Slides
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Q3 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 Q3 2025 Results • Fatality during the quarter; comprehensive safety review and new measures implemented to strengthen risk management and workforce protection. • Gold production at Blanket of 19,106 oz, with gold sales of 20,355 oz. • Average realised gold price increased 40% to US$3,434/oz, driving strong revenue growth. • Revenue increased by 52% to $71.4 million compared to the third quarter of 2024, and EBITDA increased 162% to US$33.5 million. • Bilboes Feasibility Study expected to be released imminently. • Exploration programs at Blanket and Motapa are advancing, with encouraging results and further drilling underway. • Quarterly dividend of US$0.14/share declared. Caledonia no longer publishes financial statements and management's discussion and analysis (MD&A) reports on a quarterly basis in accordance with Canadian securities regulations.
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Review of operating results
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6NYSE/AIM/VFEX: CMCL Category KPI Q1 2025 Q2 2025 Q3 2025 Threshold RAG Q3 2025 Comments Safety Accident-Free Days 83 85 87 90 Improved injury-free days, signifying improved safety controls Loss of life 0 0 1 0 Loss of life incident recorded, secondary blasting Lost Time Injuries (LTI) 4 1 0 0 Marked reduction, signifying improved safety controls Total Recordable Injuries 8 6 6 0 Constant quarter on quarter, severity increased due to loss of life Near Misses Reported 21 11 12 30 Stagnating, near-miss intervention initiated towards the end of Q3 SHE Meetings 123 178 222 150 Substantial increase, showing higher employee engagement Environment Water Recycling Ratio (%) 42.7 41.2 67.5 45 Increase; indicating reduced stress on fresh water Effluent Discharge Events 14 17 9 0 Notable decrease; effluent controls being effective Occupational Hygiene Dust Samples Collected 0 88 237 98 Dust exposure sampling coverage well ahead of schedule Noise Samples Collected 0 31 209 30 Noise exposure sampling coverage well ahead of schedule Noise Zones Demarcated 0 20 30 20 High noise zones demarcated Health HIV Testing Uptake (%) 28.5 40.4 50.4 95 Strong uptake reflects entrenchment of pro-active culture in health TB Cases Identified 4 5 4 0 Improved diagnostic techniques enabling detection of more cases Mental Health Counselling Cases 19 519 1054 - More employees accessing mental health services Ventilation Airflow at Central Shaft (m³/s) 97.3 122.8 104 120 Decrease in down-cast volumes, summer, up-cast facility on track Average Wet Bulb Temps (face)oC 27.7 27.5 28.2 32.5 Widespread monitoring now used for heat control Strata Control Support Compliance (%) 87.7 89.2 87 90 Compliance levels satisfactory, focus now on temporary support Rock Engineering Audits Completed 8 12 34 10 Audit frequency increased, enhancing compliance Risk Systems Bowtie Analyses Completed 12 52 52 52 Full SUE coverage achieved COPs Finalized 4 24 30 30 Improved pace of code of practice completion; 9 approved SOPs Completed 3 12 156 156 SOPs under review and finalization Fatal Risk Protocols 0 0 7 10 3 to be completed, roll-out and monitoring scheduled for Quarter 4 Improved Health and Safety barring Loss of life in Q3
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NYSE/AIM/VFEX: CMCL 7 Consistent tons delivered to Blanket Plant Tonnes Milled & Grade (2023 – Q3 2025) Ounces Produced & Recovery (2023 – Q3 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 Q3 2023 2024 2025 Tonnes Milled (t) Head grade (g/t) Grade Tonnes 92.6 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 Q3 2023 2024 2025 0 5,000 10,000 15,000 20,000 25,000 Gold Recovery % Ounces Ounces Recovery
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8 Mining Matrices Above plan ASPECT MILESTONE Tonnes broken: 229 468t (110% achieved) Tonnes trammed: 220 352t (106% achieved) Tonnes Hoisted: 208 676t (100% achieved) ROM Development: 4 464.5m (108% achieved) Total Development: 5 624.9m (106% achieved) Grade (Broken): 3.04g/t
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9 On Course To Meet Increased Guidance 3rd QTD YTD ACTUAL BUDGET VAR % VAR ACTUAL BUDGET VAR % VAR Tons Milled 212,504 205,747 6,757 3.28 619,174 577,129 42,045 7.29 BUH (g/t) 3.00 3.20 -0.21 -6.41 3.16 3.21 -0.05 -1.57 Assay (g/t) 2.85 3.20 -0.36 -11.09 3.09 3.21 -0.12 -3.64 Rec Grade (g/t) 2.80 3.00 -0.20 -6.67 2.96 3.00 -0.05 -1.54 Rec on BUH (%) 93.34 93.60 -0.26 -0.28 93.63 93.60 0.03 0.03 Tail Grade, g/t 0.20 0.20 -0.01 -2.61 0.20 0.20 0.00 -1.79 Ounce (Oz) 19,106 19,819 -713 -3.6 58,846 55,715 3,131 5.62
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10 *Note the Abbreviations Used: 1. N.I.P = Not in Production 2. P .I.P = Partially in Production. 3. I.P = In Production 3,542 214,305 172,054 389,901 -200,574 189,327 Tonnes Generated from N.I.P Tonnes Generated from P.I.P Tonnes Generated from I.P Total Tonnes Generated Tonnes Depleted Net Generation TONNAGE (T) - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 QUARTER 3 2025 RESERVE GENERATION Securing the future – Positive Reserve Generation
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11 CRITICAL TARGET AREAS ACTION PLAN STATUS Men Riding • Procure a trial man carriage for 12 employees, suitable for the existing haulage and track conditions • Trial Men-riding car has been delivered and commissioned, currently in use at 22L Eroica/Lima Haulage. • 5 x Man Carriers to be fabricated in FY26, included in OPEX budget Guard Cars • Fabricate a guard car for use underground • Arrange for a trial guard car unit with guard communication • 5 x guard cars fabricated on site to date • One trial guard complete with communication now at Shepco, expected onsite on 15/105/2025. Commissioned scheduled for 2025 Use of Auto Couplers • A sample auto coupler received and trialed. Results satisfactory • 10 more units on order expected on-site in August 2025 • The ordered 10 auto couplers were received and being trialed on loco 24 in 22L. 20 more auto couplers were delivered in stores earmarked for GUARD CAR FABRICATION COST BENEFIT ANALYSIS SUPPLIER GALLISON SHEMAX Unit Cost (USD) 11 500 20 100 Cost of on-site Fabricated Guard car (USD) 5 443 5 443 Cost Saving/Car (USD) 6 057 14 657 Cost Saving for 5 (USD 30 285 73 285 Focussing on productivity - improved technology adoption
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Review of financial results
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NYSE/AIM/VFEX: CMCL 13 Financial Results Summary 3 months ended September 30 9 months ended September 30 Q3 2025 Q3 2024 Change (%) YTD 2025 YTD 2024 Change (%) Gold sold (oz) 20,792 19,136 9% 60,667 59,776 2% Gold produced* (oz) 19,106 18,992 1% 58,847 56,815 4% On mine costs ($000) 25,542 20,199 27% 71,836 59,458 21% On mine ($/oz sold) 1,228 1,056 16% 1,184 995 19% AISC ($000) 40,270 28,726 40% 112,085 80,465 39% AISC ($/oz sold) 1,937 1,501 29% 1,848 1,346 37% Realised gold price ($/oz) 3,434 2,447 40% 3,178 2,265 40% EBITDA ($000) 33,491 12,756 163% 95,502 42,269 126% Capital expenditure ($000) 6,759 6,686 1% 22,561 16,122 40% Free cash flow ($000) 5,911 (2,406) 346% 48,328 9,767 395% NCI ($000) 3,534 1,020 247% 8,891 3,505 154% Attributable profit (loss) ($000) 15,120 2,264 568% 44,521 12,033 270% EPS ($) cents 0.77 0.13 492% 2.27 0.62 272% Gold sold up 9% vs comparative quarter $3,434/oz 40% increase in realised gold price On mine costs up 27% vs comparative quarter driven by volumes & throughput * The gold production number above only includes Blanket`s results. Bilboes oxide mine contributes marginally to the overall results; however due to materiality its numbers have not been included. AISC up 40% vs comparative quarter driven by royalty
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NYSE/AIM/VFEX: CMCL 14 Review of Results Profit or loss 3 months ended September 30, 9 months ended September 30, ($’ 000) Q3 2025 Q3 2024 Change (%) YTD 2025 YTD 2024 Change (%) Revenue 71,440 46,868 52% 192,927 135,503 42% Royalty (3,487) (2,422) 44% (9,765) (6,831) 43% Production costs (27,136) (21,085) 29% (73,713) (60,505) 22% Depreciation (3,969) (4,048) -2% (11,870) (12,106) -2% Gross profit 36,848 19,313 91% 97,579 56,061 74% Net foreign exchange losses (671) (3,132) -79% (2,949) (10,196) -71% Profit on the sale of non-current asset held for sale - - - 8,540 - 100% Corporate1 (6,655) (7,473) -11% (19,538) (15,702) 24% Net finance cost (669) (824) -19% (2,044) (2,344) 1% Profit (loss) before tax 28,853 7,884 266% 81,588 27,819 193% Tax expense (10,199) (4,600) 122% (28,176) (12,281) 129% Profit (loss) for the period 18,654 3,284 468% 53,412 15,538 244% 1. Comprises retirements cost, other income, other expenses, administrative expenses, cash and equity-settled share-based expenses. Exchange losses benefit from WBWS market Tax expense includes CGT on solar plant sale and higher profits $27.1m production costs driven by additional volumes Equity settled expenses higher due to share price $71.4m Combination of high gold price and ounces
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NYSE/AIM/VFEX: CMCL 15 Review of Results Cashflow ($‘m) 3 months ended September 30, 2025 9 months ended September 30, 2025 Q3 2025 Q3 2024 Change (%) YTD 2025 YTD 2024 Change (%) Cash inflow from operations 26.0 12.2 113% 78.7 38.9 102% Interest and tax paid (12.3) (7.6) 62% (23.7) (10.3) 130% Net cash inflow from operating activities 13.7 4.6 198% 55.0 28.6 92% Capital expenditure (7.8) (7.0) 11% (30.2) (19.2) 57% Proceeds from sales of assets (net) - - - 22.0 - Investment in fixed term deposits and derivatives (0.5) - 100% (18.5) - 100% Net cash used in investing activities (8.3) (7.0) 19% (26.7) (19.2) 39% Dividends paid (5.7) (3.4) 68% (14.7) (9.1) 62% Repayments of loans and lease liabilities (0.6) (0.3) 100% (1.2) (0.4) 200% Proceeds from loans and borrowings & bonds - - - 3.6 4.0 -10% Net cash (used in)/from financing activities (6.3) (3.7) 70% (12.3) (5.5) 124% Net increase in cash and cash equivalents (0.9) (6.2) -85% 16.0 3.9 310% Effect of exchange rate fluctuations on cash and cash equivalents 0.0 0.0 - 0.0 (0.5) -100% Net cash and cash equivalents at the beginning of the period 8.2 (1.4) -686% (8.7) (11.0) -21% Net cash and cash equivalents at the end of the period 7.3 (7.6) -196% 7.3 (7.6) -196% $2.0 million included in taxes paid for CGT on solar plant sale $18.5 million in fixed term deposits YTD $14.7 million dividend payments made
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NYSE/AIM/VFEX: CMCL 16 Review of Results Liquidity ($‘ 000) 9 months ended September 30, 2025 Cash on hand 15,670 Bullion on hand 3,592 Gold sales receivables 5,590 Fixed-term deposits 18,500 Drawn down bank facilities (8,392) NET CASH AND LIQUID ASSETS 34,960 Undrawn bank facilities 9,358 TOTAL LIQUIDITY 44,318 Fixed Term deposits held in Jersey at c4% pa Bullion on hand represents 2,861ounces Gold sales receivables represents 1,526 ounces but at higher gold price
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S.A Mines Benchmarking Cost Profile Against African Peers NYSE/AIM/VFEX: CMCL 17 Joel* Masimong* Phakisa* Blanket Depth 2,100m 1,800m 2,400m 1,100m Tons Milled p.a 412Kt 468kt 494kt 820Kt People 2,042 2,089 3,474 2,500 Ounces Produced p.a 52,534 47,519 88,061 78,000 Recovered grade (g/t) 4.37 3.49 6.11 3.16 AISC/ Oz 2,316 2,493 2,156 1,848** Cost base not out of line with similar mines in the region Cost base significantly affected by tonnes hoisted and milled Operating at depth means higher costs per tonne and per metre hoisted 2,316 2,493 2,156 1,848 0 500 1,000 1,500 2,000 2,500 3,000 Joel Masimong Phakisa Caledonia AISC/Oz Sold Blanket (Caledonia) and Regional Peer Mines AISC/Oz SOLD Harmony FY25; Blanket Q3 2025 * Data extracted from the Harmony Operational Report for the year ended 30 June 2025 ** Based on the Q3 YTD run rate, however revised AISC annual guidance is US$1,850/Oz to US$1,950/Oz
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Updated Cost Guidance for 2025 NYSE/AIM/VFEX: CMCL 18 AISC (US$ / Ounce sold) $1,850 - $1,950↑ +9.5% Previous: $1,690 - $1,790 Increase due to higher royalties linked to gold price and admin costs On- Mine Cost (US$ / Ounce sold) $1,150 - $1,250↑ +11.1% Previous: $1,050 - $1,150 Increase driven by higher material movement and consumable costs Gold Production (Ounces) 75,500 – 79,500 Maintained Previous: 75,500 – 79,500 Production guidance unchanged Capital Expenditure (US$ Million) $34.1m Total Maintained • Blanket: $29.3m sustaining + $4.8m non-sustaining • Exploration: $5.8m (Bilboes & Motapa) • IT and initiatives: $1.1m
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Exploration
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NYSE/AIM/VFEX: CMCL 20 Motapa Exploration Programme – To date Investment & Strategic Context • Following strong 2024 results (announced 11 Nov 2024), US$2.8 million allocated for 2025 exploration. • Motapa’s proximity to Bilboes offers potential synergies if a viable resource is confirmed. 2025 Programme encompasses • 25,580m Reverse Circulation (RC) drilling • 1,780m Diamond Drilling Progress to date • 17,787m RC drilling completed • 1,763.4m Diamond drilling completed • Results remain within expectations Next Steps • Full drilling campaign to conclude Q4 2025 • Results to be released once all assays are received • Maiden resource declaration expected H1 2026
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NYSE/AIM/VFEX: CMCL 21 Motapa north mineralised resource outlines DD Drillholes RC Drillholes MOTAPA BILBOES N
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NYSE/AIM/VFEX: CMCL 22 Motapa central (mpudzi) mineralised resource outlines DD Drillholes RC Drillholes N
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NYSE/AIM/VFEX: CMCL 23 Exploration Activities at Blanket Mine Underground Exploration • Deep drilling targeting Eroica, Blanket, and AR South below 34 level, Lima drilling between 22 and 34 levels. • Lima zone includes up to 6 mineralised zones; drilling spans 22–34 Level. • Results comparable to mineral resource estimates supporting the life of mine plan. • Potential upgrade from inferred to indicated resources. • Further results expected Q4 2025. Surface Exploration • 13 trenches excavated at “K-Pits” totalling 2,294.7m; sampled every metre. • Anomalous gold values found across ~53,000m², 270m east of Sheet orebody. • Initiated 5,000m reverse circulation drilling to assess subsurface continuity and oxidation. • Results due Q1 2026.
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24 24 ARS, BQR and BLANKET Orebody DrillingLIMA Orebody Drilling North South Blanket Mine - Deep Drilling Localities
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NYSE/AIM/VFEX: CMCL 25 K-pits reverse circulation drilling localities and Surface Geology 600 m Talc Schist MetaBasalt Biotite / Chlorite Schist Serpentinite Schist Banded Iron Formation Shearing & Deformation Trench Number RC Drillhole Number
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NYSE/AIM/VFEX: CMCL 26 Outlook "The strong gold price environment, combined with higher production, has resulted in a 52% increase in quarterly revenue and a significant uplift in free cash flow.” • 2025 Gold Production Guidance: 75,500 – 79,500 oz. • Exploration Focus: • Blanket: Deep drilling below 34 level targeting Eroica, Blanket, AR South and Lima zones; surface trenching and RC drilling underway to identify near- surface opportunities. • Motapa: Continued drilling campaign (reverse circulation and diamond drilling) with maiden resource expected in H1 2026; strong potential for synergies with Bilboes. • Bilboes Feasibility Study: Is expected to be announced imminently • Cost Management: Improving labour efficiency and optimising engineering equipment to reduce unit costs.
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Any Questions?