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1. A focused Barrick Gold (GOLD), primarily operating a single gold mine in Zimbabwe.

2. Think of it as Newmont (NEM) concentrated on its main gold mine in Zimbabwe.

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• Gold: The company's primary product is gold, extracted and sold from its Blanket Mine in Zimbabwe.

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Caledonia Mining Corporation Plc (CMCL) primarily sells its gold output to a single major customer.

• Fidelity Gold Refinery (Private) Limited

Fidelity Gold Refinery (FGR) is a subsidiary of the Reserve Bank of Zimbabwe and functions as the sole authorized buyer and exporter of gold in Zimbabwe. As a private company, it does not have a public stock symbol.

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Mark Learmonth, Chief Executive Officer

Mr. Learmonth was appointed CEO in July 2022, having joined Caledonia in July 2008. Previously, he served as a Division Director of Investment Banking at Macquarie First South in South Africa, accumulating over 17 years of experience in corporate finance and investment banking, primarily within the African resources sector. He is an Oxford University graduate and a chartered accountant. Mr. Learmonth was Caledonia's Chief Financial Officer from November 2014 until his appointment as CEO.

Ross Jerrard, Chief Financial Officer

Mr. Jerrard was appointed CFO in March 2025. He previously served as the Chief Financial Officer of Centamin Plc from April 2016 until its acquisition by AngloGold Ashanti Plc in November 2024 for a value of US$2.5 billion. Centamin's primary asset was the Sukari gold mine in Egypt. Mr. Jerrard is 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

James Mufara holds the position of Chief Operating Officer.

Adam Chester, General Counsel, Company Secretary and Head of Risk and Compliance

Adam Chester serves as the General Counsel, Company Secretary, and Head of Risk and Compliance.

Maurice Mason, VP Corporate Development

Maurice Mason is the Vice President of Corporate Development.

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The key risks to Caledonia Mining's business operations are primarily linked to its concentrated asset base in Zimbabwe, exposure to rising operational costs, and the inherent volatility of gold prices.

1. Political, Regulatory, and Country Risk in Zimbabwe: Caledonia Mining operates primarily in Zimbabwe, making it highly susceptible to the country's political and economic stability, as well as changes in its regulatory environment. Recent and proposed shifts in gold mining royalty and tax regimes, including potential increases in royalty rates at higher gold prices, could negatively impact profitability and cash flow. While some proposed changes have been revised, the risk of government intervention and policy uncertainty remains. Additionally, the deterioration of general infrastructure, particularly electricity supply, in Zimbabwe poses operational challenges, despite the company's efforts to mitigate these issues. The company's single-jurisdiction exposure to Zimbabwe amplifies these country-specific risks.
2. Operational Execution and Cost Inflation: Caledonia Mining faces significant challenges related to operational execution and persistent cost inflation. The company has experienced rising All-in Sustaining Costs (AISC) due to increased expenses for labor, consumables, and capital expenditures. This "cost creep" directly impacts profit margins. Production has also been affected by factors such as lower tonnages from higher-grade areas and interruptions in electricity supply at its Blanket Mine. The heavy reliance on the Blanket Mine for current production means that any operational disruption or cost increase at this single asset can have a material impact on the company's financial performance.
3. Gold Price Volatility: As a gold producer, Caledonia Mining's financial performance is intrinsically linked to the fluctuating price of gold. A sustained downturn in gold prices would directly reduce revenue and could compromise the economic viability of its current operations and future development projects, such as Bilboes. Furthermore, some regulatory risks in Zimbabwe are directly tied to gold price thresholds, meaning that high gold prices could trigger increased royalty rates, further linking this market risk with regulatory risk.

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The addressable market for Caledonia Mining's main product, gold, can be assessed at both a global and regional level (Africa and Zimbabwe).

Global Gold Market

The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.51% over the forecast period of 2025-2030. Another estimate placed the global gold precious metal market size at US$ 354,004.4 million in 2024, with an estimated growth to US$ 594,021.5 million by 2030 at a CAGR of 8.9%. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, with a CAGR of 4.70%.

African Gold Market

The Africa Gold Bullion Market was valued at approximately $21 billion in 2025 and is projected to grow at a CAGR of 8.4% from 2025 to 2031, reaching around $27 billion by 2031. Africa's annual gold production contributes over $28 billion to the market. In 2023, Africa was the leading gold-producing region globally, with an output exceeding 1,000 tonnes, accounting for over 27% of global production.

Zimbabwe Gold Market

Caledonia Mining's primary asset is the Blanket Mine, located in Zimbabwe. Zimbabwe's gold sector is expected to see revenues surpass US$3 billion in 2025. The country's gold output is projected to reach 42 tonnes in 2025. Zimbabwe surpassed its 2025 annual gold production target, with deliveries reaching 46.7 tons in 2025, largely driven by small-scale mining. Foreign currency receipts from gold for the ten months to October 2025 surged to US$3.76 billion.

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Expected Drivers of Future Revenue Growth for Caledonia Mining (CMCL) Over the Next 2-3 Years

1. Increased Gold Production from Blanket Mine: Caledonia Mining's flagship Blanket Mine is expected to maintain or increase its gold production. The company has provided production guidance for Blanket Mine, with 2025 projections revised upwards and 2026 guidance set between 72,000 and 76,500 ounces. This consistent output is supported by ongoing investments aimed at modernizing operations and improving mining efficiency. Deep-level exploration at Blanket has also yielded encouraging results, indicating better-than-expected grades and widths at depth, which could lead to a meaningful increase in the mine's life and sustained production levels.
2. Development and Commissioning of the Bilboes Gold Project: The Bilboes gold project is a transformational growth initiative for Caledonia Mining. A feasibility study for Bilboes confirms robust economics, projecting 1.55 million ounces of gold production over 10.8 years, with initial production anticipated in late 2028. The project is expected to ramp up to a steady-state output of approximately 200,000 ounces annually from 2029. Caledonia plans significant capital expenditure in 2026 to advance Bilboes, which is central to the company's strategy of becoming a multi-asset gold producer and could substantially increase overall group production.
3. Exploration and Development of the Motapa Project: Caledonia Mining is actively investing in the exploration and development of its Motapa project. A $2.8 million exploration program was planned for 2025, building on promising results from drilling conducted in 2024. This initiative aligns with the company's broader strategy to diversify its asset base and unlock additional future production potential.
4. Favorable Gold Price Environment: A sustained favorable gold price environment has consistently boosted Caledonia Mining's revenue and profitability. Recent periods, such as Q1 2024 and Q3 2025, have shown significant revenue increases driven by higher realized gold prices. For instance, the average realized gold price in Q3 2025 was $3,434 per ounce, a substantial increase from the previous year, which significantly "turbocharged" revenue.
5. Strategic Shift to a Multi-Asset Gold Producer: Caledonia is actively pursuing a strategy to evolve from primarily a single-mine operator (Blanket Mine) into a multi-asset, Zimbabwe-focused gold producer. This multi-faceted expansion strategy, which includes the development of Bilboes and exploration at Motapa, aims to diversify the company's asset base and significantly increase its overall gold output. This strategic repositioning is expected to enhance the company's revenue-generating capacity and market standing in the African gold sector.

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Share Issuance

• In February 2026, Caledonia Mining issued 8,244 new common shares following the vesting of long-term incentive plan awards under its 2015 Omnibus Equity Incentive Compensation Plan.
• In January 2026, Caledonia closed a US$150 million offering of 7-year convertible senior notes, which effectively raised capital and represents potential future share issuance.

Inbound Investments

• Caledonia successfully closed a US$150 million 7-year convertible senior notes offering in January 2026, with net proceeds of approximately US$130 million after fees and capped call options.
• In February 2026, the company appointed Stanbic Bank Zimbabwe and CBZ Bank Limited as co-lead arrangers for an interim funding facility of up to US$150 million to support the development of the Bilboes gold project, expected to be in place by mid-2026.

Capital Expenditures

• For 2025, capital expenditure was forecast at $41.0 million, with $34.1 million allocated to the Blanket Mine for modernization and efficiency improvements and future growth projects like Bilboes.
• Total Group capital expenditure for 2026 is projected to be US$162.5 million, comprising US$26.6 million for sustaining capital and US$135.9 million for growth capital.
• A significant portion of the 2026 capital expenditure, US$132 million, is earmarked for the Bilboes development project (subject to board approval and funding), with an additional US$3.8 million for Motapa exploration.