(NYSE American:CMCL)(AIM:CMCL)(VFEX:CMCL)

SAINT HELIER, JE / ACCESS Newswire / May 11, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company" and together with its subsidiaries "the Group") is pleased to report its financial and operating performance for the Quarter.

Summary for Quarter

• Blanket exploration: As announced by the Company on April 7, 2026, encouraging deep‑level drilling results continued to demonstrate the continuity and quality of the Blanket, Eroica and Lima orebodies at depth, supporting confidence in the long‑term sustainability of Blanket.

¹Refer to "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")

OPERATING RESULTS SUMMARY

1. Previously reported in 200,000 man hours.

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

3. Refer to the financial statements' appendices at the end of this announcement for some of the lines in the summary above.

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:

"The financial performance in the Quarter benefited from a higher gold price, which offset the impact of lower production, with revenue increasing by 18.3% to US$66.43 million, EBITDA rising 50.2% to US$33.87 million and free cash flow of US$11.93 million, reflecting the benefit of higher gold prices.

"Production during the Quarter was adversely affected primarily by constrained access to higher‑grade areas. This meant that although tonnes milled was slightly higher than the comparative quarter, the head grade reduced from 3.1g/t to 2.5g/t, resulting in a lower recovery. As a result of the lower grade and lower recovery, gold production was reduced and cost per ounce increased.

"Measures to improve the grade have already been implemented: the grade has improved month-on-month during the Quarter, and the improvement has continued into April. As previously advised, we expect production to be weighted towards the second half of the year and we reiterate our full‑year production guidance at Blanket of 72,000 to 76,500 ounces.

"Encouraging deep‑level drilling results at Blanket continue to demonstrate the continuity and quality of the orebodies at depth, reinforcing our confidence in the long‑term future of the mine and the sustainability of the Group's production profile.

"We continue to trade in line with market expectations and with a strong gold price environment, improving operational performance at Blanket and continued progress towards developing Bilboes, we remain confident in our strategy and our ability to deliver long‑term value for shareholders."

WEBCAST

The Company will host a remote presentation for analysts and investors on its abridged and unaudited operating and financial results for the Quarter on Monday May 11, 2026 at 2:00pm London time, followed by an opportunity to ask questions.

Webcast link: https://stream.brrmedia.co.uk/broadcast/69dcf53466d5600014e43c01

Safety

Safety performance at Blanket remained stable during Q1 2026. Safety performance strengthened across the board, with the TIFR dropping to 2.22, while LTIFR improved to zero, outperforming the comparative quarter.

Management remains committed to the continued enhancement of safety performance through sustained focus on training, auditing and risk management. Caledonia continues to implement proactive measures to improve safety performance, with increased near miss reporting supporting ongoing efforts to strengthen safety awareness and engagement across the workforce. Engineering controls have been implemented where relevant to prevent incident occurrence and recurrence. Training, audits and fatal risk management initiatives progressed during the Quarter, alongside emergency response drills and crisis management exercises.

Production

During the Quarter, 180 thousand tonnes of ore were processed from underground sources at an average head grade of 2.6 g/t delivered to the plant, with a further 22 thousand tonnes treated from the stockpile at an average head grade of 1.8 g/t delivered to the plant. Gold production for the Quarter was 14,767 ounces, compared with 18,671 ounces in Q1 2025.

Production in the Quarter was lower than anticipated, primarily due to lower mined grades. This reflected the mining sequence and constrained access to higher grade, higher volume areas. Performance during the Quarter was also impacted by equipment availability issues and challenging ground conditions in certain areas, which temporarily limited access to some planned ore sources.

Processing performance remained robust, with tonnes milled exceeding expectations, partially mitigating the impact of lower grades.

These challenges are being addressed through ongoing mine development, including the appointment of a contractor to accelerate access to higher grade ore sources, and the implementation of a revised mine shift system, which will increase operations from six to seven days per week. The new shift system is expected to reduce worker fatigue and support increased ore production. In the short term, additional ore production will be stockpiled to create a buffer of approximately 36 thousand tonnes ahead of the planned suspension of Central Shaft hoisting later in the year to allow for a winder system upgrade.

Milling capacity is expected to increase in mid‑2026 following the commissioning of an additional ball mill, raising plant throughput from 97.55 tonnes per hour to 101.98 tonnes per hour. Management is also evaluating options to increase crushing capacity to accommodate higher run‑of‑mine tonnages.

Assay grades at Blanket improved over the period, rising from approximately 2.55 g/t in December 2025 to a peak of 3.02 g/t in March 2026, with April 2026 grades of approximately 2.86 g/t. The improvement reflects initial progress from operational measures implemented to enhance access to higher-grade ore and improve production consistency.

In light of these initiatives, Caledonia reiterates full‑year 2026 gold production guidance from Blanket of 72,000 to 76,500 ounces, with production expected to be weighted towards the second half of the year as operational improvements take effect.

^{* The capex relates to Blanket only.}

Costs

On‑mine cash costs averaged US$1,740 per ounce sold during Q1 2026, compared to US$1,202 per ounce sold in Q1 2025. The increase in unit costs primarily reflects the lower number of ounces sold during the Quarter, which resulted in fixed costs being spread over fewer ounces.

AISC averaged US$2,765 per ounce sold, compared to US$1,797 per ounce sold in Q1 2025. In addition to the impact of lower production volumes, AISC was influenced by sustaining capital expenditure and underground development activities undertaken during the Quarter. Despite higher unit costs, margins expanded materially due to the significantly higher realised gold price.

Management continues to focus on cost discipline and operational efficiency, with unit costs expected to normalise as production increases and mining transitions to higher‑grade areas in the second half of the year.

The recent geopolitical developments in the Middle East have had no impact on the Group's operations to date. Diesel, of which the Group consumes approximately two million litres per annum, represents less than 3% of operating costs, and the Group has secured supplies of over one million litres, providing substantial buffer and supply certainty. Zimbabwe sources its fuel from both the Middle East and South Africa. Importantly, reliance on diesel has significantly fallen over the last few years: diesel accounted for 8% of the Group's power in 2020, but has reduced to only 2% last year, supported by around 20% of total power requirements being met by solar power.

At present the Group is selling its exported portion of gold through South Africa (rather than the Middle East), ensuring uninterrupted revenue flows for that portion.

These factors collectively underpin strong operational resilience despite external geopolitical developments.

Sales

Total consolidated gold sales for the Quarter were 13,784 ounces, compared with 19,388 ounces in Q1 2025. Sales volumes were lower primarily due to reduced production at Blanket during the Quarter. At March 31, 2026, the Group held 3,656 ounces of gold bullion, which will be sold in subsequent periods.

Revenue increased by 18.3% to US$66.43 million, despite lower sales volumes, reflecting a higher average realised gold price of US$4,816 per ounce. The strong gold price environment more than offset the impact of reduced ounces sold, resulting in higher gross profit and improved cash generation.

Underground Mining and Processing

A slow start to the year was experienced at the underground operations with delays in hoisting experienced at Central Shaft. Sequencing and scheduling of the higher-grade mining areas were affected by geological conditions and necessitated revised sequencing of the extraction methods in these areas for improved stability and sustainability in these areas. This led to additional development which slowed the active stoping contribution from Central Shaft.

For the Quarter, Central Shaft contributed 56% of the tonnage milled against a planned contribution of 65%. The Number 4 Shaft production remained stable while the surface stockpile contributed 11% of the milled tonnage, essentially filling the gap from the Central Shaft deficit. The grade was adversely affected as a result with the average stockpile grade of 2.0 g/t not a direct replacement for the 9% tonnage decline from Central Shaft which operates at above 3.0 g/t.

Looking ahead, the additional development put in place should make available the required bulk tonnage, high-grade sources from Central Shaft to allow the tonnage contribution from each source to stabilise. This will be supplemented with a defined contractor development program to accelerate development in all areas to support the required grade and tonnage contribution from each source.

Exploration and Resource Development - Blanket

In April, Caledonia was pleased to report further encouraging results from the deep‑level drilling programme at Blanket, with the campaign continuing to demonstrate the continuity of the main orebodies at depth. The drilling programme is focused on evaluating the extension of the Blanket, Eroica and Lima orebodies below the current lowest mining levels, with the objective of increasing confidence in the existing mineral resource base and supporting future resource growth beyond 34 Level (1,110 metres below surface).

A total of 10,312 metres of deep‑level drilling was completed between March and December 2025. Drilling on the Blanket and Eroica orebodies returned grades and widths that were consistent with, or better than, expectations, including several high‑grade intersections at depth. Notably, multiple wide and high‑grade zones were intersected within the newly identified Blanket 7 ("BLK7") orebody, further demonstrating the quality and scale of mineralisation at depth.

Drilling has also confirmed the continuation of the Lima orebody to 34 Level, supporting the potential for further depth extensions. The Lima orebody comprises multiple individual mineralised zones, and additional infill drilling is planned to better define their spatial orientation and continuity.

The density and quality of drilling intersections are expected to upgrade portions of the existing inferred mineral resources to the indicated category or better, strengthening the resource base and supporting ongoing life‑of‑mine planning. The results of the deep‑level drilling programme are expected to be incorporated into an updated mineral resource and mineral reserve statement during 2026.

Bilboes Gold Project - Our Next Mine

Bilboes represents a transformational investment opportunity for Caledonia. The publication of the Feasibility Study in November 2025 indicates a 10.8 year life of mine with average annual production of 150 thousand ounces and a forecast AISC of $1,061/oz. The Feasibility Study demonstrates robust project economics stating a post-tax NPV_8%Real of $582m and a post-tax IRR of 32.5% at a consensus gold price at the effective date of the Feasibility Study of $2,548/oz, and therefore there should be significantly improved economics at current gold prices. Peak funding required is forecast to be $484m.

Funding plans for Bilboes continue to make good progress with the completion of a convertible senior notes offering in January 2026 which raised gross proceeds of $150m, building a solid foundation for the funding of the peak capital requirement. It is expected that the Bilboes project will be funded with a combination of existing cash on hand and future cash flow anticipated from Blanket attributable to the Company over the construction period and additional debt facilities. Discussions with domestic and international lenders and financiers are well advanced with both the Bilboes project and the existing Blanket operations having adequate debt capacity to meet the capital requirements.

Once in full production, based on the Feasibility Study, Bilboes' average annual contribution is expected to result in an approximate fourfold increase in the Group's attributable gold production and at significantly lower operating costs than current operating costs.

Motapa Exploration - Investing for Future Growth

Exploration work at Motapa remains ongoing, with data interpretation, geological modelling and resource estimation activities progressing as planned. The results from the exploration programme are on track to support a maiden mineral resource estimate for the sulphide mineralisation at Motapa North during 2026.

Looking ahead, US$3.8 million was allocated to Motapa's exploration as part of the Group's 2026 growth capital programme, reflecting management's continued commitment to disciplined investment in exploration while maintaining financial flexibility.

Exploration activities in 2026 will focus on continued evaluation of the near‑surface oxide potential at Mpudzi and further drilling of the Motapa South sulphide mineralisation below historical oxide open pits. Management believes that Motapa represents an attractive exploration opportunity within the Group's portfolio, aligned with its long‑term growth strategy.

Funding and Liquidity

The Group's total liquidity is shown below.

Liquidity

Convertible senior notes

In January 2026, to support the development of the Bilboes project, the Company completed the issuance of Convertible Senior Notes (the "Notes") due 2033 with an aggregate principal amount of $150 million, including the full exercise of the initial purchasers' option for an additional $25 million. The Notes carry a cash coupon of 5.875% per annum, payable semi-annually, and are convertible at an initial price of approximately $40.51 per share, representing a 25% premium to the prevailing market price at issuance, subject to customary anti-dilution adjustments. To mitigate potential dilution, the Group simultaneously entered into cash-settled capped call options with a cap price of approximately $56.72, at a cost of $14.44 million.

The Notes were accounted for as a compound financial instrument, comprising a host debt component measured at amortised cost and an embedded derivative liability measured at fair value through profit or loss. Accordingly, these components are presented separately on the statement of financial position as follows:

*Included in this amount is US$4.43 million specifically relating to the cash settled capped call options mentioned above, after the recognition of the fair value loss disclosed in the table below. The remaining amount is attributable to the Asian gold put options purchased in the prior year.

The Company recognised interest expense of US$2.70 million relating to the Notes in the profit or loss statement for the Quarter.

Net fair value gain/(loss) on derivative financial instruments

The net fair value gain for the period arose primarily from the decrease in the embedded derivative liability associated with the Notes and the gain from the Asian gold put options. These instruments together reflected a combined fair value gain of US$14.00 million. The gain was partially offset by a fair value loss of US$10.01 million on the capped call option derivative asset, driven by changes in market inputs during the Quarter.

Overall, the impact for the Quarter was a net fair value gain of US$4.00 million, recognised in profit or loss as set out in the table below:

The comparative quarter, Q1 2025, had a US$1.59 million fair value loss also recognised in the profit or loss statement, relating primarily to the Asian gold put option instruments only.

Dividend

The Board has approved a quarterly dividend of 14 United States cents (US$0.14) on each of the Company's shares.

The relevant dates relating to the dividend are as follows:

• Ex-dividend date VFEX: May 20, 2026

• Ex-dividend date AIM and NYSE American: May 22, 2026

• Record date: May 22, 2026

• Payment date: June 5, 2026

Shareholders with a registered address in the UK will be paid in Sterling.

END NOTES

Non-GAAP measures
This announcement includes certain financial perf