Caledonia Mining Corporation Plc

Issue of Securities Pursuant to Long Term Incentive Plan Awards and Issue of New Long Term Incentive Plan Awards

ST HELIER, Jersey, April 10, 2024 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("the Company" or "Caledonia") (NYSE AMERICAN, AIM and VFEX: CMCL) announces that following the vesting of long-term incentive plan awards (“LTIPs”) on April 2, 2024, which were awarded under the Company’s 2015 Omnibus Equity Incentive Compensation Plan (the "Plan"), a total of 335 common shares of no par value in the Company are being issued to members of staff within the Company's group (none of whom are "Persons Discharging Managerial Responsibility" ("PDMRs") within the meaning of the Market Abuse Regulation (EU) No. 596/2014), including in the form of Zimbabwe depositary receipts in respect of such shares, on or about April 12, 2024.  

The Plan was established in 2015 and LTIPs have been awarded since then to increase alignment between Caledonia's management’s performance and shareholders’ expectations, and to improve employee incentivisation and retention.

Application has been made by Caledonia for the admission of depositary interests representing the shares to trading on AIM and it is anticipated that trading in such securities will commence on or about April 12, 2024. 

Following issue of the shares pursuant to the vesting LTIPs, the Company will have a total number of shares in issue of 19,194,860 common shares of no par value each. Caledonia has no shares in treasury; therefore, this figure may be used by holders of securities in the Company as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company.

Caledonia further announces that on April 8, 2024 it granted new LTIPs to 100 members of staff in the group, of which 69 are based in Zimbabwe. Of the LTIPs awarded, PDMRs are (or will be in the case of Mr Mufara) receiving the following awards: 

Name of PDMR	Position	Value
Mark Learmonth	Director and Chief Executive Officer	US$479,722.50
Victor Gapare	Executive Director	US$200,417.37
Chester Goodburn	Chief Financial Officer	US$138,586.50
James Mufara	Chief Operations Officer	US$135,218.981

The LTIPs are in the form of Performance Units ("PUs") as defined in the Plan. The vesting date for the PUs awarded to PDMRs shall be the first business day in April 2027 (whereas LTIPs for non-executives vest in tranches of a third each year in April).