Welcome to the Caledonia Mining Corporation Plc Quarterly and Full Year Results 2025 Presentation for Analysts and Investors. I would now like to hand you over to Mark Learmonth, the CEO. Mark, over to you.

Afternoon, and welcome to this management conference call. If we could move to the first slide of the presentation, please. Just go to the disclaimer. So that is the standard disclaimer. If we could go on to the next slide, please. Presenting teams, there is me, Mark Learmonth, Caledonia Mining Corporation Plc’s Chief Executive. We are also joined by Ross Jerrard, who will run us through the financial performance for the year; Victor Gapare, who will talk to us about what is happening at Bilboes; and Craig Harvey will give us an update on the various exploration initiatives. If we could move on to the next slide please. So just in terms of the summary of the results, it was a very strong financial performance, underpinned by a higher gold price and some consistent operating delivery. Revenue up by 46% to $267,000,000. Gross profit up by 78% to $137,000,000. EBITDA up by 100% from just less than $60,000,000 to just over $125,000,000. And profit after tax up by 200% from $23,000,000 to $67,000,000. So there are some quite big numbers there. Ross will unpack those numbers in more detail in a moment. We move on to the next slide, please? Before we go much further, can we just briefly discuss Caledonia Mining Corporation Plc’s value creation proposition? So from one angle, what we see here is looking at this from the perspective of our distributions in country, to government by way of taxes and royalties and also to our local shareholders. Over the course of the last nine years, we have distributed just over a quarter of $1,000,000,000. We are making a very, very substantial contribution. And you can see quite how that increased in 2025 as a result of higher taxes due to higher profitability, higher royalties due to…

Thank you, Mark, and good afternoon, everyone. Before we dive into the financial results, I just wanted to draw your attention to the format of the reporting. And as previously advised, Caledonia Mining Corporation Plc is now classified as a foreign private issuer under Canadian rules. So the standard filing requirements in Canada that you have historically seen have changed. We will be filing full financial statements under the SEC rules, so included in our 20-F, which is scheduled to be filed in April, you will see the full financial statements and controls attestation. And that is all going to be done in April. So I am delighted to talk you through the financial results today. And you can see on the summary slide in front of you, we have had a fantastic year. The performance was really driven by the benefit of the higher gold price environment but also delivering the ounces. Blanket Mine produced 76,000 ounces of gold in 2025 and sold 77,000 ounces. The 1,683 ounces of gold inventory movement and other adjustments together total 79,000 ounces on the top right-hand of the chart. Importantly, to highlight, our on-mine costs were up some 19%, and the unit costs were marginally above those cost guidance ranges that we had guided the market. This was really a reflection of the restricted access to some of the higher grade areas, but also some inflationary pressures and our continued investment in development to ensure long-term operational reliability and safety, but also that grade profile. So with grade coming through slightly lower than we had originally anticipated, that did have a flow-on impact on our unit costs, just slightly above what we had guided. The overall result, though, was a very pleasing financial result with EBITDA up 109% to $125,300,000, which was…

Thank you, Ross. Can we move to the next slide? With regards to Bilboes, we have previously announced that the Board approved this project implementation in November. Basically, all the parameters which are in there, we have announced them before. An IRR of 32.5% at a gold price of $1,548. Obviously, the returns are materially higher at prevailing spot gold prices. Can we move on to the next slide? Basically, what we have shown here are the economics at three different prices: the consensus forecast of $2,548 per ounce, the three-year trailing average price of $2,350, and the price which was on 10/2026, which was $5,177 per ounce. Obviously, there has been some volatility in the price of gold, so those figures, at the end, you can put any price you want, and you can come up with different margins. But clearly, you will see that economics change quite significantly if we apply the current economics. That is all we are showing. So effectively, what we have done is we have started implementing the project following approval. As Ross has said, we have raised some money and we have appointed an EPCM contractor, and that work has started. We are hoping for the plan to have the first gold pour towards the end of 2028, and our first year of full production will be 2029, which would be at just about 200,000 ounces per year. That is peak production. Can we move to the next slide? Ross will cover the funding aspects—what we have done and what we are planning to do. Ross, over to you.

Thank you, Victor. So our funding strategy for Bilboes is covered by four funding pillars, and we are delighted with our progress in terms of how we are tracking against that strategy. The first phase was underwriting our Blanket production and securing a series of put options at a price of $3,500 per ounce that covered a three-year period from January 2026 to December 2028, effectively the construction period. The key elements of that hedging strategy were really to provide a floor to the cash flows that were generated. It was not giving up any upside in terms of gold price above $3,500, but it did enable us to basically earmark the best part of $200,000,000 from our own operations that we could deploy against the Bilboes project. At prices closer to $5,000 an ounce, that $200,000,000 escalates to closer to $300,000,000. So it is a core, cornerstone strategy in terms of using our current asset on the portfolio to underwrite the strategy. It also helped us in terms of our pricing with the various banks and financial institutions in terms of how we would take on our various debt facilities. The second step, as you have seen and previously mentioned, is the raising of some funds from a convertible note offering. It was a $150,000,000 raise, upsized from $100,000,000 due to some amazing demand out of the U.S., and we are delighted with the result that we were able to receive those funds in short order. And we were also able to allocate some of those funds against the cap-call structure, which effectively increased the conversion price to $56 a share, up from $40 a share. So those two steps, steps one and two, have been completed and have enabled us to be able to move forward in short…

Thank you, Ross. I will just give you an overview of the exploration activities that have taken place at Motapa and Blanket in the past year. So if you could go on to the next slide, please. So 2024 and 2025, Caledonia Mining Corporation Plc has put quite a lot of money into Motapa. We have drilled surface drill holes totaling just under 30,000 meters. It is a very strategic asset. As we can see on the map on the screen, it is located directly to the south of the Bilboes project, which we have just heard about. That kind of scale from the top of North to Bilboes is between 200 to 400 meters away. So I think we can all draw our own conclusions as to synergies between Bilboes and Motapa, bearing in mind it is basically hosted into the same shear zone. Mineralogy and metallurgy are expected to be quite similar. So going forward for 2026, we have had a further allocation of $3,800,000 for exploration. We will continue looking at Mapuzi, and we are going to focus on Motapa South for the year. Clearly, there is potential for a sulfide resource below the historic open pits, but at the same time, there is a strong potential for oxides to the east. We have put in two drill holes to have a look. Results were encouraging. So things to look out for at Motapa: during Q2 2026, the company will probably be publishing a maiden resource estimate. We are just waiting for some of the final QA/QC checks of the data and geological interpretations to be complete. But in all likelihood during 2026, we will see what the drilling activities have actually given us. If you can move on to the next slide, please. So during 2025,…

Good. Thank you, Craig. We have kind of run out of time, so I just want to draw your attention to an event that we hosted on the fringes of the Cape Town Mining Indaba in February. Along with five or six other foreign-owned Zimbabwe mining companies, we hosted a briefing event where we invited representatives from the Zimbabwe government—Minister of Mines, Minister of Finance, and the Reserve Bank—and the objective was to try and dispel some of the pervasive, continued misunderstandings about what it is like to operate in Zimbabwe. It was very well attended, and the way the representatives of the Zimbabwean authorities engaged in a very transparent, constructive way with the audience hopefully is a first step—first step of many—to trying to overturn some of these misunderstandings about Zimbabwe. So that was very good. Can we move on to the next slide? So just to finish and move on to questions. Clearly, our strategic focus after the fatality last year is to continue commitment to the safety of our people, the objective to maintain reliable operations at Blanket, which, let us face it, is going to be an important generator of capital for the construction of Bilboes, but, as you have heard from Craig, has very significant long-term extension plans in its own right. Leverage the strong gold price to invest in Blanket’s projects to create operating resilience and to mitigate further input cost pressures. Moving along with Bilboes as quickly as we can in terms of the financing and development plan. And to continue to explore at Motapa, which in due course we think will be a very exciting project. So all of those together really mean that we are continuing to execute our strategy to become a multi-asset, Zimbabwe-focused gold producer. So I think that is the end of the presentation. Can we open it up to questions, please?

Thanks very much, Mark. If I could just remind people, if they would like to ask a question, please use the raise hand button that is at the bottom of your screen. We will pause for a few seconds just to wait for people to raise their hands in order to ask a question. Our first question is going to be from Howard Flinker. Howard, I have unmuted you. Please unmute yourself, and then please ask the question to the team.

Can you hear me now? Yep. What is the maturity of the convertible bond? I have another question too.

It is—I think it is seven—is it seven years, Ross? It is a slightly longer-dated maturity than most convertibles, and that was specifically so that it matures outside the timing of the scheduled repayment of the project finance. Ross, is it seven or was it slightly longer?

Seven years. Seven years. So 2033? Yep.

Next question, Howard.

Yep. And I thought this solar plant was in Jersey Island.

So that would be a big mistake because it is often not very sunny here.

No. I thought the ownership was there and it was tax free. What is the capital gains rate on that?

Roughly.

It ended up being $2,000,000. So—and there was a combination—some of it was on a total capital gain, and there was an element, but it was $2,000,000.

Oh, and what is the tax rate on the loss on the derivative? Was that a regular tax rate or something different?

No. So all the derivatives are held outside. They are all held here corporate. So it is 0% for the derivatives because they are sitting in Jersey.

I think for practical purposes, it would be very difficult—strike impossible—to structure derivative holding through Zimbabwe. I think having to go through the various RBZ approval processes would just fly in the face of being able to—you know, when you decide to do these things, you do them very quickly, and to have to pause for RBZ approval would just make it impossible.

So the effective tax rate on the derivative pre-tax and post-tax is the same, right? Zero taxes.

Zero. That is right. That is right. Yeah.

Finally, I am going to say this is pretty thorough financial accounting. Nice job.

Nice. Thank you, boss. Thanks so much. Thank you very much. You are welcome.

Howard, we have got our next question from Joseph Parrish. Joseph, would you like to go ahead?

Yes. Great presentation and anticipated a lot of my questions, so this will simplify things a bit. Only thing I really had left to ask has to do with power cost. You know, the solar plant, of course, was intended to keep those contained. With the recent conflict in the Middle East, there are temporary increases in fuel and energy prices. Depending on how long this goes on and maybe just with the higher operating cash flow you are enjoying on the mine, would further investment in solar plant facilities at Blanket become a higher priority as you are looking at these, or are these something that is being considered now?

No. No. It would not. So let us just deal with our exposure to fuel. Blanket uses about 2,000,000 liters of fuel a year. Approximately half of that is diesel generators. The other half is used on diesel equipment in the business. Last year’s diesel price—that represents about 3% of our OPEX. So we are not particularly exposed to diesel in our operating costs. And in terms of supply, we have got just over six months of supply either on the property or on consignment stock, so we are not particularly exposed there. The problem with solar is that when the sun does not shine, you do not get solar. And the particular issue we face right now is that the way electricity gets through the grid to Blanket means that the last 30-odd kilometers goes through a pretty poorly maintained 33 kV line, which typically has bigger reliability problems when it is rainy. And so you have got the combined effect of rain, which means that you have got a higher chance of power interruptions from the grid, and also it means that the solar panels are not working very well. So the two issues kind of compound each other. So what we are doing is we are putting in a 132 kV line, which we expect will reduce the average incidence of power outages from, say, 30 hours a month to an average of, say, three hours a month, and that will reduce our reliance on diesel. And once you connect to the 132 kV line, that gives you much more flexibility to access power both in-Zim and in the region. There is no shortage of power. So, frankly, solar kind of compounds the problem; it does not solve the problem. So the simple answer to your question is no, I am afraid.

Okay. Well, I appreciate the detail. I am sure investors will appreciate it as well. Thank you.

Thank you. We are going to take our next question from Mike Kozak. Mike, unmuting you. Please go ahead.

Yeah. Yeah. Good afternoon, guys. You hear me okay?

Yep.

Great. So two questions from me. First one, sustaining capital for this year. It looks like it increased from $27,000,000 to $43,000,000, and you did a good job explaining where that money is going. But I did not flag any change to the 2026 all-in sustaining cost guidance that you guys set a couple of months ago, I think between $2,100 and $2,300 an ounce. Are you going to stick with that range?

No. That is clearly fallen between the gap, in that we got the Board approval a couple of days ago for the extra CapEx. And clearly, I guess that should flow through into all-in sustaining cost. Is that correct, Ross?

That is right. And we are just looking at timing, Mike, in terms of when some of that will actually drop. So while the projects have been approved, we are just going to see when they are scheduled to be paid.

Okay. Got it. Thanks for that. And then my second one, if I back out from your earlier quarterly results from last year, I should say, it looks like Q4 you recorded a derivative loss of around $4,800,000, I think. Is all of that related to the put options you guys bought in December, or is there something else going on there?

That is all to do with the puts.

To be clear, even with this current volatility, the gold price is much higher than the put price. The point of the puts is, I think, as Ross outlined—just to reinforce the point—is it creates a floor price for the purposes of the Zim banks in terms of putting together the interim funding facility. So it is still strategically important to us.

For sure. I just want, for my own numbers, to know what to adjust out for and what to expect in future quarters. I just wanted some clarity on that. I appreciate it, guys. Thank you.

Thank you, Mike. Thank you. We have got our next question from Nic Dinham. Nic, please go ahead.

Hi, everybody. Usually, I would like to just spread around the questions. The first is for Craig, I think. Craig, it does look encouraging what you are doing. But coming back to Blanket Mine, are the reconciliations between what you are actually getting out of the mine at the moment adhering to what you would have expected from your reserve models?

Hi, Nic. Yes. Yes. So Q4 was affected by a couple of forced moves that we had to make. We could not access the areas as quickly as we would have liked. So we were forced into maintaining production out of some lower grade, some medium grade areas. As we all know in mining, trouble always hits your higher grade areas, and people see it. So yes, it is maintaining what we are expecting.

Okay. Excellent. I think the next question is for Ross. Ross, it is a usual one. Have you repaid your facilitation loans to your non-controlling interests? And the second question with that, I will have a few more, but second question is, how many dividends did you distribute from Blanket? Eventually, can we get some numbers here? It was not quite clear.

Nic, so I will do it the other way around. There were $60,000,000 of dividends that were declared in 2025 from Blanket. Not all of that equated to actually cash moved; there was an opening balance and timing of the payments post period, but it was $60,000,000, and there is a $5,000,000 rollover with $44,000,000 paid during this year. So high level $60,000,000, but there were some timing differences in terms of the cash flows. BETZ repaid its facilitation loans in Q4 2025.

That is the employee trust?

Sorry, that is the employee trust. And NIEEF has got about $500,000 left on it to be repaid. And NIEEF is the government beneficial shareholder.

Okay. So it is all over for them; from now, they will be securing their share of the dividends from now on.

That is right. Yep.

In your—actually, one of the questions about the loss on the derivative reporting—and obviously this is a moving piece because you are marking it to a price at the end of the period—do you have a sense of what that number would be if you were to take today’s price? What sort of loss would you be recording?

I have not looked at it today. That range in the actual valuations ranges quite considerably as we do the pricing because it is a delivery of a put option each month for the next three years. So it is not a prima facie where we are under the three and a half; they are all written off on day one. There is a value that goes up. But no, I do not have the price for you today, especially after today’s.

No. I just thought you might have an idea of sensitivity. And the last question is, you have started to accumulate some near-cash equivalents, and you have got some deposits being made here. What do you think you need in terms of keeping Blanket solvent and keeping the rest of business lubricated with cash? How much do you think is the minimum residual cash that you should have on hand at any one time, or cash equivalents at any one time?

Okay. Well, selfishly, from a CFO perspective, I would rather have a little bit more in the back pocket than normal, but anywhere between $30,000,000 to $50,000,000, I think, would be a healthy position, particularly with the projects that are coming through the system. So we have got a large amount now that will be deployed, but I think having that sort of quantum on balance sheet just gives us some protection in terms of where we are going.

So, Ross, do you mean cash, or do you mean liquidity?

Let us call it liquidity in terms of facilities.

Yeah.

Yep.

Okay. And then just on the operational side, there was a discussion previously about a buildup of ore stocks. Now you have run them down again to meet the requirements of the end of this last period. Is your strategy still to rebuild those stockpiles?

Yes. So one of the things that we will be introducing in the middle of the year is a new shift system at Blanket to introduce two—it will do two things. First of all, it will introduce seven-day working at the mine as a standard, and that is pretty common now across the mining industry in Zimbabwe. The mine drilling and blasting only currently take place six days a week. So that should result in an extra day of drilling and blasting. If we can get the stuff trammed and hoisted in the ordinary course of events, that should give rise to an extra 100,000 tons a year. In the short term, we will be using that to accumulate a stockpile to see us through the hiatus relating to the AC-DC conversion. So currently, the central shaft winder works AC. We will be converting that to DC for safety reasons and also for cost reasons, but that will result in the central shaft not being able to hoist for a period of two to three weeks. And so we do need to make sure that we have got a healthy stockpile at the end of the year to see us through that. So it very much is the intention over the course of this year to build stockpiles. And then once we are confident that the shift system is working and we have got adequate stockpiles, then clearly we will be looking at what we need to do to address and use the extra production, increase our milling capacity. That is a work in progress. So at this stage, I cannot tell you what the costs of increasing that milling capacity would be and what the effect on OPEX would be. Let us just focus on the shift system, delivering the ounces, delivering the extra tons, building the stockpile to see us through the AC-DC conversion. And then for next year, there will be, hopefully, the story about how we are going to convert that into increased ounces. It is premature to say that at this stage.

Okay. Excellent. Thank you. And then the final question for Victor here. At the end of this year—this time next year, sorry—at the end of 12 months’ time, you will have spent circa $130,000,000 on Bilboes. What will you have in place by the end of the period? What is your approach going to look like on the ground?

Okay. So thank you, Nic. What we are really doing is placing orders—long lead items is what we are basically doing most of this year towards the end of this year. That is really what we will be doing. We will probably have some contractors moving in at the end of the year, but really most of the money we are spending this year is on orders on the long lead items.

It means very little physically to see.

Yeah. Very little to see. The only thing you will see there are contractors moving in and starting to do some work.

So this will be in the form of prepayments then, really, will it?

Payments and deposits.

Yeah. Yep. Okay. Excellent. Thank you very much.

Thank you. Our next question is from Tatu Zuwonora. Please go ahead.

Hi. Can you hear me?

Yep.

Alright. So I just have three questions. The first one, can you explain more about the consortium facility, as in which banks in South Africa you are courting? And what is their level of interest in supporting the company, given the 15% non-resident tax which resumed this year? Could you explain that? That is my first question.

The 15% non-resident tax—Ross, are you able to answer that?

Not specifically for the banks, but we have got two South African banks and then the Zimbabwean banks that are participating. So half a dozen banks that we are talking to for the interim facility. And, yes, we have been pleased with the appetite to participate in such a facility with those banks. So, no, we have not had any negative connotations or discussions from that perspective. And then our facility is the African banks in terms of DFI that we are talking to, with a similar sort of feedback.

Okay. And my second question is, PGM companies have reported substantial amounts of their ZIG portion of the export proceeds are being trapped at the RBZ. I think there were complaints from Zimplats and Unki, and I wanted to find out if Caledonia Mining Corporation Plc is facing such a problem with their ZIG portion of the export proceeds being trapped at the RBZ.

Absolutely not.

Alright. Then my final question is, has your outlook changed in terms of the gold prices which you are expecting for the year, given the geopolitical tensions happening in the Middle East right now?

So do you mean that we are going to adjust our—are you asking if we are going to adjust our production level? Is that the question?

Yeah. Considering that the commodity market has become volatile owing to those geopolitical—

No. The mine plan is pretty much set. We cannot just arbitrarily increase and reduce production. The objective is to mine, to optimize operating efficiency, and keep the mills full. What you could do is adjust your cut-off grade. So if you thought the gold price was going to be much higher, you might reduce the cut-off grade so you can perhaps mine more material that would be less attractive in a lower price environment. But, no, the current gyrations are not giving us any thoughts about changing our overall approach to the mine plan and our mining schedule.

Alright. Thank you.

Thank you for your question. Next question is from Tinashi Dumas.

Can you hear me?

Yes.

Okay. Nice presentation and nice performance as well. Great performance. My question is how much of this year’s performance is genuinely operational? I am talking about the year and the period under review. How much of the performance is genuinely operational and how much is simply gold price leverage? I concur that production at Blanket was broadly flat, and while gold prices are up circa 44%. And from that, I could argue that your earnings were largely price-led rather than execution-led. So what comfort or evidence can you give that the business can protect its margins and sustain cash generation if the gold price normalizes?

Okay. So one of the things that we perhaps did not make clear enough—you are quite right. In 2025, a lot of the good performance was driven by the high gold price. One of the things that we are doing—and we have seen quite significant increases in costs at Blanket. If you look back over a five-year period, in 2020, Blanket’s on-mine cost was $784 an ounce. Last year, it was $1,280. People need to understand that Blanket now is a very different mine from what it was in 2020. We are hoisting significantly more material from much, much, much deeper. In 2020, we were hoisting most of our material from 750 meters below surface. Now we are hoisting most of our material 1,200 meters below surface. So inevitably that means that you are going to be using more electricity even before you start taking account of the incremental need to use electricity for improved ventilation. And in terms of employees, if you look at the pointy end of the business—that is the people involved in the mining, the underground tramming, the hoisting, the people involved in the milling—we are actually handling more material, more tons per person now than we were five years ago. But our costs have gone up, and if you look at our consumable cost, we are pretty much using less in the way of inputs like grinding media, cyanide, drill steels—we are using fewer kilos of that per ton milled—but every year, year on year, we have seen our costs such as the costs of steel balls, which we use in the ball mills, go up on average 10% per annum over each of the last five years. So the cost profile has gone up. What we are doing now is we are focused on…

Yes. Yes. Thank you. Thank you. I have been answered. I am from Equity Access, by the way. Thank you. That was enough for me.

Okay. Let us be clear. The phrase that I use is “escaping forwards.” From pretty much any mine in Zimbabwe which is facing rising cost pressures, the only way to counter that is to escape forwards through growth. And that is what we are looking for over the course of the next three years. Okay. Any further questions?

That concludes the questions that we have at the moment. So, Mark, I would like to give the floor back to yourself for any closing remarks.

Okay. Well, clearly, it was a good year financially, as we have identified, largely driven by the gold price. We are focused very much on Bilboes, turning that to account. That will be a game changer not just for Caledonia Mining Corporation Plc but also for Zimbabwe. But we are not neglecting Blanket. And as I think the comments at the end of that Q&A session made very clear, we are focused on using this high gold price to invest in Blanket, both to try and tickle up the gold production but also to lock in resilience and efficiency. So that is going to be a three-year exercise, not a quick turnaround. But we will keep stakeholders informed as we move along. So thank you very much for your attendance, and we will be putting out our Q1 results in about six weeks’ time in May. Okay? So thank you all very much.