Caledonia Mining Corporation Plc: Third Quarter Production at Blanket Mine

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Blanket Mine Production Tracking Guidelines

SAINT HILAIR, Jersey, Oct. 15, 2024 (GLOBE NEWSWIRE) — Caledonia Mining Corporation Plc (NYSE AMERICAN, AIM, VFEX: CMCL) (“Caledonia” or the “Company”) announces gold production from its Blanket mine in Zimbabwe (“Blanket”). For the quarter ending September 30, 2024 (“Q3 2024” or the “Quarter”) all production figures are expressed on a 100 percent basis and are based on final inspection at refineries.

Highlight

• Quarterly gold production was 18,992 ounces (Q3 2023: 21,772 ounces; this was a quarterly record for Blanket).
• Gold production in the nine months to the end of September was 56,815 ounces (2023: 55,244 ounces).
• Caledonia reiterates its 2024 gold production guidance of between 74,000 and 78,000 ounces¹.

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Dividends

• As previously announced, in the company’s latest quarterly results, to simplify Board operations, it is expected that future dividends will be announced at the same time as the quarterly results are published (i.e. mid-March, May, August and November). This means that third-quarter 2024 earnings, if approved by the board, will be announced in mid-November rather than the beginning of October.
• This change relates only to the timing of future dividends and does not indicate any change in the company’s dividend policy.
• The Board of Directors will continue to consider dividends as appropriate in line with other investment opportunities and its prudent approach to risk management.

Craig James Harvey, MGSSA, MAIG, Caledonia’s Vice President of Technical Services, has reviewed and approved the scientific and technical information contained in this press release. Craig James Harvey is a “qualified person” as defined in both (i) Canadian Securities Administrators National Instrument No. 43-101 – Disclosure Standards for Mining Projects and (ii) Subpart 1300 of Regulation SK of the United States Securities Act.

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Inquiries

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¹Refer to the technical report “NI 43-101 Technical Report on Mass Gold Mine, Zimbabwe” with an effective date of December 31, 2023 prepared by Caledonia Mining Corporation Plc and filed by the Company on SEDAR+ (www.sedarplus.ca) on May 15, 2024

Note: The Company considers that the information contained in this announcement constitutes inside information under the Market Abuse Regulation (EU) No. 596/2014.
(“Mar”)
Because it forms part of UK domestic law under the EU (Withdrawal) Act 2018
It is disclosed in accordance with the Company’s obligations under Article 17 of the MAR.

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Cautionary note regarding forward-looking information
The information and statements contained in this press release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation and involve risks and uncertainties relating to, but not limited to, Caledonia’s current expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as “expect”, “believe”, “expect”, “goal”, “plan”, “goal”, “intend”, “estimate”, “could” and “should”. “May,” “will,” or the negative of these terms or similar words indicate future results, expectations, beliefs, plans, goals, assumptions, intentions or other statements about future events or performance. The forward-looking information contained in this news release is based, in part, on assumptions and factors that may change or prove incorrect, causing actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking information. These factors and assumptions include, but are not limited to: the successful execution of mining plans, the establishment of estimated resources and reserves, the grade and recovery of minerals recovered that differ from estimates, the success of future exploration and drilling programs, the reliability of drilling, sampling and screening data, the accuracy of the representation of mineralization, and the success of Planned mineral testing works, availability of capital and accuracy of estimated operating costs, obtaining governmental, environmental or other approvals required for the project, inflation, changes in exchange rates, fluctuations in commodity prices, delays in project development and Caledonia’s experience in developing projects in Zimbabwe are factors Other.

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To the extent that any forward-looking information herein constitutes future-oriented financial outlook or financial information, any such statement is made as of the date hereof and is included herein to provide prospective investors with an understanding of the Company’s plans and assumptions. Holders of securities, prospective holders of securities and other potential investors should be aware that such statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These factors include, but are not limited to: risks related to estimates of mineral reserves and mineral resources proving inaccurate, fluctuations in gold prices, risks and hazards associated with mineral exploration, development and mining, and credit-related risks. The merit or financial condition of suppliers, refineries and other parties with whom the Company deals; Insufficient insurance, or inability to obtain insurance, to cover these risks, hazards, and employee relations; Relations with local and indigenous communities and their claims; political risks; risks related to natural disasters, terrorism, civil unrest and public health concerns (including health pandemics or outbreaks of infectious diseases such as coronavirus (COVID-19)); the increased availability and costs associated with mining inputs and labor; The speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, and diminishing quantities or grades of mineral reserves during mining; The global financial situation, actual results of current exploration activities, changes in conclusions of economic assessments, changes in project parameters to address economic or other unforeseen factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s ownership of properties, including its ownership, increased competition in the mining industry for property, equipment, qualified personnel and their costs, and risks related to uncertainties in the timing of events including increased target production rates and currency fluctuations. Holders of securities, prospective holders of securities and other potential investors are cautioned not to place undue reliance on forward-looking information. Forward-looking information, by its nature, involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that various predictions, forecasts, forecasts and future events will not occur. Caledonia undertakes no obligation to publicly update or revise any forward-looking information whether as a result of new information, future events or other factors affecting such information, except as required by law.

This press release is not an offer of Caledonia shares for sale in the United States or elsewhere. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would previously be unlawful. To register or qualify under the securities laws of such province, state or jurisdiction.

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