Caledonia Mining Corporation Plc press release

Caledonia Mining Corporation Plc: Encouraging Results From Deep Level Drilling at Blanket Mine

2026-04-07

NYSE - New York Stock Exchange · Jersey

Better than expected grades and widths from deep level drilling at Blanket Mine supporting increased confidence in overall mineral resource

(NYSE AMERICAN:CMCL)(AIM:CMCL)(VFEX:CMCL)

SAINT HELIER, JE / ACCESS Newswire/ April 7, 2026 / Caledonia Mining Corporation Plc ("Caledonia" or "the Company") is pleased to report further encouraging results from the deep level drilling programme at Blanket Mine, with the campaign proving the continuation of the main orebodies at depth.

The drilling is intended to evaluate the continuity of the mineralised zones on the Blanket, Eroica and Lima ore bodies for the purposes of increasing confidence in the existing mineral resources and growing the mineral resource estimate beyond 34 level, which is at 1,110 metres below surface. These results follow the previously announced deep drilling results published on June 23, 2025.

Highlights

10,311.9 metres of deep level drilling completed between March and December 2025.

Blanket and Eroica orebodies returned grades and widths consistent with, or better than, expectations.

High grade intersections at depth, including multiple wide zones within the newly identified Blanket 7 ("BLK7") orebody.

Lima orebody confirmed to 34 level, supporting potential depth extensions.

Results expected to increase mineral resource confidence and support future life of mine planning.

Highlights of the drill results are summarised in the table below.

| Hole Identifier | Orebody 1Name | Orebody Intersection | Core Length (m) | True width (m) | Grade (g/t) | Orebody Intersection depth from surface (m) | End of Hole Depth (m) | | | From (m) | To (m) | | | | | | | | | ARS1110EX2401 | BLK7* | 6.4 | 19.6 | 13.20 | 13.02 | 9.24 | 1045.3 | 158.5 | | _* including_ | 6.4 | 11.2 | 4.80 | 4.73 | 17.15 | | | | | ARS1110EX2402 | BLK7* | 7.48 | 48.8 | 41.32 | 40.42 | 3.14 | 1075.0 | 158.2 | | _* including_ | 7.48 | 14 | 6.52 | 6.38 | 9.90 | | | | | _* including_ | 17 | 20 | 3.00 | 2.93 | 6.58 | | | | | ARS1110EX2403 | BLK7* | 10.3 | 58.3 | 48.00 | 46.28 | 4.25 | 1082.0 | 158.2 | | _* including_ | 10.3 | 11.5 | 1.20 | 1.16 | 53.39 | | | | | _* including_ | 19.9 | 25.9 | 6.00 | 5.78 | 7.45 | | | | | _* including_ | 54.7 | 58.3 | 3.60 | 3.47 | 11.92 | | | | | ARS1110EX2404 | BLK7* | 7.7 | 28.4 | 20.70 | 20.50 | 3.98 | 1054.1 | 155.4 | | _* including_ | 7.7 | 10.7 | 3.00 | 2.97 | 6.15 | | | | | _* including_ | 14.3 | 17.3 | 3.00 | 2.97 | 5.21 | | | | | ARS1110EX2503 | BQRHWN | 76.7 | 80.8 | 4.10 | 3.65 | 7.74 | 1099.3 | 377.2 | | BLK1110EX2412 | BQR | 56.9 | 64.7 | 7.80 | 7.17 | 7.15 | 1083.0 | 242.2 | | ERC750EX2404 | ERCN_HW* | 383.5 | 396.1 | 12.60 | 10.80 | 6.54 | 994.3 | 398.3 | | _* including_ | 385.3 | 387.1 | 1.80 | 1.54 | 8.62 | | | | | _* including_ | 391.3 | 393.1 | 1.80 | 1.54 | 14.20 | | | | | LIM750EX2509 | LIMM | 70.1 | 72.3 | 2.20 | 1.98 | 15.33 | 708.5 | 386.2 |

_1ERCN_HW - Eroica North Hanging Wall, BQR - Blanket Quartz Reef, BQRHWN - Blanket Quartz Reef Hanging Wall North, LIMM - Lima Main, BLK7 - Blanket 7._

_* including refers to a subset of the wider orebody intersection which may return a higher grade if mined to that width_

The complete long hole drilling results for March 2025 to end of December 2025 are provided in Appendix 1.

Mark Learmonth, Caledonia's Chief Executive Officer, commented:

"The latest results from our deep drilling programme reinforce the geological strength of Blanket Mine and demonstrate the continuity of mineralisation at depth across multiple orebodies. The consistency of grades and widths we are seeing, together with confirmation of the Lima orebody to 34 level, provides growing confidence in the scale and quality of the mineral resource below the current lowest levels of the mine.

"These outcomes support our longer term planning efforts and highlight the value of the investments we have made, as we continue to improve mineral resource confidence and build a stronger foundation for the future of the mine and value creation for the business."

Commentary

The deep drilling at Blanket Mine continues to prove the continuation of the main orebodies at depths equivalent to the lowest levels of the mine and beyond. The density of drilling intersections is likely to upgrade inferred mineral resources to the indicated mineral resource category or better, providing a solid resource base for life of mine planning.

As reported on June 23, 2025, a new orebody was intersected on the multiple horizons of the Blanket orebody. This orebody has been termed Blanket 7 ("BLK7") and the intersections reported here highlight the excellent grades and widths that Blanket Mine can deliver. Drilling into virgin areas of the mine, where the shear zone is developed but untested with drilling, remains an important focus for the on-mine geology team. Of note, in the drillhole location image, certain drillholes have intersected the BQR at a depth below the current orebody models which mark the limit of measured, indicated or inferred mineral resources currently declared for Blanket Mine.

Deep drilling at Lima has shown the Lima orebodies extend to at least the 34-level horizon. The Lima orebody comprises up to 6 individual mineralised zones, not always developed together, and further infill drilling will delineate the spatial orientations of these orebodies.

The deep drilling results are expected to be incorporated into an updated mineral resource and mineral reserve statement during 2026.

Appendix 1

| Hole Identifier | Orebody Name | Orebody Intersection | Core Length (m) | True width (m) | Grade (g/t) | Orebody Intersection depth from surface (m) | End of Hole Depth (m) | | | From (m) | To (m) | | | | | | | | | ARS1110EX2401 | BLK7 | 6.4 | 19.6 | 13.2 | 13.0 | 9.24 | 1045 | 159 | | ARS1110EX2401 | BLK1HW | 46.0 | 55.0 | 9.0 | 8.9 | 6.28 | 1080 | 159 | | ARS1110EX2401 | BQR | 129.4 | 130.6 | 1.2 | 1.2 | 18.53 | 1155 | 159 | | ARS1110EX2401 | BLK1HW | 139.0 | 140.2 | 1.2 | 1.2 | 2.04 | 1164 | 159 | | ARS1110EX2402 | BLK7 | 7.5 | 48.8 | 41.3 | 40.4 | 3.14 | 1075 | 158 | | ARS1110EX2402 | BLK1HW | 58.4 | 70.4 | 12.0 | 11.7 | 3.90 | 1095 | 158 | | ARS1110EX2402 | BQR | 78.8 | 83.4 | 4.6 | 4.5 | 2.29 | 1108 | 158 | | ARS1110EX2402 | BLK1HW | 111.8 | 119.5 | 7.7 | 7.5 | 10.40 | 1143 | 158 | | ARS1110EX2403 | BLK7 | 10.3 | 58.3 | 48.0 | 46.3 | 4.25 | 1082 | 158 | | ARS1110EX2403 | BLK1HW | 79.6 | 80.2 | 0.7 | 0.6 | 31.53 | 1103 | 162 | | ARS1110EX2403 | BQR | 114.7 | 115.3 | 0.6 | 0.6 | 11.07 | 1137 | 162 | | ARS1110EX2403 | BLK1FW | 130.9 | 131.5 | 0.6 | 0.6 | 15.53 | 1152 | 162 | | ARS1110EX2403 | BLK1FW | 138.7 | 147.1 | 8.4 | 6.8 | 3.99 | 1167 | 162 | | ARS1110EX2403 | BLK1HW | 156.1 | 157.9 | 1.8 | 1.5 | 3.91 | 1178 | 162 | | ARS1110EX2404 | BLK7 | 7.7 | 28.4 | 20.7 | 20.5 | 3.98 | 1054 | 155 | | ARS1110EX2404 | BLK1HW | 50.4 | 58.2 | 7.8 | 7.7 | 3.20 | 1079 | 155 | | ARS1110EX2404 | BQR | 93.6 | 96.6 | 3.0 | 3.0 | 3.06 | 1122 | 155 | | ARS1110EX2404 | BLK1FW | 128.4 | 133.2 | 4.8 | 4.8 | 3.09 | 1158 | 155 | | ARS1110EX2502 | BLK7 | 70.9 | 72.7 | 1.8 | 1.7 | 6.44 | 1095 | 347 | | ARS1110EX2502 | BQRHWN | 76.6 | 80.2 | 3.6 | 3.4 | 2.21 | 1102 | 347 | | ARS1110EX2502 | BLK1HWN | 91.7 | 98.9 | 7.2 | 6.7 | 4.29 | 1120 | 347 | | ARS1110EX2502 | ARSEWL | 199.7 | 201.5 | 1.8 | 1.6 | 1.84 | 1217 | 347 | | ARS1110EX2503 | BLK7 | 63.2 | 69.5 | 6.3 | 5.7 | 3.39 | 1085 | 377 | | ARS1110EX2503 | BQRHWN | 76.7 | 80.8 | 4.1 | 3.7 | 7.74 | 1099 | 377 | | ARS1110EX2503 | BLK1HWN | 154.5 | 156.9 | 2.4 | 2.0 | 1.74 | 1165 | 377 | | ARS1110EX2503 | ARSEWL | 222.7 | 223.9 | 1.2 | 0.9 | 4.45 | 1219 | 377 | | BLK1110EX2405 | BQR | 101.9 | 102.5 | 0.6 | 0.6 | 2.04 | 1128 | 254 | | BLK1110EX2406 | BLK7 | 98.9 | 100.1 | 1.2 | 1.1 | 4.56 | 1118 | 281 | | BLK1110EX2406 | BQRHWN | 105.5 | 107.3 | 1.8 | 1.7 | 3.58 | 1126 | 281 | | BLK1110EX2406 | BLK1HWN | 210.5 | 212.9 | 2.4 | 2.2 | 1.85 | 1224 | 281 | | BLK1110EX2406 | BQRHWN | 229.7 | 230.9 | 1.2 | 1.7 | 1.94 | 1240 | 281 | | BLK1110EX2407 | BLK7 | 101.4 | 104.4 | 3.0 | 2.2 | 2.25 | 1115 | 257 | | BLK1110EX2407 | BQRHWN | 109.2 | 113.4 | 4.2 | 3.6 | 1.86 | 1122 | 257 | | BLK1110EX2408 | BLK1HWN | 118.6 | 157.0 | 38.4 | 36.1 | 5.00 | 1182 | 293 | | BLK1110EX2408 | BQRHWN | 239.2 | 272.2 | 33.0 | 30.8 | 2.48 | 1286 | 293 | | BLK1110EX2409 | BLK7 | 91.8 | 95.4 | 3.6 | 3.1 | 4.07 | 1118 | 287 | | BLK1110EX2409 | BQRHWN | 236.2 | 236.8 | 0.6 | 0.5 | 2.07 | 1240 | 287 | | BLK1110EX2409 | BLK1HWN | 259.6 | 274.6 | 15.0 | 14.1 | 2.31 | 1286 | 287 | | BLK1110EX2410 | BQR | 67.5 | 81.7 | 14.2 | 11.2 | 6.25 | 1096 | 233 | | BLK1110EX2411 | BQR | 60.5 | 73.1 | 12.6 | 11.3 | 2.46 | 1090 | 239 | | BLK1110EX2412 | BQR | 56.9 | 64.7 | 7.8 | 7.2 | 7.15 | 1083 | 242 | | BLK1110EX2413 | BLK7 | 69.8 | 74.3 | 4.5 | 3.6 | 6.35 | 1088 | 230 | | BLK1110EX2413 | BQRHWN | 202.6 | 203.2 | 0.6 | 0.4 | 3.88 | 1185 | 230 | | BLK1110EX2413 | BLK1HWN | 228.4 | 229.0 | 0.6 | 0.4 | 4.42 | 1204 | 230 | | BLK1110EX2414 | BQR | 84.0 | 91.2 | 7.2 | 6.9 | 7.17 | 1108 | 254 | | BLK1110EX2415 | BLK7 | 86.9 | 87.5 | 0.6 | 0.5 | 10.80 | 1104 | 254 | | BLK1110EX2415 | BQRHWN | 177.7 | 179.3 | 1.6 | 1.3 | 4.39 | 1182 | 254 | | BLK1110EX2416 | BLK7 | 82.6 | 83.8 | 1.2 | 1.0 | 2.62 | 1099 | 239 | | BLK1110EX2416 | BQRHWN | 166.1 | 166.7 | 0.6 | 0.5 | 14.67 | 1167 | 239 | | BLK1110EX2416 | BLK1HWN | 170.3 | 172.1 | 1.8 | 1.6 | 3.10 | 1171 | 239 | | BLK1110EX2416 | BLK1HWN | 220.5 | 221.7 | 1.2 | 0.9 | 5.45 | 1210 | 239 | | BLK1110EX2417 | BLK7 | 83.6 | 84.8 | 1.2 | 1.0 | 2.52 | 1100 | 247 | | BLK1110EX2417 | BQRHWN | 96.8 | 101.0 | 4.2 | 3.6 | 2.07 | 1113 | 247 | | BLK1110EX2417 | BLK1HWN | 194.3 | 195.5 | 1.2 | 1.0 | 4.30 | 1192 | 247 | | BLK1110EX2417 | BLK1HWN | 204.5 | 205.7 | 1.2 | 1.0 | 3.03 | 1200 | 247 | | ERC750EX2404 | ERCN_HW | 383.5 | 396.1 | 12.6 | 10.8 | 6.54 | 994 | 398 | | ERC750EX2405 | ERCN_HW | 441.2 | 441.8 | 0.6 | 0.5 | 1.63 | 1059 | 454 | | ERC750EX2407 | | No intersection | 470 | | | | | | | ERC750EX2409 | ERCN_HW | 468.0 | 472.1 | 4.1 | 3.6 | 1.62 | 1085 | 482 | | ERC750EX2409 | ERCNFW | 479.9 | 482.8 | 2.9 | 2.5 | 2.65 | 1097 | 482 | | ERC750EX2411 | ERCN_HW | No intersection | 96 | | | | | | | ERC750EX2501 | ERCN_HW | No intersection | 458 | | | | | | | ERC750EX2502 | ERCN_HW | 399.1 | 399.7 | 0.6 | 0.5 | 2.02 | 1008 | 443 | | ERC750EX2502 | ERCN_HW1 | 424.8 | 426.6 | 1.8 | 1.5 | 3.67 | 1021 | 443 | | ERC750EX2502 | ERCNFW | 432.8 | 433.4 | 0.6 | 0.5 | 2.03 | 1036 | 443 | | ERC750EX2502 | ERCNFW1 | 436.6 | 437.2 | 0.6 | 0.5 | 1.93 | 1038 | 443 | | ERC750EX2503 | ERCN_HW | No intersection | 330 | | | | | | | LIM750EX2401 | LIMM | 84.5 | 88.1 | 3.6 | 3.3 | 1.24 | 716 | 590 | | LIM750EX2401 | LIME | 437.8 | 438.3 | 0.5 | 0.4 | 2.59 | 893 | 590 | | LIM750EX2502 | LIMM | 107.0 | 112.6 | 5.6 | 5.2 | 3.72 | 742 | 605 | | LIM750EX2502 | LIMI | 117.4 | 122.2 | 4.8 | 4.4 | 4.62 | 753 | 605 | | LIM750EX2502 | LIME | 404.3 | 406.1 | 1.8 | 1.5 | 3.96 | 1008 | 605 | | LIM750EX2503 | LIMI | 120.6 | 129.9 | 9.3 | 6.8 | 3.03 | 741 | 231 | | LIM750EX2504 | LIMHW | 101.7 | 107.1 | 5.4 | 4.9 | 2.05 | 743 | 461 | | LIM750EX2504 | LIMM | 112.9 | 128.3 | 15.4 | 14.1 | 2.47 | 655 | 461 | | LIM750EX2504 | LIMI | 151.5 | 152.1 | 0.6 | 0.5 | 1.74 | 784 | 461 | | LIM750EX2504 | LIME | 218.9 | 219.5 | 0.6 | 0.5 | 4.44 | 844 | 461 | | LIM750EX2505 | LIMM | 166.7 | 171.2 | 4.5 | 4.5 | 2.70 | 814 | 462 | | LIM750EX2505 | LIMI | 210.0 | 211.8 | 1.8 | 1.8 | 1.91 | 855 | 462 | | LIM750EX2506 | LIMI | 140.7 | 143.2 | 2.5 | 2.1 | 2.22 | 765 | 254 | | LIM750EX2507 | LIMHW | 75.9 | 77.1 | 1.2 | 1.1 | 3.71 | 716 | 440 | | LIM750EX2507 | LIMM | 88.6 | 94.0 | 5.4 | 5.0 | 3.17 | 731 | 440 | | LIM750EX2508 | LIMM | 80.1 | 80.7 | 0.6 | 0.6 | 7.28 | 721 | 440 | | LIM750EX2508 | LIMI | 154.4 | 154.7 | 0.3 | 0.3 | 2.49 | 792 | 440 | | LIM750EX2509 | LIMM | 70.1 | 72.3 | 2.2 | 2.0 | 15.33 | 709 | 386 | | LIM750EX2510 | LIMI | 279.8 | 285.8 | 6.0 | 4.9 | 1.84 | 892 | 287 | | LIM750EX2511 | LIMHW | 66.6 | 67.2 | 0.6 | 0.5 | 2.79 | 704 | 380 | | LIM750EX2511 | LIMM | 72.3 | 72.9 | 0.6 | 0.5 | 2.86 | 709 | 380 | | LIM750EX2511 | LIMI | 143.5 | 144.0 | 0.5 | 0.4 | 1.77 | 771 | 380 | | LIM750EX2511 | LIME | 153.5 | 155.3 | 1.8 | 1.5 | 3.60 | 778 | 380 | | LIM750EX2512 | LIMHW | 78.4 | 79.0 | 0.6 | 0.6 | 1.74 | 720 | 381 | | LIM750EX2512 | LIMM | 110.5 | 111.1 | 0.6 | 0.6 | 1.66 | 750 | 381 | | LIM750EX2514 | LIMHW | 76.5 | 79.7 | 3.2 | 3.2 | 3.27 | 723 | 344 |

_* ERCN_HW - Eroica North Hanging Wall, ERCN_HW1 - Eroica North Hanging Wall1, ERCNFW - Eroica North Foot Wall, ERCNFW1 - Eroica North Foot Wall 1, BQR - Blanket Quartz Reef, BQRHWN - Blanket Quartz Reef Hanging Wall North, BLK1HWN - Blanket 1 Hanging wall North, BLK1HW - Blanket 1 Hanging wall, BLK1FW - Blanket 1 Footwall, ARSEWL - AR South East - West Limb, LIMM - Lima Main, LIME - Lima East, LIMI - Lima Intermediate, LIMHW- Lima Hanging Wall, BLK7 - Blanket 7._

Table 2

Underground exploration drill hole; azimuth, dip, drilled length, and collar location (UTM NAD83)

| Hole Identifier | Azimuth (°) | Dip (°) | Drilled Length (m) | UTM Easting (m) | UTM Northing (m) | UTM Elevation (m) | | | | | | | | | | | | | | ARS1110EX2401 | 99 | 81 | 158.5 | 697764 | 7693019 | 23 | | | | ARS1110EX2402 | 114 | 79 | 158.2 | 697764 | 7693018 | 23 | | | | ARS1110EX2403 | 126 | 75 | 163.9 | 697764 | 7693017 | 21 | | | | ARS1110EX2404 | 122 | 82 | 155.4 | 697764 | 7693018 | 22 | | | | ARS1110EX2502 | 352 | 73 | 347.3 | 697679 | 7693028 | 24 | | | | ARS1110EX2503 | 354 | 66 | 377.2 | 697679 | 7693028 | 24 | | | | BLK1110EX2405 | 101 | 81 | 254.3 | 697681 | 7693028 | 24 | | | | BLK1110EX2406 | 119 | 70 | 281.3 | 697681 | 7693027 | 24 | | | | BLK1110EX2407 | 139 | 61 | 257.4 | 697681 | 7693026 | 24 | | | | BLK1110EX2408 | 85 | 76 | 293.2 | 697682 | 7693027 | 24 | | | | BLK1110EX2409 | 84 | 76 | 287.4 | 697681 | 7693027 | 24 | | | | BLK1110EX2410 | 50 | 71 | 233.3 | 697683 | 7693030 | 16 | | | | BLK1110EX2411 | 37 | 67 | 239.3 | 697681 | 7693029 | 24 | | | | BLK1110EX2412 | 50 | 64 | 242.8 | 697681 | 7693029 | 24 | | | | BLK1110EX2413 | 48 | 59 | 230.2 | 697682 | 7693028 | 24 | | | | BLK1110EX2414 | 70 | 76 | 254.4 | 697684 | 7693029 | 13 | | | | BLK1110EX2415 | 79 | 64 | 254.3 | 697686 | 7693029 | 14 | | | | BLK1110EX2416 | 88 | 63 | 239.3 | 697682 | 7693027 | 24 | | | | BLK1110EX2417 | 103 | 64 | 247.3 | 697682 | 7693027 | 24 | | | | ERC750EX2404 | 84 | 81 | 439.5 | 697077 | 7694527 | 388 | | | | ERC750EX2405 | 108 | 78 | 454.4 | 697077 | 7694526 | 388 | | | | ERC750EX2407 | 48 | 84 | 470.3 | 697077 | 7694526 | 388 | | | | ERC750EX2409 | 94 | 80 | 482.3 | 697079 | 7694527 | 375 | | | | ERC750EX2411 | 33 | 84 | 326.3 | 697077 | 7694527 | 388 | | | | ERC750EX2502 | 94 | 75 | 443.3 | 697077 | 7694527 | 388 | | | | ERC750EX2503 | 73 | 85 | 330.3 | 697077 | 7694526 | 388 | | | | LIM750EX2502 | 336 | 67 | 605.3 | 697294 | 7694876 | 387 | | | | LIM750EX2503 | 351 | 50 | 231.1 | 697295 | 7694877 | 387 | | | | LIM750EX2504 | 350 | 70 | 461.3 | 697295 | 7694876 | 387 | | | | LIM750EX2505 | 343 | 86 | 461.5 | 697295 | 7694876 | 386 | | | | LIM750EX2506 | 341 | 60 | 440.2 | 697294 | 7694877 | 387 | | | | LIM750EX2507 | 350 | 70 | 440.2 | 697295 | 7694876 | 387 | | | | LIM750EX2508 | 50 | 76 | 440.3 | 697298 | 7694874 | 387 | | | | LIM750EX2509 | 51 | 65 | 386.2 | 697298 | 7694875 | 387 | | | | LIM750EX2510 | 110 | 66 | 287.3 | 697302 | 7694872 | 375 | | | | LIM750EX2511 | 114 | 66 | 380.1 | 697209 | 7694824 | 387 | | | | LIM750EX2512 | 112 | 75 | 381.3 | 697297 | 7694874 | 386 | | | | LIM750EX2514 | 35 | 84 | 344.4 | 697297 | 7694875 | 386 | | |

Blanket Deep Drilling - Locality of Deep Drilling

[](https://app.accessnewswire.com/imagelibrary/8fc973e6-8609-46c6-bd1b-f5163385dbc0/1154914/caledonia-pic1-040326.jpg)

Blanket Orebodies - Drilling from 1,110 (34 level) metres below surface

[](https://app.accessnewswire.com/imagelibrary/b475483d-58d0-4b6f-8ec5-15cf97c6b29e/1154914/caledonia-pic2-040326.jpg)

Eroica and Lima Orebody - Drilling from 750 metres (22 level) below surface

[](https://app.accessnewswire.com/imagelibrary/5c4efc41-b60c-48d8-a0b3-41b452a73532/1154914/caledonia-pic3-040326.jpg)

Enquiries:

| Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall | Tel: +44 1534 679 800 Tel: +44 7817 841 793 | | | | | Cavendish Capital Markets Limited (Nomad and Broker) Adrian Hadden Pearl Kellie | Tel: +44 207 397 1965 Tel: +44 131 220 9775 | | | | | Camarco, Financial PR (UK) Gordon Poole Elfie Kent | Tel: +44 20 3757 4980 | | | | | Curate Public Relations (Zimbabwe) Debra Tatenda | Tel: +263 77802131 | | | | | IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd Mlotshwa | Tel: +263 (242) 745 119/33/39 |

Qualified Person

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.

Quality Assurance and Quality Control

Access to Blanket Mine premises is controlled by security personnel on the first gate. On the second gate, in addition to security, entry is gained by biometric entry system. Diamond drilling is performed by qualified diamond drillers under the supervision of a diamond drill foreperson. Drilled core is routinely brought to surface to the core shed where it is received and laid down. A qualified geological technician performs geotechnical logging while a qualified geologist logs the core and marks the portions for splitting. The core is split in half along the core long axis using an electric core cutter equipped with a diamond saw cutter located on surface at the Blanket Mine coreyard. All safety procedures are documented in a Standard Operating Procedure which governs the activity undertaken by trained personnel. The geologist marks the sample intervals, put tickets, insert standards and blanks. One half of the sample is put into a plastic sample bag and sealed with cable ties. The sampling information is entered into the database. The other half of the core is marked with sample intervals and sample numbers and returned to the core box and retained for future reference. The samples are put in marked grain bags and tied with cable ties.

Transportation is by road using a mine vehicle to a SADCAS accredited testing laboratory (accreditation number TEST-05 0030) in Kwekwe, some 330km from Blanket Mine. A delivery note is signed as proof of dispatch.

Gold is analysed by a 50 grams fire assay with an Atomic Absorption (AA) finish. The laboratory also has internal quality control ("QC") programs that include insertion of reagent blanks, reference materials, and pulp duplicates.

Blanket Mine inserts QC samples (blanks and reference materials) at regular intervals to monitor laboratory performance.

When results are received, the assay results are painted against the sample numbers on the core retained.

Once the assay results are validated as being representative, the complete drillhole location, survey, lithology, geotechnical and assay logs are added to the drillhole database by the Blanket Database Manager.

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Cautionary Note Concerning Forward-Looking Information

Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Caledonia's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: upgrading inferred mineral resources to indicated mineral resources, publication of a new mineral resource and reserve estimate, extending the life of mine and the confidence in the mineral resource base at depth. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.