Caledonia Mining Corporation Plc【CMCL】株式ニュース

Caledonia Mining Corporation Plc: Motapa Exploration ResultsJune 10, 2026 2:00 AM
ACCESS NewswireHigh-Grade Drill Results Demonstrate Potential to Extend Bilboes Mine Life(NYSE American:CMCL)(AIM:CMCL)(VFEX:CMCL)SAINT HELIER, JE / ACCESS Newswire / June 10, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") is pleased to announce results from its 2025 exploration program at the Motapa exploration property.The results demonstrate the presence of significant gold mineralisation across multiple zones and highlight the opportunity for Motapa to evolve into a strategic extension of the Bilboes mining complex, potentially enhancing production and extending the life of mine at Bilboes through the development of a combined mining operation.Motapa lies directly adjacent to the Bilboes Gold Project, where Caledonia is advancing plans for a major open-pit operation based on proven and probable reserves of 1.75 million ounces of gold in 24.1 million tonnes of ore at an average of 2.26g/t1. The close proximity of the two projects offers potential for shared infrastructure and operational synergies, which could enhance project economics and reduce capital intensity over time.Exploration results summaryThe 2025 drilling programme focused on testing the continuation of sulphide mineralisation below the historic oxide open pits, as well as identifying new mineralised zones across the property.Drilling has confirmed:Continuity of mineralisation along a strike length of approximately 6km within the Bubi Greenstone BeltMultiple mineralised shear zones across Motapa North, Central and SouthBoth oxide and sulphide mineralisation, supporting near-term and longer-term development potential1 See "Bilboes Gold Project Technical Report Summary" with effective date October 31, 2025 prepared by DRA Projects (Pty) Ltd and filed by the Company on EDGAR as an exhibit to a Form 6-K Report of Foreign Private Issuer on November 24, 2025Based on results to date, Caledonia expects to publish a maiden mineral resource estimate for portions of Motapa in Q3 2026, representing a key milestone in evaluating the project's contribution to the broader Bilboes development strategy.Drilling HighlightsSelected drilling highlights to date from Motapa North include:19.00 meters ("m")* at 8.08g/t (Hole JPRC52)6.38m* at 13.95g/t (Hole JDD11)12.00m* at 7.12g/t (Hole JPRC63)14.00m* at 4.31g/t (Hole PLV5RC4)17.00m* at 3.25g/t (Hole JPRC51)13.00m* at 3.72g/t (Hole PLV1RC10)6.00m* at 6.89g/t (Hole PLV1RC15)Selected drilling highlights to date from Motapa Central (Mpudzi) include:7.00m* at 2.39g/t (Hole MPZRC79)3.00m* at 4.79g/t (Hole MPZRC64)2.00m* at 5.25g/t (Hole MPZRC117)*All intersections above are down hole intersections; estimated true widths are quoted in the tables later in this press releaseChief Executive Officer, Mark Learmonth, said:"These promising results from Motapa demonstrate the potential to significantly enhance the long-term value of our Bilboes project. The consistent high-grade intersections at Motapa North highlight the opportunity to define a substantial resource in close proximity to the planned infrastructure at Bilboes."While our immediate focus remains the development of Bilboes, targeting first gold in Q4 2028, Motapa represents a compelling opportunity to extend mine life and increase future production across a combined mining complex."Overview of Motapa Exploration ProgramThe Motapa Exploration Program commenced in 2023 with geological mapping, geophysical surveys, trenching, and historical data collation.The initial work informed targets for wide spaced drilling to test mineralisation below the historically mined oxide open pits and in new target areas which have not yet been mined.During 2024, 12,724m of trenching, 4,143m of DD and 5,433m of RC drilling were completed, marking the end of the 2024 reconnaissance exploration activities.During 2025, 22,364m of trenching, 1,561.78m of DD and 18,547m of RC drilling was completed, focused primarily on Motapa North sulphide mineralisation and the potential oxide mineralisation identified at Mpudzi.Caledonia believes that the property presents both greenfield and brownfield upside exploration opportunities.Motapa is located approximately 110km north of Bulawayo in the Bubi District of the Matabeleland North Province of Zimbabwe. The tenement is within state land under the jurisdiction of the Bubi Rural District and the tenure is held in the form of a mining lease covering approximately 2,200 hectares which provides for both exploration and mining rights.The locality of Motapa is shown relative to other material Caledonia group properties in Figure 1. Caledonia's Bilboes property, currently in the development stage, is located directly to the north of Motapa with the two properties sharing a lease boundary.The mining lease area lies on the Bubi Greenstone Belt and occupies a c.6km stretch of an elongated northeast - southwest trending intensely sheared broad shear zone with three main mineralised footprints. Named from the north, these shear structures are Motapa North, Motapa Central and Motapa South (Figure 2).Initial exploration activities at Motapa commenced in 2023 and comprised the following:Detailed geological mapping of the tenementHistorical data collation of previous exploration and mining activitiesAero-magnetics flown by droneGround penetrating radar (LOZA) surveys to identify underground voidsThe initial exploration activities completed in 2023 were used to define an exploration program for 2024 with 12,724m of trenching, 4,143m of DD and 5,433m of RC completed during 2024. Results of the exploration activities were released on 11 November 2024.The 2025 activities comprised 22,364m of trenching, 1.561.78m of DD and 18,547m of RC drilling, focusing on the delineation of sulphide mineralisation at Motapa North and delineation of both oxide and sulphide mineralisation at Motapa Central (Mpudzi). The continued surface trenching for the identification of anomalous mineralisation at Motapa South and the remainder of the property continued with further anomalous areas identified that have no evidence of historical open pit workings.AppendixFigure 3 shows the locations of trenching sites and the drilling activities undertaken each year.Figure 1: General Locality of Motapa, Zimbabwe and relative to other material Caledonia group properties. Figure 2: Surface Geology and Main Shear Zones at Motapa. The drilling and trenching procedures together with an analysis of the Quality Assurance and Quality Control ("QAQC") procedures followed are provided further in the text.Figure 3: DD, RC drilling and trenching localities at Motapa and location of historical open pit workings. Key Conclusions Regarding Work to DateMotapa NorthThe historic oxide open pits are located approximately 250 meters to the south of the shared Bilboes property boundary and a few hundred meters further to the planned metallurgical facility at Bilboes.The 2025 drilling campaign shifted primarily to an RC weighted drilling campaign with the lithological and structural setting of the project being well understood. At Motapa North, the following drilling activities took place across the various areas.TYPEAREANo. of HolesMeters DrilledNo. of SamplesDDJupiter8688.36661DDPluvious7600.16442DDShawl3273.26247DDTOTAL181,561.781,350RCJupiter568,2675,299RCPluvious454,4242,685RCShawl373,5462,696RCTOTAL13816,23710,680Table 1: Summary of drilling activities at Motapa NorthThe mineralized zones are characterized by a pinching and swelling effect which may locally pinch to approximately 0.50 meters true thickness and locally swell up to 17.1 meters true thickness in drillhole JPRC52.Figure 4 provides drilling by year and shows the positions of the drillholes mentioned in the highlights for the Motapa North trend. Mineralisation envelopes have been interpreted from the drilling utilizing a composite length of 1.0 meters for the drillhole intersections and a grade cut-off of 0.30 grammes per tonne. This reveals the existence of multiple shears occurring along the Motapa North trend which may pinch or swell locally.Figure 4: Motapa North drillhole collars by year drilled. During the 2026 exploration year, infill drilling on certain section lines will take place and the gap areas between the open pits, specifically the Pluvious 123 and Pluvious 4 pits, and the area between the Jupiter and Shawl pits, will be tested for extensions to known mineralisation.Figure 5 shows the grade variation across strike and dip which appears fairly uniform considering the nature and occurrence of mineralisation.Figure 5: Plan view of Motapa North grade (g/t) intersections below historic open pits Motapa CentralExploration activities during 2025 have been concentrated on the eastern portion of the Motapa Central trend in an area termed Mpudzi. The Mpudzi section has no historical open pits except for localized artisanal workings. The western portion of the Central trend was historically mined with oxide open pits and underground workings at the Club, Britwell and Fossicker sections to depths up to 330m below surface.The mineralisation is associated with shear zones and banded iron formation exhibiting strong silicification of the host rock.Drilling has confirmed the oxidized nature of the shallow mineralisation to a depth ranging from at surface to approximately 35m in certain localities. The continuing exploration will focus on defining the extent of the oxidized mineralisation at depth and along strike.Figure 6: Motapa Central DD and RC drillhole collars. Figure 7: Plan view of Motapa Central at Mpudzi showing grade (g/t) intersections. Motapa SouthLimited drillholes were planned and executed at Motapa South due to the focus on the areas closer to the adjacent Bilboes property. Activity at Motapa South will increase in the following year as activities at those areas scale down. The drilling and trenching activities on Motapa South are shown in Figure 8.Figure 8: Trenching and Drilling activities at Motapa South Figure 9: Plan view of Motapa South showing grade (g/t) intersections Qualified personCraig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act.Trenching and trench sampling methodologyAfter the geologist has noted that the trench has successfully been excavated to bedrock, the sample intervals are set out on the side walls. At the start of the sample line, a peg is installed onto the floor with the trench number. A clean, exposed side of the trench is chosen and maintained throughout the sampling process. The sidewall is cleaned with a shovel to ensure an uncontaminated face is exposed for sampling. Thereafter sample localities are marked on the sidewall.Sampling is done at one-meter intervals respecting lithological contacts, alterations and structures. A minimum sampling width of 0.3m and maximum of 1m are observed throughout the sample interval marking. A clean sample mat is placed on the floor of the trench and samples are chipped from the bedrock sidewall into a sample pan. Samples are ticketed and placed in a sample bag closed with twine. Sample tickets, locality and weights are recorded on the sample sheet record for each trench.A total of 15% per batch consists of check samples comprising one standard, one field duplicate and one blank (Dolerite Dyke). Each batch contains a total of 20 samples inclusive of check samples. Trench samples are assayed on site by means of a bottle roll assay at the Isabella laboratory situated at Bilboes.Samples above a cut-off grade of 0.10g/t bottle roll grade are selected for fire assay. These samples are composited and sent for analysis at an external laboratory.The compositing of samples is guided by lithology as well as alteration domains; no sampling will be done across different domains. Outliers with anomalously high grades are not composited unless they are part of a homogenous lithological and alteration domain. When compositing in wider ore zones, a composite sample is made by combining five samples, whilst in narrow ore zones two samples will make up a composite sample. The homogenized sample is split using a riffle splitter to get two 2kg samples to be delivered to the external laboratory for bottle roll analysis and the other for fire assay.Surface drilling surveyTwo hundred and twelve (212) down-the-hole surveys were conducted on RC and DD holes which showed no major departures from the planned trajectory. All collar positions are surveyed in the field post drilling activities.The RC and DD methodology is discussed below with the results obtained tabulated in Table 5 and the drill hole information tabulated in Table 6. Drill hole localities for Motapa North, Motapa Central and Motapa South are provided in Figure 4, Figure 5 and Figure 6 respectively.DD methodologyAfter all geotechnical and structural logging is complete, the geologist inspects the core and delineates potential ore zones.The geologist determines sampling depths, each sampling interval depending on lithological contacts, alterations, structures and quantity of sulphides with the maximum sampling width of 1m and minimum sampling width of 0.3meters. The sample depths are printed on a sampling sheet and need to be marked on the core before density determination can take place. The densities are measured before the core is cut. Sampling starts five meters away from the footwall contact and ends five meters away from the hangingwall contact to allow for sterilization.Half core was sampled, with the other half remaining at the core shed for archiving.Core segments were picked within demarcated and labeled intervals and put in respective sample bags. The samples are numbered as per the sampling plan with one ticket put into the respective sample bag, and the other onto the remaining piece of core where the sample would have been collected. The sample identification is also marked on the remaining half core.At the end, sample bags are sealed with cable ties and weighed; with sample weights recorded on the sampling sheet.The samples are then bagged into grain bags for dispatch to an outside accredited laboratory or storage prior to submission.RC methodologyChecks for rig outlet and splitter cleanliness are conducted prior to the commencement of drilling activities and continuously throughout the drilling activities to avoid sample contamination.Sample bags are pre-numbered with unique sample numbers (drill hole number and drill hole depth intervals) before the drilling commences. Sample depths recorded are relative to the ground surface at the drillhole collar. If no sample is recovered, such as when voids are intersected, the numbering sequence is continued uninterrupted with empty numbered bags inserted into the sample sequence. This will avoid possible confusion in sampling. Sample bags are immediately sealed to effectively prevent external contamination.A sample bag is tied to the sample outlet of the rig in preparation for sample collection before sampling commences. Bulk samples are collected at 1m intervals and split using a riffle splitter to three samples. One sub-sample of 2kg will be taken to the lab for assaying, the second remains as a field duplicate for storage at the core shed and the third is prepared as chips for traying. The sampling crew will sample at the designated (one meter) intervals down the hole. The geologist verifies the intervals from the driller's marks on the mast or pull-down chain. For samples sent to the laboratory, the sampling quality is monitored continuously as the geologist ensures the samples for QAQC monitoring purposes are inserted in each sampling stream batch of 20 samples with CRMs being alternated from batch to batch from low, medium and high grade.QAQC ProceduresA comprehensive QAQC program was implemented for the 2024-2025 drilling and sampling campaigns to ensure the reliability and integrity of assay data used for mineral resource estimation at the properties owned by the group.The QAQC program includes the systematic insertion and monitoring of:Certified Reference Materials (CRMs)Blank samples (certified and field blanks)Duplicate samples (field, coarse reject, and pulp duplicates)QAQC samples were inserted at regular intervals within the sample stream and submitted to the same laboratories as primary samples. Analytical work was conducted primarily by accredited laboratories including Antech Laboratory Services and Performance Laboratories, both located in Zimbabwe, following industry-standard fire assay and/or appropriate multi-element analytical techniques.For DD samples, a train comprising a single blank, CRM, LCR, and LPR reference sample is inserted into a batch of 20 samples. This process is repeated until the entire drillhole is completed with the CRMs being alternated from batch to batch (low, medium and high grade).For RC samples, a train comprising a single blank, CRM, FDUP, and LPR reference sample is inserted into a batch of 20 samples. This process is repeated until the entire drillhole is completed with the CRMs being alternated from batch to batch (low, medium and high grade).For trench sampling, a train comprising a single blank, CRM and FDUP reference sample is inserted into a batch of 20 samples. This process is repeated until the entire trench is completed with the CRMs being alternated from batch to batch (low, medium and high grade).Every sampling sequence starts with a blank sample and ends with a blank sample. Analytical results for blanks, standards and duplicates are graphed and, if any fail, the entire batch is re-assayed. Batches that passed the QAQC graphs are then captured in the database. QAQC is monitored continuously.Overall, a compliance rate of 92.2% was achieved for the CRM QAQC analysis. The CRM, blank and duplicate samples are summarized in Table 2 below.QAQC Insertion% Insertion *Pass / Fail# of Samples%*CommentsCRM8%Pass1,06992.2%Good correlation of R²=0.99. A single CRM, AMIS0786, had a pass rate of 43.6%. It represents a higher-grade CRM. A total of 39 AMIS0789 samples were included in the 1,160 total CRM samples. These are flagged in the drillhole database for future reference.Fail917.8%Total1,160 LCR Duplicates2%Total251 Pearson Correlation = 0.95. No issues identified.LPR Duplicates7%Total958 Pearson Correlation = 0.94. No issues identified.Field Duplicates7%Total997 Pearson Correlation = 0.99. No issues identified.Blanks (CRM and Field Blanks)10%Pass1,37897.1%Correlation coefficient is high. Higher failure rate in field blanks. May indicate contamination in field.Fail (>0.5g/t)412.9%Total1,419 Table 2: QAQC Results from DD and RC Drilling ActivitiesFDUP - field duplicate, LCR - lab coarse repeat, LPR - lab pulp repeat, CRM - certified reference material, Blank - Dolerite Dyke% Insertion * reported relative to 13,963 analytical samples excluding any CRMs, blanks or duplicates%* Reported relative to 13,963 analytical samples excluding any CRMs, blanks or duplicatesThe QAQC dataset for CRM material demonstrates an overall CRM compliance rate of 92.2%, supporting reasonable confidence in the analytical data. However, the identified underperformance of specific standards (notably AMIS0786) requires further investigation.A total of 1,419 blank samples were evaluated, comprising 1,143 CRM blanks and 276 field blanks. CRM blank expected values are constant and observed assay values are consistent with expected low concentrations and show no evidence of systematic bias. Field blanks confirm the absence of contamination trends or analytical bias with minor isolated elevated values. The large blank dataset provides a sufficient confidence that contamination is effectively controlled within the sampling and analytical process.The duplicate assay datasets show strong positive correlations between original and repeat values across all duplicate types. LCR and LPR indicate acceptable laboratory precision, while FDUP shows the greater variability expected from field duplicates in a nuggety gold system. No major systematic bias is evident, although moderate scatter is present, particularly at low grades and in field duplicates. Overall, the duplicate data are consistent with an acceptable gold-assay QAQC programme for mineral resource work.The drillhole intersections with assay values above 0.50 g/t are provided in Table 3. The drillhole collars and survey information are provided in Table 4.Enquiries:Caledonia Mining Corporation Plc Mark Learmonth
Camilla HorsfallTel: +44 1534 679 800
Tel: +44 7817 841 793 Cavendish Capital Markets Limited (Nomad and Broker) Adrian Hadden
Pearl KellieTel: +44 207 397 1965
Tel: +44 131 220 9775 Camarco, Financial PR (UK) Elfie KentTel: +44 20 3757 4980 Curate Public Relations (Zimbabwe) Debra TatendaTel: +263 77802131 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd MlotshwaTel: +263 (242) 745 119/33/39 Holes IdentifierHole TypeOrebody NameOrebody IntersectionCore Length (m)True width(m)Grade(g/t)Orebody Intersection depth from surface(m)E.O.H (m)From (m)To (m)JPRC06RCJUPITER61.0063.002.001.751.565395.0067.0068.001.000.882.535980.0081.001.000.888.107082.0084.002.001.750.527285.0088.003.002.630.787489.0094.005.004.381.7278JPRC07RCJUPITER104.00105.001.000.840.6288170112.00119.007.005.842.2893121.00126.005.004.151.72100150.00151.001.000.830.59125JPRC08RCJUPITER75.0076.001.000.830.7262220118.00119.001.000.830.7798JPRC11RCJUPITER39.0043.004.003.841.143718744.0046.002.001.921.154247.0051.004.003.830.814552.0054.002.001.910.605055.0057.002.001.910.625359.0063.004.003.820.5656141.00143.002.001.910.85135176.00177.001.000.950.50167JPRC13RCJUPITER31.0032.001.000.911.032819034.0035.001.000.911.213156.0057.001.000.911.215159.0062.003.002.740.7854113.00115.002.001.830.88103128.00135.007.006.401.02117JPRC14RCJUPITER74.0075.001.000.880.5565215107.00118.0011.009.711.8194119.00120.001.000.890.51105151.00152.001.000.892.79135156.00159.003.002.680.51139160.00168.008.007.152.10143169.00177.008.007.151.23151JPRC15RCJUPITER23.0032.009.008.433.762255JPRC20RCJUPITER22.0024.002.001.811.012019043.0054.0011.009.921.623956.0058.002.001.801.505098.00100.002.001.810.5789102.00104.002.001.820.7093106.00110.004.003.650.5297JPRC21RCJUPITER92.0097.005.004.462.1482200199.00200.001.000.891.90177JPRC24RCJUPITER20.0021.001.000.911.841816738.0042.004.003.651.283543.0045.002.001.822.173974.0075.001.000.911.106784.0086.002.001.821.7576JPRC25RCJUPITER96.0097.001.000.910.618714598.00107.009.008.241.6690JPRC27RCJUPITER78.0082.004.003.700.897295JPRC30RCJUPITER42.0043.001.000.940.614096JPRC31RCJUPITER28.0031.003.002.801.182619035.0036.001.000.930.553340.0042.002.001.860.763744.0046.002.001.860.624158.0066.008.007.443.1654JPRC32RCJUPITER73.0074.001.000.890.796516181.0082.001.000.892.907287.0088.001.000.891.0977100.00105.005.004.508.1990111.00112.001.000.910.90101120.00121.001.000.914.37109122.00123.001.000.911.23111124.00125.001.000.911.99113140.00142.002.001.831.06128JPRC34RCJUPITER30.0034.004.003.722.942817836.0038.002.001.860.873442.0045.003.002.791.203946.0048.002.001.860.664353.0058.005.004.652.0449146.00147.001.000.930.57136JPRC36RCJUPITER73.0077.004.003.232.085920580.0086.006.004.841.746592.0095.003.002.420.577499.00100.001.000.810.8480JPRC37RCJUPITER44.0047.003.002.760.604012548.0052.004.003.681.9044JPRC38RCJUPITER32.0033.001.000.920.782915838.0039.001.000.921.773540.0042.002.001.830.553746.0048.002.001.841.234295.0096.001.000.9318.4389109.00110.001.000.943.01102114.00116.002.001.880.59107120.00121.001.000.942.84113122.00123.001.000.948.72115JPRC39RCJUPITER69.0070.001.000.860.546018080.0081.001.000.860.806984.0087.003.002.572.627292.0094.002.001.701.3278JPRC40RCJUPITER35.0036.001.000.901.62325840.0042.002.001.810.6836JPRC41RCJUPITER46.0047.001.000.910.674255JPRC45RCJUPITER109.00110.001.000.922.45101151112.00113.001.000.931.58104134.00136.002.001.850.56124JPRC47RCJUPITER21.0022.001.000.970.602016749.0052.003.002.903.934753.0054.001.000.971.505164.0069.005.004.831.0262116.00117.001.000.971.12112140.00141.001.000.972.38135JPRC48RCJUPITER82.0083.001.000.860.557120085.0087.002.001.721.137392.0095.003.002.581.8279161.00162.001.000.861.48138JPRC51RCJUPITER95.0096.001.000.681.4165146103.00104.001.000.682.4870105.00106.001.000.682.5071108.00125.0017.0011.533.2573JPRC52RCJUPITER54.0056.002.001.871.625013558.0077.0019.0017.758.085478.0079.001.000.930.7673JPRC53RCJUPITER103.00107.004.003.571.5892199108.00123.0015.0013.401.4196JPRC54RCJUPITER9.0011.002.001.890.81913020.0022.002.001.890.661952.0053.001.000.940.624963.0065.002.001.880.8559JPRC56RCJUPITER20.0022.002.001.880.85197660.0062.002.001.875.135664.0067.003.002.810.9460JPRC57RCJUPITER92.0095.003.002.830.618714099.00101.002.001.890.8794102.00103.001.000.950.7396104.00113.009.008.523.1898JPRC58RCJUPITER16.0017.001.000.950.96157720.0021.001.000.951.071954.0059.005.004.741.0251JPRC59RCJUPITER85.0086.001.000.941.958013088.0090.002.001.881.308399.00102.003.002.814.0293JPRC62RCJUPITER140.00141.001.000.900.86126190JPRC63RCJUPITER181.00182.001.000.890.53161225184.00196.0012.0010.647.12163JPRC66RCJUPITER46.0047.001.000.910.75425050.0051.001.000.910.554653.0059.006.005.481.574861.0063.002.001.831.435664.0066.002.001.834.245874.0075.001.000.913.666897.00102.005.004.550.5488JPRC67RCJUPITER96.0098.002.001.830.5288172109.00110.001.000.920.60100122.00123.001.000.921.55112138.00139.001.000.920.83127152.00159.007.006.431.62140160.00162.002.001.841.17147164.00168.004.003.681.53151JPRC70RCJUPITER32.0033.001.000.801.412610242.0044.002.001.611.553451.0058.007.005.700.634260.0062.002.001.632.174966.0069.003.002.461.425478.0079.001.000.820.516497.00101.004.003.271.1779JPRC71RCJUPITER31.0034.003.002.870.623020057.0067.0010.009.591.315585.0090.005.004.800.828292.0093.001.000.961.5188101.00102.001.000.960.5997104.00106.002.001.920.54100111.00116.005.004.810.61107JPRC72RCJUPITER33.0035.002.001.930.57329038.0041.003.002.900.803747.0050.003.002.900.554551.0054.003.002.900.5949JPRC74RCJUPITER52.0063.0011.008.924.234219789.0090.001.000.811.287292.0094.002.001.630.5875173.00174.001.000.811.25140JPRC75RCJUPITER42.0043.001.000.760.7232145JPRC76RCJUPITER121.00122.001.000.890.78107150124.00125.001.000.891.02110126.00131.005.004.443.60112135.00141.006.005.320.73120143.00145.002.001.770.76127JPRC79RCJUPITER77.0078.001.000.682.1653115JPRC81RCJUPITER73.0074.001.000.940.876878JPRC82RCJUPITER95.0099.004.002.840.5567120102.00104.002.001.427.4472110.00113.003.002.122.2978121.00122.001.000.710.7785130.00132.002.001.410.9392JPRC85RCJUPITER78.0079.001.000.830.876517080.0082.002.001.669.896783.0085.002.001.661.846992.0095.003.002.500.6077JPRC86RCJUPITER54.0055.001.000.891.904813961.0063.002.001.784.225466.0067.001.000.892.515968.0075.007.006.231.026176.0079.003.002.682.006889.0090.001.000.900.5380JPRC87RCJUPITER131.00147.0016.0013.852.02113204171.00173.002.001.730.51148177.00178.001.000.860.73153185.00186.001.000.874.45160JPRC88RCJUPITER20.0022.002.001.890.61198828.0030.002.001.891.022632.0036.004.003.780.623049.0050.001.000.950.5246JPRC89RCJUPITER151.00152.001.000.940.76142236157.00166.009.008.471.75148173.00175.002.001.882.90163191.00192.001.000.943.06180JPRC90RCJUPITER42.0043.001.000.952.944014544.0048.004.003.800.7742MPZRC105RCMPUDZI4.0010.006.005.411.18415MPZRC106RCMPUDZI54.0060.006.005.281.504770MPZRC108RCMPUDZI36.0041.005.004.420.863247.00MPZRC109RCMPUDZI17.0018.001.000.910.92155123.0029.006.005.461.282138.0039.001.000.900.5834MPZRC110RCMPUDZI7.0011.004.003.631.28622MPZRC115RCMPUDZI12.0014.002.001.910.591120MPZRC116RCMPUDZI6.007.001.000.910.7454610.0011.001.000.910.76935.0037.002.001.820.553242.0044.002.001.810.713845.0046.001.000.910.7741MPZRC117RCMPUDZI4.005.001.000.920.7542712.0014.002.001.855.251119.0020.001.000.920.8118MPZRC118RCMPUDZI12.0013.001.000.891.131140MPZRC119RCMPUDZI-1.001.000.870.53-155.006.001.000.873.954MPZRC120RCMPUDZI2.006.004.003.671.50215MPZRC122RCMPUDZI2.004.002.001.834.3625018.0019.001.000.923.061739.0040.001.000.920.573648.0050.002.001.853.1044MPZRC124RCMPUDZI2.003.001.000.895.6425716.0017.001.000.892.191422.0024.002.001.780.752026.0027.001.000.890.902328.0030.002.001.781.422531.0034.003.002.670.8228MPZRC125RCMPUDZI1.002.001.000.902.8212111.0012.001.000.900.7710MPZRC126RCMPUDZI-2.002.001.771.69-30MPZRC129RCMPUDZI-2.002.001.831.15-15MPZRC130RCMPUDZI2.004.002.001.860.66225MPZRC36RCMPUDZI13.0015.002.001.770.57125530.0031.001.000.881.372637.0039.002.001.761.4433MPZRC41RCMPUDZI6.007.001.000.940.59625MPZRC42RCMPUDZI18.0022.004.003.640.561652MPZRC44RCMPUDZI7.008.001.000.910.75624MPZRC45RCMPUDZI12.0014.002.001.820.53116015.0018.003.002.740.5014MPZRC46RCMPUDZI36.0039.003.002.682.773266MPZRC47RCMPUDZI1.003.002.001.821.1713014.0015.001.000.911.911318.0021.003.002.740.6016MPZRC48RCMPUDZI20.0022.002.001.821.551827MPZRC52RCMPUDZI5.008.003.002.750.87525MPZRC55RCMPUDZI18.0019.001.000.900.53166522.0024.002.001.800.742025.0026.001.000.900.572228.0029.001.000.9011.262534.0037.003.002.693.053138.0039.001.000.900.583447.0048.001.000.890.714255.0056.001.000.892.9049MPZRC56RCMPUDZI57.0060.003.002.716.015191MPZRC57RCMPUDZI-1.001.000.901.00-429.0011.002.001.810.55812.0013.001.000.901.271120.0022.002.001.810.7518MPZRC59RCMPUDZI39.0045.006.005.391.66358547.0049.002.001.790.604280.0081.001.000.902.1872MPZRC60RCMPUDZI-2.002.001.840.79-608.009.001.000.920.50729.0030.001.000.901.532644.0045.001.000.911.5740MPZRC61RCMPUDZI22.0023.001.000.922.47208526.0027.001.000.921.742434.0039.005.004.610.583146.0049.003.002.761.2242MPZRC64RCMPUDZI35.0038.003.002.802.293311039.0042.003.002.804.793643.0045.002.001.870.904057.0059.002.001.870.6853MPZRC72RCMPUDZI-2.002.001.821.09-6328.0029.001.000.901.3325MPZRC75RCMPUDZI40.0043.003.002.723.34367655.0060.005.004.521.185064.0065.001.000.901.4058MPZRC78RCMPUDZI-2.002.001.811.20-108.0010.002.001.843.977MPZRC79RCMPUDZI4.0011.007.006.472.3945012.0015.003.002.770.721120.0023.003.002.780.9519MPZRC81RCMPUDZI-2.002.001.820.52-42MPZRC84RCMPUDZI1.003.002.001.740.5316043.0045.002.001.731.2937MPZRC88RCMPUDZI51.0053.002.001.820.714660MPZRC91RCMPUDZI18.0021.003.002.750.511630MPZRC93RCMPUDZI4.007.003.002.740.67430MPZRC95RCMPUDZI-1.001.000.910.60-253.004.001.000.911.11310.0011.001.000.910.849MPZRC97RCMPUDZI12.0014.002.001.791.67113018.0019.001.000.890.8516PLV1RC1RCPLUVIOUS 1103.00105.002.001.780.6791165107.00109.002.001.783.0295112.00113.001.000.891.99100115.00117.002.001.781.03102140.00142.002.001.791.58125143.00144.001.000.890.61128PLV1RC10RCPLUVIOUS 165.0066.001.000.910.655913067.0080.0013.0011.833.726194.0096.002.001.821.018597.0099.002.001.811.0888PLV1RC12RCPLUVIOUS 190.0092.002.001.661.597515097.0098.001.000.835.4380PLV1RC14RCPLUVIOUS 15.006.001.000.910.7557518.0019.001.000.910.541620.0021.001.000.910.621833.0035.002.001.820.6830PLV1RC15RCPLUVIOUS 153.0059.006.005.336.8947128110.00112.002.001.780.8898113.00114.001.000.890.56101PLV1RC18RCPLUVIOUS 1103.00106.003.002.481.0085200107.00108.001.000.835.1889PLV1RC2RCPLUVIOUS 144.0049.005.004.516.90409858.0060.002.001.810.9152PLV1RC23RCPLUVIOUS 113.0015.002.001.834.80127518.0020.002.001.831.531624.0025.001.000.911.192240.0049.009.008.230.9637PLV1RC3RCPLUVIOUS 177.0079.002.001.792.876913580.0081.001.000.900.547282.0083.001.000.900.717385.0089.004.003.582.197690.0091.001.000.901.468198.0099.001.000.901.1988101.00103.002.001.790.7990104.00106.002.001.790.8293PLV1RC5RCPLUVIOUS 142.0050.008.007.161.84389052.0053.001.000.900.5347PLV1RC6RCPLUVIOUS 169.0070.001.000.900.526213092.0099.007.006.275.8682107.00108.001.000.900.9096109.00110.001.000.900.9198118.00121.003.002.691.35106126.00127.001.000.901.96113PLV1RC7RCPLUVIOUS 143.0045.002.001.894.06415146.0050.004.003.782.0343PLV4RC06RCPLUVIOUS 487.0092.005.004.312.8575140128.00129.001.000.860.79111PLV4RC10RCPLUVIOUS 418.0021.003.002.770.87178939.0040.001.000.922.283649.0052.003.002.772.544568.0069.001.000.920.7263PLV4RC11RCPLUVIOUS 415.0016.001.000.922.47146058.0059.001.000.920.6853PLV4RC12RCPLUVIOUS 434.0035.001.000.920.573111262.0063.001.000.920.5357PLV4RC2RCPLUVIOUS 488.0092.004.003.720.6382100PLV4RC3RCPLUVIOUS 4104.00105.001.000.900.5494130108.00109.001.000.900.6898PLV4RC4RCPLUVIOUS 445.0048.003.002.820.664255PLV4RC7RCPLUVIOUS 445.0046.001.000.942.004210550.0052.002.001.891.3447PLV4RC9RCPLUVIOUS 435.0036.001.000.920.603245PLV5RC1RCPLUVIOUS 523.0024.001.000.901.712135PLV5RC10RCPLUVIOUS 559.0065.006.005.233.945111077.0078.001.000.870.836782.0083.001.000.870.977295.0096.001.000.880.8783PLV5RC11RCPLUVIOUS 573.0074.001.000.952.916912677.0078.001.000.950.967388.0091.003.002.850.9684116.00117.001.000.961.78111PLV5RC12RCPLUVIOUS 540.0043.003.002.784.92377844.0045.001.000.930.604147.0048.001.000.933.264351.0052.001.000.931.124767.0071.004.003.702.8262PLV5RC13RCPLUVIOUS 573.0075.002.001.770.866413086.0088.002.001.770.6676PLV5RC14RCPLUVIOUS 585.0087.002.001.560.796616796.00109.0013.0010.171.4575110.00113.003.002.352.7886125.00126.001.000.780.6198PLV5RC15RCPLUVIOUS 563.0066.003.002.762.045810570.0071.001.000.920.956585.0087.002.001.850.9279PLV5RC16RCPLUVIOUS 515.0016.001.000.901.87144518.0020.002.001.801.071627.0028.001.000.900.552429.0030.001.000.910.652642.0043.001.000.910.9038PLV5RC17RCPLUVIOUS 543.0044.001.000.890.63389053.0055.002.001.771.7047PLV5RC18RCPLUVIOUS 555.0057.002.001.789.804911562.0067.005.004.452.125568.0071.003.002.671.906176.0092.0016.0014.271.096898.00100.002.001.791.2887101.00105.004.003.570.5890106.00110.004.003.570.6795PLV5RC2RCPLUVIOUS 519.0020.001.000.910.75176442.0045.003.002.779.113959.0060.001.000.940.9255PLV5RC4RCPLUVIOUS 522.0023.001.000.931.05206042.0056.0014.0013.394.3140PLV5RC5RCPLUVIOUS 552.0060.008.006.651.71434063.0065.002.001.660.9252PLV5RC6RCPLUVIOUS 578.0082.004.003.260.756413084.0087.003.002.451.476990.0094.004.003.290.7574PLV5RC7RCPLUVIOUS 545.0046.001.000.930.58426547.0048.001.000.930.7344PLV5RC8RCPLUVIOUS 548.0049.001.000.910.604410462.0065.003.002.743.295770.0072.002.001.830.896473.0075.002.001.832.036783.0086.003.002.741.347697.0098.001.000.913.0988PLV5RC9RCPLUVIOUS 536.0037.001.000.921.67336943.0046.003.002.781.724048.0052.004.003.717.4445SHRC05RCSHAWL77.0079.002.001.850.597115981.0082.001.000.920.617585.0087.002.001.850.7479109.00116.007.006.480.79101122.00123.001.000.920.76113125.00126.001.000.921.31116129.00136.007.006.471.08119SHRC06RCSHAWL45.0047.002.001.820.704113052.0055.003.002.730.734779.0082.003.002.731.197283.0084.001.000.911.467691.0092.001.000.910.6583106.00108.002.001.830.6297SHRC08RCSHAWL15.0017.002.001.870.52143529.0034.005.004.674.2627SHRC09RCSHAWL33.0036.003.002.731.463013561.0064.003.002.732.705565.0068.003.002.730.6959SHRC10RCSHAWL55.0058.003.002.651.304917068.0069.001.000.890.666083.0084.001.000.890.507492.0095.003.002.660.5482151.00152.001.000.891.40134SHRC11RCSHAWL13.0014.001.000.940.72129226.0028.002.001.890.662538.0044.006.005.671.873645.0047.002.001.890.534371.0072.001.000.940.716781.0082.001.000.941.817783.0084.001.000.941.937885.0086.001.000.941.6780SHRC12RCSHAWL47.0050.003.002.351.023714651.0055.004.003.140.984060.0062.002.001.570.544764.0065.001.000.784.375066.0073.007.005.460.745275.0080.005.003.890.625885.0091.006.004.660.7266103.00104.001.000.770.9980105.00106.001.000.780.5681108.00109.001.000.782.2384SHRC15RCSHAWL59.0062.003.002.820.545614266.0067.001.000.940.516272.0073.001.000.941.006875.0077.002.001.880.577181.0084.003.002.820.827699.00105.006.005.641.5593106.00109.003.002.821.63100135.00136.001.000.941.91127SHRC16RCSHAWL-1.001.000.951.13-3929.0035.006.005.693.0427SHRC18RCSHAWL60.0062.002.001.840.565514970.0071.001.000.920.656482.0085.003.002.751.3775128.00130.002.001.844.72118131.00135.004.003.692.13121SHRC19RCSHAWL18.0021.003.002.630.95164525.0029.004.003.510.972230.0031.001.000.881.2526SHRC20RCSHAWL-6.006.005.140.97-7639.0045.006.005.140.953346.0051.005.004.282.803966.0069.003.002.570.915771.0072.001.000.860.9861SHRC22RCSHAWL81.0082.001.000.852.1969210109.00111.002.001.710.5793125.00127.002.001.721.44108140.00146.006.005.202.51121150.00152.002.001.744.99130155.00158.003.002.611.64135173.00174.001.000.871.02150SHRC23RCSHAWL29.0031.002.001.890.75275832.0033.001.000.950.533044.0045.001.000.950.594256.0060.004.003.780.545361.0063.002.001.890.995892.0096.004.003.782.6387104.00110.006.005.670.9998SHRC24RCSHAWL81.0082.001.000.930.617517587.0089.002.001.860.6281116.00118.002.001.861.15108120.00122.002.001.860.98111146.00148.002.001.860.73135161.00163.002.001.851.70149SHRC25RCSHAWL14.0018.004.003.731.94135523.0024.001.000.930.632130.0041.0011.0010.251.342847.0049.002.001.861.2244SHRC26RCSHAWL55.0057.002.001.820.555012964.0065.001.000.911.0258117.00119.002.001.822.66106123.00124.001.000.911.42112SHRC28RCSHAWL-2.002.001.900.71-5835.0037.002.001.900.563346.0052.006.005.700.8244SHRC29RCSHAWL41.0043.002.001.821.21379850.0052.002.001.820.8246SHRC31RCSHAWL28.0032.004.003.651.532650SHRC32RCSHAWL39.0041.002.001.831.013611680.0081.001.000.920.5073SHRC34RCSHAWL-4.004.003.691.64-5036.0037.001.000.920.733340.0041.001.000.920.683743.0045.002.001.840.5340SHRC35RCSHAWL67.0069.002.001.830.566111970.0072.002.001.831.506473.0078.005.004.571.586785.0087.002.001.832.6178SHRC36RCSHAWL16.0022.006.005.634.64155824.0030.006.005.632.962332.0035.003.002.820.913037.0038.001.000.940.903543.0044.001.000.940.894045.0047.002.001.882.734248.0049.001.000.941.3245SHRC38RCSHAWL-3.003.002.900.88-865.006.001.000.970.91530.0032.002.001.931.202934.0039.005.004.833.083347.0048.001.000.971.824559.0060.001.000.970.875767.0068.001.000.970.7565SHRC39RCSHAWL28.0034.006.005.720.59278544.0045.001.000.950.564253.0056.003.002.860.835173.0075.002.001.910.9370SHRC40RCSHAWL41.0042.001.000.930.883812551.0052.001.000.930.604759.0060.001.000.931.255590.0091.001.000.930.6984114.00115.001.000.931.50106116.00117.001.000.930.50108118.00119.001.000.930.85110123.00125.002.001.870.64115SHRC41RCSHAWL8.009.001.000.981.97835SHRC44RCSHAWL39.0040.001.000.980.903865SHRC45RCSHAWL-4.004.003.744.24-356.007.001.000.940.7469.0011.002.001.870.76812.0014.002.001.870.931124.0025.001.000.942.4122SHRC46RCSHAWL9.0011.002.001.820.9783512.0013.001.000.910.921121.0027.006.005.460.7619SHRC47RCSHAWL6.008.002.001.931.726559.0010.001.000.970.56915.0016.001.000.970.751427.0028.001.000.961.4026SHRC51RCSHAWL53.0054.001.000.901.294818084.0085.001.000.900.5276142.00144.002.001.812.06128SHRC52RCSHAWL21.0023.002.001.790.541916124.0025.001.000.900.522165.0067.002.001.820.5659118.00120.002.001.900.56112SHRC59RCSHAWL21.0022.001.000.960.50205532.0033.001.000.960.5131SHRC60RCSHAWL9.0010.001.000.961.1093112.0013.001.000.962.9512TRRC44RCTRAIL26.0027.001.000.940.60257558.0059.001.000.941.005567.0068.001.000.940.5863TRRC50RCTRAIL21.0022.001.000.905.76194927.0028.001.000.910.6325JDD11DDJUPITER43.2344.301.071.021.3641.1982.6845.0051.386.386.0813.9542.8755.6857.001.321.262.5253.0557.4062.004.604.386.8054.6864.0069.005.004.762.3460.9779.0080.001.000.951.9075.26JDD12DDJUPITER24.0027.003.002.850.7322.7855.5847.0048.001.000.960.5145.03JDD13DDJUPITER37.5840.442.862.600.7334.15154.5864.0065.001.000.920.6258.5883.0087.004.003.670.8076.19104.00105.301.301.200.6695.72147.00148.001.000.942.36137.52JDD14DDJUPITER45.0053.008.007.542.5942.4385.5854.0057.003.002.830.5950.97JDD15DDJUPITER11.0013.002.001.900.8010.4540.5813.6220.006.386.064.3112.9421.0023.002.001.900.7019.9830.0033.003.002.853.1128.54JDD16DDJUPITER16.0019.583.583.371.3315.0658.5851.0052.001.000.9519.5348.31JDD17DDJUPITER25.0026.001.000.952.3223.6497.7836.0039.003.002.856.6434.1740.0041.001.000.951.1437.99JDD18DDJUPITER11.0024.0013.0011.951.0910.11112.7825.0028.003.002.760.8322.9840.0041.001.000.920.5136.8733.5835.001.421.360.6132.0552.0054.782.782.661.0249.7455.5857.421.841.763.3953.1758.8861.582.702.582.8456.3362.0063.001.000.960.5859.3284.0085.001.000.960.5680.6490.0091.001.000.960.8886.5195.0096.001.000.961.3391.38PLVDD08DDPLUVIOUS44.0046.002.001.924.7942.1588.5848.0051.003.002.884.2646.0552.0053.001.000.960.5449.9472.0078.006.005.791.8269.4782.0084.002.001.930.6279.21PLVDD09DDPLUVIOUS25.0026.001.000.951.3623.8573.5848.0050.002.001.910.6545.81PLVDD10DDPLUVIOUS49.0051.002.001.880.5246.0892.58PLVDD12DDPLUVIOUS40.4041.501.101.047.9638.3592.58PLVDD13DDPLUVIOUS42.0043.001.000.940.9139.6297.5844.0049.005.004.734.6441.6150.0051.001.000.951.0747.3973.0076.003.002.850.7069.4787.0088.301.301.240.5882.81PLVDD14DDPLUVIOUS23.0026.003.002.830.5121.7073.5835.0036.001.000.940.8633.0168.0070.002.001.880.9163.87SHDD03DDSHAWL38.0040.002.001.901.3936.1684.5841.0049.008.007.631.5139.1151.0055.004.003.831.1748.7963.0064.001.000.960.8460.5265.0067.002.001.920.8362.5068.0069.001.000.962.4165.4574.0076.002.001.930.6071.39SHDD04DDSHAWL9.0012.003.002.740.798.2294.6821.0022.681.681.540.5119.2526.0030.004.003.681.3723.9433.0034.001.000.920.9830.5139.0040.001.000.932.5036.2043.0045.002.001.862.5840.0350.0051.001.000.930.5146.7361.0062.001.000.941.1557.3969.0070.681.681.591.6065.2378.0079.681.681.591.1174.00SHDD05DDSHAWL39.0048.009.008.600.9437.2696.0054.0062.008.007.670.7951.7765.0066.001.000.961.7962.4367.0069.002.001.921.3264.4094.0095.001.000.970.5990.73Table 3: RC and DD Drilling ResultsNotes :RC and DD drillholes for 2025 only.Drillholes are reported using a 0.50 g/t cut-off grade.True widths are approximate calculations.Drillhole Collar PositionsHole IdentifierHole TypeLocalityAzimuth (°)Dip (°)Drilled Length(m)UTM Easting(m)UTM Northing(m)UTM Elevation(m)JPRC06RCJUPITER343.253.095.00664 1987 846 8941 146JPRC07RCJUPITER343.258.0170.00664 2087 846 8651 147JPRC08RCJUPITER347.160.2220.00664 2237 846 8181 148JPRC11RCJUPITER345.844.4187.00664 1577 846 7681 145JPRC13RCJUPITER339.850.1190.00664 1377 846 7561 143JPRC14RCJUPITER343.653.7215.00664 1517 846 7111 143JPRC15RCJUPITER155.545.455.00664 0487 846 8991 139JPRC20RCJUPITER341.050.5190.00664 0817 846 7351 139JPRC21RCJUPITER341.950.6200.00664 1007 846 6841 141JPRC24RCJUPITER339.049.1167.00664 0327 846 6971 138JPRC25RCJUPITER338.850.9145.00664 0527 846 6431 140JPRC27RCJUPITER341.147.495.00663 9807 846 7571 136JPRC29RCJUPITER350.148.765.00663 8637 846 7131 135JPRC30RCJUPITER338.243.796.00663 9567 846 7441 136JPRC31RCJUPITER336.243.3190.00663 9877 846 6691 137JPRC32RCJUPITER347.448.4161.00664 0087 846 6151 138JPRC33RCJUPITER336.854.6110.00663 9347 846 7321 135JPRC34RCJUPITER338.746.4178.00663 9677 846 6631 135JPRC36RCJUPITER312.362.5205.00663 9747 846 6371 136JPRC37RCJUPITER341.848.1125.00663 9097 846 7351 134JPRC38RCJUPITER343.548.7158.00663 9367 846 6571 133JPRC39RCJUPITER330.655.0180.00663 9487 846 6241 135JPRC40RCJUPITER337.650.258.00663 8827 846 7231 135JPRC41RCJUPITER345.849.255.00664 1797 846 9971 144JPRC44RCJUPITER341.048.175.00663 8417 846 6931 135JPRC45RCJUPITER341.948.1151.00663 8947 846 5521 135JPRC47RCJUPITER337.639.9167.00663 8517 846 5741 135JPRC48RCJUPITER340.056.7200.00663 8577 846 5571 134JPRC51RCJUPITER335.068.6146.00663 8317 846 5371 134JPRC52RCJUPITER338.944.7135.00663 7977 846 5471 136JPRC53RCJUPITER335.451.8199.00663 8187 846 4981 135JPRC54RCJUPITER338.044.2130.00663 7487 846 5241 136JPRC56RCJUPITER338.645.376.00663 7187 846 5271 134JPRC57RCJUPITER338.043.9140.00663 7417 846 4631 133JPRC58RCJUPITER338.443.377.00663 6787 846 5131 135JPRC59RCJUPITER337.744.4130.00663 6987 846 4641 135JPRC62RCJUPITER337.850.6190.00663 9177 846 4891 133JPRC63RCJUPITER338.253.2225.00663 8527 846 4151 131JPRC66RCJUPITER332.648.950.00664 2147 846 9261 148JPRC67RCJUPITER333.249.2172.00664 2347 846 8881 149JPRC70RCJUPITER342.864.1102.00664 1087 846 8401 134JPRC71RCJUPITER341.842.3200.00664 1157 846 7431 141JPRC72RCJUPITER341.840.390.00664 0847 846 8301 132JPRC74RCJUPITER338.460.2197.00664 0627 846 7071 139JPRC75RCJUPITER337.865.5145.00663 9837 846 7551 136JPRC76RCJUPITER334.550.5150.00664 0307 846 6311 139JPRC79RCJUPITER338.870.0115.00663 9117 846 7301 135JPRC81RCJUPITER343.345.678.00663 9137 846 6381 134JPRC82RCJUPITER340.769.9120.00663 9247 846 6081 134JPRC85RCJUPITER336.860.0170.00663 8287 846 5441 134JPRC86RCJUPITER343.853.3139.00663 7747 846 5351 135JPRC87RCJUPITER340.754.8204.00663 7997 846 4621 133JPRC88RCJUPITER344.744.788.00664 1317 846 8601 137JPRC89RCJUPITER346.848.2236.00664 2567 846 8451 149JPRC90RCJUPITER341.343.0145.00663 8957 846 6241 133JPRC91RCJUPITER337.045.195.00663 9077 846 5901 134MPZRC102RCMPUDZI328.849.215.00666 6767 845 7831 189MPZRC104RCMPUDZI329.246.933.00665 7777 845 6291 153MPZRC105RCMPUDZI331.650.715.00665 6377 845 5581 155MPZRC106RCMPUDZI328.552.670.00665 6597 845 5221 158MPZRC107RCMPUDZI330.650.325.00665 6807 845 5841 154MPZRC108RCMPUDZI331.552.947.00665 6947 845 5611 157MPZRC109RCMPUDZI331.349.451.00665 6117 845 5061 157MPZRC110RCMPUDZI330.449.922.00665 5977 845 5291 155MPZRC111RCMPUDZI332.749.825.00665 8827 845 4511 171MPZRC113RCMPUDZI332.058.720.00665 7967 845 3991 172MPZRC115RCMPUDZI332.642.220.00665 6347 845 3731 166MPZRC116RCMPUDZI330.649.646.00665 6457 845 3541 168MPZRC117RCMPUDZI332.447.727.00665 6407 845 3631 167MPZRC118RCMPUDZI330.752.440.00665 6697 845 3161 171MPZRC119RCMPUDZI326.454.615.00666 6347 845 7581 193MPZRC120RCMPUDZI329.948.415.00666 0907 845 4371 164MPZRC121RCMPUDZI327.155.140.00666 1277 845 5161 163MPZRC122RCMPUDZI326.248.550.00666 1497 845 4831 164MPZRC123RCMPUDZI330.145.230.00666 2057 845 6031 169MPZRC124RCMPUDZI331.552.357.00666 2587 845 6011 174MPZRC125RCMPUDZI336.051.421.00666 3037 845 6431 176MPZRC126RCMPUDZI337.152.530.00666 3187 845 6131 179MPZRC129RCMPUDZI329.949.015.00666 4027 845 6261 186MPZRC130RCMPUDZI330.846.725.00666 4107 845 6131 183MPZRC36RCMPUDZI328.351.655.00665 9457 845 3471 183MPZRC41RCMPUDZI331.144.225.00666 0097 845 3811 175MPZRC42RCMPUDZI330.349.652.00666 0197 845 3621 176MPZRC44RCMPUDZI329.348.924.00666 0327 845 3921 171MPZRC45RCMPUDZI332.349.260.00666 0447 845 3731 172MPZRC46RCMPUDZI332.552.066.00666 0747 845 3691 168MPZRC47RCMPUDZI330.049.330.00666 0587 845 3971 169MPZRC48RCMPUDZI337.349.727.00666 0947 845 4311 164MPZRC49RCMPUDZI331.649.650.00666 1037 845 4151 165MPZRC50RCMPUDZI330.050.527.00666 1177 845 4401 164MPZRC52RCMPUDZI339.148.325.00666 1237 845 5221 163MPZRC55RCMPUDZI330.551.265.00666 1797 845 5291 167MPZRC56RCMPUDZI330.150.191.00666 1907 845 5111 167MPZRC57RCMPUDZI332.350.342.00666 1827 845 5731 168MPZRC59RCMPUDZI329.150.885.00666 2077 845 5351 170MPZRC60RCMPUDZI329.447.960.00666 2167 845 5831 171MPZRC61RCMPUDZI334.947.985.00666 2297 845 5621 173MPZRC64RCMPUDZI331.946.3110.00666 2637 845 5501 174MPZRC65RCMPUDZI324.748.951.00666 2497 845 6161 173MPZRC72RCMPUDZI336.949.563.00666 3117 845 6281 178MPZRC75RCMPUDZI331.849.276.00666 3957 845 5481 187MPZRC78RCMPUDZI330.150.010.00666 4207 845 5981 188MPZRC79RCMPUDZI330.147.650.00666 4497 845 5501 194MPZRC81RCMPUDZI328.649.542.00666 4347 845 6151 188MPZRC84RCMPUDZI332.454.860.00666 4547 845 6361 190MPZRC88RCMPUDZI330.848.160.00666 4997 845 6521 194MPZRC89RCMPUDZI333.846.825.00666 4837 845 6821 191MPZRC91RCMPUDZI329.148.730.00666 5067 845 6821 195MPZRC93RCMPUDZI326.849.030.00666 5387 845 7141 193MPZRC95RCMPUDZI328.749.925.00666 5597 845 7271 195MPZRC97RCMPUDZI328.552.530.00666 6407 845 7481 195MPZRC98RCMPUDZI329.552.725.00665 8417 845 4191 173PLV1RC1RCPLUVIOUS 1338.752.0165.00662 6937 845 8071 133PLV1RC10RCPLUVIOUS 1337.749.8130.00662 5737 845 7801 131PLV1RC12RCPLUVIOUS 1342.158.4150.00662 5497 845 7411 130PLV1RC14RCPLUVIOUS 1337.749.575.00662 4907 845 8131 129PLV1RC15RCPLUVIOUS 1337.951.8128.00662 5077 845 7661 130PLV1RC18RCPLUVIOUS 1338.458.5200.00662 4977 845 7051 129PLV1RC19RCPLUVIOUS 1337.649.678.00662 4407 845 7861 129PLV1RC2RCPLUVIOUS 1349.850.698.00662 6377 845 8661 132PLV1RC20RCPLUVIOUS 1347.755.3120.00662 4557 845 7471 129PLV1RC21RCPLUVIOUS 1334.244.440.00662 4187 845 8431 127PLV1RC23RCPLUVIOUS 1351.449.075.00662 5237 845 8221 130PLV1RC24RCPLUVIOUS 1344.346.120.00662 4417 845 8591 128PLV1RC3RCPLUVIOUS 1341.852.6135.00662 6567 845 8161 132PLV1RC5RCPLUVIOUS 1340.251.590.00662 6107 845 8541 132PLV1RC6RCPLUVIOUS 1335.551.0130.00662 6397 845 7991 131PLV1RC7RCPLUVIOUS 1330.443.951.00662 5927 845 8271 132PLV1RC9RCPLUVIOUS 1328.050.0140.00662 6787 845 6891 132PLV4RC06RCPLUVIOUS 4335.655.4140.00662 8097 845 9131 137PLV4RC1RCPLUVIOUS 4339.745.258.00662 8637 846 0101 137PLV4RC10RCPLUVIOUS 4332.847.989.00662 7377 845 9131 135PLV4RC11RCPLUVIOUS 4340.448.260.00662 6917 845 9261 134PLV4RC12RCPLUVIOUS 4340.148.4112.00662 7067 845 8861 134PLV4RC2RCPLUVIOUS 4339.545.7100.00662 8767 845 9781 139PLV4RC3RCPLUVIOUS 4338.850.4130.00662 8627 845 9401 137PLV4RC4RCPLUVIOUS 4338.845.055.00662 8207 845 9771 137PLV4RC7RCPLUVIOUS 4350.044.5105.00662 7597 845 9331 135PLV4RC8RCPLUVIOUS 4343.647.8120.00662 7747 845 8941 136PLV4RC9RCPLUVIOUS 4338.547.845.00662 7237 845 9451 134PLV5RC1RCPLUVIOUS 5336.350.335.00663 2927 846 3091 138PLV5RC10RCPLUVIOUS 4344.254.9110.00663 2217 846 2021 137PLV5RC11RCPLUVIOUS 5342.344.5126.00663 1997 846 1851 137PLV5RC12RCPLUVIOUS 4333.147.278.00663 1617 846 1971 138PLV5RC13RCPLUVIOUS 5331.053.0130.00663 1787 846 1661 137PLV5RC14RCPLUVIOUS 4341.064.7167.00663 1667 846 1281 136PLV5RC15RCPLUVIOUS 5341.948.5105.00663 1297 846 1411 139PLV5RC16RCPLUVIOUS 4337.450.745.00663 0687 846 1741 136PLV5RC17RCPLUVIOUS 5310.751.490.00663 0817 846 1491 139PLV5RC18RCPLUVIOUS 4343.552.1115.00663 0627 846 1181 138PLV5RC2RCPLUVIOUS 5339.149.764.00663 3007 846 2901 138PLV5RC4RCPLUVIOUS 4338.046.860.00663 2797 846 2721 138PLV5RC5RCPLUVIOUS 5328.758.640.00663 2817 846 2641 138PLV5RC6RCPLUVIOUS 4345.763.2130.00663 2747 846 2201 137PLV5RC7RCPLUVIOUS 5326.846.765.00663 2317 846 2461 136PLV5RC8RCPLUVIOUS 4337.849.3104.00663 2487 846 2181 137PLV5RC9RCPLUVIOUS 5333.547.569.00663 2117 846 2211 137SHRC05RCSHAWL328.648.2159.00664 4917 847 1131 150SHRC06RCSHAWL327.948.9130.00664 4567 847 1241 150SHRC08RCSHAWL142.345.935.00664 3727 847 2001 146SHRC09RCSHAWL327.149.7135.00664 4297 847 1191 149SHRC10RCSHAWL325.753.3170.00664 4407 847 1051 150SHRC11RCSHAWL333.844.192.00664 3967 847 1201 149SHRC12RCSHAWL329.464.0146.00664 4087 847 0981 149SHRC15RCSHAWL332.744.9142.00664 3907 847 0661 149SHRC16RCSHAWL335.443.639.00664 3267 847 1341 130SHRC18RCSHAWL337.148.4149.00664 3637 847 0601 150SHRC19RCSHAWL333.053.645.00664 3047 847 1191 131SHRC20RCSHAWL334.056.076.00664 3097 847 1031 130SHRC22RCSHAWL331.158.4210.00664 3487 847 0271 150SHRC23RCSHAWL333.644.058.00664 3107 847 0501 148SHRC24RCSHAWL333.546.7175.00664 3317 847 0121 148SHRC25RCSHAWL330.046.255.00664 2527 847 0871 136SHRC26RCSHAWL333.249.5129.00664 2847 847 0351 147SHRC28RCSHAWL333.043.358.00664 2337 847 0711 137SHRC29RCSHAWL331.849.398.00664 2547 847 0361 145SHRC31RCSHAWL331.749.050.00664 2217 847 0361 142SHRC32RCSHAWL330.548.4116.00664 2497 846 9921 146SHRC34RCSHAWL329.447.850.00664 2247 846 9751 145SHRC35RCSHAWL301.249.1119.00664 2457 846 9401 147SHRC36RCSHAWL333.345.258.00664 2827 847 1021 134SHRC38RCSHAWL332.340.086.00664 4587 847 1661 150SHRC39RCSHAWL331.242.585.00664 4877 847 1821 151SHRC40RCSHAWL327.046.4125.00664 5067 847 1481 150SHRC41RCSHAWL334.636.735.00664 3747 847 1661 129SHRC44RCSHAWL327.445.165.00664 1987 847 0141 145SHRC45RCSHAWL335.745.735.00664 2157 847 0991 144SHRC46RCSHAWL337.949.535.00664 1977 847 0761 144SHRC47RCSHAWL329.140.255.00664 4437 847 1961 148SHRC50RCSHAWL334.754.830.00664 2847 847 1551 145SHRC51RCSHAWL330.452.0180.00664 3137 846 9891 148SHRC52RCSHAWL331.851.4161.00664 2807 846 9921 147SHRC59RCSHAWL336.141.055.00664 4757 847 2041 151SHRC60RCSHAWL335.740.431.00664 4637 847 2271 150TRRC44RCTRAIL324.744.475.00666 8807 844 4611 155TRRC50RCTRAIL325.950.449.00667 1027 844 5281 163JDD11DDJUPITER342.944.182.68664 1637 846 8761 142JDD12DDJUPITER331.543.955.58664 1067 846 8531 134JDD13DDJUPITER321.751.7154.58664 0557 846 7281 139JDD14DDJUPITER325.145.685.58663 9297 846 7471 135JDD15DDJUPITER330.543.440.58663 8047 846 5971 116JDD16DDJUPITER333.146.958.58663 7267 846 5831 112JDD17DDJUPITER342.345.297.78663 8707 846 6161 131JDD18DDJUPITER338.247.9112.78664 0577 846 7991 130PLVDD07DDPLUVIOUS328.243.997.58663 2587 846 2521 137PLVDD08DDPLUVIOUS325.045.188.58663 1897 846 2051 137PLVDD09DDPLUVIOUS329.647.373.58663 1147 846 1711 139PLVDD10DDPLUVIOUS343.545.676.68662 8417 845 9931 137PLVDD12DDPLUVIOUS335.445.492.58662 6637 845 8811 133PLVDD13DDPLUVIOUS324.247.497.58662 5627 845 8101 131PLVDD14DDPLUVIOUS338.846.073.58662 4667 845 7941 129SHDD03DDSHAWL323.143.484.58664 4397 847 1481 150SHDD04DDSHAWL332.149.294.68664 2657 847 0661 134SHDD05DDSHAWL332.246.096.00664 3727 847 0991 147Table 4: RC and DD Drilling Collar and Survey InformationGlossaryTermDefinitionAero-magneticsA geophysical exploration method in which a magnetometer, often mounted on an aircraft, is used to measure variations in the Earth's magnetic field over a specific area.AssayA process of analysing a sample to determine its composition, particularly to measure the concentration of metal (e.g., gold) within it.AzimuthThe angle between the north direction and the projection of the line to a point, typically used in mapping and surveying.Blank (Sample)A type of control sample with a known low concentration of analyte, used in quality assurance to detect contamination.Bottle Roll AssayA test method for determining gold content by using a rotating bottle and a leaching solution, often used on-site in laboratories.Brownfield ExplorationExploration activities conducted near or around an existing mine, contrasting with greenfield, which targets unexplored areas.Certified Reference Material (CRM)A material or substance with a certified composition used to ensure the accuracy and consistency of analytical results.Composite SampleA sample made by combining individual samples from various sections to create a single, representative sample for analysis.Core LengthThe total measured length of the sample core obtained from drilling, often used to analyse mineral composition and structure.Cut-off GradeThe minimum grade or concentration of mineral that must be met for material to be considered viable for processing.Diamond Drilling (DD)A drilling technique using a diamond drill bit to retrieve core samples for geological assessment, commonly used for detailed exploration.Down-the-Hole SurveyA measurement process to check the angle and path of a borehole as it is drilled, ensuring it follows the planned direction.Duplicate SampleA second sample taken from the same source to verify the accuracy and reproducibility of assay results.End of Hole (E.O.H.)The final depth reached in a borehole or drilling operation.Fire AssayA traditional method to measure precious metal content by heating and melting the sample, allowing separation of metal content for analysis.Grade (g/t)The concentration of precious metal, typically measured in grams per ton (g/t) of ore, used as a quality indicator of mineral deposits.Greenfield ExplorationExploration of new, previously untouched areas with no prior mining activity to discover new mineral deposits.Lab Pulp Repeat (LPR)A quality assurance process where lab samples are pulverized and analysed to ensure consistent assay results.Mineralised ZoneA section of rock where minerals, especially economically valuable ones, are concentrated.Motapa Exploration ProgramAn exploration project focused on the Motapa area, involving trenching, drilling, and geophysical surveys to identify and quantify mineral deposits.Quality Assurance Quality Control (QAQC)Procedures in place to ensure the reliability and accuracy of testing and analytical methods in sampling and assay results.Reverse Circulation Drilling (RC)A method of drilling that uses compressed air to bring rock cuttings to the surface, allowing sampling without retrieving a core.Riffle SplitterA device used in sampling to divide material into equal portions, helping obtain a representative sample.SericiteA fine-grained, mica-like mineral, typically a variety of muscovite or illite, that forms through the alteration of feldspar and other minerals.Trench SamplingA method of sampling in exploration where trenches are dug to expose bedrock, allowing geological mapping and sampling.True WidthThe actual thickness of a mineralized zone, as opposed to the core length measured in drilling, adjusted for the angle of drilling.Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.Cautionary Note Concerning Forward-Looking InformationInformation and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, 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 "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: the opportunity for Motapa to evolve into a strategic extension of the Bilboes mining complex, potentially enhancing production and extending the life of mine at Bilboes through the development of a combined mining operation, the potential for shared infrastructure and operational synergies, which could enhance project economics and reduce capital intensity over time, the expectation that the group will publish a maiden mineral resource estimate for portions of Motapa in Q3 2026, the potential to significantly enhance the long-term value of the Bilboes project, the opportunity to define a substantial resource in close proximity to the planned infrastructure at Bilboes and the opportunity to extend mine life and increase future production across a combined mining complex. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.Security holders, potential security holders and other prospective investors should be aware that these 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. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the Company's latest 20-F and Management's Discussion and Analysis, each under the heading "Risk Factors", available on the SEDAR website at www.sedar.com or on EDGAR at www.sec.gov. The foregoing should be reviewed in conjunction with the information and risk factors and assumptions found in this news release.This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction.SOURCE: Caledonia Mining Corporation PlcView the original press release on ACCESS NewswireOriginal: Caledonia Mining Corporation Plc: Motapa Exploration Results

ABRIDGED, PRELIMINARY AND UNAUDITED QUARTERLY AND FULL YEAR RESULTS AND DETAILS OF MANAGEMENT CONFERENCE Call for the Fourth Quarter and Full Year Ended December 31, 2025 ("The Quarter" or "Q4 2025" and "FY 2025" Respectively)March 23, 2026 3:00 AM
ACCESS NewswireRECORD FINANCIAL PERFORMANCE IN FY 2025, STRONG CASH GENERATION AND CLEAR GROWTH MOMENTUM INTO 2026SAINT HELIER, JE / ACCESS Newswire / March 23, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company" and together with its subsidiaries "the Group") is pleased to report preliminary unaudited financial and operating performance for the Quarter and FY 2025, reflecting a year of strong revenue, profit and cash generation, alongside continued progress on its growth strategy across Blanket Mine, Bilboes and Motapa.The Group's performance during the year was underpinned by a higher gold price environment, providing a robust platform to execute the next phase of growth into 2026 and beyond.Unaudited consolidated statements of profit or loss and other comprehensive income, consolidated statements of financial position and consolidated statements of cash flows are included in the appendices at the end of this announcement. The Company expects to file its Annual Report on Form 20-F for the year ended December 31, 2025, containing audited financial statements for FY 2025, ("Form 20-F") with the U.S. Securities and Exchange Commission in the next few weeks, and an announcement will be made to notify of its filing in due course.As a result, all financial results described herein should be considered preliminary (and are unaudited), and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time we file our Form 20-F.Summary for Quarter and FY 2025The Group delivered an exceptional financial performance in FY 2025, benefiting from a higher gold price environment.Gold Production and Sales:Blanket Mine ("Blanket") produced 76,213 ounces ("oz") of gold in FY 2025 and sold 77,392 oz, with 2,262 oz of gold bullion on hand at year end.The Bilboes oxide operation produced and sold 1,683 oz of gold during FY 2025.Total consolidated gold sales were 79,075 oz, compared to 77,917 oz in the previous year ("FY 2024").Revenue increased by 46% to US$267.7 million, compared with US$183.0 million in FY 2024, driven primarily by a significantly higher realised gold price and strong sales volumes.Gross profit increased to US$137.1 million, compared to US$77.0 million in FY 2024, reflecting improved margins due to the higher gold price.EBITDA increased to US$125.3 million, compared with US$59.7million in FY 2024, representing a substantial improvement driven by higher gold prices.Profit after tax increased to US$67.5 million, compared with US$23.1 million in FY 2024, an increase of 193%.Net cash generated from operating activities increased by 82% to US$76.2 million (FY 2024: US$42.0 million).Unit Costs:Consolidated on-mine cash cost averaged US$1,263/oz sold.All in sustaining cost ("AISC") averaged US$1,952/oz sold, based on 79,075 oz sold.Free cash flow increased to US$62.1 million, compared with US$10.6 million in FY 2024.Basic earnings per share ("EPS") increased by 211% to US$2.83 (FY 2024: US$0.91), driven by higher profitability.Bilboes Gold Project ("Bilboes" or "the Project"):The Bilboes sulphide feasibility study was completed and published in November 2025, confirming a single-phase development, robust economics and a clear pathway to development.See "Bilboes Gold Project Technical Report Summary" with effective date October 31, 2025 prepared by DRA Projects (Pty) Ltd and filed by the Company on EDGAR as an exhibit to a Form 6-K Report of Foreign Private Issuer on November 24, 2025 (the "Feasibility Study").On 5 November 2025, Caledonia announced the appointment of Mr. July Ndlovu as an independent non-executive director to the Board.Quarterly dividend: Caledonia announces today that the board of directors of the Company (the "Board") has approved a dividend of 14 cents per share which will be paid on April 17, 2026.The Group's balance sheet strengthened materially during the year. Cash and cash equivalents increased to US$35.7 million at year end (FY 2024: US$4.3 million), resulting in a net cash position of US$23.8 million, compared with a net debt position of US$8.7 million at the end of 2024. This enhanced financial position provides the Group with greater flexibility to fund its growth initiatives.OPERATING RESULTS SUMMARY Q4 2025 Q4 2024 % ? 12-Months 2025 12-Months 2024 % ? SAFETY Group LTIFR (per 1m hours)1,5 0.0 1.11 -100% 0.8 0.71 12.7%Group TIFR (per 1m hours)1,6 2.8 2.21 26.7% 3.5 4.41 -20.5%UNDERGROUND MINING2 Ore broken in tonnes (t) ('000's) 221.6 229.0 -3.2% 916.2 851.4 7.6%Ore hoisted in tonnes (t) ('000's) 197.4 213.5 -7.5% 840.2 772.2 8.8%PROCESSING2 Ore processed/milled (t) ('000's) 207.7 207.7 0.0% 826.8 797.5 3.7%Head/feed grade (grams/tonne) 2.8 3.2 -12.5% 3.07 3.2 -4.1%Gold recovery (%) 92.8 93.6 -0.9% 93.4 93.6 -0.2%Gold production (oz) 17,367 19,841 -12.5% 76,213 76,656 -0.6%COSTS AND SALES Gold sold (oz) 18,408 18,141 1.5% 79,075 77,917 1.5%On-mine costs (US$ 000) 28,037 21,361 31.3% 99,873 83,619 19.4%On-mine (US$/oz sold) 1,523 1,177 29.4% 1,263 1,073 17.7%AISC (US$ 000) 42,249 34,055 24.1% 154,335 117,321 31.6%AISC (US$/oz sold) 2,295 1,877 22.3% 1,952 1,506 29.6%Realised gold price (US$/oz) 4,057 2,618 55.0% 3,383 2,347 44.1%FINANCIALS3 Revenue (US$ 000) 74,736 47,515 57.3% 267,663 183,018 46.2%EBITDA (US$ 000) 29,817 17,426 71.1% 125,319 59,695 109.9%Profit after tax (US$ 000) 14,099 7,516 87.5% 67,511 23,054 192.8%Capital expenditure (US$ 000)4 6,604 10,437 -36.7% 30,772 27,915 10.2%Free cash-flow (US$ 000) 13,788 876 1,473.9% 62,116 10,643 483.6%Basic earnings per share ($) 0.56 0.30 86.7% 2.83 0.91 211.0%Diluted earnings per share ($) 0.56 0.30 86.7% 2.83 0.91 211.0%Previously reported in 200,000 man hours.The production summaries above only show Blanket results. Bilboes contributes marginally to the overall results; however, due to materiality, its numbers have not been included above.Please refer to the financial statement appendices at the end of the report.The capex relates to Blanket only.LTIFR - lost time injury frequency rate.TIFR - total incident frequency rate.Chief Executive Officer's CommentMark Learmonth, Caledonia's Chief Executive Officer, commented:"2025 has been a strong year for the Group, marked by record financial performance, excellent cash generation and continued strategic progress across the business. Revenue increased by 46% to US$267.7 million, profit after tax rose by 193% to US$67.5 million, and net cash generated from operations increased by 82% to US$76.2 million.At Blanket, we produced 76,213 ounces of gold, meeting our revised increased guidance, while continuing to invest in exploration. The results from our drilling programmes are highly encouraging and reinforce our confidence in the long-term future of the operation.Beyond Blanket, we advanced our organic growth strategy and made decisive progress with Bilboes, our next mine. The publication of the Feasibility Study confirmed our expectations that Bilboes is an attractive and robust project that has the potential to materially change our production and profit profile and at the same time provide meaningful contributions to Zimbabwe.Our investment in Motapa, which sits contiguous to Bilboes, forms an important part of our strategy to build a broader production and growth platform in Zimbabwe. Our post-period funding initiatives, together with the proceeds from the sale of the solar plant at Blanket, have significantly strengthened our balance sheet and leave us well positioned to fund growth while importantly maintaining financial flexibility.We continue to receive strong and constructive support from the Government of Zimbabwe in implementing our strategy. Looking ahead to 2026, our focus is on execution and the strategic objective of becoming a multi-mine producer. Our commitment is unwavering to safety and our people while maintaining consistent operations at Blanket, advancing Bilboes in line with the financing and development timetable, continuing targeted exploration at Motapa, and delivering sustainable value for shareholders, employees and the communities in which we operate. We intend to use the current strong gold price to invest in projects at Blanket to improve operating resilience and contain further upward pressure on input prices."WEBCASTThe Company will host a remote presentation for analysts and investors on its preliminary and unaudited operating and financial results for the Quarter and FY 2025 on Monday March 23, 2026 at 2:00pm London time, followed by an opportunity to ask questions.Webcast link: https://stream.brrmedia.co.uk/broadcast/69ae9fc354af4a0013267828SafetySafety remains a core priority for the Group. During FY 2025, the Company reported a fatal accident involving a Blanket employee in September 2025, following an incident related to secondary blasting. The Group remains deeply saddened by the loss and extends its condolences to the family and those affected. In response, management initiated a comprehensive review of safety procedures, controls and training programmes across the operation, with a continued focus on reinforcing safety standards, improving risk management practices and strengthening the safety culture throughout the business.At Blanket, work is underway to further strengthen the fatal risk management framework, including the enhancement of risk registers, risk standards, and verification and assurance processes. In parallel, the Group has implemented the IsoMetrix electronic SHEC management system to support consistent incident reporting, hazard identification and risk management across its operations. The system went live in December 2025, with training continuing into 2026.No lost time injuries or fatalities occurred during the Quarter, and the LTIFR for FY2025 was 0.84 per million work hours.ProductionBlanket delivered a strong and resilient operational performance in FY 2025, meeting increased production guidance despite operational challenges experienced during the year. FY 2025 gold production of 76,213 oz was within the revised guidance range of 75,500 to 79,500 oz and broadly consistent with production achieved over the prior two years, reflecting the underlying stability of the operation.Production in the second half of the year was affected by lower tonnages from higher grade areas, which are being addressed through ongoing mine development, and by an increased incidence of prolonged electricity supply interruptions towards the end of the year. These impacts were partially offset by robust milling throughput and the draw-down of material from the ore stockpile, which helped to maintain overall production levels.For 2026, Caledonia expects Blanket gold production to be in the range of 72,000 to 76,500 oz[1], with the quarterly production profile anticipated to be stronger in the second half of the year as higher-grade areas increasingly come on stream.1 Refer to "S-K 1300 Technical Report Summary on the Blanket Gold Mine, Zimbabwe" with effective date December 31, 2023 prepared by Caledonia and filed by the Company on EDGAR as an exhibit to its annual report on Form 20-F on May 15, 2024; and "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with effective date December 31, 2023 prepared by Caledonia and filed by the Company on SEDAR+ on May 15, 2024Capital Expenditure and Investment for GrowthThe main capital projects at Blanket in 2025 were the ongoing mine development to provide access to new mining areas and the completion of the new Tailings Storage Facility ("TSF").On-mine capital development has established critical infrastructure across the 26, 30, and 34 Levels, thereby supporting sustained operations at greater depth. Currently, significant progress is being made on the development of a twin decline system designed to provide enhanced access to the 38 Level. The decline system has successfully advanced to the 36 Level, where the establishment of a mid-level is underway to facilitate production activities below the 34 Level. 5,532 and 22,284 meters of development were achieved for the Quarter and FY 2025 respectively.The TSF was built on a modular basis to spread the cost over a longer period, and to ensure that the first phase could receive material before the old TSF reached its full capacity. Work on the TSF was completed on July 31, 2025. A second return water dam to support the TSF was commissioned in November 2025.The Company published guidance on January 14, 2026 for capital expenditure for 2026, in which it stated that guidance may be increased to cater for the construction of a 34km electricity line to connect Blanket to Zimbabwe's 132Kv backbone. This investment is expected to reduce the price of power received from the grid and reduce the incidence of power outages experienced by Blanket, thereby reducing the use of expensive diesel generators and allowing an increase in expected production of about 1,000 oz per annum due to improved operating reliability. The study for this project has been completed, and the Board has approved an amount of $14.2 million for this project. Work is expected to commence immediately, and the project is expected to be completed in the second quarter of 2027. The Board has also approved additional capital expenditure of $2.2 million to convert the winder at Central Shaft from Alternating Current (AC) to Direct Current (DC) operation. This work should be done over the December 2026/January 2027 period and is expected to realise cost savings of approximately $0.6m per annum.(US$ 000) Q4 2025 2025 SUSTAINING CAPEX Underground mine development 1,215 6,659 Engineering equipment 1,329 9,612 Other sustaining capex 3,205 8,444 Total sustaining capex 5,749 24,715 NON-SUSTAINING CAPEX TSF 855 6,057 Total non-sustaining capex 855 6,057 TOTAL CAPEX * 6,604 30,772 * The capex relates to Blanket only.Total Group capital expenditure for FY 2026 is projected to be US$178.9 million, reflecting the Group's commitment to sustaining production at Blanket while advancing its growth pipeline.This comprises:Sustaining capital of US$43.0 million, largely focused on Blanket.Growth capital of US$135.9 million, including:US$132.1 million allocated to the Bilboes development project, subject to Board approval and funding; andUS$3.8 million for exploration at Motapa, reflecting the Group's focus on longer term value creation and synergies with Bilboes.CostsDuring FY2025, total production costs for the Group increased to US$101.3 million (FY 2024: US$80.7 million), primarily reflecting inflationary pressures on labour, consumables and power, increased underground development activity at Blanket, and continued investment in operational reliability and safety. Blanket accounted for the majority of production costs, while costs at the Bilboes oxide operation remained modest and consistent with prior periods.On a unit basis, the Group reported a consolidated on-mine cash cost of US$1,263 per oz sold and an AISC of US$1,952 per oz sold, which were marginally above the guidance ranges of $1,150 - $1,250 and $1,850 - $1,950, respectively. The increased on-mine cost per oz reflects the increased on-mine costs and the effect of the reduced grade which fell from 3.2g/t to 3.07g/t.Administrative expenses increased to US$20.5 million (FY 2024: US$15.7 million), reflecting higher employee costs, professional and advisory fees, and ongoing investment in governance and compliance. Despite these increases, strong gold prices and ongoing focus on cost control delivered significant margin expansion, and management believes the cost base remains appropriate to advance the Group's long-term growth strategy. Measures such as the 132Kv power line and the conversion of the Central Shaft winder from AC to DC operation are expected to realise cost savings from 2027 onwards, but these savings are likely to be counterbalanced by further increases in costs arising from the provision of living accommodation for the workforce at Blanket which has increased significantly in recent years.SalesGold sales during FY 2025 reflected both stable production levels and a significantly higher gold price environment, resulting in strong revenue growth and margin expansion. The Group sold a total of 79,075 ounces of gold during the year (FY 2024: 77,917 ounces), primarily from Blanket, with additional contribution from the Bilboes oxide operation. Gold sales volumes were broadly consistent year-on-year, demonstrating the underlying reliability of the Group's operations.Average realised gold prices increased materially to US$3,383 per oz (FY 2024: US$2,347 per oz), driving revenue growth of 46% to US$267.7 million. The higher realised price more than offset cost inflation and supported a substantial improvement in profitability and cash generation. Management believes the combination of consistent sales volumes and exposure to a supportive gold price environment positions the Group well to continue generating strong margins while funding ongoing operations, dividends and growth initiatives.Underground Mining and ProcessingDuring FY 2025, underground milling and processing activities continued to support production delivery at Blanket, as reflected in total gold production of 76,213 oz for the year. Q4 2025 was impacted by crew moves to new areas as production areas in the upper levels reached the end of their life span. Some delays in bringing the crews into production in the new areas resulted in lower than planned tonnages from these areas, adversely affecting the overall grade for the Quarter. Production from the new areas remained under pressure in January and February 2026 but has improved in March 2026.Processing related costs, including consumables, electricity and maintenance associated expenditure, increased year on year, consistent with higher inflationary pressures and increased underground development activity. Expenditure on processing and plant related infrastructure formed part of the Group's ongoing capital investment programme aimed at sustaining operational capacity and supporting future production requirements.Exploration and Resource Development - BlanketDuring 2025, the Group continued its underground resource expansion drilling programme at Blanket, completing 6,976 metres of drilling. Results returned grades and widths that were generally better than expected relative to the current mineral resource model.The programme confirmed the continuation of the Blanket and Eroica orebodies at depth to beyond 36 Level (1,230 meters below surface) and demonstrated the extension of the Lima orebody to 30 Level (990 meters below surface) from 22 Level (750 meters below surface), which is the lowest level of mining on the Lima orebody. The deep drilling program continues to reinforce confidence in the long-term production profile and life of mine extension potential at Blanket.Surface exploration activities at Blanket have identified an anomalous area of gold mineralisation located approximately 200 meters to the east of the Sheet surface shaft. The area was trenched to obtain sample material for assay and follow up reverse circulation drilling commenced down to a depth of 40 meters below surface. Currently, assay results are pending from external laboratories although indications from selective assaying at the Blanket laboratory appear positive. Future updates will follow once assay results are received and processed during the first half of 2026.Motapa Exploration - Investing for Future GrowthDuring 2025, the Group continued to invest in exploration activities at the Motapa property, recognising its potential to deliver long term, value enhancing synergies alongside the development of Bilboes. Motapa is a brownfield exploration asset located adjacent to Bilboes and is considered strategically important as part of the Group's broader ambition to establish a multi asset gold production hub in Zimbabwe. Exploration expenditure during the year was directed towards advancing geological understanding and supporting longer term growth optionality.Exploration during 2025 was focussed on the sulphide mineralisation below the historical oxide open pits at Motapa North and for near surface oxide mineralisation at the eastern portion of the Motapa central trend known as Mpudzi.For 2025, the following was achieved:Surface Diamond Drilling1,564 meters drilled from 18 drillholes (2024: 4,255 meters from 27 drillholes).1,317 samples for fire assay submitted and received.Surface Reverse Circulation Drilling.18,325 meters drilled from 196 drillholes (2024: 5,461 meters from 61 drillholes).12,460 samples for fire assay submitted and received.The results from the exploration activities are expected to produce a maiden mineral resource estimate for the sulphide mineralisation of the Motapa north trend during the second quarter 2026.Looking ahead, US$3.8 million has been allocated to Motapa exploration as part of the Group's 2026 growth capital programme, reflecting management's continued commitment to disciplined investment in exploration while maintaining financial flexibility. Planned work programmes are designed to complement the Bilboes development timetable and to build a pipeline of potential future opportunities that could enhance mine life, operational flexibility and regional scale over time. The exploration activities for 2026 are focussed on the continual exploration of the near surface oxide potential of the Mpudzi area and the exploration of the sulphide mineralisation of the Motapa South trend below historical oxide open pits. Management believes that Motapa represents an attractive exploration opportunity within the Group's portfolio, aligned with its long-term growth strategy.Bilboes Gold Project - Our Next MineIn November 2025, Caledonia published the Feasibility Study and approved the Project for development. The Feasibility Study informs a single-phase development, proven and probable mineral reserves of 1.75 million oz of gold contained in 24.1 million tonnes of ore at an average grade of 2.26 grams per tonne, and a life of mine of 10.8 years.The Project is expected to produce approximately 200,000 oz of gold in its first full year of production, with first production anticipated in late 2028. The Feasibility Study demonstrates robust economics, including a post-tax NPV (8% real) of US$582 million and a post-tax IRR of 32.5% at consensus gold price assumptions at the effective date of the Study ($2,548 per oz), with materially higher returns at prevailing spot prices.Funding, Liquidity and Capital AllocationThe Group's total liquidity is shown below.Liquidity Dec 31, 2025 (US$ 000) Cash on hand 35,738 Bullion on hand 10,293 Gold sales receivables 7,718 Fixed-term deposits 5,000 TOTAL BEFORE UTILISATION OF FACILITIES 58,749 Drawn down bank facilities (11,898) NET CASH AND LIQUID ASSETS 46,851 Undrawn bank facilities 8,101 TOTAL LIQUIDITY 54,952 During early 2026, Caledonia successfully completed a US$150 million convertible senior notes offering, receiving net proceeds of approximately US$130 million, significantly strengthening liquidity and providing flexibility to advance Bilboes while maintaining capital discipline.The Company also implemented a gold price hedging programme, securing a minimum price of US$3,500 per ounce on 3,000 oz per month from January 2026 to December 2028, underpinning cash flows during the peak Bilboes capital investment period.Caledonia continues to progress discussions regarding an interim funding facility of up to US$150 million and plans to commence a formal project finance process during 2026. The hedging programme referred to above provides a floor price for lenders when they evaluate their participation in the interim facility. In February 2026, the Group appointed Stanbic Bank Zimbabwe (a member of Standard Bank Group) and CBZ Bank Limited as co-lead arrangers for the interim funding facility.Diesel and Operational ContinuityThe recent geopolitical developments in the Middle East have had no impact on Caledonia's operations to date. Diesel, of which the Group consumes approximately two million litres per annum, represents less than 3% of operating costs, and the Group has secured supplies of over one million litres, providing substantial buffer and supply certainty. Zimbabwe sources its fuel from both the Middle East and South Africa. Importantly, reliance on diesel has significantly fallen over the last few years: diesel accounted for 8% of the Group's power in 2020, but has reduced to only 2% last year, supported by around 20% of total power requirements being met by solar power.At present Caledonia is selling its exported portion of gold through South Africa (rather than the Middle East), ensuring uninterrupted revenue flows for that portion.These factors collectively underpin strong operational resilience despite external geopolitical developments.DividendCaledonia has approved a quarterly dividend of 14 United States cents (US$0.14) on each of the Company's shares.The relevant dates relating to the dividend are as follows:Ex-dividend date VFEX: March 31, 2026Ex-dividend date AIM and NYSE American: April 2, 2026Record date: April 2, 2026Payment date: April 17, 2026Shareholders with a registered address in the UK will be paid in Sterling.END NOTESFinancial informationAs previously advised, Caledonia no longer publishes financial statements and management's discussion and analysis reports on a quarterly basis in accordance with Canadian securities regulations. This decision aligns with applicable exemptions under Canadian securities regulations, including National Instrument 71-102 - Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, and reflects our status as an SEC foreign issuer with equivalent disclosure obligations outside Canada. Therefore there will no longer be annual financial statements issued with a Canadian audit report.The audited financial statements for FY 2025 will be incorporated in the Form 20-F.The financial information presented herein and in the accompanying appendices has been extracted from the Company's preliminary and unaudited financial statements for the period ended December 31, 2025. The information has been prepared using accounting policies consistent with those applied in the preparation of the preliminary and unaudited annual financial statements for the year ended December 31, 2025. The extracted information does not include all the disclosures required by International Financial Reporting Standards (IFRS). The information has been provided to update shareholders on the performance of the Group and should be read together with the Form 20-F which is expected to be filed with the U.S. Securities and Exchange Commission in the next few weeks, and an announcement will be made to notify of its filing in due course. As a result, all financial results described herein should be considered preliminary (and are unaudited), and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time we file our Form 20-F.Non-GAAP measures
This announcement includes certain financial performance measures which are non-GAAP measures. These include cash costs of production, AISC, cash and liquid assets, and free cash flow. Management believes these measures provide valuable additional information for users of the information to understand the underlying trading performance. Definitions and explanation of the measures used along with reconciliation to the nearest IFRS measures are detailed in the Form 20-F which will in due course be filed on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system as well as being available at www.caledoniamining.com/investors/reports-presentations/.Cash and liquid assets
Cash and liquid assets include cash, fixed-term deposits, bullion on hand, gold sales receivables and drawn down bank facilities.LTIFR
Lost Time Injury Frequency Rate ("LTIFR") measures how often workplace injuries occur that result in employees missing work, normalized to hours worked to allow comparison over time or between organisations.TIFR
The Total Injury Frequency Rate ("TIFR") is a key safety performance indicator that measures the frequency of all workplace injuries (including fatalities, lost time injuries, medical treatment cases, and restricted work injuries) relative to the total hours worked.Reporting ChangesNotwithstanding that Caledonia no longer publishes financial statements and management's discussion and analysis reports on a quarterly basis in accordance with Canadian securities regulations, Caledonia remains fully committed to transparent and timely disclosure of material information through the publication of our annual and half-yearly financial statements and via recognised regulatory channels, and, going forwards, we anticipate continuing to publish revenue, costs and production results for the quarters for which we do not release detailed financial results (namely, the first and third quarters). This change does not affect our obligation to disclose any significant developments or risks that may materially impact the Group's financial position or performance.FOR MORE INFORMATION, please visit the website www.caledoniamining.com or contact:EnquiriesCaledonia Mining Corporation PlcMark Learmonth
Camilla HorsfallTel: +44 1534 679 800
Tel: +44 7817 841 793Cavendish Capital Markets Limited (Nomad and Broker)Adrian Hadden
Pearl KellieTel: +44 207 397 1965
Tel: +44 131 220 9775Camarco, Financial PR (UK)Gordon Poole
Elfie KentTel: +44 20 3757 4980Curate Public Relations (Zimbabwe)Debra TatendaTel: +263 77802131IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)Lloyd MlotshwaTel: +263 (242) 745 119/33/39Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act.Cautionary Note Concerning Forward-Looking InformationInformation and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, 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 "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include (but is not limited to): Caledonia's expectations with regard to entering into the Interim Funding Facility, raising the project finance necessary to construct the Project and ensuring the Group has the necessary financial capacity to complete the Project, expectations with respect to costs, the situation in the Middle East, improving the electricity situation at Blanket, as well as successful exploration at Motapa and Blanket. The forward-looking information contained in this news release is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: the successful implementation of mine plans, the establishment of estimated resources and reserves, the grade and recovery of minerals which are mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, the representativeness of mineralization being accurate, success of planned metallurgical test-work, capital availability and accuracy of estimated operating costs, obtaining required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and Caledonia's experience of project development in Zimbabwe and other factors.To the extent any forward-looking information herein constitutes a financial outlook or future oriented financial information, any such statement is made as of the date hereof and included herein to provide prospective investors with an understanding of the Company's plans and assumptions. Security holders, potential security holders and other prospective investors should be aware that these 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. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations. These risks are not exhaustive. Further information on these and other risks that could affect Caledonia's results is included in its filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 20-F for the last completed financial year, reports on Form 6-K for the most recently completed three and six month periods and the future reports that it may file from time to time with the SEC.Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction.Appendix A
Consolidated statements of profit or loss and other comprehensive income
(in thousands of United States Dollars, unless indicated otherwise)For the years ended December 31 2025 2024 Revenue 267,663 183,018 Royalty (13,521) (9,263)Production costs (101,321) (80,744)Depreciation (15,697) (16,021)Gross profit 137,124 76,990 Net foreign exchange loss (3,311) (9,722)Administrative expenses (20,480) (15,658)Fair value loss on derivative financial instrument (6,379) (831)Equity-settled share-based expense (203) (1,054)Cash-settled share-based expense (839) (201)Other expenses (5,078) (6,940)Other income 248 1,090 Profit on the sale of non-current assets held for sale 8,540 - Operating profit 109,622 43,674 Finance income 461 26 Finance cost (3,514) (3,157)Profit before tax 106,569 40,543 Tax expense (39,058) (17,489)Profit for the year 67,511 23,054 Other comprehensive income Items that are or may be reclassified to profit or loss Exchange differences on translation of foreign operations 1,109 (116)Total comprehensive income for the year 68,620 22,938 Profit attributable to: Owners of the Company 55,219 17,899 Non-controlling interests 12,292 5,155 Profit for the year 67,511 23,054 Total comprehensive income attributable to: Owners of the Company 56,328 17,783 Non-controlling interests 12,292 5,155 Total comprehensive income for the year 68,620 22,938 Earnings per share Basic earnings per share ($) 2.83 0.91 Diluted earnings per share ($) 2.83 0.91 Appendix B
Consolidated statements of financial position
(in thousands of United States Dollars, unless indicated otherwise)
December 31, December 31, As at 2025 2024 Assets Exploration and evaluation assets 103,829 97,326 Property, plant and equipment 204,538 189,456 Right of use assets 1,089 - Deferred tax asset 230 264 Total non-current assets 309,686 287,046 Income tax receivable 8 355 Inventories 26,828 23,768 Derivative financial assets 8,227 - Trade and other receivables 11,871 12,675 Prepayments 14,537 6,748 Fixed term deposit 5,000 - Cash and cash equivalents 35,738 4,260 Assets held for sale - 13,512 Total current assets 102,209 61,318 Total assets 411,895 348,364 Equity and liabilities Share capital 166,329 165,408 Reserves 138,254 138,465 Retained loss (45,586) (89,996)Equity attributable to shareholders of the parent 258,997 213,877 Non-controlling interests 24,549 20,587 Total equity 283,546 234,464 Liabilities Deferred tax liabilities 51,015 48,418 Provisions 9,722 9,664 Loans and borrowings 1,074 1,500 Loan note instruments 3,981 8,313 Cash-settled share-based payment 1,294 411 Lease liabilities 911 199 Total non-current liabilities 67,997 68,505 Cash-settled share-based payment 1,116 634 Income tax payable 351 2,958 Lease liabilities 268 95 Loans and borrowings 6,706 1,174 Loan note instruments 7,760 855 Trade and other payables 32,253 26,647 Overdrafts 11,898 12,928 Liabilities associated with assets held for sale - 104 Total current liabilities 60,352 45,395 Total liabilities 128,349 113,900 Total equity and liabilities 411,895 348,364 Appendix C
Consolidated statements of cash flows
(in thousands of United States Dollars, unless indicated otherwise) 2025 2024 Cash inflow from operations 105,419 55,438 Interest received 461 26 Finance costs paid (3,073) (2,864)Tax paid (26,574) (10,645)Net cash inflow from operating activities 76,233 41,955 Cash flows used in investing activities Acquisition of property, plant and equipment (32,450) (27,477)Acquisition of exploration and evaluation assets (3,633) (3,835)Proceeds from sale of property, plant and equipment 17 - Gross proceeds from sale of non-current assets held for sale 22,350 - Selling cost on sale of non-current assets held for sale (384) - Acquisition of put options (5,430) (743)Investment in fixed term deposits (28,500) - Matured fixed term deposits 23,500 - Net cash used in investing activities (24,530) (32,055) Cash flows from financing activities Dividends paid (19,916) (12,302)Payment of lease liabilities (244) (182)Proceeds from loans and borrowings - 3,000 Repayments of loans and borrowings (1,473) (326)Loan notes - solar bond issue gross receipts 2,500 2,000 Loan notes - solar bond issue transaction cost (113) (30)Proceeds from share options exercised 95 37 Net cash used in financing activities (19,151) (7,803) Net increase in cash and cash equivalents 32,552 2,097 Effect of exchange rate fluctuations on cash and cash equivalents (44) 267 Net cash and cash equivalents at the beginning of the year (8,668) (11,032)Net cash and cash equivalents at the end of the year 23,840 (8,668)SOURCE: Caledonia Mining Corporation PlcView the original press release on ACCESS NewswireOriginal: ABRIDGED, PRELIMINARY AND UNAUDITED QUARTERLY AND FULL YEAR RESULTS AND DETAILS OF MANAGEMENT CONFERENCE Call for the Fourth Quarter and Full Year Ended December 31, 2025 ("The Quarter" or "Q4 2025" and "FY 2025" Respectively)