Caledonia Mining (CMCL) Corporate presentation summary

Strategic overview and growth trajectory

• Transitioning from a single-asset miner to a multi-asset, mid-tier gold producer with a focus on Zimbabwe.

• Targeting over 200koz annual production, leveraging a high-quality project pipeline and strong local presence.

• Consistent quarterly dividends since 2012, distributing over $60 million to shareholders.

• Emphasizing yield and growth to drive shareholder value.

Asset portfolio and development projects

• Blanket Mine: Central Shaft expansion completed; 2025 guidance of 75.5–79.5koz at $1,050–1,150/oz on-mine cost.

• Blanket Mine resources: 1.79Moz M&I @ 3.64g/t, 1.06Moz inferred @ 3.74g/t; LOM extended to 10 years.

• Bilboes: 2.47Moz M&I @ 2.30g/t, 560koz inferred; PEA outlines 1.5Moz over 10 years, $403m capex, $968/oz AISC, 34% IRR.

• Motapa: Large-scale exploration project adjacent to Bilboes; initial drilling shows strong oxide and sulphide potential.

• Maligreen: 442koz M&I @ 1.71g/t, 420koz inferred @ 2.12g/t.

Financial and operational performance

• Over $50 million in taxes paid in the last decade; $23.7 million paid to government in 2024.

• $1.3 million invested in community initiatives and $1.4 million paid to local community trust in 2024.

• Outperformed VanEck Junior Gold Miners ETF and spot gold in total return since 2015.

• Market capitalization of $470 million as of August 2025; quarterly dividend of $0.14 per share.