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• A focused gold mining company, similar to a smaller, more specialized version of a major gold producer like Newmont or Barrick Gold.
• A pure-play gold miner, concentrating on specific African assets, akin to a dedicated precious metals boutique rather than a diversified mining giant like Rio Tinto or BHP.
• A gold mining company, akin to a smaller, independent oil and gas producer focused on specific regions, rather than a global energy supermajor like ExxonMobil or Chevron.

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• Gold: A precious metal extracted from the Blanket Mine in Zimbabwe, primarily sold as dore bars for further refining.

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Caledonia Mining (CMCL) sells primarily to other companies. Its major customer for gold produced from the Blanket Mine in Zimbabwe is a state-controlled entity.

• Customer Company Name: Fidelity Gold Refinery (Private) Limited
• Symbol: Not applicable (Fidelity Gold Refinery is a private company, controlled by the Reserve Bank of Zimbabwe)

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Mark Learmonth, Chief Executive Officer and Director

Mr. Learmonth joined Caledonia in July 2008. He was appointed Chief Financial Officer in 2014 and Chief Executive Officer in July 2022. Prior to Caledonia, he was a Division Director of Investment Banking at Macquarie First South in South Africa, bringing over 17 years of experience in corporate finance and investment banking, primarily in the African resources sector. He also managed an investment banking business from Johannesburg, involved in deals for companies like Sudra (which later became Exxaro). Mr. Learmonth is a chartered accountant who graduated from Oxford University.

Ross Jerrard, Chief Financial Officer

Mr. Jerrard was appointed Chief Financial Officer of Caledonia Mining with effect from March 24, 2025. He previously served as the CFO of Centamin plc from April 2016 until its acquisition by AngloGold Ashanti Plc in November 2024 for a deal value of $2.5 billion. Centamin was a FTSE-250 dual-listed mining company with operations in Egypt and West Africa, including the Sukari gold mine, which produced around 450,000 ounces of gold annually. Before his time at Centamin, Mr. Jerrard was a partner with Deloitte in Australia, specializing in the energy and resources group. He is a chartered accountant and a member of the Institute of Chartered Accountants of Australia and New Zealand and the Institute of Chartered Accountants of Zimbabwe.

James Mufara, Chief Operating Officer

Mr. Mufara joined Caledonia as Chief Operating Officer on May 1, 2024. He brings over 25 years of experience in the Southern African mining sector, including 13 years in leadership roles. Previously, Mr. Mufara was the Regional General Manager at Harmony Gold Mining Company Limited, where he oversaw a complex portfolio of five mines and 15,000 staff, producing 450,000 ounces of gold annually. His expertise spans deep-level underground mining and open-pit operations, with primary focus on gold but also exposure to nickel, copper, and chrome mining. He holds a BSc in Mining Engineering and an MBA.

Maurice Mason, Vice President Corporate Development

Mr. Mason is an engineer with an MBA from Henley Reading University. Prior to joining Caledonia, he was a securities analyst at Stifel, a U.S. investment bank, where he concentrated on the mining sector. Earlier in his career, he worked for six years with Anglo American in their Platinum and Coal operations, based in both Johannesburg and London.

John Lawson Kelly, Non-Executive Chairman

Mr. Kelly has over 30 years of experience in the financial services industry, including in U.S. and international markets, and was appointed to Caledonia's board as an independent non-executive director in May 2012, becoming Chairman in 2023. He is the founder and a Managing Partner & Partner of Active Capital Partners LLC since 2018. His past roles include executive management positions at globally active financial firms and technology-enabled financial services companies, such as COO of Investment Banking Business at SG Americas Securities LLC, Chief Operating Officer at Liquidnet Holdings, Inc., and President at Goldman Sachs & Co. LLC. Mr. Kelly also served as a Principal at Rockefeller Family Trust, Inc., where he managed private equity investments.

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The key risks for Caledonia Mining (CMCL) are primarily associated with its operational environment and market factors, listed in order from most to least significant:

1. Jurisdictional and Political-Economic Instability in Zimbabwe: Caledonia Mining operates exclusively in Zimbabwe, exposing it to substantial regulatory, political, and economic risks. These include potential shifts in mining policy, currency volatility, and the risk of resource nationalism or expropriation. Zimbabwe's high inflation rate and low economic freedom index further compound these challenges, directly impacting mining operations through economic uncertainty and currency fluctuations.
2. Commodity Price Volatility: The company's financial performance is highly sensitive to fluctuations in the price of gold, its sole commodity. While high gold prices can significantly boost revenue, a decline in prices poses a direct risk to profitability. Caledonia Mining currently does not use financial instruments to hedge against this commodity price risk.
3. Rising Operating Costs: Caledonia Mining faces ongoing challenges from increasing operating costs, particularly for labor and electricity. This "cost creep" has led to higher All-in Sustaining Costs (AISC) per ounce, which could erode profit margins if not adequately offset by high gold prices or cost reduction initiatives.

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Caledonia Mining Corporation's main product is gold, primarily extracted from its operations in Zimbabwe, most notably the Blanket Mine, and other projects such as Bilboes, Motapa, and Maligreen. The company aims to become a multi-asset gold producer in Zimbabwe.

Addressable Markets:

• Global Gold Mining Market: The global gold mining market was valued at approximately USD 215.49 billion in 2024 and is projected to grow to about USD 314.68 billion by 2035, with a compound annual growth rate (CAGR) of 3.5% during that period. Other estimates indicate the market size exceeding USD 250 billion in 2025. In 2024, the market was worth around USD 267.87 billion and is predicted to reach approximately USD 402.34 billion by 2034, with a CAGR of roughly 3.9% between 2025 and 2034.
• Africa Gold Market: The Africa Gold Bullion Market is valued at approximately USD 21 billion in 2025 and is projected to grow at a CAGR of 8.4% from 2025 to 2031, reaching around USD 27 billion by 2031. Africa accounted for approximately 27% of global gold production in 2022. In 2023, Africa's gold production was around 840 metric tonnes, representing about 25% of global output, with gold exports from Africa exceeding USD 40 billion. In 2024, Africa produced over 690 metric tons of gold, valued at roughly USD 47 billion.
• Zimbabwe Gold Production: Zimbabwe's gold production was reported at 37,355 kg in December 2022. The country is on track to exceed its 2025 annual target of 40 tonnes, having produced 37.06 tonnes in the first 10 months of the year. In August 2025, Zimbabwe's gold production surged by 23% year-on-year, reaching 4,189 tonnes (likely 4.189 tonnes or 4,189 kg, given context) for that month. Year-to-date gold deliveries in Zimbabwe reached 15.8 tonnes in the first five months of 2025.

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Caledonia Mining (CMCL) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions:

1. Development of the Bilboes Gold Project: The Bilboes gold project is a cornerstone of Caledonia Mining's strategy to significantly increase its annual gold output. The company aims to raise annual group output to 300,000 ounces over the medium term, with Bilboes playing a central role in transforming Caledonia into a multi-asset gold producer with meaningful scale. A Preliminary Economic Assessment (PEA) outlines a single-phase development producing approximately 1.5 million ounces over ten years, with construction targeted to start in 2026 and first production expected in 2028, subject to financing and permitting. Caledonia is also evaluating a phased development strategy for Bilboes to minimize equity dilution and financial risks, which could still double group output from current levels.
2. Exploration and Potential Development of the Motapa Gold Project: Situated adjacent to the Bilboes gold project, Motapa is considered highly prospective and strategically important for Caledonia's growth ambitions in Zimbabwe. Initial exploration results from Motapa have been encouraging, with drilling highlighting widespread gold mineralization over a combined strike length of more than 9 km, including significant high-grade zones. The company plans further drilling at Motapa to define an opencast mineral resource and expects to realize substantial synergies between Motapa and the Bilboes project in due course.
3. Continued Optimization and Resource Expansion at Blanket Mine: Caledonia is investing in its producing Blanket Mine to extend its life and enhance production efficiency. Ongoing resource expansion drilling programs at Blanket have yielded encouraging high-grade results, confirming the continuity of orebodies at depth and indicating a potential increase in the overall mineral resource estimate. These investments aim to modernize operations and improve mining efficiency at Blanket, with the mine life currently extending to 2034 based on reserves.
4. Favorable Gold Price Environment: Higher gold prices have already contributed to Caledonia's revenue increases and are expected to remain a positive driver for future growth. The company reported a notable increase in revenue due to favorable gold prices, and a strong gold price backdrop continues to confirm the attractive fundamentals of its projects.

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Share Repurchases

• Caledonia Mining has explicitly prioritized investing cash into expanding its Zimbabwe gold operations over implementing share buyback programs, citing higher expected returns from these projects.

Share Issuance

• In 2020, Caledonia issued 597,963 shares through a registered offering in the USA, raising $13 million to finance the construction of its solar plant.
• The acquisition of Bilboes Gold Limited in January 2023 involved the issuance of approximately 5.1 million shares, representing about 28.5% of Caledonia's fully diluted share capital, valued at approximately $65.6 million at the time.
• In January 2025, Caledonia entered into an "At the Market" sales agreement to potentially sell up to $50 million worth of shares, with the proceeds intended for the development of the Bilboes sulphide project.

Outbound Investments

• In April 2025, Caledonia completed the sale of its 12.2MWac solar plant to CrossBoundary Energy Holdings for a pre-tax cash consideration of $22.35 million, aligning with its strategy to reallocate capital to core gold mining and expansion operations.
• Caledonia acquired the Maligreen gold project in 2021.
• The Motapa gold exploration project was acquired in November 2022 for an undisclosed amount below the regulatory disclosure threshold.

Capital Expenditures

• Total cash capital expenditure in 2020 was $27.84 million, with significant investments in the Central Shaft ($10.6 million), capital development ($5 million), and sustainable mechanical engineering capex ($4.1 million).
• For 2024, the anticipated group capital expenditure was $34.4 million, including approximately $20 million for sustaining investments and $14.4 million for expansion, such as a new tailings storage facility and further underground development, alongside $2 million for Motapa exploration and $3.5 million for Bilboes feasibility studies.
• The projected capital expenditure for 2025 is $41.8 million, with $34.9 million allocated to Blanket Mine for development, efficiency improvements, operational resilience, and $5.8 million for exploration and project development at Bilboes and Motapa.