Slides
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Caledonia Mining Corporation Plc Q2 2026 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 Feasibility Study National Instrument 43-101 Technical Report” with effective date October 31, 2025 prepared by DRA Projects (Pty) Ltd and filed by the Company on SEDAR+ on May 21, 2026; and 4. “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 NYSE/AIM/VFEX: CMCL 3 Mark Learmonth Chief Executive Officer and Director Ross Jerrard Chief Financial Officer Victor Gapare Executive Director Maurice Mason Vice President Corporate Development and Investor Relations Craig Harvey Vice President Technical Services
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Results Summary NYSE/AIM/VFEX: CMCL 4 • Blanket production increased 18% QoQ to 17,360 oz, reflecting improved access to higher- grade areas and benefits from operational improvement initiatives. • Revenue increased 16% YoY to US$75.9m and EBITDA increased 16% to US$45.8m, supported by stronger production and a robust gold price environment. • Profit after tax rose 27% YoY to US$30.0m and EPS increased 29% YoY to US$1.36/share. • Operating cash flow increased 51% QoQ to US$28.4m; cash and cash equivalents reached US$167.8m. • Growth pipeline advancing, with continued progress at Bilboes, positive Motapa drilling results supporting a maiden resource in Q3 2026, and encouraging exploration results from the K-Pits project at Blanket. • Quarterly dividend of US$0.14/share declared
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Review of operating results
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Safety Culture and Risk Management Record LTI-free performance reflects the effectiveness of our safety culture and risk management systems. S A F E T Y P E R F O R M A N C E • 395 consecutive lost-time injury free days achieved at Blanket • Over 5.4 million lost-time injury free man-hours worked • No lost-time injuries recorded during the quarter • Longest LTI-free period in Blanket's operating history P R O A C T I V E R I S K P R E V E N T I O N • Risk propensity assessments and training in high-risk areas • Near-miss reporting and investigation • Continuous high-profile management intervention • Strong audit compliance maintained across the operation 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 • Investment in safety training and workforce engagement • Continued focus on critical risk management and hazard identification • Regular auditing and emergency preparedness exercises completed NYSE/AIM/VFEX: CMCL 6
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Production Recovery Higher-Grade Access Access to higher-grade mining areas is improving, supporting the expected H2 production recovery. Elution Plant Upgrade Completion of the elution plant upgrade will allow processing of stockpiled fine grain loaded carbon from September. Seven-Day Working Week The successful move to a seven-day working week is expected to add around 200 tonnes per day of ore processing from September . Q2 Ahead of Q1 Q2 production improved on Q1, showing early progress against the 2026 recovery plan. Four factors underpinning the improved production in H2 at Blanket Mine.
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Consistent tonnes delivered to Blanket Mine plant NYSE/AIM/VFEX: CMCL 8 Tonnes Milled & Grade (2023 – Q2 2026) Ounces Produced & Recovery (2023 – Q2 2026) 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 Q4 Q1 Q2 2023 2024 2025 2026 Tonnes Milled (t) Head grade (g/t) Grade Tonnes 90.5 91 91.5 92 92.5 93 93.5 94 94.5 95 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 0 5,000 10,000 15,000 20,000 25,000 Gold Recovery % Ounces Blanket Quarterly Production Ounces Recovery
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Review of financial results
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Financial Results Summary NYSE/AIM/VFEX: CMCL 10 Avg. realised gold price $4,259/oz 34% increase vs comparative quarter Absolute $ costs up 30% (on-mine) and 29% (AISC) vs comparative quarter * The gold production number and capital expenditure above only includes Blanket`s results. Unit costs up 49% (on mine) and 48% (AISC) vs comparative quarter driven by lower ounces sold Profit up 16.2% vs comparative quarter due to solar sale proceeds included in 2025 EPS up 29% vs comparative quarter 3 months ended 30-June 6 months ended 30-June 2026 2025 Change 2026 2025 Change (%) (%) Gold sold (oz) 17,811 20,487 -13.1% 31,594 39,875 -20.8% Gold produced* (oz) 17,360 21,070 -17.6% 32,127 39,741 -19.2% On mine costs ($000) 29,841 22,999 29.7% 53,831 46,294 16.3% On mine ($/oz sold) 1,675 1,123 49.2% 1,704 1,161 46.8% AISC ($000) 47,694 36,980 29.0% 85,780 71,816 19.4% AISC ($/oz sold) 2,678 1,805 48.3% 2,715 1,801 50.7% Average realised gold price ($/oz) 4,259 3,186 33.7% 4,502 3,045 47.9% EBITDA ($000) 45,836 39,460 16.2% 79,702 62,012 28.5% Capital expenditure* ($000) 7,097 10,254 -30.8% 12,375 15,845 -21.9% Free cash flow ($000) 17,387 37,708 -53.9% 30,170 42,418 -28.9% NCI ($000) 6,214 3,109 99.9% 9,274 5,357 73.1% Profit attributable to the Company ($000) 23,806 20,487 16.2% 39,659 29,402 34.9% EPS ($) cents 136.3 105.7 28.9% 216.0 150.3 43.7%
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Financial Results (continued) Consolidated profit or loss statement NYSE/AIM/VFEX: CMCL 11 $11.5m Derivative instruments gain primarily from increases in the fair value of the gold put options $39.2m Gross profit driven by improved margins due to higher gold price $75.9m Revenue Combination of high average gold price, partly offset by lower sales volumes $5.6m Admin costs driven by advisory fees mainly related to the senior loan note transaction 6.2% reduction in tax Once-off CGT tax paid on the sale of the solar included in 2025. ($ 000) 3 months ended 30-Jun 6 months ended 30-Jun Change YTD YTD Change 2026 2025 (%) 2026 2025 (%) Revenue 75,914 65,309 16.2% 142,347 121,487 17.2% Royalty (3,899) (3,507) 11.2% (9,525) (6,278) 51.7% Production costs (28,702) (23,954) 19.8% (53,522) (46,576) 14.9% Depreciation (4,131) (4,042) 2.2% (8,017) (7,901) 1.5% Gross profit 39,182 33,806 15.9% 71,283 60,732 17.4% Net foreign exchange loss (2,231) (1,026) 117.4% (1,873) (2,278) -17.8% Administration expenses (5,573) (4,363) 27.7% (10,623) (8,961) 18.5% Net fair value gain/(loss) on derivative financial instruments 11,501 - 100.0% 15,496 (1,592) -1073.4% Share based payment expense (337) (511) -34.1% (520) (525) -1.0% Other expenses (874) (1,103) -20.8% (2,176) (1,946) 11.8% Other income 37 75 -50.7% 98 141 -30.5% Net finance cost (1,044) (481) 117.0% (3,728) (1,375) 171.1% Profit on sale of subsidiary - 8,540 -100.0% - 8,540 -100.0% Profit before tax 40,661 34,937 16.4% 67,957 52,736 28.9% Tax expense (10,641) (11,341) -6.2% (19,024) (17,977) 5.8% Profit for the period 30,020 23,596 27.2% 48,933 34,759 40.8%
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Financial Results (continued) Consolidated statements of cash flows NYSE/AIM/VFEX: CMCL 12 ($ 000) 3 months ended 30-Jun 6 months ended 30-Jun 2026 2025 Change (%) 2026 2025 Change (%) Cash inflow from operations 38,494 34,111 12.8% 61,987 52,668 17.7% Interest and tax paid (10,059) (6,027) 66.9% (14,178) (11,395) 24.4% Net cash inflow from operating activities 28,435 28,084 1.2% 47,809 41,273 15.8% Capital expenditure (11,048) (12,342) -10.5% (17,639) (20,821) -15.3% Proceeds from sales of assets - 21,983 -100.0% 22 21,983 -99.9% Acquisition of put option instruments (4,176) - 0.0% (9,176) (1,592) 476.4% Acquisition of capped call option instruments - - 0.0% (14,438) - 100.0% Proceeds on maturity of fixed term deposit - (18,000) -100.0% 5,000 (18,000) -127.8% Net cash used in investing activities (15,224) (8,359) 82.1% (36,231) (18,430) 96.6% Dividends paid (10,838) (7,606) 42.5% (11,660) (8,993) 29.7% Payment of lease liabilities (74) (104) -28.8% (148) (133) 11.3% Repayments of loans and lease liabilities (421) 787 -153.5% (870) 787 -210.5% Repayment of bonds - - 100.0% (7,000) - 100.0% Proceeds from convertible senior loan notes issue - - 0.0% 145,100 - 100.0% Bond issue gross receipt net of transaction costs 4,956 - 100.0% 6,939 2,387 190.7% Net cash from financing activities (6,377) (6,923) -7.9% 132,361 (5,952) -2323.8% Net increase in cash and cash equivalents 6,834 12,802 -46.6% 143,939 16,891 752.2% Effect of exchange rate fluctuations on cash and cash equivalents (220) (19) 1067.7% (10) (12) -15.5% Net cash and cash equivalents at the beginning of the period 161,155 (4,572) -3624.8% 23,840 (8,668) -375.0% Net cash and cash equivalents at the end of the period 167,769 8,211 1943.2% 167,769 8,211 1943.2% $5m loan notes refinanced $14.4m acquisition of capped calls options to hedge against equity dilution $145.1m proceeds from Convertible senior notes, closed January $167.8m closing cash and cash equivalents
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Financial Results (continued) Liquidity NYSE/AIM/VFEX: CMCL 13 Bullion on hand represents gold processed on hand and ready for shipment after period end Gold sales receivables represents 454 ounces Cash on hand Significant cash on hand following the closing of the US$150m Convertible Senior Notes issue in January ($‘ 000) 3 months ended June, 2026 Cash on hand 171,784 Bullion on hand 13,568 Gold sales receivables 1,727 TOTAL BEFORE UTILISATION OF FACILITIES 187,079 Drawn down bank facilities (4,015) NET CASH AND LIQUID ASSETS 183,064 Undrawn bank facilities 16,985 TOTAL LIQUIDITY 200,049
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Capital Structure - Debt NYSE/AIM/VFEX: CMCL 14 Borrower Instrument/Lender Coupon Amount Outstanding Maturity Notes Caledonia Holdings Zimbabwe (100% Owned) Mining Industry Pension Fund 9.5% $2.0 m 11 April 2027 NMB Bank Zimbabwe Limited 9.5% $2.5 m 14 January 2028 Mining Industry Pension Fund 11.5% $2.0 m 24 February 2029 Successfully rolled-over in 2026 for 3 years, expiring in 2029.CBZ Bank Limited 11.5% $5.0 m 28 April 2029 Total CHZ $11.5m Blanket Mine (64% Owned) CABS 12.46% $1.0m March 2027 Nedbank Zimbabwe 12% $1.3m June 2028 Motor Vehicle Loan Stanbic Bank Zimbabwe Ltd 40% Undrawn October 2026 $12.5m facility denominated in ZiG Stanbic Bank Zimbabwe Ltd 12% $0.6m October 2026 $4m facility Nedbank Zimbabwe Ltd 8.25% $3.4m April 2027 $7m facility First Capital Bank 10% Undrawn May 2027 $10m facility Total Blanket $6.3m $25.8m USD & $12.5m Zig Available Caledonia Mining Plc Convertible Bond 5.875% $150.0m January 2033 Conversion price of $40.51 with matching capped call option in Caledonia’s favour at $40.51 capped at $56.72 Total Consolidated $167.8m
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Cost Review Blanket on-mine costs stable NYSE/AIM/VFEX: CMCL 15 Lower grade Reduced ounces sold but tonnes milled up from 2025. ZESA Wheeling charges increased but consumption decreased. BETS +$3 million increase in distributions YoY and included as employee benefits per IAS 19. On-mine cost – Blanket 3 months ended 6 months ended 30-Jun 30-Jun 2026 ($'m) 2025 Variance Variance (%) 2026 2025 Variance Variance (%)($'m) ($'m) ($'m) ($'m) ($'m) Salaries and wages 10.7 10.2 0.5 5% 18 17.3 0.7 4% Blanket Employee Trust (BETs) 3.2 0.2 3.0 1,500% 3.2 0.2 3.0 1,500% Consumable materials 5.6 5.3 0.3 6% 14.9 13.7 1.2 9% Electricity costs 5.5 4.6 0.9 20% 10.4 8.3 2.1 25% Other 2.3 2.7 (0.4) -15% 4.6 5.3 (0.7) -13% Total Blanket production costs (IFRS) 27.3 23.1 4.2 18% 51.1 44.8 6.3 14% Adjustments 1.2 (0.9) 2.1 -233% 0.3 (0.3) 0.6 -200% Adj. on-mine production cost 28.5 22.2 6.3 28% 51.4 44.5 6.9 16% Tonnes milled 208,148 204,915 3,233 2% 410,365 406,670 3,695 2% Cost/t milled 137 108 29 26% 125 109 16 14% On-Mine cost/oz 1,635 1,102 533 48% 1,668 1,140 529 46%
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Cost Review (continued) AISC NYSE/AIM/VFEX: CMCL 16 AISC 3 months ended 30-Jun 6 months ended 30-Jun 2026 ($'m) 2025 ($'m) Variance ($'m) Variance (%) 2026 ($'m) 2025 ($'m) Variance ($'m) Variance (%) On-mine costs 28.5 22.2 6.3 28% 51.4 44.5 6.9 16% Royalty 3.9 3.5 0.4 11% 9.4 6.2 3.2 52% Sustaining capital expenditure 8.2 8.1 0.1 1% 12.9 13.9 (-1.0) -7% Administrative expenses 5.6 2.2 3.4 155% 10.6 6.2 4.4 71% Other 0.1 0.1 0 0% (1.1) -0.9 (0.2) 22% AISC 46.3 36.1 10.2 28% 83.2 69.9 13.3 19% Tonnes milled 208,148 204,915 3,233 2% 410,365 406,670 3,695 2% Cost/t milled 222 176 46 26% 203 172 31 18% AISC /oz 2,659 1,793 866 48% 2,701 1,789 912 51% Capital expenditure Strategic investment to improve mine infrastructure. Royalty Higher gold price and higher effective royalty rate for gold prices greater than $5,000 per ounce. Administrative expenses Largely driven by advisor fees
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Updated Cost Guidance Production, On-mine & AISC NYSE/AIM/VFEX: CMCL 17 Production guidance Previous 2026 Guidance Updated Guidance % change On-mine cash costs per ounce sold $1,500 - $1,700 $1,600 - $1,800 +6% AISC per ounce sold $2,100 - $2,300 $2,500 - $2,700 +18% New capital projects previously announced ($ million) Previously announced March 23, 2026 2026 New/expected expenditure 133 kV Powerline 14.2 8.1 Central Shaft Rock Winder DC Configuration 2.2 3.1 Additional spend Housing project - 1.3 K-Pits - 4.0 Lima - 0.3 Underground Capital Development - 0.9 16.4 17.6 Costs On-mine and AISC, updated to reflect additional opex and capex expected in H2 from the initiatives below Drivers for update Increase in the cost guidance reflects strategic investments primarily at Blanket to support sustainable growth and operational reliability, including: • the powerline project to secure a stable electricity supply, • employee housing initiatives, • development of Lima plant and the K-Pits leaching project to unlock additional ounces, and • accelerated capital development to open new mining faces and support future production.
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Updated Cost Guidance Capex NYSE/AIM/VFEX: CMCL 18 Capex Item 2026 Capex Guidance Ref Previous ($’m) Updated ($’m) Sustaining capital expenditure Underground mine development a 7.7 8.5 Engineering (equipment, power, water/sewerage) 4.0 4.9 Business improvement initiatives - 132 Kv Powerline b - 8.1 Business improvement initiatives - AC/DC Conversion b - 3.1 Business improvement initiatives - Other 3.0 2.8 Milling/processing upgrades c 2.3 4.5 Risk Management 2.3 2.3 Special projects (mine housing development) d 2.0 3.3 Mineral resource management 1.9 2.5 K-Pits (New) e - 4.0 Other projects 3.4 4.0 Total 26.6 48.0 Growth capital expenditure Bilboes development project f 132.1 48.0 Motapa exploration 3.8 3.8 Blanket mine plant upgrade (New) g - 3.5 Total 135.9 55.3 Grand Total 162.5 103.3 Drivers for update Sustaining Capex a. Accelerated development to open new mining faces to increase production b. Construction of a new 132 Kv powerline and conversion of the Central Shaft winder from AC to DC as previously reported on 23 March 2026 c. Milling and sewage plant upgrades d. Cost updates due to design change and additional infrastructure in the village e. K-Pits, investment to unlock potential for oxide mining Growth Capex e. Bilboes capex now reflects a better understanding of the timing of deposits required for long-lead time equipment which continues to emerge from the ongoing procurement process f. Various upgrades to the Blanket plant (Crushers, Compressors, CIL etc.) to increase its capacity and efficiency
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NYSE/AIM/VFEX: CMCL 19
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NYSE/AIM/VFEX: CMCL 20 Independent Valuation Support To enhance the robustness and independence of our valuation process, Deloitte South Africa’s specialist valuation team was e ngaged to perform an independent valuation of both the derivative liability and the options as at 30 June 2026. Deloitte has completed its assessment, and no material issues were identified. The valuation methodology and assumptions applied are consistent with IFRS and align with the methodologies adopted in the valuat ions they previously performed as at 20 January 2026 and 31 March 2026. The fair values above are based on Deloitte’s valuation outputs and have been review ed by BDO as part of their review procedures. In addition, management performed its own internal valuation assessment as a corroborative control, with the results demonstr ating close alignment to Deloitte’s determined fair values, providing further assurance over the appropriateness and reliability of the valuations recognised at 30 June 2026.
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Bilboes
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Bilboes Project NYSE/AIM/VFEX: CMCL 22 100% Owned, Large-Scale, High-Grade Gold Project ✓ Bilboes remains Caledonia's most significant growth project and a key driver of the Group's long- term growth strategy. ✓ Continued progress across financing, engineering and development workstreams during the quarter. ✓ Completed geotechnical investigations for the process plant site. ✓ Advanced process plant optimisation studies. ✓ Substantially completed tender processes and procurement for long lead items i.e major earthworks and milling equipment. ✓ Construction of additional early works accommodation facilities on site to commence in October. ✓ Continued engagement with prospective financing providers as the project advances towards development. Bilboes continues to advance on schedule and remains central to Caledonia's strategy to deliver sustainable long-term growth.
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Capital expenditure below budget due to payment timing NYSE/AIM/VFEX: CMCL 23 • YTD expenditure of $3.5 million compares with a budget of $8.3 million. This is mainly expenditure on owners' team and Front-End Engineering Design (FEED) work. • Forecast 2026 expenditure is now $48 million, compared with the original $132.1 million budget. • The variance mainly reflects the timing of deposits and staged payments for capital equipment, rather than slower project execution. • The balance of equipment costs will be paid as contractual milestones are reached. • There is no change to the project timetable, cost or scope. Lower 2026 capex reflects the timing of equipment deposits and staged payments, with no change to project scope or timetable.
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Economic Analysis The Project generates a value accretive business case in all three of the gold price scenarios evaluated in the Bilboes Gold Project Technical Report Summary1: NYSE/AIM/VFEX: CMCL 24 Metric Unit Consensus Forecast Price2 3-Year Trailing Average Price Spot Price3 (August 2026) Gold Price (Avg.) US$ / oz 2,548 2,350 4,156 Post-Tax NPV8% Real US$ M 582 454 1,539 Post-Tax IRR % Real 32.5 27.4 57.9 Payback Period4 years 1.7 2.8 0.9 Peak Funding Required US$ M 484 484 484 Value-Investment Ratio ratio 1.2x 0.9x 3.2x Life of Mine years 10.8 10.8 10.8 Operating Margin % 59.5 56.5 73 AISC ($/oz) 1,061 - 1,1455 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 August 5, 2026 4. As measured from the date of first ore processed / first revenue
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Funding Strategy Four Funding Pillars ✓ Gold hedging ✓ Conv. notes Interim facility Project finance 1 Gold price hedging ✓ Completed $3,500 Floor price / oz 3,000 oz Monthly coverage • Put options active Jan 2026 – Dec 2028 • Full upside participation above $3,500/oz • Provides floor to support Interim Facility 2 Convertible notes offering ✓ Completed $150M Raised (upsized) ~$130M Net proceeds • 5.875% coupon, convertible after Oct 2032 • Capped calls: effective conversion at $56.72/share • Over $600M investor demand at launch 3 Interim funding facility Imminent close Up to $150M Target facility September-2026 Expected close • Zimbabwean / South African bank consortium • Co-lead: Stanbic Bank Zimbabwe & CBZ Bank • Secured against Blanket Mine cash flow 4 Project finance Q1 2026 Process commenced 6 - 12 months Due diligence • Formal process now underway • Regional and global financial institutions • Running parallel to Interim Facility Two of four pillars complete · $280M+ secured to date In progress
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Cash on hand, $172m Cash on hand, $172m Senior Debt & Other Facilities $303m Senior Debt & Other Facilities $263m Forecast Future Net Cash Flow $115m Forecast Future Net Cash Flow $155m Bilboes Funding Overview NYSE/AIM/VFEX: CMCL 26 Capital Cost $485m Capitalised Interest, $80m Working Capital, $25m Sources and uses of funds to complete the Bilboes project $3,500/oz3 $4,000/oz 1 – Forecast Future Net Cash Flow is based on the current Blanket mine plan assuming capital and operating costs highlighted in Caledonia’s technical report published on our website on May, 20th 2024 less Caledonia’s operating costs and dividends paid to Caledonia shareholders 2 – Cash on Hand as at the end of Q2 2026 3 – Caledonia has purchased Put options for 108k ounces at a strike price of $3,500/oz from 2026 - 2028. These Put options are expected to underpin cash flow at gold prices below $3,500/oz 4 – Lenders may insist on up front cash being available rather than enabling Caledonia to rely on future forecast net cash flow 2 2 1/4 1/4 Estimated Total Funding Requirement of $590m Source of Funds Use of Funds
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Exploration
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Blanket Mine K-Pits Surface Exploration Results Aug 2026 Updated Blanket resource statement expected 10,000t Trial heap leach sample, H2 2026 ~200m East of nearest projected underground orebody New mineralized horizon identified HIGHLIGHTS ● Surface drilling confirms continuity of gold mineralisation below surface over the K-Pits target area ● Both oxide and sulphide mineralisation identified — near-term development plus longer-term exploration upside ● Metallurgical test work on oxide heap-leach amenability underway, with encouraging preliminary results ● Follow-up drilling planned from surface and underground platforms to test depth extensions SELECTED DRILL HIGHLIGHTS KPT0EX2553 OXIDE 23.00m @ 2.61g/t KPT0EX2545 OXIDE 15.00m @ 1.69g/t KPT0EX2510 SULPHIDE 16.00m @ 6.04g/t KPT0EX2542 SULPHIDE 7.00m @ 5.96g/t Downhole intersections; estimated true widths quoted in full announcement WHY THIS DISCOVERY MATTERS 1 K-Pits was originally designed to evaluate near-surface targets within the Blanket lease that had received little prior exploration attention. 2 Geological interpretation suggests the mineralisation may be a separate system — a previously unrecognised horizon untouched by historic underground mining. 3 Near-surface oxide mineralisation may be amenable to conventional heap leaching: a potentially lower- cost route to gold extraction than underground mining.
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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, 2026 29 M E T R E S D R I L L E D 6,787m Jan– Jun 2026
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Blanket Mine Exploration Drilling Intersection Highlights M E T R E S D R I L L E D 10,312m Mar – Dec 2025 34 Level · 1,019m ➢ Intersections at 1,285m ➢ 42 Level equivalent Encouraging results from the deep level drilling programme continue to demonstrate the continuity and quality of key orebodies at depth. Grades and widths consistent with, or better than, expectations Several high-grade intersections identified Results to be incorporated into an updated Mineral Resource and Reserve statement 2026 Blanket 7 (BLK7) - unexploited mineralised zone 30
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Motapa Exploration Investing for Future Growth 2026 EXPLORATION BUDGET US$3.8M Growth Capital Programme Completion of the FY2025 exploration programme at Motapa delivered encouraging results along a ~6km strike of the Bubi Greenstone Belt across the Motapa North, Central and South shear zones. Exploration continues to target resource growth, upgrading and the evaluation of additional prospective areas, further reinforcing Motapa's potential as a strategic extension to Bilboes KEY MILESTONE Q3 2026 Maiden Mineral Resource Estimate expected for portions of Motapa, reflecting the 2025 drilling results. SELECTED DRILLING HIGHLIGHTS — MOTAPA NORTH 19.00m at 8.08g/t (JPRC52) 6.38m at 13.95g/t (JDD11) 12.00m at 7.12g/t (JPRC63) 17.00m at 3.25g/t (JPRC51) 2026 FOCUS AREAS Motapa North Infill drilling and extension testing between historic pits, building on high-grade intercepts to Q3 2026 MRE. Mpudzi oxide potential Assess near-surface oxide potential and extent at depth, following 2025 oxide intersections at Motapa Central. Motapa South drilling Follow-up drilling and trenching on newly identified anomalous targets with no history of open- pit mining. ↑ Attractive exploration opportunity — with 6km of confirmed strike, enhancing the scale, life and economics of Bilboes.
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Strategic Focus NYSE/AIM/VFEX: CMCL 32 • Enhance production at Blanket, while improving operational efficiency, modernising infrastructure and reducing costs. • Extend Blanket's mine life through resource conversion drilling and exploration of targets beyond the current mining footprint. • Advance Bilboes towards development, progressing financing initiatives and commencing mine development activities. • Unlock future growth at Motapa, advancing exploration to define sulphide resources for potential integration with Bilboes and oxide resources that could provide near-term production opportunities. “With improving operating momentum, a strong gold price environment and several growth opportunities advancing across the portfolio, we remain confident in Caledonia’s outlook and our ability to create long-term value for shareholders. ”
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Any Questions?