Caledonia Mining to File Economic Assessment for Bilboes Gold Project, Aiming to Improve Returns

Caledonia Mining Corporation Plc ("Caledonia" or the "Company") (NYSE:CMCL, AIM: CMCL, VFEX: CMCL))))) is pleased to announce that the Company will shortly be filing a preliminary economic assessment in accordance with Canada's National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") on SEDAR+ (the "PEA") for a single-phase development of the Bilboes sulphide gold project (the "Project"). A copy of the PEA, which is entitled "Bilboes Gold Project Preliminary Economic Assessment" with effective date May 30, 2024 prepared by DRA Projects (Pty) Ltd ("DRA"), and reflecting the summary information contained in this announcement, will also be available on the Company's website at www.caledoniamining.com/investors/technical-reports/. All dollar figures are in U.S. dollars unless otherwise noted.

The PEA reflects the work that has been done by Caledonia and its consultants over the period since the Project was acquired by Caledonia in January 2023. This work focussed on updating the feasibility study in respect of the Project that was prepared by DRA on behalf of the previous owners of the project and which had an effective date of December 15, 2021 (the "Former Feasibility Study"); the work also considered alternative development options for the Project, which included multi-phase development and changes to certain aspects of the Project. The main change to the Project development plan that has been made relates to the proposed construction of the Tailings Storage Facility ("TSF"), which will now be constructed on a modular basis to reduce the initial capital expenditure and therefore improve the economic returns. The revised approach to the TSF constitutes a "significant change" to the Project and requires the preparation of an entirely new technical and economic study. The work that has been carried out to date in respect of the revised approach to the TSF is to the level of a preliminary economic assessment and not to the level of a feasibility study. Due to the significance of the TSF to the overall Project, the entire body of work that has been completed to date is therefore at the level of confidence of a preliminary economic assessment. Over the course of the next 9 months, the Company intends to upgrade the confidence level of the study in respect of the TSF so that the entire body of work on the Project may be classified as a feasibility study which will be published in due course.

The PEA therefore supersedes the Former Feasibility Study.