 1.9 3.1 1.9 63% Attributable profit (loss) 20.5 8.3 147% Adjusted EPS ($) cents 113.9 44.6 155% 1. Intercompany and Corporate office 2. Comprises retirements cost, other income, other expenses, administrative expenses, cash and equity-settled share-based expenses. Exchange losses under constant focus Profit on solar plant sale Tax expense includes CGT on solar plant sale
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NYSE/AIM/VFEX: CMCL 13 Review of Results Cashflow ($‘m) 3 months ended June 30, 2025 6 months ended June 30, 2025 Q2 2025 Q2 2024 YTD 2025 YTD 2024 Cash from operations before working capital 31.2 19.8 56.1 30.3 Working capital (net) 2.9 1.2 (3.4) (2.8) Cash inflow from operations 34.1 21.0 52.7 27.5 Interest and tax paid (6.0) (1.9) (11.4) (3.6) Net cash inflow from operating activities 28.1 19.1 41.3 23.9 Capital expenditure (12.3) (7.6) (20.8) (11.8) Proceeds from sales of assets (net) 22.0 0.0 22.0 0.0 Investment in fixed term deposits and derivatives (18.0) (0.2) (19.6) (0.4) Net cash used in investing activities (8.3) (7.8) (18.4) (12.2) Net cash (used in)/from financing activities (6.9) 1.0 (6.0) (1.7) Net increase in cash and cash equivalents 12.8 12.3 16.9 10.0 Effect of exchange rate fluctuations on cash and cash equivalents - 0.5 - (0.4) Net cash and cash equivalents at the beginning of the period (4.6) (14.2) (8.7) (11.0) Net cash and cash equivalents at the end of the period 8.2 (1.4) 8.2 (1.4)
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NYSE/AIM/VFEX: CMCL 14 Review of Results Net cash 1 & Cashflow ($`000) 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 1,277 1,986 44 1,518 1,765 Dubai – – – 58 38 UK/Jersey - Fixed term deposits – – – – 18,000 Total net cash1 and cash equivalents (1,366) (7,635) (8,668) (4,572) 26,211 Consolidated net cash1 across the jurisdictions where the Group holds its cash $40m excluding overdrafts $30m Pro forma net cash1 balance August 8, 2025 1. Net cash refers to the Cash and cash equivalents minus the overdrafts, including the fixed term deposits. 0 5000 10000 15000 20000 25000 30000 35000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 Cash generated from operations before working capital changes
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NYSE/AIM/VFEX: CMCL 15 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 regulations, including National Instrument 71-102 – Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, and reflects our status as an SEC foreign issuer with equivalent disclosure obligations outside Canada. • We remain fully committed to transparent and timely disclosure of material information through the publication of our annual and half-yearly financial statements and via recognised regulatory channels, and, going forwards, we anticipate publishing revenue, costs and production results for the quarters for which we do not release detailed financial results (namely, the first and third quarters). • This change does not affect our obligation to disclose any significant developments or risks that may materially impact the group’s financial position or performance. • We will continue to provide comprehensive MD&A commentary as part of our annual and semiannual reporting cycle.
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Review of operational results
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NYSE/AIM/VFEX: CMCL 17 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 supervisors is planned as a next step
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NYSE/AIM/VFEX: CMCL 18 Review of Operations - Blanket Tonnes Milled & Grade (2023 – Q2 2025) Ounces Produced & Recovery (2023 – Q2 2025) 50,000 100,000 150,000 200,000 1.5 2.5 3.5 4.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 Tonnes Milled (t) Head grade (g/t) Grade Tonnes 92.8 93 93.2 93.4 93.6 93.8 94 94.2 94.4 94.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 0 5,000 10,000 15,000 20,000 25,000 Gold Recovery % Ounces Ounces Recovery
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Document Tracker 19 19 Consistent delivery through Q2 2025 Apr Q2 B ; 5 818 May Q2 B ; 12 189 Jun Q2 B ; 18 844 21 070; Q2 2025 - 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 20 000 22 000 1-Apr 4-Apr 7-Apr 10-Apr 13-Apr 16-Apr 19-Apr 22-Apr 25-Apr 28-Apr 1-May 4-May 7-May 10-May 13-May 16-May 19-May 22-May 25-May 28-May 31-May 3-Jun 6-Jun 9-Jun 12-Jun 15-Jun 18-Jun 21-Jun 24-Jun 27-Jun 30-Jun Cumulative Budget & Actual Oz for 2025 Date Actual vs Budget Oz for Q2 2025 Budget Q2 Cumulative Oz Q2 Cumulative Adjusted Daily Production (Oz)
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Document Tracker 20 20 Quarter 2 2025 Reserve Generation
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Bilboes Update
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NYSE/AIM/VFEX: CMCL 22 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 approach – higher degree of financial prudence • Explore short-term revenue opportunities across the asset portfolio. Funding: • Aims: ▪ maximise net present value per share ▪ minimise equity dilution ▪ prudent level of gearing • Funding options under consideration include non-recourse project finance, mezzanine funding, and asset-backed loans • Final funding decisions will follow the feasibility study and depend on funder timelines. Bilboes Update
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Motapa Exploration
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NYSE/AIM/VFEX: CMCL 24 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 resource to an approximate 175 meters below surface • 137 drillholes total, 16 270 meters RC + DD drilling • Mpudzi • Drill to delineate oxide mineral resource to an approximate 80 meters below surface • 67 drillholes total, 5 800 meters RC + DD drilling • Motapa South • Drill follow up on trench anomalies • 5 holes total, 300 meters RC drilling • Drilling commenced 17 March 2025. • Completed DD : 1 787.98 meters • Completed RC : 9 638 meters
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NYSE/AIM/VFEX: CMCL 25 Motapa North – DD and RC Drilling to date 2024 RC 2025 RC 2024 DD 2025 DD
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NYSE/AIM/VFEX: CMCL 26 Motapa Central (Mpudzi) – DD and RC Drilling to date
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NYSE/AIM/VFEX: CMCL 27 Outlook "Caledonia has delivered another strong quarter, with gold production at Blanket reaching a new second-quarter record and profitability significantly enhanced by a higher gold price environment.” • 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 resources to measured and indicated mineral resources • To continue exploration on other target areas on Blanket’s lease area which are outside the current mine footprint • Continue work on a feasibility study for the Bilboes Sulphide Project, including the evaluation of new factors that may positively impact project economics • Continue exploration at Motapa targeting oxide and sulphide resources
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Any Questions?