Caledonia Mining : Corporate Presentation – September 2022

Corporate Presentation 2022

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.

Refer to the technical report entitled "Caledonia Mining Corporation Plc NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" dated May 17, 2021 prepared by Minxcon (Pty) Ltd and filed by the Company on SEDAR on May 26, 2021 for resources and reserves and planned production as stated in this presentation. Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, is the Company's qualified person as defined by Canada's National Instrument 43-101 and has approved any scientific or technical information contained in this document.

NYSE/AIM/VFEX: CMCL

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A Strategy Focused on Genuine Returns for our Shareholders

Central Shaft:	Attractive new	Committed to
Significant	opportunities:	return money
increase	Bilboes &	to shareholders
in production
Maligreen

NYSE/AIM/VFEX: CMCL

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An Overview

A HIGHLY PROFITABLE CASH GENERATIVE GOLD PRODUCER WITH A STRONG GROWTH PROFILE

• Established, profitable gold producer expanding production at Central Shaft from the Blanket Mine in the Gwanda Greenstone Belt, Zimbabwe
• July 2022: signed an agreement to purchase Bilboes for a total consideration of 5.12m shares, approximately 28.5% of Caledonia's fully diluted equity, and a 1% NSR
• • Bilboes has an NI43-101 compliant P&P Reserve of 1.79Moz @ 2.34 g/t and a M&I Resource of 2.56Moz @ 2.26 g/t and an additional Inferred mineral resource of 577Koz @ 1.89 g/t
• Nov 2021: acquired mining claims over Maligreen - contains inferred resource of 940koz at 1.88g/t in the Zimbabwe Midlands
• Jersey domiciled company; listed on NYSE, AIM & VFEX
• 2021 revenue of $121million
• 2022 production guidance of between 73,000 - 80,000 ounces at AISC $880-$970/ounces

NYSE/AIM/VFEX: CMCL

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Dividend

COMMITTED TO RETURN MONEY TO SHAREHOLDERS

QUARTERLY DIVIDEND PAYMENTS

	16
	14
	12
SHARE	10
CENTS PER	8
6
	4
	2
	0
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2
	2 0 1 8	2 0 1 8	2 0 1 8	2 0 1 8	2 0 1 9	2 0 1 9	2 0 1 9	2 0 1 9	2 0 2 0	2 0 2 0	2 0 2 0	2 0 2 0	2 0 2 1	2 0 2 1	2 0 2 1	2 0 2 1	2 0 2 2	2 0 2 2

Quarterly dividend of

US$0.14 (14c)

Dividend yield

5%

*as 8 Aug 2022

Dividend payer since

2012

104% Increase

in quarterly dividend since October 2019

NYSE/AIM/VFEX: CMCL

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