Caledonia Mining Corporation Plc announced 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"). Payback period of 1.9 years at a gold price of $1,884 per ounce. New single-phase feasibility study commissioned (the "New Feasibility Study") that is expected to be delivered during the first half of 2025.

Funding solutions being progressed in tandem with work on the New Feasibility Study. Summary of the revisions made to the single-phase development plan. The Company incorporated several material revisions to the original single-phase development plan (as set out in the Former Feasibility Study) which include: Revised designs for the TSF to incorporate a modular construction approach and reduce upfront capital.

The Former Feasibility Study in respect of the Project was prepared by the previous owners which targeted mine and processing operations to produce an average of 168,000 ounces of gold per annum over a 10-year life of mine. Caledonia commissioned an update of the Former Feasibility Study for the sulphide project reflecting the preventing economic environment for capital and operating costs and a revised gold price outlook. It aimed to identify the most judicious way to commercialise the Project to maximise future shareholder value; this explored the Project potentially being implemented in a single step or on a phased basis over an extended life of mine and is resulting in the publication of the PEA which is expected to be converted into the New Feasibility Study in due course.

Examples of forward-looking information in this news release include: the willingness of lenders and availability of funding to construct the Bilboes project and the generation of a new feasibility study for the project, the planned development of the Bilboes project, including with respect to the cost of development and production, project economics, gold price assumptions, potential mineralization, projected ore grades, expectations regarding the mine plan, sustaining capital and value of operations and other statements, shareholder returns, expanding asset portfolio and information that is based on forecasts and projections of future operational, geological or financial or market results, estimates of amounts not yet determinable and assumptions of management. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be accurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, risks of increased capital and operations costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations. Mr. Sivanesan Subramani (BSc.

Hons (Geology), Pri.Sci.Sci. Nat) of Caracle Creek International Consulting MINRES (Pty) Ltd, and Mr. Thompson (B-Tech, PrEng) and Mr. of DRA Projects (Pty) and Mr. of DRA projects each of DRA Projects (PTY) each of DRA Projects (Pty) each of DRA Projects ("Pty) each of DRA projects, the PEA, the qualified persons responsible for the PEA, the Pty) Ltd, the PPA, the qualified persons responsible for The PEA, the PEA, the PPA, the PEA, the Company's title to the PEA, the PEA), the PEA, the PAA, the PEA, the DRA Projects (B-Pty) and Mr.