Caledonia Mining Corporation Plc

Caledonia's shares to commence trading on the NYSE American (formerly the NYSE MKT)

ST HELIER, CHANNEL ISLANDS--(Marketwired - July 24, 2017) - Caledonia Mining Corporation Plc (the "Company" or "Caledonia") (TSX:CAL)(OTCQX:CALVD)(AIM:CMCL) is pleased to announce that the New York Stock Exchange ("NYSE") has approved the listing of the Company's common shares on the NYSE American stock exchange. The Company expects that its common shares will begin trading on the NYSE American on July 27, 2017 under the trading ticker symbol "CMCL". The Company remains listed on the Toronto Stock Exchange ("TSX") under the symbol "CAL" and depositary interests in the common shares remain admitted to trading on AIM of the London Stock Exchange plc under the symbol "CMCL". The trading of the Company's common shares on the OTCQX under the symbol "CALVD" is expected to cease upon the commencement of trading on the NYSE American.

Steve Curtis, CEO, stated, "This listing for the Company on the NYSE American is another significant step for Caledonia which joins some of the world's best-known gold and precious metals companies with a listing on this prestigious US exchange. This further step in the development of Caledonia's corporate status has taken place against the backdrop of continued progress on our major operational development projects, principally the sinking of the Central Shaft at the Blanket Mine in Zimbabwe. The Central Shaft, which is being funded from Blanket's internal resources, is expected to fundamentally change the nature of Blanket's operations by improving operating efficiencies and providing access to deeper levels for exploration, development and production. Completion of the Central Shaft remains on schedule for the fourth quarter of 2018. The listing on the NYSE American is intended to provide the Company with greater access to US institutional and retail investors which in turn is hoped will result in better overall trading liquidity, a lower cost of capital and other benefits for Caledonia and its shareholders."

About Caledonia

Following the implementation of indigenisation in Zimbabwe in September 2012, Caledonia's primary asset is a 49% interest in an operating gold mine in Zimbabwe ("Blanket Mine"). Blanket Mine plans to increase production from 50,351 ounces in 2016 to approximately 80,000 ounces in 2021. Blanket Mine's target production for 2017 is 52,000 to 57,000 ounces. Caledonia expects to publish its results for the quarter to June 30, 2017 on or about August 14, 2017. Caledonia's current dividend policy is to pay a quarterly dividend which is currently 6.875 cents per share, or 27.5 cents per share on an annualised basis.