RECORD FINANCIAL PERFORMANCE IN FY 2025, STRONG CASH GENERATION AND CLEAR GROWTH MOMENTUM INTO 2026

SAINT HELIER, JE / ACCESS Newswire / March 23, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company" and together with its subsidiaries "the Group") is pleased to report preliminary unaudited financial and operating performance for the Quarter and FY 2025, reflecting a year of strong revenue, profit and cash generation, alongside continued progress on its growth strategy across Blanket Mine, Bilboes and Motapa.

The Group's performance during the year was underpinned by a higher gold price environment, providing a robust platform to execute the next phase of growth into 2026 and beyond.

Unaudited consolidated statements of profit or loss and other comprehensive income, consolidated statements of financial position and consolidated statements of cash flows are included in the appendices at the end of this announcement. The Company expects to file its Annual Report on Form 20-F for the year ended December 31, 2025, containing audited financial statements for FY 2025, ("Form 20-F") with the U.S. Securities and Exchange Commission in the next few weeks, and an announcement will be made to notify of its filing in due course.As a result, all financial results described herein should be considered preliminary (and are unaudited), and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time we file our Form 20-F.

Summary for Quarter and FY 2025

The Group delivered an exceptional financial performance in FY 2025, benefiting from a higher gold price environment.

• Gold Production and Sales:

  • Blanket Mine ("Blanket") produced 76,213 ounces ("oz") of gold in FY 2025 and sold 77,392 oz, with 2,262 oz of gold bullion on hand at year end.

  • The Bilboes oxide operation produced and sold 1,683 oz of gold during FY 2025.

  • Total consolidated gold sales were 79,075 oz, compared to 77,917 oz in the previous year ("FY 2024").

• Revenue increased by 46% to US$267.7 million, compared with US$183.0 million in FY 2024, driven primarily by a significantly higher realised gold price and strong sales volumes.

• Gross profit increased to US$137.1 million, compared to US$77.0 million in FY 2024, reflecting improved margins due to the higher gold price.

• EBITDA increased to US$125.3 million, compared with US$59.7million in FY 2024, representing a substantial improvement driven by higher gold prices.

• Profit after tax increased to US$67.5 million, compared with US$23.1 million in FY 2024, an increase of 193%.

• Net cash generated from operating activities increased by 82% to US$76.2 million (FY 2024: US$42.0 million).

• Unit Costs:

  • Consolidated on-mine cash cost averaged US$1,263/oz sold.

  • All in sustaining cost ("AISC") averaged US$1,952/oz sold, based on 79,075 oz sold.

• Free cash flow increased to US$62.1 million, compared with US$10.6 million in FY 2024.

• Basic earnings per share ("EPS") increased by 211% to US$2.83 (FY 2024: US$0.91), driven by higher profitability.

• Bilboes Gold Project ("Bilboes" or "the Project"):

  • The Bilboes sulphide feasibility study was completed and published in November 2025, confirming a single-phase development, robust economics and a clear pathway to development.See "Bilboes Gold Project Technical Report Summary" with effective date October 31, 2025 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 November 24, 2025 (the "Feasibility Study").

• On 5 November 2025, Caledonia announced the appointment of Mr. July Ndlovu as an independent non‑executive director to the Board.

• Quarterly dividend: Caledonia announces today that the board of directors of the Company (the "Board") has approved a dividend of 14 cents per share which will be paid on April 17, 2026.

The Group's balance sheet strengthened materially during the year. Cash and cash equivalents increased to US$35.7 million at year end (FY 2024: US$4.3 million), resulting in a net cash position of US$23.8 million, compared with a net debt position of US$8.7 million at the end of 2024. This enhanced financial position provides the Group with greater flexibility to fund its growth initiatives.

OPERATING RESULTS SUMMARY

1. Previously reported in 200,000 man hours.

2. The production summaries above only show Blanket results. Bilboes contributes marginally to the overall results; however, due to materiality, its numbers have not been included above.

3. Please refer to the financial statement appendices at the end of the report.

4. The capex relates to Blanket only.

5. LTIFR - lost time injury frequency rate.

6. TIFR - total incident frequency rate.

Chief Executive Officer's Comment

Mark Learmonth, Caledonia's Chief Executive Officer, commented:

"2025 has been a strong year for the Group, marked by record financial performance, excellent cash generation and continued strategic progress across the business. Revenue increased by 46% to US$267.7 million, profit after tax rose by 193% to US$67.5 million, and net cash generated from operations increased by 82% to US$76.2 million.

At Blanket, we produced 76,213 ounces of gold, meeting our revised increased guidance, while continuing to invest in exploration. The results from our drilling programmes are highly encouraging and reinforce our confidence in the long-term future of the operation.

Beyond Blanket, we advanced our organic growth strategy and made decisive progress with Bilboes, our next mine. The publication of the Feasibility Study confirmed our expectations that Bilboes is an attractive and robust project that has the potential to materially change our production and profit profile and at the same time provide meaningful contributions to Zimbabwe.

Our investment in Motapa, which sits contiguous to Bilboes, forms an important part of our strategy to build a broader production and growth platform in Zimbabwe. Our post-period funding initiatives, together with the proceeds from the sale of the solar plant at Blanket, have significantly strengthened our balance sheet and leave us well positioned to fund growth while importantly maintaining financial flexibility.

We continue to receive strong and constructive support from the Government of Zimbabwe in implementing our strategy. Looking ahead to 2026, our focus is on execution and the strategic objective of becoming a multi-mine producer. Our commitment is unwavering to safety and our people while maintaining consistent operations at Blanket, advancing Bilboes in line with the financing and development timetable, continuing targeted exploration at Motapa, and delivering sustainable value for shareholders, employees and the communities in which we operate. We intend to use the current strong gold price to invest in projects at Blanket to improve operating resilience and contain further upward pressure on input prices."

WEBCAST

The Company will host a remote presentation for analysts and investors on its preliminary and unaudited operating and financial results for the Quarter and FY 2025 on Monday March 23, 2026 at 2:00pm London time, followed by an opportunity to ask questions.

Webcast link: https://stream.brrmedia.co.uk/broadcast/69ae9fc354af4a0013267828

Safety

Safety remains a core priority for the Group. During FY 2025, the Company reported a fatal accident involving a Blanket employee in September 2025, following an incident related to secondary blasting. The Group remains deeply saddened by the loss and extends its condolences to the family and those affected. In response, management initiated a comprehensive review of safety procedures, controls and training programmes across the operation, with a continued focus on reinforcing safety standards, improving risk management practices and strengthening the safety culture throughout the business.

At Blanket, work is underway to further strengthen the fatal risk management framework, including the enhancement of risk registers, risk standards, and verification and assurance processes. In parallel, the Group has implemented the IsoMetrix electronic SHEC management system to support consistent incident reporting, hazard identification and risk management across its operations. The system went live in December 2025, with training continuing into 2026.

No lost time injuries or fatalities occurred during the Quarter, and the LTIFR for FY2025 was 0.84 per million work hours.

Production

Blanket delivered a strong and resilient operational performance in FY 2025, meeting increased production guidance despite operational challenges experienced during the year. FY 2025 gold production of 76,213 oz was within the revised guidance range of 75,500 to 79,500 oz and broadly consistent with production achieved over the prior two years, reflecting the underlying stability of the operation.

Production in the second half of the year was affected by lower tonnages from higher grade areas, which are being addressed through ongoing mine development, and by an increased incidence of prolonged electricity supply interruptions towards the end of the year. These impacts were partially offset by robust milling throughput and the draw-down of material from the ore stockpile, which helped to maintain overall production levels.

For 2026, Caledonia expects Blanket gold production to be in the range of 72,000 to 76,500 oz^[1], with the quarterly production profile anticipated to be stronger in the second half of the year as higher-grade areas increasingly come on stream.

¹ Refer to "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; and "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

Capital Expenditure and Investment for Growth

The main capital projects at Blanket in 2025 were the ongoing mine development to provide access to new mining areas and the completion of the new Tailings Storage Facility ("TSF").

On-mine capital development has established critical infrastructure across the 26, 30, and 34 Levels, thereby supporting sustained operations at greater depth. Currently, significant progress is being made on the development of a twin decline system designed to provide enhanced access to the 38 Level. The decline system has successfully advanced to the 36 Level, where the establishment of a mid-level is underway to facilitate production activities below the 34 Level. 5,532 and 22,284 meters of development were achieved for the Quarter and FY 2025 respectively.

The TSF was built on a modular basis to spread the cost over a longer period, and to ensure that the first phase could receive material before the old TSF reached its full capacity. Work on the TSF was completed on July 31, 2025. A second return water dam to support the TSF was commissioned in November 2025.

The Company published guidance on January 14, 2026 for capital expenditure for 2026, in which it stated that guidance may be increased to cater for the construction of a 34km electricity line to connect Blanket to Zimbabwe's 132Kv backbone. This investment is expected to reduce the price of power received from the grid and reduce the incidence of power outages experienced by Blanket, thereby reducing the use of expensive diesel generators and allowing an increase in expected production of about 1,000 oz per annum due to improved operating reliability. The study for this project has been completed, and the Board has approved an amount of $14.2 million for this project. Work is expected to commence immediately, and the project is expected to be completed in the second quarter of 2027. The Board has also approved additional capital expenditure of $2.2 million to convert the winder at Central Shaft from Alternating Current (AC) to Direct Current (DC) operation. This work should be done over the December 2026/January 2027 period and is expected to realise cost savings of approximately $0.6m per annum.