Caledonia Mining Corporation Plc

Issue of Securities Pursuant to Long Term Incentive Plan Awards and Issue of New Long Term Incentive Plan Awards - Seite 2

The number of PUs awarded is equal to the monetary value of the award divided by the "Fair Market Value" (as defined in the Plan) of the Company's shares, being the greater of (i) the closing price of Caledonia's shares on the NYSE American on the trading day preceding the date of the award or (ii) the volume-weighted average closing price of Caledonia's shares on the NYSE American for the five days preceding the date of the award, which resulted in a price of US$10.91 for PUs awarded on April 8, 2024.

The final number of PUs which vest on maturity of the awards (in April 2027 for PUs awarded to PDMRs, and in tranches in April 2025, 2026 and 2027 for non-executives) will be adjusted to reflect the actual performance of the Company in terms of various operating metrics including gold production at Blanket Mine, improvement in the amount of resources and reserves at Blanket Mine, success at the Company’s exploration projects and the development of the Bilboes sulphide project, subject to certain minimum and maximum thresholds.

Each PU that vests entitles the PDMR to receive one Caledonia common share (or a security representing a share) on the maturity of the award. Shares that are issued to PDMRs pursuant to vesting PUs are subject to a minimum holding period of one year in case vested awards become subject to forfeiture, reduction or cancellation. LTIPs awarded to non-executives entitle the awardee to opt for the cash value of the vesting PUs rather than shares, or a combination.

Further to the announcement on April 8, 2024 concerning Mr Mufara being appointed as the new Chief Operating Officer from May 1, 2024, Mr Mufara will receive, as soon as possible after his employment commences, or, if later, after the end of any current closed period during which his employment commences, a number of Restricted Share Units pursuant to the Plan (“RSUs”) with a value of 5 million South African Rands to compensate him for foregoing long term incentive plan awards granted by his previous employer. The number of RSUs awarded will be at the “Fair Market Value” at the time of grant. The RSUs have no performance requirement other than continued employment and will vest on September 30, 2024, or on the next applicable date that is not within a closed period. Dividends paid during the vesting period will be reinvested in additional RSUs. Each RSU that vests will entitle Mr Mufara to receive one Caledonia common share (or a security representing a share) on the maturity of the award. Shares that are issued are subject, similarly to PUs, to a minimum holding period of one year in case vested awards become subject to forfeiture, reduction or cancellation.