Caledonia Mining : Corporate Presentation May 2021

Corporate Presentation 2021

PROFITABLE GOLD PRODUCTION, FUTURE GROWTH

Disclaimer

This presentation does not constitute, or form part of, any offer to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in Caledonia Mining Corporation Plc ("Caledonia"), nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, or act as an inducement to enter into any contract or agreement thereto.

Certain forward-looking statements may be contained in the presentation which include, without limitation, expectations regarding metal prices, estimates of production, operating expenditure, capital expenditure and projections regarding the completion of capital projects as well as the financial position of the Company. Although Caledonia believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be accurate. Accordingly, results could differ from those projected as a result of, among other factors, changes in economic and market conditions, changes in the regulatory environment and other business and operational risks.

Accordingly, neither Caledonia, nor any of its directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon this presentation or any future communications in connection with this presentation and any such liabilities are expressly disclaimed.

The projected gold production figures in this presentation for 2021 and 2022 are explained in the management discussion and analysis ("MD&A") dated November 12, 2020. Refer to technical report dated February 13, 2018 entitled "National Instrument 43-101 Technical Report on the Blanket Mine, Gwanda Area, Zimbabwe (Updated February 2018), a copy of which was filed by the Company on SEDAR on March 2, 2018 for the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves from which such planned gold production is to be derived and risks that could materially affect the potential development of the mineral resources or mineral reserves. Refer to Resource Upgrade at the Blanket Mine, Zimbabwe as announced by the Company on September 20, 2018 for the resources as stated in this document. Mr Dana Roets, the Company's qualified person, supervised the preparation of the technical information in the technical report, and has approved all scientific and technical information in this presentation.

NYSE/AIM: CMCL

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A Strategy Focused on Genuine Returns for our Shareholders

Central Shaft:	Significant	Committed to	Attractive new
near-term,	increase	return money	opportunities
low-risk growth	in production	to shareholders	in Zimbabwe
	by 2022

NYSE/AIM: CMCL

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Caledonia Mining

AN OVERVIEW

A HIGHLY PROFITABLE CASH GENERATIVE GOLD

PRODUCER WITH A STRONG GROWTH PROFILE

• Established, profitable gold producer expanding production from the Blanket Mine in the Gwanda Greenstone Belt, Zimbabwe
• Two exploration option agreements in Gweru mining district, an area that has historically produced significant quantities of gold.
• Jersey domiciled company; listed on NYSE and
  AIM
• US$19.1m in cash as at 31 December 2020
• P/E of 7x on adjusted Q4 2020 annualised earnings
• 2020 revenue of $100million
• 2021 production guidance of between 61,000 -
  67,000 ounces

AN ESTABLISHED MINE WITH SUBSTANTIAL PLANNED PRODUCTION GROWTH AND COST REDUCTION

	90,000
	80,000
	70,000
(oz)	60,000
Production	50,000
40,000
	30,000
	20,000

10,000

0

2018

2019

2020

2021

2022

Production (oz)

M&I Resources of 805koz (6.74Mt) at 3.72g/t, Inferred resources of 963koz (6.63Mt) at 4.52g/t

Fully funded investment program supporting a 13-year life of mine

Significant on-mine and regional exploration upside

*2022 target AISC is C3-On-mine cost per the Technical Report published in Feb 2018 after	NYSE/AIM: CMCL	4

adjustment for head office expenses and removal of intercompany margin. No account taken of export incentive credits or potential savings arising from increased efficiency of the central shaft

	Dividend
	COMMITTED TO RETURN MONEY TO SHAREHOLDERS
	QUARTERLY DIVIDEND PAYMENTS
	14
	12
	10
US Dollars	8
6
	4
	2
	0

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Quarterly dividend of

US$0.12 (12c)

Annualised yield of

3.2%

Dividend payer since

2012

NYSE/AIM: CMCL

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