Caledonia Greenlights Major Bilboes Gold Project With Nearly 1.75M Ounces in Proven Reserves, Set to Produce 200,000 Ounces a Year Starting 2029

Caledonia Mining Corporation Plc ("Caledonia" or the "Company") (NYSE:CMCL, AIM: CMCL, VFEX: CMCL)) is pleased to announce the decision to proceed with the Bilboes Gold Project ("Bilboes" or the "Project") following completion and publication of the feasibility study (the "Feasibility Study")1.

Highlights

• Single-phase development confirmed as the most economic development approach.
  
  
  
   
• Mineral reserves:
  
  
  • Summary of proven and probable: 1.749 Moz of gold at 2.26 g/t. See Appendix for complete estimate, as extracted from the TRS.
    
    
    
     
• Mineral resources (excluding mineral reserves):
  • Summary of measured and indicated: 532,000 oz of gold at 1.37 g/t. See Appendix for complete estimate, as extracted from the TRS.
  • Summary of inferred: 984,000 oz of gold at 1.62 g/t. See Appendix for complete estimate, as extracted from the TRS.
    
    
    
     
• Processing: BIOX® technology selected for refractory ore.
  
  
  
   
• Production profile:
  
  
  • Plant throughput of 240kt per month for the first 6 years of production, falling to 180kt per month for the remainder of the Project.
  • Metallurgical recovery ranging from 83.6% to 88.9%.
  • First full year (2029): ~200,000 oz.
  • Life of Mine: 1.55 Moz over 10.8 years.
  • All-in-sustaining cost ("AISC"): US$1,061/oz.