Caledonia Mining Corporation Plc Blanket Mine Q1 2024 Production

Robust production and increased gold sales at Blanket Mine

ST HELIER, Jersey, April 10, 2024 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or "the Company") (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) announces gold production from the Blanket Mine in Zimbabwe ("Blanket") for the quarter ended March 31, 2024 ("Q1 2024" or "the Quarter"). All production numbers are expressed on a 100 per cent basis and are based on the final assay at the refiners. The increased Q1 2024 production was derived from 8 fewer production days (9.3% less) compared to quarter 1 in 2023 (“Q1 2023”). This was due to production cut-off for gold delivery set to March 21, 2024.

Production Summary

• Q1 2024 gold production at Blanket was 17,050 ounces, a 6% increase on Q1 2023.
• In Q1 2024 Blanket sold 18,450 ounces. This represented a 17% increase from Q1 2023, when 15,797 ounces were sold.
• Ounces sold in Q1 2024 include 3,057 ounces of gold work in progress classified as inventory at the end of 2023 (Q1 2024: 1,657 ounces).
• Caledonia reiterates 2024 gold production guidance at Blanket of 74,000 to 78,000 ounces.¹

¹ Craig 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.

Mark Learmonth, Chief Executive Officer, said:

“I am pleased that 2024 production at Blanket has got off to a strong start with over 17,000 ounces produced in the Quarter which, considering we had 8 fewer production days compared to Q1 2023, is an excellent result. With the current high gold prices, it was good to see our gold sales ounces increase by 17% in Q1 2024 versus Q1 2023.

“Our significant investment in Blanket over the past seven years and completion of the Central Shaft has nearly doubled production, extended the mine life and allowed the restart of underground exploration in 2023. We continue to see Blanket as the solid foundation for growth as we pursue our strategy to become a multi-asset gold producer.”

Enquiries:

Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall	Tel: [phone] Tel: [phone]
Cavendish Capital Markets Limited (Nomad and Joint Broker)