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Capital Markets Event New York 2026 From an established gold producer to multi-asset production From an established gold producer to multi- asset production 1
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Disclaimer and forward-looking statements This presentation has been prepared solely for information and does not purport to contain all of the information that may be necessary or desirable to fully and accurately evaluate Caledonia Mining Corporation Plc (“Caledonia” or “the Company”) or its business prospects. For the purposes of this notice, "presentation" includes this document, any oral presentation, any questions and answer session and any written or oral material discussed or distributed by the Company during such presentation. By attending this presentation and/or accepting, reading or accessing a copy of this document, you agree to be bound by the limitations, terms and conditions set out below and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice. This presentation does not constitute, or form part of, any offer to sell or issue or any solicitation of any offer to purchase or subscribe for any shares in Caledonia, nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, or act as an inducement to enter into any contract or agreement thereto. All statements, other than statements of historical fact, contained in this presentation constitute "forward-looking statements" within the meaning of certain securities laws and are based on expectations, estimates and projections as of the date of the presentation. Such forward-looking statements include, for example, statements relating to mine life, production guidance and exploration at the Company’s mining sites, dividend yield and growth prospects and are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Neither the Company nor its directors, officers, partners, employees, agents or advisers undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future earnings, or otherwise, except to the extent required by applicable law. The forward-looking statements in the presentation are based on the beliefs and assumptions of the Company's officers and directors and information only as of the date of the presentation. The forward-looking events discussed in the presentation might not occur. Therefore, readers of this presentation should not place any reliance on any forward-looking statements. Without prejudice to the generality of the foregoing, no representation or warranty is given, and no responsibility or liability is accepted, as to the achievement or reasonableness of any future projections or the assumptions underlying them, or any forecasts, estimates, or statements as to prospects contained or referred to in the presentation. No responsibility or liability whatsoever is accepted by any person for any loss howsoever arising from any use of, or in connection with, the presentation or its contents or otherwise arising in connection therewith. Refer to the following technical reports and press releases: 1. “NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe” with effective date December 31, 2023 prepared by Caledonia and filed by the Company on SEDAR+ on May 15, 2024, together with the press release by the Company on August 28, 2026 announcing an increase in measured and indicated mineral resources and the declaration of a surface mineral resource estimate for which an updated technical report on Blanket Mine will be filed shortly; 2. “Bilboes Gold Project Technical Report Summary” with effective date October 31, 2025 prepared by DRA Projects (Pty) Ltd and filed by the Company on EDGAR as an exhibit to a Form 6-K Report of Foreign Private Issuer on November 24, 2025 (the “Feasibility Study"); and “Bilboes Gold Project Feasibility Study National Instrument 43-101 Technical Report” with effective date October 31, 2025 prepared by DRA Projects (Pty) Ltd and filed by the Company on SEDAR+ on May 21, 2026; and 3. “S-K 1300 Technical Report Summary on the Maligreen Gold Project, Zimbabwe” with effective date December 31, 2022 prepared by Minxcon (Pty) Ltd and filed by the Company on EDGAR as an exhibit to its annual report on Form 20- F on April 28, 2023 (the “Maligreen Technical Report”); and “Caledonia Mining Corporation Plc Updated NI 43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe" with effective date September 30, 2022 prepared by Minxcon (Pty) Ltd and filed by the Company on SEDAR+ on November 7, 2022,; and 4. the press release by the Company on August 28, 2026 announcing a maiden mineral resource estimate at Motapa for which a technical report will be filed shortly, for the mineral reserves and resources and economic analysis set out in this presentation. Craig James Harvey, MGSSA, MAIG, Caledonia Vice President Technical Services, has reviewed and approved the scientific and technical information contained in this document. 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. The Qualified Person has verified the results disclosed in this document through a review of the applicable assay certificates, sampling records and quality assurance and quality control data. Historical exploration results have been reviewed against historical records available to the Company. The Qualified Person has not independently verified all historical sampling and drilling procedures or all underlying historical assay data, but considers the historical information sufficiently reliable for the limited purpose of guiding the Company's current exploration activities. Cautionary Note Regarding Mineral Resources Mineral resources that are not mineral reserves do not have demonstrated economic viability. there is no certainty that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource category or converted into a mineral reserve. Cautionary Note to United States Investors The technical and scientific disclosure herein (other than the information in the technical report summaries for Bilboes and Maligreen mentioned above) has been prepared in accordance with NI 43-101, which differs from the requirements adopted by the United States Securities and Exchange Commission (the “SEC”) under S-K 1300. Accordingly, the estimates of mineral resources and other technical and scientific information contained herein may differ from the information that would be presented in accordance with S-K 1300. Pursuant to S-K 1300, an estimate of mineral resources on a material mineral property may not be disclosed in certain filings with the SEC, except pursuant to a technical report summary prepared in accordance with S-K 1300. The Company intends to file technical report summaries with the SEC shortly, which will estimate mineral resources for Blanket Mine and for the Motapa project in accordance with S-K 1300. 2
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Caledonia at a glance NYSE/AIM/ VFEX: CMCL 3 Producing asset Blanket Mine 72koz – 76.5koz Annual Production 2.2 Moz M&I and 750 Koz Inferred Resources2 $51m H1 2026 Subsidiary profit after tax (Annualised 2026 >$100m) Development project Bilboes 140,000 oz Forecast Average Annual Production from 2029 2.28 Moz M&I and980 Koz Inferred Resources2 Project returns @ $2,548 NPV $582m IRR 32.5% Project returns @ $4,1563 NPV $1.5Bn IRR 57.9% Exploration project Motapa 379 Koz M&I and131 Koz Inferred Resources2 Exploration work ongoing Pre-development resource Maligreen 442 Koz M&I and 420 Koz Inferred Resources2 Compliant resource currently in feasibility stage Feasibility study work ongoing 1 As at September 1, 2026 2 As per press release on August 28, 2026 3 As per gold price on August 5,2026 using the same methodology as detailed in the in Bilboes Gold Project T echnical Report Summary, with effective date October 31, 2025, which was filed with the SEC on EDGAR in November , 2025 Market Capitalisation $484m1 Total Cash & Liquid assets $183m Total Consolidated Debt $164m Net Cash $19m
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The presenting team Mark Learmonth Chief Executive Officer and Director Ross Jerrard Chief Financial Officer Victor Gapare Executive Director Craig Harvey Vice President Technical Services Maurice Mason Vice President Corporate Development and Investor Relations Camilla Horsfall Vice President Group Communications NYSE/AIM/ VFEX: CMCL 4
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Evolution and strategy Company identity, evolution and portfolio transformation investment thesis, and differentiated positioning Table of contents Operation: Blanket Mine Production performance, cost structure, and cash generation Growth: Bilboes Feasibility study outcomes, funding strategy, and development pathway Growth: Exploration Blanket (deep level and surface); Motapa; Maligreen ESG Video Presentation: Community ownership, in-country contributions, Government speech Ambassador Taonga Mushayavanhu Zimbabwe’s Permanent Representative to the United Nations Q&A 01 02 04 05 03 06 5
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01 | Evolution and strategy Company identity, evolution and portfolio transformation investment thesis, and differentiated positioning Maurice Mason VP Corporate Development and IR 6
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Corporate snapshot LISTING AND TRADING (As of September 1, 2026, all numbers in USD unless noted otherwise) Share Price (NYSE) $25.07 Stock Exchange Listing NYSE American, LSE AIM, VFEX Place of Incorporation Jersey Channel Islands Quarterly Dividend per Share $0.14 Dividend Yield 2.2% Market Capitalisation $484m P/E Ratio 7.4x 52-Week High/Low $15.85 – $38.75 Average Daily Trading Volume 200,000 Shares in Issue 19.34m Insider Ownership ~15% NYSE/AIM/ VFEX: CMCL 7
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Shareholders Management and Insiders 15% Shining Capital Holdings II LP 10% Blackrock Inc 5% Dimensional Fund Advisors LP 4% Baker Steel Capital Managers LLP 3% Fremiro Investments Pvt Ltd 3% GAM Holding AG 3% American Century Cos Inc 2% Van Eck Associates Corp 2% Alyeska Investment Group LP 2% Invesco Ltd 2% Nomura Holdings Inc 2% US Global Investors Inc 2% CI Financial Corp 1% Other 42% Significant management and director shareholding Blackrock and Van Eck are passive holders in the GDXJ and Russell 3,000 Indices Nomura hold as a hedge to their Capped Call Exposure NYSE/AIM/ VFEX: CMCL 8 Over 20% Zimbabwean shareholding
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Portfolio evolution since 2009: Lessons that shaped today’s strategy Strategic lessons: Initial multi-asset, multi-jurisdictional junior portfolio was simplified Capital reallocated from non-core assets Result: concentrated focus on Zimbabwe and gold. Blanket Mine Bushveld PGM Exploration Barbrook & Eersteling Nama — Copper/Co balt Acquired from Kinross in 2006 for ~$4M. Production restarted April 2009, producing 11koz in its first year. Now Caledonia's flagship cash-generating asset. Two South African gold assets divested in 2008, sold for $9M and $3M respectively. Capital recycled into Zimbabwe- focused strategy. PGM exploration on the northern limb of the Bushveld. Exploration rights allowed to lapse as strategic focus narrowed to gold and Zimbabwe. Exploration exposure to copper and cobalt. Divested in 2013 as part of deliberate portfolio rationalisation to concentrate on core competencies. NYSE/AIM/ VFEX: CMCL 9
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Evolution: Increasing our focus on Zimbabwe Gold NYSE/AIM/ VFEX: CMCL 10 2015 - 2020 Single–asset miner • Blanket Mine sole focus • Central Shaft project launched • 2015 production: 43koz 2021 - 2025 Building growth platform • Enhance Blanket's cash-generation • Central Shaft commissioned: increase production; extend mine-life; re-start exploration • Blanket solar plant commissioned • Acquire Maligreen, Motapa & Bilboes • Publish Bilboes Feasibility Study • 2025 Production: 76koz 2026 onwards Multi-asset mid-tier producer • Modest production increases at Blanket • Develop and operate Bilboes • Exploration at Motapa and Blanket • Target 2029 Production : c.280koz* 1 2 3 Blanket's production is included on a 100% basis; Caledonia holds a 64% ownership interest in Blanket. Caledonia holds 100% of Bilboes *Based on successful construction of Bilboes on time and on budget
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NYSE/AIM/ VFEX: CMCL 11 Maligreen Bilboes/Motapa Bulawayo Office Blanket Harare Office
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Our formula YIELD + GROWTH = VALUE Yield funds growth; growth compounds value NYSE/AIM/ VFEX: CMCL 12
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Caledonia’s 10-year+ performance since January, 1 2016 GDXJ +677% VanEck Junior Gold Miners ETF Gold Spot +312% since Jan 2016 Caledonia (CMCL) +1175% Total return including dividends GDX +691% VanEck Gold Miners ETF Bloomberg total returns data, indexed to 100 as of January 1, 2016, assuming reinvestment of dividends. Caledonia compared to VanEck Junior Gold Miners ETF and Spot Gold. Tight capital allocation Limited equity issuance Consistent dividend Long-term value creation for investors
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Clear, disciplined, and on-track Deliberate concentration in a proven gold province with deep institutional knowledge and strong government relationships Long-term strategy Blanket as cash- generating core Organic growth and new projects Capital discipline maintained Comfort in Zimbabwe Zimbabwe- focused by design Long-life underground asset provides stable cash flows to fund shareholder returns and growth investment Organic growth opportunities at Blanket; Bilboes development and active exploration at Motapa provide a defined growth pipeline Shareholder returns preserved through all stages of the growth cycle 20+ years operating in-country; strong relationships with communities, and government
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Opportunities and challenges Risk categoryKey riskManagement response These risks are actively monitored and incorporated into planning decisions at every stage of the business cycle. These risks are actively monitored and incorporated into planning decisions at every stage of the business cycle. Commodity price Operating risk Jurisdiction / regulatory Cost inflation Resource nationalism Gold price volatility impacting revenue and project economics Underground mining hazards, equipment reliability Policy changes, permitting, and regulatory environment Labour, energy, and consumables cost pressures Indigenisation requirements and ownership risks Disciplined capital allocation; gold price hedging in place for Bilboes development phase Proven operating teams with deep experience; ongoing investment in technology, systems, and safety infrastructure Deep local knowledge and longstanding government relationships Predominantly USD- based cost structure; solar power investment reduced energy exposure; ongoing cost reduction measures; growth to leverage higher fixed cost base Long-term partnership model: 36% of Blanket held by Zimbabwean partners. Appropriate arrangements will be established for Bilboes. c.20% of Caledonia Plc owned by Zimbabweans
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02 | Operations: Blanket Mine Production performance, cost structure, and cash generation Mark Learmonth Chief Executive Officer and Director 16
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Harare VictoriaFalls Bulawayo Blanket Gwanda Maligreen Blanket Mine ~75koz annualproduction SOUTH OF BULAWAYO, ZIMBABWE’S SECOND CITY, WITH GOOD ROAD LINKS TO SOUTH AFRICA AND REGULAR FLIGHTS VIA JOHANNESBURG ASSET OVERVIEW Cities Operations Underground mine operating to a depth of 1,200m Established infrastructure and a skilled, experienced workforce in a long- standing mining region 64% owned by Caledonia Mining; 36% held by Zimbabwean partners 2.18Moz 17.7Mt @ 3.83 g/t Measured and Indicated 0.75Moz 6.9Mt@ 3.35 g/t Inferred INVESTMENT PROPOSITION Long mine life with extension potential Consistent production and cash generation Blanket Gold Mine, Matabeleland South, south-west Zimbabwe Near-term opportunities to increase production and reduce costs NYSE/AIM/ VFEX: CMCL 17
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Proven ability to self-fund expansion and execute in-country capital projects without external financing. Engineering achievement Constructed a 6-meter diameter, 4-compartment shaft from surface to 1,200 meters depth 6-year project completed with no fatalities and 2 LTI's Capital discipline demonstrated Rigorous cost control and capital allocation throughout construction Self-funded execution Entire $150M expansion (which includes the shaft sinking but also horizontal development, new TSF and ancillary work) was completed from internal cash flow Platform for long-term growth Positions the mine for sustainable deeper production, extending mine life and supports exploration and resource conversion Central shaft project (2015-21) Successful and safe execution of a transformative capital project Central shaft project (2015-21) Successful and safe execution of a transformative capital project NYSE/AIM/ VFEX: CMCL 18
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Blanket Mine performance Gold production, cost and profitability, 2010 – 2026 Blanket Mine performance Gold production, cost and profitability, 2010 – 2026 Ounces Gold produced (oz) 76k 2025 – up 4.3× from 2010 Subsidiary Level Profit after tax1 $93M 2025 – up 27× from 2010's $3.5M Subsidiary Level Profit before tax1 $130M 2025 – exceeding on-mine costs for the first time • 2010 – 2026 Measured & Indicated 0.51Mt → 17.7Mt (0.06 → 2.18Moz contained gold) • 2010 – 2026 Inferred 2.41Mt → 6.9Mt (0.41 → 0.75Moz) Profit Before Tax ($) Profit After Tax ($) Gold Production (oz)On-Mine Cost ($) 2010 2015 2020 2025 120m 100m 80m 60m 40m 20m 0m 80k 70k 60k 40k 20k 0k 50k 30k 10k NYSE/AIM/ VFEX: CMCL 19 $USD 1 – Note that this indicates the 100% subsidiary level profit of Blanket mine, a 64% owned subsidiary. Minority interest and other group level costs are deducted in order to reconcile to consolidated group operating profit.
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Cost evolution 2020 – 2025Costs increased as operations deepened and expanded Cost evolution 2020 – 2025 Costs increased as operations deepened and expanded On-Mine Costs 2020-2025 ($'m) Tonne-Meters and Costs Cost per ounce indexTonnesmeters (m) Cost per t/meter indexOtherLabour Electricity Consumables Cost/oz ($) r/h scale • On-mine costs increased over 100% 2020-2025 • Increases across all cost components • Cost per ounce increased by 60% • Cost per tonne meter has been stable • Lower grade coupled with slightly lower production caused a sharp increase in cost/oz from 2022Tonnesmeters (m) Index Operating Costs $'m) Cost per Ounce ($/oz) 100 90 80 70 60 50 40 30 20 10 0 1,400 1,200 1,000 800 600 400 200 0 2020 2021 2022 2023 2024 2025 900 800 700 600 500 400 300 200 100 0 2020 2021 2022 2023 2024 2025 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.0 0.40 0.20 NYSE/AIM/ VFEX: CMCL 20
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Structural pressures Depth Mining at greater depth Input inflation Higher input prices Infrastructure Additional requirements Management response 01 Recover grade Restore access; reduce mining dilution 02 Increase production Add tonnes and recover more ounces 03 Control addressable costs Improve labour, power and procurement discipline Three levers to restore lower unit costs Recent grade disruption magnified the structural cost of mining deeper. Blanket is responding through grade recovery, higher production and disciplined cost control. Three levers to restore lower unit costs Recent grade disruption magnified the structural cost of mining deeper. Blanket is responding through grade recovery, higher production and disciplined cost control. Amplifiers Lower grade Lower plant feed grade Dilution Mining dilution Reduced flexibility Fewer available mining areas Management action NYSE/AIM/ VFEX: CMCL 21
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Grade Improvement NYSE/AIM/ VFEX: CMCL 22
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Historic performance Jan-24 – Jun-25 3 . 1 6g/t avg Monthly plant feed grade (g/t) | Jan 2024 – Jul 2026 Disruption period Jul-25 – Dec-25 2.77g/t avg Recovery trajectory Jan-26 – Jul-26 2.86g/t avg GRADE DISRUPTION INCREASED $/OUNCE COSTS Fall of Ground – Eroica 870 Long Hole Stoping– skin separation from hanging wall Fall of Ground – Blanket / BQR 930 – waste pillar collapse between Blanket 1, Blanket 2 and BQR 1 2 OPERATING RESPONSE • Rock engineering oversight increased across affected areas • Additional mining flexibility introduced through accelerated run-of-mine development: contact developers operating from May 2026 to a specific scope > Target – 10% flexibility rate by end of 2027 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 1 2 Grade improvement NYSE/AIM/ VFEX: CMCL 23 Recovery forecast Aug-26 – Dec-26 3.06g/t avg
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Better mining control supports sustainable grade recovery More available stopes, better information and tighter execution reduce dilution and improve access to planned grade. Better mining control means better grade and lower dilution 02 Better stope design and evaluation • Improved pre-production evaluation • Modern planning systems • Better alignment between geology, planning and execution 01 More mining flexibility • Accelerated run-of-mine development • More stopes available for production 03 Stronger operating control • Short-interval control • Rock engineering embedded in planning • Conformance to plan monitored at mine level NYSE/AIM/ VFEX: CMCL 24
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Increase Production NYSE/AIM/ VFEX: CMCL 25
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Blanket pathway to higher production and lower unit costs Near-Term production growth opportunities Blanket pathway to higher production and lower unit costs Near-Term production growth opportunities 4 initiatives to increase ounces and dilute the fixed cost base Initiative Timing Production Impact New Capex Requirement 1 Grade recovery H2 2026 Return towards reserve grade through improved access to higher-grade stopes Nil 2 7-day shift system Implemented June 2026 Additional ~100,000tpa ROM production capacity Nil 3 K-pits oxide opportunity 2027 onward Potential low-cost surface production supplement to underground mining Under evaluation 4 Elution plant upgrade (grits recovery) Q3 2026 and ongoing Approx. 1,300oz additional production in 2026 plus recurring future benefit Nil NYSE/AIM/ VFEX: CMCL 26
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NYSE/AIM/ VFEX: CMCL Seven-day shift system adds capacity at no capital cost 27 Implemented in June 2026, continuous operation adds around 100,000tpa of ROM capacity and has already rebuilt the stockpile, creating flexibility for planned processing and infrastructure work. More tonnes mined at no capital cost; the route to process then follows 01 Continuous operation 02 Early evidence 03 What it unlocks • Seven-day working week implemented in June 2026 • No capital requirement • Additional c.100,000tpa of ROM production capacity • Overtime cost reduced by approximately 50% from May to June 2026 • Broken tonnes up, rebuilding mining flexibility • Too early to identify any adverse morale impacts • Flexibility for the Central Shaft AC/DC conversion and plant upgrade work • Foundation for higher mill throughput and higher gold production
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Processing the additional tonnes: Lima now, No.4 Shaft from 2027 The extra tonnes from the seven-day week to be converted into ounces at Lima in 2026, with the No.4 Shaft plant taking over once crushing and CIL capacity is upgraded. NYSE/AIM/ VFEX: CMCL 28 01 Lima campaign Sept-Dec 2026 • Approximately 200 tonnes per day aimed to be processed at the nearby Lima plant • Approximately 1,700oz of additional production should be achievable in 2026 • Minimal capital; uses existing installed capacity 1.3km from Blanket 02 No.4 Shaft plant upgrade 2027 • Increased crushing and CIL capacity to process the higher throughput • Supports approximately 8,000oz per annum of additional production • Capital requirement under evaluation, expected to be defined by September 03 Why it matters • Converts surplus ROM tonnes into ounces rather than stockpile • Lima supports 2026 while the No.4 Shaft plant is upgraded • Spreads the fixed cost base over more ounces
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No.4 Shaft plant upgrade: crushing and CIL capacity from 2027 NYSE/AIM/ VFEX: CMCL The seven-day week delivers the tonnes; upgraded secondary crushing and CIL capacity, alongside the completed BM3 mill and upgraded elution plant, provide the route to process them. 03 Secondary crushing • Secondary crushers are the current bottleneck, capping throughput at c.2,750 tonnes per day • Capital approved of $860k to increase capacity from 150t/hr to 256 t/hr 04 CIL capacity • Current CIL capacity of 2,450 tonnes per day • Upgrade to 2,750 tonnes per day through additional tank(s) at the existing plant • Indicative capital of c.$1.2M; scope to be confirmed in September 01 BM3 mill Completed July 2026 • Ball Mill 3 upgraded in July 2026 at a cost of $800K • Effective throughput up from 2,400 to 2,660 tpd • Capacity delivered ahead of the crushing and CIL work 29 02 Elution Upgrade To be completed Sept 2026 • upgraded in Sept 2026 at a cost of $600k Potential increase in production: 8koz pa assuming 100kt pa of increased ROM production, grade of 3.1gt and 93.6% recovery. Impact on 2027 depends on the timing of the plant upgrade
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K-Pits surface oxide mining HIGHLIGHTS Maiden surface resource: 30koz indicated, 14koz inferred Heap leach test work: recoveries of up to 67% NEW MINERALIZED HORIZON IDENTIFIED Blanket Valentine Mbudzane Aug 2026 Updated Blanket resource statement publishedby way of a news release, including a new surface resource SURFACE RESOURCES 10,000t Trial heap leach sample, H2 2026 40kt Target monthly mining rate H1 2027 KPT0EX2553 OXIDE KPT0EX2545 OXIDE KPT0EX2510 SULPHIDE KPT0EX2542 SULPHIDE 23.00m @ 2.61g/t 15.00m @ 1.69g/t 16.00m @ 6.04g/t 7.00m @ 5.96g/t Downhole intersections; estimated true widths quoted in full announcement Surface Shafts Blanket Quartz Reef Banded Iron Formation K-Pits NYSE/AIM/ VFEX: CMCL 30 10,000t trial heap leach sample; EIA application submitted for oxide mining Target 40,000t/month oxide mining in H1 2027 Indicative capex: $4m
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The upgraded elution plant unlocks gold held in stockpiled carbon To be completed in September 2026, the upgrade allows stockpiled fine grain loaded carbon to be processed from October onwards, supporting higher second -half production. Recovering gold already mined: additional ounces at no new capital cost and the 7-day week = stronger production expected in the second half of 2026 02 Elution plant upgrade, Q3 2026 • Upgrade to be completed 30 Sept 2026: $600k capital already budgeted and spent • Enables processing of stockpiled fine grain loaded carbon from October onwards • Approximately 1,300oz of additional production anticipated, Oct 2026 – Jan 2027 01 The stockpiled carbon • Fine grain loaded carbon (grits) accumulated from the processing circuit • 31 August 2026: 54.3tcontaining 1,082ounces of gold at a grade of 620.2g/t 03 Recurring benefit from 2027 NYSE/AIM/ VFEX: CMCL 31 • Grits processed on an ongoing basis rather than accumulating • Expected improvement in overall gold recovery • No further capital required to sustain the benefit
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Control addressable costs NYSE/AIM/ VFEX: CMCL 32
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Management action is focused on three addressable cost areas Management cannot control depth or market inflation, but it can improve how labour, energy and consumables are deployed and consumed. Focus on controllable consumption and productivity, not indiscriminate cost reduction WHAT MANAGEMENT CAN INFLUENCE CURRENT ACTIONS MEASURE 01 Labour productivity 02 Energy efficiency and reliability 03 Consumables • Shift design and workforce deployment • Premium overtime • Productive hours and tonnes per employee • Electricity consumed per tonne-metre • Peak demand and operating efficiency • Diesel use caused by interruptions • Usage rates per tonne processed • Supplier terms and sourcing • Inventory and specification control • Seven-day shift system • Overtime approval controls • Monthly workforce- productivity review • Energy-management programme • 132 kV line • Central Shaft AC/DC conversion • Supplier renegotiation • Procurement optimisation • Monthly usage tracking Overtime cost and hours per tonne kWh per tonne- metre and diesel share Consumables cost and usage per tonne NYSE/AIM/ VFEX: CMCL 33
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A pathway to higher production, lower unit costs and stronger cash generation More ounces over the fixed-cost base is what restores unit economics. Lower unit costs and stronger cash generation More ounces over the fixed- cost base Grade recovery More ROM tonnes Additional recovery and processing capacity Targeted cost savings NYSE/AIM/ VFEX: CMCL 34
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03 | Growth: Bilboes Feasibility study outcomes, funding strategy, and development pathway 35 Victor Gapare Executive Director
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Harare VictoriaFalls Bulawayo Blanket Gwanda Maligreen Bilboes 1.75Moz Proven & probable reserves AT A GLANCE A FULLY OWNED, LARGE -SCALE PROJECT TARGETING FIRST GOLD IN OCTOBER 2028 AND C.277KOZ CONSOLIDATED GROUP PRODUCTION IN 2029 Cities Operations 100% owned and fully permitted; approved for development following the Feasibility Study (Nov 2025) First gold targeted October 2028 c.200koz Expected first full-year production US$1,539m* Post-tax NPV (8% real) at US$4,156 /oz NYSE/AIM/ VFEX: CMCL 36 57.9%* Post-tax IRR at US$4,156 /oz 10.8years Life of mine *Based on LBMA spot price on August 5, 2026 Bilboes and Motapa *Bilboes feasibility study economics BUT calculated at US$ 4,156 /oz gold price (higher than that used in the feasibility study). Based on LBMA spot price on August 5, 2026.
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Project Director Admire Makuvaro Project Steering Committee Chair – CEO Executive Sponsor – V Gapare Project support • Geology/mine planning • Engineering • Finance • Legal • ESG • HR Funding Group Chair - CFO Project services • Project controls/reporting • Planning/scheduling • Estimating • Contracts • Procurement/logistics • Risk management MINING PROCESSING TSF INFRASTRUCTURE COMMERCIAL The team delivering the project Mark Learmonth Chief Executive Officer Group leadership and delivery oversight Victor Gapare Executive Director – Executive Sponsor Zimbabwe operating experience; Founder of Bilboes Admire Makuvaro Project Director 30+ yrs mining and engineering; led Mimosa expansion from 30 to 120ktpm Simbarashe Chimedza Technical Manager 26 yrs gold exploration, feasibility and plant construction; 11 yrs Bilboes Project Director Delivery partners DRA Overall project delivery, detailed engineering, procurement and construction management Metso BIOX® technology provider and plant design partner SLR Tailings storage facility, geotechnical and environmental design Cutfield Freeman Provider of independent financial advice Herbert Smith Freehills Kramer (HSFK) One of world’s leading law firms Cutfield Freeman HSFK DRA Metso SLR Project structure and the team delivering it NYSE/AIM/ VFEX: CMCL 37
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46 202 133 166 181 186 124 115 126 171 80 19 75 75 75 75 75 75 75 75 75 75 75 75 0koz 50koz 100koz 150koz 200koz 250koz 300koz 350koz 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Ounces Recovered Gold (Bilboes) Blanket Mine Production and recovery data from the Bilboes feasibility study assuming construction commencement in October 2026. Subject to financing. Blanket Mine contribution shown at acontinuing rate of 75koz per annum. FIRST GOLD IN 2028 c.277koz combined in 2029 Production transformation NYSE/AIM/ VFEX: CMCL 4
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Gold Flotation TSF BIOX TSF Tailings streams are segregated: flotation tailings and BIOX residue report to separate storage facilities Open-pit operation over a 10.8-year mine life; plant sized for the feasibility-study production profile Mining Crushing and milling Flotation BIOX Carbon-in- leach (CIL) Elution and gold room Design basis 01 Process Design Criteria signed 02 Datasheets complete for all critical equipment Integration 01 BIOX flow diagrams and design information received 02 Being incorporated into plant layouts and the mechanical equipment list Management 01 Block model being updated for geometallurgical parameters 02 Production schedule being revised to meet BIOX feed ratios Production Flowsheet A conventional flowsheet around proven BIOX technology — and the evidence we can execute it NYSE/AIM/ VFEX: CMCL 39
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Mining readiness NYSE/AIM/ VFEX: CMCL 40 Ore feed sequenced to meet plant commissioning Forecast Sept'26 01 Block model Geo-metallurgical data added to the block model, alongside gold grade Scanning of existing core samples at 1m intervals complete Target Dec '26 02 Production scheduling Schedule revised to geo-metallurgical parameters to hit critical BIOX feed ratios Metso BIOX feed parameters issued to the mining team Target by July 2027 03 Mining execution Mining contractor appointed Ore feed aligned to process plant commissioning Milestones locked into the project baseline schedule
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Ore receipt and crushing Milling Flotation BIOX CIL and Elution Tailings Thickener Utilities and workshops Pollution Control Dam Process Water Dam Return Water Treatment Admin Area Plant Reagents Water Recovery Electrowinning and Gold Room Concentrate Thickener Regrind Milling Circuit Crushed Ore Stockpile Neutralisation Processing plant One plant, six zones
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Tailings storage facility Preliminary design to be completed Nov 2026 NYSE/AIM/ VFEX: CMCL 42 Flotation tailings and BIOX residue report to separate storage facilities BIOX TSF Flotation TSF Process Plant TSF design timeline Design consultant letter of intent issued; contract negotiations to be concluded COMMENCEMENT 13 JUL 2026 Preliminary design — construction drawings and bill of quantities FORECAST COMPLETE 10 NOV 2026 Capital budget to be updated in line with the bill of quantities END NOV 2026 Detail design forecast COMPLETE 19 FEB 2027
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Enabling infrastructure is being contracted now so that construction can start on schedule in October 2026 Construction power • Discussions with ZETDC in progress to secure 2MVA from existing infrastructure • Construction power supply contract (Oct 2026) Bulk power • Scope of work finalised for three contracts (Overhead Line and 2 substations) • Bulk Power supply contract (Dec 2026) Water surety • Water surety strategy progressing for implementation by end Oct ’26 Accommodation and early works • EPCM camp location finalised • Strategy for the early works team agreed Infrastructure and early works Powering, watering and housing the site — the enabling work behind the plant NYSE/AIM/ VFEX: CMCL 43
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Procurement and construction readiness Six critical packages carry the schedule — earthworks and power drive the October 2026 construction start NYSE/AIM/ VFEX: CMCL 44 Adjudication 11 Aug ’26 · award 14 Sep ’26On track Package: Grinding mills Adjudication 08 Sep ’26 · award 20 Oct ’26On track – in market Package: Crushers Adjudication 07 Aug ’26 · award 10 Sep ’26On track Package: Flotation cells Adjudication 14 Aug ’26 · award 17 Sep ’26On track Package: Thickeners Adjudication 27 Jul ’26 · contractor appointed 4 Sep ’26Critical path — first activity on site Package: Bulk earthworks Shangani–Bilboes line tender closes 11 Sep ’26 · award 23 Nov ’26On track Package: Power infrastructure Bulk earthworks marks the construction start - October
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Procurement and construction readiness NYSE/AIM/ VFEX: CMCL 45 PACKAGE # PACKAGE DESCRIPTION Tech Pack Compiled RFT Approved Tender Period Closed Adjudication Completed TEAR Approved Contract Signed 001 Geotechnical Engineering Services 10-Mar-26 31-Mar-26 14-May-26 12-Jun-26 01-Jul-26 24-Jul-26 002 Earthworks and Infrastructure 21-Apr-26 14-May-26 26-Jun-26 27-Jul-26 12-Aug-26 04-Sep-26 018 QS Services 14-May-26 04-Jun-26 03-Jul-26 03-Aug-26 19-Aug-26 11-Sep-26 022 TSF Design Services 21-May-26 04-Jun-26 19-Jun-26 06-Jul-26 17-Jul-26 27-Jul-26 034 Mills 22-May-26 12-Jun-26 13-Jul-26 11-Aug-26 27-Aug-26 14-Sep-26 036 Flotation Cells 10-Jun-26 02-Jul-26 23-Jul-26 07-Aug-26 25-Aug-26 10-Sep-26 042 Thickeners 18-Jun-26 09-Jul-26 30-Jul-26 14-Aug-26 01-Sep-26 17-Sep-26 027 Crushers 22-Jun-26 13-Jul-26 06-Aug-26 08-Sep-26 25-Sep-26 20-Oct-26 035 Cyclones 02-Jul-26 23-Jul-26 13-Aug-26 28-Aug-26 15-Sep-26 02-Oct-26 204 Logistic Service Provider 03-Jul-26 14-Aug-26 28-Sep-26 27-Oct-26 12-Nov-26 07-Dec-26 029 Vibrating Screens & Feeders 06-Jul-26 27-Jul-26 17-Aug-26 01-Sep-26 17-Sep-26 06-Oct-26 212 Construction Power Generator 09-Jul-26 30-Jul-26 20-Aug-26 04-Sep-26 22-Sep-26 09-Oct-26 224 OHL - Shangani to Bilboes 10-Jul-26 31-Jul-26 11-Sep-26 13-Oct-26 29-Oct-26 23-Nov-26 030 Linear Screens (Trash Screens) 13-Jul-26 03-Aug-26 24-Aug-26 08-Sep-26 25-Sep-26 13-Oct-26 069 Apron Feeders 16-Jul-26 06-Aug-26 27-Aug-26 11-Sep-26 30-Sep-26 16-Oct-26 020 Laboratory Testing Services 17-Jul-26 07-Aug-26 28-Aug-26 21-Sep-26 08-Oct-26 02-Nov-26 024 BIOX Proprietary Equipment Supply 17-Jul-26 07-Aug-26 21-Aug-26 21-Sep-26 08-Oct-26 02-Nov-26 203 HT Substation – Chertsey 20-Jul-26 10-Aug-26 21-Sep-26 21-Oct-26 06-Nov-26 01-Dec-26 207 HT Substation - Shangani & Bilboes 20-Jul-26 10-Aug-26 21-Sep-26 21-Oct-26 06-Nov-26 01-Dec-26 028 Rock Breaker 27-Jul-26 17-Aug-26 07-Sep-26 22-Sep-26 09-Oct-26 27-Oct-26 033 Samplers 30-Jul-26 20-Aug-26 10-Sep-26 28-Sep-26 14-Oct-26 30-Oct-26 067 Conveyor Drives & Gearboxes 30-Jul-26 20-Aug-26 10-Sep-26 28-Sep-26 14-Oct-26 30-Oct-26 Procurement • Packages (RFTs) in preparation Bulk Power Contracts (Design, Supply & Install) Various Major Equipment Supply packages • Packages (RFTs) in Market Supply of Crushers; closing 06 Aug ’26 Supply of Thickeners; closing 23 Jul ’26 Supply of Flotation Cells; closing 23 Jul ’26 • Tenders Closed / Adjudications in Progress Supply of Grinding Mills Quantity Surveying (QS) Services Surveying Services Bulk Earthworks • Contracts Awarded Geotechnical Investigation (process plant) TSF Design, Hydro + Hydro-Geo Services (letter of intent)
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Nov 2025 Feasibility Study • Approved • Technical and financial case confirmed 2026 Detailed engineering and early works • Detailed mine and process design • Site preparation and enabling works 2026–27 Financing and FID gate • Financing strategy executed • Authority to commit full construction spend 2027–28 Main construction • Open pit development • Plant, power and water Sep 2028 Ore to mill • Wet plant start • BIOX stream Oct 2028 First gold • First revenue FEASIBILITY STUDY APPROVED NOV 2025 · TARGETING FIRST GOLD OCTOBER 2028 1 2 3 4 5 6 Path to first gold A date-driven path from study to first gold NYSE/AIM/ VFEX: CMCL 46
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Economic analysis The Project generates a value accretive business case in all of the gold price scenarios evaluated in the Feasibility Study1: NYSE/AIM/ VFEX: CMCL 47 Metric Unit Consensus Forecast Price1,2 3-Year Trailing Average Price1 Spot Price1,3 (September 1, 2025) Spot Price3 (August 5, 2026) Gold Price (Avg.) US$ / oz 2,548 2,350 3,648 4,156 Post-Tax NPV8% Real US$ M 582 454 1,234 1,539 Post-Tax IRR % Real 32.5 27.4 50.4 57.9 Payback Period4 years 1.7 2.8 1.1 0.9 Peak Funding Required US$ M 484 484 484 484 Value-Investment Ratio ratio 1.2x 0.9x 2.6x 3.2x Life of Mine years 10.8 10.8 10.8 10.8 Operating Margin % 59.5 56.5 70.2 73.0 AISC ($/oz) 1,061 1,051 1,118 1,145 1. Referenced in Bilboes Gold Project Technical Report Summary, with effective date October 31, 2025, which was filed with the SEC on EDGAR in November 2025 2. Based on S&P consensus forecast price for September 2025 3. Based on LBMA spot price following the effective date of the Technical Report being September 1, 2025 and on August 5, 2026 respectively 4. As measured from the date of first ore processed / first revenue
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✓ Gold hedging ✓ Convertible notes Interim facility Project finance 1 Gold price hedging ✓ Completed $3,500 Floor price / oz 3,000 oz Monthly coverage • Put options active Jan 2026 – Dec 2028 • Full upside participation above $3,500/oz • Provides floor to support Interim Facility 2 Convertible notes offering ✓ Completed $150M Raised (upsized) ~$130M Net proceeds • 5.875% coupon, convertible after Oct 2032 • Capped calls: effective conversion at $56.72/share1 • Over $600M investor demand at launch 3 Interim funding facility Imminent close Up to $150M Target facility October 2026 Expected close • Zimbabwean / South African bank consortium • Co-lead: Stanbic Bank Zimbabwe & CBZ Bank • Secured against Blanket Mine cash flow 4 Project finance Q1 2026 Process commenced 6 - 9 months Due diligence • Formal process now underway • Regional and global financial institutions • Running parallel to Interim Facility In progress Funding strategy Four funding pillars NYSE/AIM/ VFEX: CMCL 48 1 – The convertible bond has a Conversion price of $40.51 with matching capped call option in Caledonia’s favour at $40.51 capped at $56.72, giving an effective conversion price of $56.72 if the share price is at or above this level
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Bilboes funding overview Fully funded at $590m under both gold price scenarios NYSE/AIM/ VFEX: CMCL 49 Estimated total funding requirement of $590m At $4,000/oz, $40m less senior debt is required — funded by higher forecast cash flow Assumptions per the Bilboes Technical Report Summary (effective 31 Oct 2025). Cash on hand as at Q2 2026. $3,500/oz Forecast Future Net Cash Flow $115m (19%) Senior Debt & Other Facilities $303m (51%) Cash on Hand $172m (29%) $4,000/oz Forecast Future Net Cash Flow $155m (26%) Senior Debt & Other Facilities $263m (45%) Cash on Hand $172m (29%) Working Capital $25m (4%) Capitalised Interest $80m (14%) Capital Cost $485m (82%) SOURCE OF FUNDS USE OF FUNDS
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Capital structure – cash & available liquidity LIQUIDITY INFORMATION (As of June 30, 2026, all figures in USDm) Cash on hand 171.8 Bullion on hand 13.6 Gold sales receivables 1.7 Total before utilisation of Facilities 187.1 Drawn down bank facilities (4.0) Net Cash & Liquid Assets 183.1 Undrawn bank facilities 17.0 Total Available Liquidity 200.1 NYSE/AIM/ VFEX: CMCL 50 Total available Liquidity c . $ 2 0 0 M
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Capital structure – debt Borrower Instrument/Lender Coupon Amount Outstanding Maturity Notes Caledonia Holdings Zimbabwe (100% Owned) Mining Industry Pension Fund 9.5% $2.0 m 11 April 2027 NMB Bank Zimbabwe Limited 9.5% $2.5 m 14 January 2028 Mining Industry Pension Fund 11.5% $2.0 m 24 February 2029 Successfully rolled-over in 2026 for 3 years, expiring in 2029.CBZ Bank Limited 11.5% $5.0 m 28 April 2029 Total CHZ $11.5m Blanket Mine (64% Owned) CABS 12.46% $1.0m March 2027 Nedbank Zimbabwe 12% $1.0m June 2028 Motor Vehicle Loan Stanbic Bank Zimbabwe Ltd 40% Undrawn October 2026 $12.5m facility denominated in ZiG Stanbic Bank Zimbabwe Ltd 12% $0.6m October 2026 $4m facility Nedbank Zimbabwe Ltd 8.25% Undrawn April 2027 $7m facility First Capital Bank 10% Undrawn May 2027 $10m facility Total Blanket $2.6m $25.8m USD & $12.5m Zig Available Caledonia Mining Corporation Plc Convertible Bond 5.875% $150m January 2033 Conversion price of $40.51 with matching capped call option in Caledonia’s favour at $40.51 capped at $56.72 Total Consolidated $164.1m NYSE/AIM/ VFEX: CMCL 51
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Risk area Risk Mitigation Metallurgical variability Extensive metallurgical testwork completed during Feasibility Study; defined processing parameters and recovery assumptions by ore type. Robust blending system for plant feed for optimal BIOX plant performance. Strip ratio and mine plan assumptions Detailed open pit optimisation and pit design with push backs to manage strip ratio; staged pit development provides flexibility to adjust mining sequencing Geotechnical conditions Geotechnical drilling and slope stability analysis incorporated into pit design Capital cost inflation Single-phase development; capex contingency included; major cost items benchmarked during Feasibility Study Contractor availability Early engagement with mining and EPCM contractors; established mining skills base in Zimbabwe Fiscal and regulatory stability Long operating history in Zimbabwe; ongoing engagement with relevant authorities Currency exposure US dollar gold revenues; cost base partially USD-linked Power supply reliability Combination of grid power and on-site backup power solutions evaluated Technical Execution Country / Operating Environment Time delays Maintain a fully funded position before execution to enable on-time procurement Key risks and mitigations NYSE/AIM/ VFEX: CMCL 52
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1 – Based on life-of-mine production and illustrative US$4,000/oz gold price assumptions 2 – Data from Effects of oil, gas and mining investments on jobs – International Finance Corporation February 2017 Zimbabwe economic contribution Bilboes will be a significant contributor to Zimbabwe's economy1 NYSE/AIM/ VFEX: CMCL 53 Potential foreign exchange generation US$6bn+ Over the life of mine at a US$4,000/oz gold price scenario. Potential royalty payments US$300m Direct contribution to national revenues. Potential corporate income taxes US$975m Meaningful fiscal contribution over the life of mine. Potential payroll & withholding taxes US$150m Supporting government revenues and local employment. Wider economic impact 2-4X Supporting local procurement, employment and economic activity. Data from the World Bank and IFC indicates an economic multiplier effect of between 2X and 4X regarding jobs for mining projects in Africa2
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Building on Caledonia's established track record of local employment and workforce development in Zimbabwe. Employment & skills development Creating jobs, skills and long-term opportunities NYSE/AIM/ VFEX: CMCL 54 Permanent operational jobs 500 Supporting sustainable employment in Zimbabwe. Skills development training and skills transfer Construction jobs ~1,200 Generated during the build phase. Salaries and wages $50m Paid over the life of the mine. Building technical mining capability for the future. Data from the World Bank and IFC indicates an economic multiplier effect of between 2X and 4X regarding jobs for mining projects in Africa1 1 – Data from Effects of oil, gas and mining investments on jobs – International Finance Corporation February 2017
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04 | Growth: Exploration Blanket (deep level and surface); Motapa; Maligreen Craig Harvey VP Technical Services 55
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Target Generation Process NYSE/AIM/ VFEX: CMCL 56
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Four strategic exploration pillars NYSE/AIM/ VFEX: CMCL 57 01 Deep exploration 02 Resource conversion 03 Inter-orebody discovery 04 Surface oxide and sulphide Delineate downdip extensions and generate new Inferred Resources. Test lateral gaps, hidden shoots and structural repeats between known orebodies. Upgrade Inferred to Indicated where drilling density and continuity support it. Advance near-surface targets through trenching, RC drilling and staged technical studies.
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Caledonia regional exploration localities Blanket Mine – 64% Ownership Underground M & I: 17.7Mt @ 3.83g/t, 2.18Moz Underground Inf: 6.9Mt @ 3.35g/t, 0.75Moz Surface M & I: 1.2Mt @ 0.76g/t, 30Koz Surface Inf: 0.5Mt @ 0.89g/t, 14Koz NYSE/AIM/ VFEX: CMCL 58 Motapa – 100% Ownership Maiden M & I: 7.8Mt @ 1.51g/t : 379Koz Maiden Inf: 2.7Mt @ 1.48g/t : 131Koz Bilboes – 100% Ownership Proven & Probable : 24.1Mt @2.26g/t : 1.75Moz Maligreen – 100% Ownership Total M & I: 8.0Mt @ 1.71g/t, 442Koz Total Inf: 6.2Mt @ 2.12g/t, 420Koz
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Blanket Resource growth by Deep Drilling NYSE/AIM/ VFEX: CMCL 59 Deep Drilling post 2022 Mineral Resource Estimate 30 June 2026 Underground M & I: 17.7Mt @ 3.83g/t, 2.18Moz Underground Inf: 6.9Mt @ 3.35g/t, 0.75Moz Deep Drilling pre 2022 Mineral Resource Estimate 31 December 2023 Underground M & I: 15.3Mt @ 3.64g/t, 1.79Moz Underground Inf: 8.8Mt @ 3.74g/t, 1.06Moz
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Blanket Resource growth by Inter Orebody Drilling NYSE/AIM/ VFEX: CMCL 60 Blanket commenced circa 1904 – underground. Continued following orebodies down. New orebodies found by 'accidental' intersections from underground haulages. Previous inter orebody exploration successfully identified extensions of the BF and ARM orebodies – now in production Current air driven exploration drills limited to 100m. Planned 24,650 meter electro-hydraulic drilling program for 2027 – 2029 • Main production infrastructure in place
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SABIWA Blanket Resource extension - strike NYSE/AIM/ VFEX: CMCL 61 SMILER JENNAOLD LIMA REDWICK Lima Sheet Drillholes and Level Sampling K-PITS Eroica Jethro AR BlanketBQR Drilling campaigns at SMILER, OLD LIMA & SABIWA have been limited. Economical grades form in ‘ore shoots’ that may be anywhere from 50 to 200 metres wide. Drilling on spacings in excess of 100 metres may miss economic mineralisation.
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Blanket Surface opportunities NYSE/AIM/ VFEX: CMCL 62 Clear exploration targets exist that need to be evaluated with a view to prospectivity and sterilisation of near-surface potential: Banded Iron Formation (BIF) • Redwick, Sabiwa, Jenna, Smiler West Blanket Quartz Reef (BQR) • BQR South Extension. Old Lima, Smiler, Mbudzane Strategy Long, shallow surface trenching Follow on shallow (oxide) Reverse Circulation drilling Sabiwa (Solar Block) • Completed – Sporadic • K-Pits • Completed – Successful • Can be enlarged Old Lima – In Progress Mbudzane - Planned
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Blanket Mine K-Pits surface exploration results Surface drilling confirms continuity of gold mineralisation below surface over the K-Pits area HIGHLIGHTS Oxide and sulphide mineralisation identified: near-term development plus longer-term exploration potential Metallurgical test work on oxide heap-leach amenability underway, with encouraging preliminary results Blanket Valentine Mbudzane Aug 2026 Surface M & I: 1.2Mt @ 0.76g/t, 30Koz Surface Inf: 0.5Mt @ 0.89g/t, 14Koz SELECTED DRILL HIGHLIGHTS 10,000t Trial heap leach sample, H2 2026 ~200m East of nearest projected underground orebody KPT0EX2553 OXIDE KPT0EX2545 OXIDE KPT0EX2510 SULPHIDE KPT0EX2542 SULPHIDE 23.00m @ 2.61g/t 15.00m @ 1.69g/t 16.00m @ 6.04g/t 7.00m @ 5.96g/t Downhole intersections; estimated true widths quoted in full announcement Surface Shafts Blanket Quartz Reef Banded Iron Formation K-Pits NYSE/AIM/ VFEX: CMCL 63
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Multiple pathways to create value Near term Medium term Long term Heap leach test work underway with encouraging recoveries Test pad construction progressing Environmental approvals in progress Measured + Indicated mineral resources of 23Koz for oxide & transitional resources at a 0.3 g/t cut-off grade Pit optimisation demonstrates mining potential IN-PIT MINERAL RESOURCES AND OPEN PIT DESIGN K-PITS MINERAL RESOURCE ESTIMATION Test potential sulphide extension toward Blanket underground workings Surface sulphide mining potential to be tested Potential new underground resource opportunity Surface Grade [0,0.3] [0.3,0.75] [0.75,1.25] [1.25,2] [2, CEILING] K-Pits Sheet # 200 meters 9 Level ug NYSE/AIM/ VFEX: CMCL 64
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Blanket surface opportunities NYSE/AIM/ VFEX: CMCL 65 Classical Greenstone geology. Hosts multiple mineralisation styles Banded Iron Formation (BIF) Shear Zone Hosted • Disseminated sulphide mineralisation • Quartz vein hosted
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Blanket Regional claim strategy NYSE/AIM/ VFEX: CMCL 66 Ranking Prospect Work Planned Timeline Priority 1 KPits -Old Lima-Smiler Trenching / RC Drilling 2026 - 2029 Priority 2 Cinderella Oxides assessment Trenching / RC Drilling 2027 - 2029 Priority 3 Abercorn Oxides assessment Trenching / RC Drilling 2027 - 2029 Priority 4 Valentine Oxides assessment Trenching / RC Drilling 2027 - 2029
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Motapa Exploration activities NYSE/AIM/ VFEX: CMCL 67 Acquired Dec 2022 2023 ($1.0M) • Data gathering • Lidar Survey • GPR Survey 2024 ($2.0M) • 12,724m surface trenching • 4,413m DD Drilling • 5,433m RC Drilling 2025 ($3.0M) • 22,364m surface trenching • 1,562m DD Drilling • 18,547m RC Drilling Mineral Resources 30 June 2026 * M & I: 7.8Mt @ 1.51g/t, 379Koz Inf: 2.7Mt @ 1.48g/t, 131Koz • Exploration cost: $15.83 / M & I ounce • Exploration cost: $11.06 / Total Ounce * Motapa North and a portion of Mpudzi
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Motapa North Mineral Resource estimate NYSE/AIM/ VFEX: CMCL 68 Grade (g/t) N Vertical sections : A - AA
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Motapa Exploration Program : ( 2026 – Onwards) NYSE/AIM/ VFEX: CMCL 69 1 2 4 5 3 2026 exploration targets 1 Remaining infill below Motapa North open pits 2 Motapa Central shallow drilling at Mpudzi, below open pits at Fossicker and Britwell 3 Below Halfday and Trail open pits at Motapa South 4 North east extension of Motapa South from Trail 5 New area adjacent to Mbembsi river identified through trenching with confirmation from shallow RC drilling
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05 | ESG Community ownership, in-country contributions 70 Video Presentation:
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Delivering yield today, growth tomorrow 01 Cash-generative foundation at Blanket 02 Transformational growth through Bilboes 03 Exploration at Blanket and Motapa to support future growth 04 Long-term value for shareholders and Zimbabwe NYSE/AIM/ VFEX: CMCL 71
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06 | Q&A 72
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07 | Government speech 73 Ambassador Taonga Mushayavanhu Zimbabwe’s Permanent Representative to the United Nations
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Board of Directors Experienced leadership with deep mining, Zimbabwe and capital markets expertise Mark Learmonth Chief Executive Officer and Director Victor Gapare Executive Director Geralda Wildschutt Director July Ndlovu Chairman Lesley Goldwasser Director John Kelly Director Stefan Buys Director Tariro Gadzikwa Director Gordon Wylie Director NYSE/AIM/ VFEX: CMCL 74