ST HELIER, Jersey, January 6, 2023 (GLOBE NEWSWIRE) — Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) CMCLCMCLCMCL)) is pleased to announce that, having satisfied the conditions precedent, it has today completed the acquisition of Bilboes Gold Limited, the parent company that owns the Gold Project through its subsidiary in Zimbabwe, Bilboes Holdings (Private) Limited (“Bilboes Holdings”) Bilboes in Zimbabwe (“Bilboes” or the “Project”). Please refer to Caledonia’s July 21, 2022 announcement for further details of the project and transaction.

As a reminder, the total consideration payable, subject to an adjustment (see below), is 5,123,044 shares, representing approximately 28.5 percent of Caledonia’s fully diluted share capital and a 1 percent net smelter levy (“NSR”) on the proceeds of the Project (the “Transaction”). Based on the NYSE American closing price on the last trading day of $12.82 per share, the value of the maximum number of new shares that could be issued as consideration if there is no adjustment is currently $65,677,424.

highlights

• Bilboes is a large, high-grade gold deposit located approximately 75 km north of Bulawayo, Zimbabwe. In the past it was mined in open pits on a limited scale.

• The project has NI43-101 compliant proven and probable mineral reserves of 1.96 million ounces of gold in 26.64 million tonnes grading 2.29 g/t and measured and indicated mineral resources of 2.56 million ounces of gold in 35 .18 million tonnes grading 2.26 g/t and Inferred Mineral Resources of 577,000 ounces of gold contained in 9.48 million tonnes grading 1.89 g/t¹. The project has produced approximately 288,000 ounces of gold since 1989.

• A feasibility study prepared by the Vendors (the “DRA Feasibility Study”) indicates the potential for an open pit gold mine producing an average of 168,000 ounces per year over a 10 year mine life.

• Caledonia will conduct its own feasibility study to determine the…