About Caledonia Mining Corporation Plc

Caledonia Mining Corporation Plc engages in the operation of a gold mine, and the exploration and development of mineral properties for precious metals. The company’s activities are focused on Zimbabwe. The company’s business focuses on increasing production to 80,000 oz. of gold from 2022 onward through its investment plan at Blanket Mine. The company is engaged in the exploration, development and production of gold and other precious metals from its mineral properties. The company’s four material mineral properties, all located in Zimbabwe, are the production-stage Blanket Mine (64% interest); the exploration-stage Maligreen project (100% interest); the oxides1 and exploration-stage (sulphides) at Bilboes (100% interest), at which the company has commenced mineral extraction prior to estimating mineral reserves or mineral resources under Subpart 1300; and the exploration-stage Motapa (100% interest), at which exploration and associated activities will be executed for the purpose of estimating mineral reserves or mineral resources under Subpart 1300. The Blanket Mine and its satellite operations are located in the Matabeleland South Province, the Maligreen project is located in the Midlands province and Motapa and the Bilboes is in the Bulawayo province. Blanket Mine The Blanket Mine is an operating underground gold mine situated on the Gwanda Greenstone Belt (GGB) targeting shear zone hosted gold mineralization. The Mine complex comprises a cluster of mines extending from Lima in the north, through Eroica, Sheet, AR Main, AR South, the defunct Feudal, Blanket Section (Blanket 1 to Blanket 6) and Jethro over a total strike length of some 3 km. Gold has been commercially mined at the project area from several closely-spaced orebodies defining a mineralized trend via several shafts since the early 1900s. The Mine covers the operating claims of Jethro, Blanket, Feudal, Harvard, Mbudzane Rock, Oqueil, Sabiwa, Sheet, Eroica and Lima, largely encompassed in a 2,120ha Mining Lease. Ore is processed at an on-site plant. The company indirectly owns 64% of the shares of Blanket Mine, the operator of which is Blanket Mine (1983) (Private) Limited, after the purchase of Fremiro’s (Fremiro Investments (Private) Limited) 15% shareholding became effective in January of 2020. The Blanket Mine is fully equipped with all the necessary plant and equipment to conduct mining operations and the production of gold from the ore mined from the mine. Maligreen Maligreen is a brownfield gold exploration project situated on the Nkayi-Silobela Greenstone Belt that has historically been exploited via open pit mining. The Maligreen property is envisioned as a combination open pit and underground operation. Appropriate work has to be completed to determine the extent and economic viability of an underground operation. This will be informed by future exploration drilling. Maligreen is located in central Zimbabwe, approximately 73 km due west-southwest of Kwekwe, Midlands Province. Zimbabwe's capital city, Harare, lies 235 km northeast of Maligreen. The town of Nkayi lies 25 km west of the project along the Kwekwe-Lupane Highway. Motapa The Motapa project is an exploration-stage project at which no Subpart 1300 mineral reserves or mineral resources have been identified. The registered mining lease held by Arraskar Investments (Private) Limited (the Motapa Mining Lease) covers an area of 2,224 ha located in a brownfield exploration and mining area in the Inkosikazi resettlement area, Matabeleland North. The Motapa Mining Lease covers a geological strike close to 5 km. Motapa is accessed by wide tar road from Bulawayo for the first 40 km followed by a poorly maintained narrow-width tarred section for 65 km. An extensive gravel road network links various sites at the Motapa Mining Lease area. Three lineament zones have been identified namely the Northern, Central and Southern zones, commonly referred to as Motapa North, Motapa Central and Motapa South, respectively. Several pits have been mined in each zone. The regional strike and lithological contacts trend north-east to south-west and are dominated by the Peter Pan and the Courtleigh fault systems. On November 2, 2022, the company acquired Motapa Mining Company UK Limited (Motapa), the parent company of a Zimbabwe subsidiary, (Arraskar Investments (Private) Limited), which holds the Motapa Mining Lease. Bilboes Bilboes owns three groups of claims that consists of four open pit mining properties in Matabeleland North Province of Zimbabwe. These open pits are referred to as Isabela North; Isabela South; McCays and Bubi (Isabella McCays-Bubi). The first three are situated 80 km due north of Bulawayo whilst Bubi is 100 km due north east of Bulawayo and about 32 km northeast of Isabella. The Isabella McCays-Bubi properties comprise 131 claim blocks covering an area of 3,114.7 ha. Additional ground is held at When, Sandy, Eastnor and Ferroro (3,935 ha). The Bilboes properties are considered exploration-stage properties because the company has not yet identified a Subpart 1300 mineral reserve or mineral resource on any of the properties. The company has commenced economic extraction activities prior to identifying any such reserves or resources. As of January 6, 2023, the date on which the company completed its acquisition of Bilboes. Odzi Resources Zimbabwe (Private) Limited is a subsidiary of Bilboes Holdings (Private) Limited (Bilboes Holdings). Isabella McCays-Bubi are approximately 80 km and 100 km directly north and north east of Bulawayo, the second largest city of Zimbabwe with an approximate population of 655,675 (2013). All the mines are accessed via public roads and although these are of variable quality, they are accessible by all types of vehicles. Isabella is 110 km (1.5 hours) whilst Bubi is 140 km (2 hours) by road from Bulawayo. Bubi can also be accessed by road from Isabella (70 km in 1 hour). History The company was founded in 1992. It was incorporated in 1992. The company was formerly known as Caledonia Mining Corporation and changed its name to Caledonia Mining Corporation Plc in 2016.