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

Caledonia Mining Corporation Plc - Abridged and Unaudited Quarterly Results and Details of Management Conference Call for the First Quarter Ended March 31, 2026 ("the Quarter" or "Q1 2026")May 11, 2026 6:18 AM
ACCESS Newswire(NYSE American:CMCL)(AIM:CMCL)(VFEX:CMCL)SAINT HELIER, JE / ACCESS Newswire / May 11, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company" and together with its subsidiaries "the Group") is pleased to report its financial and operating performance for the Quarter.Summary for QuarterRevenue increased by 18.3% to US$66.43 million, compared with US$56.18 million in the first quarter of 2025 ("Q1 2025" or the "comparative quarter"), driven primarily by a significantly higher average realised gold price.Gold production and sales:Blanket Mine ("Blanket") produced 14,767 ounces ("oz") of gold in Q1 2026 and sold 13,372 oz, with 3,656 oz of gold bullion on hand at Quarter end.Consolidated gold sales (including production from the Bilboes oxide operation) were 13,784 oz, compared to 19,388 oz in the comparative quarter.Production during the Quarter was adversely affected primarily by constrained access to higher-grade areas. This meant that although tonnes milled were slightly higher than the comparative quarter, the head grade reduced from 3.1g/t to 2.5g/t, resulting in a lower recovery. As a result of the lower grade and lower recovery, gold production was reduced and cost per ounce increased.Gross profit increased by 19.2% to US$32.10 million, compared to US$26.93 million in Q1 2025, reflecting improved margins due to the higher average realised gold price.EBITDA increased by 50.2% to US$33.87 million, compared with US$22.55 million in Q1 2025, representing a substantial improvement driven by higher gold prices.Profit after tax increased by 69.4% to US$18.91 million, compared with US$11.16 million in Q1 2025.Net cash generated from operating activities increased by 41.5% to US$18.87 million (Q1 2025: US$13.34 million).Unit Costs:Total costs, both on-mine and all in sustaining cost ("AISC") remained largely within range; however, lower sales volumes resulted in higher on-mine cost and AISC per oz sold due to reduced operating leverage.Consolidated on-mine cost averaged US$1,740/oz sold which was higher due to the lower production volumes.Similarly, the AISC averaged US$2,765/oz sold, based on 13,784 oz sold.Free cash flow increased to US$12.28 million, compared with US$4.86 million in Q1 2025.Basic earnings per share ("EPS") increased by 77.8% to US$0.80 (Q1 2025: US$0.45), driven by higher profitability.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 June 5, 2026.Bilboes Gold Project: Following the publication of the Feasibility Study in November 20251 and the successful completion of the US$150 million convertible senior notes offering in January 2026, progress continues on advancing the financing of the Bilboes project, including both the interim facility and the broader project finance facility, in line with the Group's previously disclosed financing strategy.Blanket exploration: As announced by the Company on April 7, 2026, encouraging deep-level drilling results continued to demonstrate the continuity and quality of the Blanket, Eroica and Lima orebodies at depth, supporting confidence in the long-term sustainability of Blanket.1Refer to "Bilboes Gold Project Technical Report Summary" with effective date October 31, 2025 prepared by DRA Projects (Pty) Ltd and filed by the Company on EDGAR as an exhibit to a Form 6-K Report of Foreign Private Issuer on November 24, 2025 (the "Feasibility Study")OPERATING RESULTS SUMMARY 3-Months 2026 3-Months 2025 % ? SAFETY Group LTIFR (per 1m hours) a, e 0.0 2.4a -100.0%Group TIFR (per 1m hours)a, f 2.2 4.8a -54.3%UNDERGROUND MININGb Ore broken in tonnes (t) ('000's) 188.4 218.5 -13.8%Ore hoisted in tonnes (t) ('000's) 191.3 211.3 -9.5%PROCESSINGb Ore processed/milled (t) ('000's) 202.2 201.7 0.2%Head/feed grade (grams/tonne) 2.5 3.1 -19.4%Gold recovery (%) 91.9 93.6 -1.8%Gold production (oz) 14,767 18,671 -20.9%COSTS AND SALES Gold sold (oz) 13,784 19,388 -28.9%On-mine costs (US$ 000) 23,990 23,295 3.0%On-mine costs (US$/oz sold) 1,740 1,202 44.8%AISC (US$ 000) 38,121 34,835 9.4%AISC (US$/oz sold) 2,765 1,797 53.9%Average realised gold price (US$/oz) 4,816 2,896 66.3%FINANCIALSc Revenue (US$ 000) 66,433 56,178 18.3%EBITDA (US$ 000) 33,866 22,552 50.2%Profit after tax (US$ 000) 18,913 11,163 69.4%Capital expenditure (US$ 000)d 5,278 5,765 -8.4%Free cash-flow (US$ 000) 12,283 4,862 152.6%Basic earnings per share ($) 0.80 0.45 77.8%Diluted earnings per share ($) 0.80 0.45 77.8%Previously reported in 200,000 man hours.The production summaries above only show Blanket's results. Bilboes oxide mine contributes marginally to the overall results; however, due to materiality, its numbers have not been included above.Refer to the financial statements' appendices at the end of this announcement for some of the lines in the summary above.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:"The financial performance in the Quarter benefited from a higher gold price, which offset the impact of lower production, with revenue increasing by 18.3% to US$66.43 million, EBITDA rising 50.2% to US$33.87 million and free cash flow of US$11.93 million, reflecting the benefit of higher gold prices."Production during the Quarter was adversely affected primarily by constrained access to higher-grade areas. This meant that although tonnes milled was slightly higher than the comparative quarter, the head grade reduced from 3.1g/t to 2.5g/t, resulting in a lower recovery. As a result of the lower grade and lower recovery, gold production was reduced and cost per ounce increased."Measures to improve the grade have already been implemented: the grade has improved month-on-month during the Quarter, and the improvement has continued into April. As previously advised, we expect production to be weighted towards the second half of the year and we reiterate our full-year production guidance at Blanket of 72,000 to 76,500 ounces."Encouraging deep-level drilling results at Blanket continue to demonstrate the continuity and quality of the orebodies at depth, reinforcing our confidence in the long-term future of the mine and the sustainability of the Group's production profile."We continue to trade in line with market expectations and with a strong gold price environment, improving operational performance at Blanket and continued progress towards developing Bilboes, we remain confident in our strategy and our ability to deliver long-term value for shareholders."WEBCASTThe Company will host a remote presentation for analysts and investors on its abridged and unaudited operating and financial results for the Quarter on Monday May 11, 2026 at 2:00pm London time, followed by an opportunity to ask questions.Webcast link: https://stream.brrmedia.co.uk/broadcast/69dcf53466d5600014e43c01SafetySafety performance at Blanket remained stable during Q1 2026. Safety performance strengthened across the board, with the TIFR dropping to 2.22, while LTIFR improved to zero, outperforming the comparative quarter.Management remains committed to the continued enhancement of safety performance through sustained focus on training, auditing and risk management. Caledonia continues to implement proactive measures to improve safety performance, with increased near miss reporting supporting ongoing efforts to strengthen safety awareness and engagement across the workforce. Engineering controls have been implemented where relevant to prevent incident occurrence and recurrence. Training, audits and fatal risk management initiatives progressed during the Quarter, alongside emergency response drills and crisis management exercises.ProductionDuring the Quarter, 180 thousand tonnes of ore were processed from underground sources at an average head grade of 2.6 g/t delivered to the plant, with a further 22 thousand tonnes treated from the stockpile at an average head grade of 1.8 g/t delivered to the plant. Gold production for the Quarter was 14,767 ounces, compared with 18,671 ounces in Q1 2025.Production in the Quarter was lower than anticipated, primarily due to lower mined grades. This reflected the mining sequence and constrained access to higher grade, higher volume areas. Performance during the Quarter was also impacted by equipment availability issues and challenging ground conditions in certain areas, which temporarily limited access to some planned ore sources.Processing performance remained robust, with tonnes milled exceeding expectations, partially mitigating the impact of lower grades.These challenges are being addressed through ongoing mine development, including the appointment of a contractor to accelerate access to higher grade ore sources, and the implementation of a revised mine shift system, which will increase operations from six to seven days per week. The new shift system is expected to reduce worker fatigue and support increased ore production. In the short term, additional ore production will be stockpiled to create a buffer of approximately 36 thousand tonnes ahead of the planned suspension of Central Shaft hoisting later in the year to allow for a winder system upgrade.Milling capacity is expected to increase in mid-2026 following the commissioning of an additional ball mill, raising plant throughput from 97.55 tonnes per hour to 101.98 tonnes per hour. Management is also evaluating options to increase crushing capacity to accommodate higher run-of-mine tonnages.Assay grades at Blanket improved over the period, rising from approximately 2.55 g/t in December 2025 to a peak of 3.02 g/t in March 2026, with April 2026 grades of approximately 2.86 g/t. The improvement reflects initial progress from operational measures implemented to enhance access to higher-grade ore and improve production consistency.In light of these initiatives, Caledonia reiterates full-year 2026 gold production guidance from Blanket of 72,000 to 76,500 ounces, with production expected to be weighted towards the second half of the year as operational improvements take effect.Capital Expenditure and Investment for Growth Q1 2026 SUSTAINING CAPEX (US 000) Underground mine development 1,822 Engineering equipment 525 Other sustaining capex 2,931 TOTAL CAPEX* 5,278 * The capex relates to Blanket only.CostsOn-mine cash costs averaged US$1,740 per ounce sold during Q1 2026, compared to US$1,202 per ounce sold in Q1 2025. The increase in unit costs primarily reflects the lower number of ounces sold during the Quarter, which resulted in fixed costs being spread over fewer ounces.AISC averaged US$2,765 per ounce sold, compared to US$1,797 per ounce sold in Q1 2025. In addition to the impact of lower production volumes, AISC was influenced by sustaining capital expenditure and underground development activities undertaken during the Quarter. Despite higher unit costs, margins expanded materially due to the significantly higher realised gold price.Management continues to focus on cost discipline and operational efficiency, with unit costs expected to normalise as production increases and mining transitions to higher-grade areas in the second half of the year.The recent geopolitical developments in the Middle East have had no impact on the Group'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 the Group 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.SalesTotal consolidated gold sales for the Quarter were 13,784 ounces, compared with 19,388 ounces in Q1 2025. Sales volumes were lower primarily due to reduced production at Blanket during the Quarter. At March 31, 2026, the Group held 3,656 ounces of gold bullion, which will be sold in subsequent periods.Revenue increased by 18.3% to US$66.43 million, despite lower sales volumes, reflecting a higher average realised gold price of US$4,816 per ounce. The strong gold price environment more than offset the impact of reduced ounces sold, resulting in higher gross profit and improved cash generation.Underground Mining and ProcessingA slow start to the year was experienced at the underground operations with delays in hoisting experienced at Central Shaft. Sequencing and scheduling of the higher-grade mining areas were affected by geological conditions and necessitated revised sequencing of the extraction methods in these areas for improved stability and sustainability in these areas. This led to additional development which slowed the active stoping contribution from Central Shaft.For the Quarter, Central Shaft contributed 56% of the tonnage milled against a planned contribution of 65%. The Number 4 Shaft production remained stable while the surface stockpile contributed 11% of the milled tonnage, essentially filling the gap from the Central Shaft deficit. The grade was adversely affected as a result with the average stockpile grade of 2.0 g/t not a direct replacement for the 9% tonnage decline from Central Shaft which operates at above 3.0 g/t.Looking ahead, the additional development put in place should make available the required bulk tonnage, high-grade sources from Central Shaft to allow the tonnage contribution from each source to stabilise. This will be supplemented with a defined contractor development program to accelerate development in all areas to support the required grade and tonnage contribution from each source.Exploration and Resource Development - BlanketIn April, Caledonia was pleased to report further encouraging results from the deep-level drilling programme at Blanket, with the campaign continuing to demonstrate the continuity of the main orebodies at depth. The drilling programme is focused on evaluating the extension of the Blanket, Eroica and Lima orebodies below the current lowest mining levels, with the objective of increasing confidence in the existing mineral resource base and supporting future resource growth beyond 34 Level (1,110 metres below surface).A total of 10,312 metres of deep-level drilling was completed between March and December 2025. Drilling on the Blanket and Eroica orebodies returned grades and widths that were consistent with, or better than, expectations, including several high-grade intersections at depth. Notably, multiple wide and high-grade zones were intersected within the newly identified Blanket 7 ("BLK7") orebody, further demonstrating the quality and scale of mineralisation at depth.Drilling has also confirmed the continuation of the Lima orebody to 34 Level, supporting the potential for further depth extensions. The Lima orebody comprises multiple individual mineralised zones, and additional infill drilling is planned to better define their spatial orientation and continuity.The density and quality of drilling intersections are expected to upgrade portions of the existing inferred mineral resources to the indicated category or better, strengthening the resource base and supporting ongoing life-of-mine planning. The results of the deep-level drilling programme are expected to be incorporated into an updated mineral resource and mineral reserve statement during 2026.Bilboes Gold Project - Our Next MineBilboes represents a transformational investment opportunity for Caledonia. The publication of the Feasibility Study in November 2025 indicates a 10.8 year life of mine with average annual production of 150 thousand ounces and a forecast AISC of $1,061/oz. The Feasibility Study demonstrates robust project economics stating a post-tax NPV8%Real of $582m and a post-tax IRR of 32.5% at a consensus gold price at the effective date of the Feasibility Study of $2,548/oz, and therefore there should be significantly improved economics at current gold prices. Peak funding required is forecast to be $484m.Funding plans for Bilboes continue to make good progress with the completion of a convertible senior notes offering in January 2026 which raised gross proceeds of $150m, building a solid foundation for the funding of the peak capital requirement. It is expected that the Bilboes project will be funded with a combination of existing cash on hand and future cash flow anticipated from Blanket attributable to the Company over the construction period and additional debt facilities. Discussions with domestic and international lenders and financiers are well advanced with both the Bilboes project and the existing Blanket operations having adequate debt capacity to meet the capital requirements.Once in full production, based on the Feasibility Study, Bilboes' average annual contribution is expected to result in an approximate fourfold increase in the Group's attributable gold production and at significantly lower operating costs than current operating costs.Motapa Exploration - Investing for Future GrowthExploration work at Motapa remains ongoing, with data interpretation, geological modelling and resource estimation activities progressing as planned. The results from the exploration programme are on track to support a maiden mineral resource estimate for the sulphide mineralisation at Motapa North during 2026.Looking ahead, US$3.8 million was allocated to Motapa's exploration as part of the Group's 2026 growth capital programme, reflecting management's continued commitment to disciplined investment in exploration while maintaining financial flexibility.Exploration activities in 2026 will focus on continued evaluation of the near-surface oxide potential at Mpudzi and further drilling of the Motapa South sulphide mineralisation below historical oxide open pits. Management believes that Motapa represents an attractive exploration opportunity within the Group's portfolio, aligned with its long-term growth strategy.Funding and LiquidityThe Group's total liquidity is shown below.Liquidity Mar 31, 2026(US$ 000) Cash on hand 170,026 Bullion on hand 16,395 Gold sales receivables 2,894 TOTAL BEFORE UTILISATION OF FACILITIES 189,315 Drawn down bank facilities (8,871)NET CASH AND LIQUID ASSETS 180,444 Undrawn bank facilities 10,629 TOTAL LIQUIDITY 191,073 Convertible senior notesIn January 2026, to support the development of the Bilboes project, the Company completed the issuance of Convertible Senior Notes (the "Notes") due 2033 with an aggregate principal amount of $150 million, including the full exercise of the initial purchasers' option for an additional $25 million. The Notes carry a cash coupon of 5.875% per annum, payable semi-annually, and are convertible at an initial price of approximately $40.51 per share, representing a 25% premium to the prevailing market price at issuance, subject to customary anti-dilution adjustments. To mitigate potential dilution, the Group simultaneously entered into cash-settled capped call options with a cap price of approximately $56.72, at a cost of $14.44 million.The Notes were accounted for as a compound financial instrument, comprising a host debt component measured at amortised cost and an embedded derivative liability measured at fair value through profit or loss. Accordingly, these components are presented separately on the statement of financial position as follows:Non-current asset Mar 31, 2026 US$ 000 Derivative financial asset 14,733*
Non-current liabilities Convertible senior notes (host debt) 97,066 Derivative financial liability 38,362 *Included in this amount is US$4.43 million specifically relating to the cash settled capped call options mentioned above, after the recognition of the fair value loss disclosed in the table below. The remaining amount is attributable to the Asian gold put options purchased in the prior year.The Company recognised interest expense of US$2.70 million relating to the Notes in the profit or loss statement for the Quarter.Net fair value gain/(loss) on derivative financial instrumentsThe net fair value gain for the period arose primarily from the decrease in the embedded derivative liability associated with the Notes and the gain from the Asian gold put options. These instruments together reflected a combined fair value gain of US$14.00 million. The gain was partially offset by a fair value loss of US$10.01 million on the capped call option derivative asset, driven by changes in market inputs during the Quarter.Overall, the impact for the Quarter was a net fair value gain of US$4.00 million, recognised in profit or loss as set out in the table below:Fair value movement Mar 31, 2026 US$ 000 Asian gold put options 3,401 Derivative financial liability - Notes 10,605 Derivative financial asset - Capped call options (10,011)Net fair value gain on derivative financial instruments 3,995 The comparative quarter, Q1 2025, had a US$1.59 million fair value loss also recognised in the profit or loss statement, relating primarily to the Asian gold put option instruments only.DividendThe Board 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: May 20, 2026Ex-dividend date AIM and NYSE American: May 22, 2026Record date: May 22, 2026Payment date: June 5, 2026Shareholders with a registered address in the UK will be paid in Sterling.END NOTESNon-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 filed on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system on April 23, 2026 as well as being available atwww.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.FOR MORE INFORMATION, please visit the website www.caledoniamining.com or contact:Caledonia 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)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.Note: The information contained within this announcement is deemed by the Company to constitute inside information under 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 (but is not limited to): the initiatives aimed at reducing worker fatigue and supporting increased ore production, the improvements expected from the defined contractor development program at Blanket and increasing production, Caledonia's expectations with regard to entering into the Interim Funding Facility, raising the project finance necessary to construct Bilboes and ensuring the Group has the necessary financial capacity to complete the Bilboes 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)
Three months ended March 31, For the 2026 2025 Unaudited Revenue 66,433 56,178 Royalty (5,626) (2,771)Production costs (24,820) (22,622)Depreciation (3,886) (3,859)Gross profit 32,101 26,926 Net foreign exchange gain/(loss) 358 (1,252)Administrative expenses (5,050) (4,598)Net fair value gain/(loss) on derivative financial instruments 3,995 (1,592)Equity-settled share-based (expense)/credit (159) 144 Cash-settled share-based expense (24) (158)Other expenses (1,302) (843)Other income 61 66 Operating profit 29,980 18,693 Finance income 963 6 Finance cost - other (948) (900)Finance costs - convertible senior loan note (2,699) - Profit before tax 27,296 17,799 Tax expense (8,383) (6,636)Profit for the year 18,913 11,163 Other comprehensive income Items that are or may be reclassified to profit or loss Exchange (loss)/gain on translation of foreign operations (307) 207 Total comprehensive income for the year 18,606 11,370 Profit attributable to: Owners of the Company 15,853 8,915 Non-controlling interests 3,060 2,248 Profit for the year 18,913 11,163 Total comprehensive income attributable to: Owners of the Company 15,546 9,122 Non-controlling interests 3,060 2,248 Total comprehensive income for the year 18,606 11,370 Earnings per share Basic earnings per share ($) 0.80 0.45 Diluted earnings per share ($) 0.80 0.45 Appendix B
Consolidated statements of financial position
(in thousands of United States Dollars, unless indicated otherwise)Unaudited March 31, December 31, As at 2026 2025 Assets Exploration and evaluation assets 26,115 103,829 Property, plant and equipment 284,508 204,538 Right of use assets 922 1,089 Deferred tax asset 228 230 Derivative financial assets 14,733 7,273 Total non-current assets 326,506 316,959 Income tax receivable - 8 Inventories 28,263 26,828 Derivative financial assets 1,321 954 Trade and other receivables 9,107 11,871 Prepayments 17,934 14,537 Fixed term deposit - 5,000 Cash and cash equivalents 170,026 35,738 Total current assets 226,651 94,936 Total assets 553,157 411,895 Equity and liabilities Share capital 166,476 166,329 Reserves 137,821 138,254 Retained loss (32,445) (45,586)Equity attributable to shareholders of the parent 271,852 258,997 Non-controlling interests 27,609 24,549 Total equity 299,461 283,546 Liabilities Deferred tax liabilities 51,089 51,015 Provisions 9,975 9,722 Loans and borrowings 586 1,074 Bonds 5,928 3,981 Convertible senior loan note 97,066 - Derivative financial liabilities 38,362 - Cash-settled share-based payment 1,352 1,294 Lease liabilities 724 911 Total non-current liabilities 205,082 67,997 Cash-settled share-based payment 1,060 1,116 Income tax payable 4,834 351 Lease liabilities 271 268 Loans and borrowings 1,745 6,706 Bonds 658 7,760 Trade and other payables 31,175 32,253 Bank overdrafts 8,871 11,898 Total current liabilities 48,614 60,352 Total liabilities 253,696 128,349 Total equity and liabilities 553,157 411,895 Appendix C
Consolidated statements of cash flows
(in thousands of United States Dollars, unless indicated otherwise) Three months ended March 31, Unaudited 2026 2025 Cash inflow from operations 23,493 18,709 Interest received 963 6 Finance costs paid (1,324) (543)Tax paid (4,258) (4,831)Net cash inflow from operating activities 18,874 13,341 Cash flows used in investing activities Acquisition of property, plant and equipment (5,773) (7,250)Acquisition of exploration and evaluation assets (818) (1,229)Proceeds from sale of property, plant and equipment 22 - Acquisition of put option instruments (5,000) (1,592)Acquisition of capped call option instruments (14,438) - Proceeds on maturity of fixed term deposit 5,000 - Net cash used in investing activities (21,007) (10,071) Cash flows from financing activities Dividends paid (822) (1,387)Payment of lease liabilities (74) (181)Repayments of loans and borrowings (449) - Repayments of bonds (6,500) - Bond issue gross receipts 2,000 2,500 Bond issue transaction cost (17) (113)Proceeds from convertible senior loan notes 145,100 - Net cash from financing activities 139,238 819 Net increase in cash and cash equivalents 137,105 4,089 Effect of exchange rate fluctuations on cash and cash equivalents 210 7 Net cash and cash equivalents at the beginning of the period 23,840 (8,668)Net cash and cash equivalents at the end of the period 161,155 (4,572)SOURCE: Caledonia Mining Corporation PlcView the original press release on ACCESS NewswireOriginal: Caledonia Mining Corporation Plc - Abridged and Unaudited Quarterly Results and Details of Management Conference Call for the First Quarter Ended March 31, 2026 ("the Quarter" or "Q1 2026")

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)