Caledonia Announces an Update to Mineral Resources Statement at Maligreen Project

Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) is pleased to announce an update to the NI 43-101 compliant Mineral Resources statement at the Company’s 100% owned Maligreen project in the Zimbabwe Midlands (“Maligreen”) and the publishing of an updated technical report with an effective date of September 30, 2022 (the “2022 Technical Report”)¹.

The 2022 Technical Report replaces the previous technical report filed on SEDAR in November 2021 as the current technical report for the Maligreen project. Since Caledonia acquired the Maligreen claims in November 2021 it has been focused on reviewing the geological work conducted at the property with a view to upgrading the Mineral Resources in 2022.

Highlights

• Measured and Indicated Mineral Resources of 8.03 million tonnes at a grade of 1.71g/t containing approximately 442 thousand ounces of gold²
• Inferred Mineral Resources of 6.17 million tonnes at a grade of 2.12g/t containing approximately 420 thousand ounces of gold²

Table of Mineral Resources

Caledonia will continue to evaluate the potential of Maligreen with a view to developing the project within the context of the Company’s project pipeline taking strategic priorities into account, specifically the recently announced Bilboes project, also located in the Zimbabwe Midlands, which is a far more advanced project.

Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:

“We are pleased to announce an upgrade to the Mineral Resources at Maligreen. Today’s announcement which improves the geological confidence of approximately half the Mineral Resources from Inferred to Measured and Indicated Mineral Resources supports our confidence in the project and its geological prospectivity. We expect to continue our evaluation work on the project, in line with other strategic and capital priorities for the business into the future as we build an attractive project and exploration pipeline in Zimbabwe.”

This news release has been approved by Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, the Company’s qualified person as defined by Canada’s National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA) of Minxcon (Pty) Ltd has verified the data disclosed herein, including sampling, analytical and test data informing the mineral resources estimate by reviewing the methodologies, results and all procedures undertaken in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process.

¹ Refer to technical report entitled “Caledonia Mining Corporation Plc Updated NI 43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe dated November 3, 2022 prepared by Minxcon (Pty) Ltd and being filed on SEDAR (www.sedar.com) today.

² The following assumptions were applied in estimating the Mineral Resources:
1 – Gold price of USD1,800/oz used to determine cut-offs
2 – Mineral Resources have been depleted for surface mining that has occurred
3 – Mineral Resources cut-off of 0.4g/t Au for open pit (<220m below surface) and 1.5g/t Au for underground (>220m below surface) was applied
4 – Densities utilised were 2.57 t/m³ for oxide and transitional and 2.65 t/m³ for sulphide material
5 – Geological losses applied of 5% for Measured, 10% for Indicated and 15% for Inferred Mineral Resources
6 – Mineral Resources reported as total Mineral Resources and are not attributed
7 – All tonnages are reported in metric tonnes and gold content conversion calculations based on a conversion of 1kg = 32.15076 oz

³ Refer to technical report entitled “Caledonia Mining Corporation Plc NI 43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe dated November 2, 2021 prepared by Minxcon (Pty) Ltd and filed on SEDAR (www.sedar.com) on November 4, 2021.