Announcement • 8h

Caledonia Mining Corporation Plc Reports Motapa Exploration Results and High-Grade Drill Results

Caledonia Mining Corporation Plc announced results from its 2025 exploration program at the Motapa exploration property. The results demonstrate the presence of significant gold mineralisation across multiple zones and highlight the opportunity for Motapa to evolve into a strategic extension of the Bilboes mining complex, potentially enhancing production and extending the life of mine at Bilboes through the development of a combined mining operation. Motapa lies directly adjacent to the Bilboes Gold Project, where Caledonia is advancing plans for a major open-pit operation based on proven and probable reserves of 1.75 million ounces of gold in 24.1 million tonnes of ore at an average of 2.26g/t. The close proximity of the two projects offers potential for shared infrastructure and operational synergies, which could enhance project economics and reduce capital intensity over time. The 2025 drilling programme focused on testing the continuation of sulphide mineralisation below the historic oxide open pits, as well as identifying new mineralised zones across the property. Drilling has confirmed: Continuity of mineralisation along a strike length of approximately 6km within the Bubi Greenstone Belt; Multiple mineralised shear zones across Motapa North, Central and South; Both oxide and sulphide mineralisation, supporting near-term and longer-term development potential. Based on results to date, Caledonia expects to publish a maiden mineral resource estimate for portions of Motapa in Third Quarter 2026, representing a key milestone in evaluating the project's contribution to the broader Bilboes development strategy. Selected drilling highlights to date from Motapa North include: 19.00 meters at 8.08g/t (Hole JPRC52), 6.38m at 13.95g/t (Hole JDD11), 12.00m at 7.12g/t (Hole JPRC63), 14.00m at 4.31g/t (Hole PLV5RC4), 17.00m at 3.25g/t (Hole JPRC51), 13.00m at 3.72g/t (Hole PLV1RC10), 6.00m at 6.89g/t (Hole PLV1RC15). Selected drilling highlights to date from Motapa Central (Mpudzi) include: 7.00m at 2.39g/t (Hole MPZRC79), 3.00m at 4.79g/t (Hole MPZRC64), 2.00m at 5.25g/t (Hole MPZRC117). All intersections above are down hole intersections; estimated true widths are quoted in the tables later in this press release. The Motapa Exploration Program commenced in 2023 with geological mapping, geophysical surveys, trenching, and historical data collation. The initial work informed targets for wide spaced drilling to test mineralisation below the historically mined oxide open pits and in new target areas which have not yet been mined. During 2024, 12,724m of trenching, 4,143m of DD and 5,433m of RC drilling were completed, marking the end of the 2024 reconnaissance exploration activities. During 2025, 22,364m of trenching, 1,561.78m of DD and 18,547m of RC drilling was completed, focused primarily on Motapa North sulphide mineralisation and the potential oxide mineralisation identified at Mpudzi. Caledonia believes that the property presents both greenfield and brownfield upside exploration opportunities. Motapa is located approximately 110km north of Bulawayo in the Bubi District of the Matabeleland North Province of Zimbabwe. The tenement is within state land under the jurisdiction of the Bubi Rural District and the tenure is held in the form of a mining lease covering approximately 2,200 hectares which provides for both exploration and mining rights. The mining lease area lies on the Bubi Greenstone Belt and occupies a c.6km stretch of an elongated northeast - southwest trending intensely sheared broad shear zone with three main mineralised footprints. Named from the north, these shear structures are Motapa North, Motapa Central and Motapa South. Initial exploration activities at Motapa commenced in 2023 and comprised the following: Detailed geological mapping of the tenement; Historical data collation of previous exploration and mining activities; Aero-magnetics flown by drone; Ground penetrating radar (LOZA) surveys to identify underground voids. The initial exploration activities completed in 2023 were used to define an exploration program for 2024 with 12,724m of trenching, 4,143m of DD and 5,433m of RC completed during 2024. Results of the exploration activities were released on 11 November 2024. The 2025 activities comprised 22,364m of trenching, 1.561.78m of DD and 18,547m of RC drilling, focusing on the delineation of sulphide mineralisation at Motapa North and delineation of both oxide and sulphide mineralisation at Motapa Central (Mpudzi). The continued surface trenching for the identification of anomalous mineralisation at Motapa South and the remainder of the property continued with further anomalous areas identified that have no evidence of historical open pit workings. The historic oxide open pits are located approximately 250 meters to the south of the shared Bilboes property boundary and a few hundred meters further to the planned metallurgical facility at Bilboes. The 2025 drilling campaign shifted primarily to an RC weighted drilling campaign with the lithological and structural setting of the project being well understood.

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