In accordance with 1300 S-K, the Annual Report includes estimates of mineral resources in addition to the mineral reserves for each of the Company’s mineral projects as at the end of the reporting period (i.e. December 31, 2022), on an attributable basis (i.e. on the basis of ownership), with mineral resources presented exclusive of mineral reserves. This method of presentation differs from the Company’s other method of presentation under Canada’s National Instrument 43-101 (“NI 43-101”).

The Annual Report also includes a technical report summary (“TRS”) for each of the Blanket Gold Mine and the Maligreen Gold Project, prepared in accordance with S-K 1300.  It does not include a TRS in respect of the Bilboes Gold Project because the acquisition by Caledonia of Bilboes Gold Limited took place after the end of the reporting year. Caledonia’s current technical reports under NI 43-101 are unchanged, and remain as follows:

1. Technical report entitled “NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe” dated March 13, 2023 prepared by Caledonia and Minxcon (Pty) Ltd and filed on SEDAR (www.sedar.com) on March 13, 2023 (“Blanket NI 43-101 Report”); and

2. Technical report entitled “Caledonia Mining Corporation Plc Updated NI 43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe” dated November 3, 2022 prepared by Minxcon (Pty) Ltd and filed on SEDAR on November 7, 2022 (“Maligreen NI 43-101 Report”).

Similarly to the announcement made by the Company on May 17, 2022 regarding the annual report for 2021, shareholders are reminded to take note that, as stated above, the mineral resources and mineral reserves estimates in the Annual Report are reported on an attributable basis, as at December 31, 2022, and, in the case of the Blanket Gold Mine which has mineral reserves, the mineral resources estimate is exclusive of mineral reserves.  Therefore, while the mineral resources estimate stated in the Annual Report in respect of the Maligreen Gold Project is unchanged from that which is stated in the Maligreen NI 43-101 Report (given that Caledonia owns 100% of the Maligreen Gold Project, the project has no mineral reserves and there has been no mining depletion in the period since the effective date of that report because it is an exploration project), the mineral resources and mineral reserves estimates in the Annual Report in respect of the Blanket Gold Mine do differ from that which is stated in the Blanket NI 43-101 Report. The reasons for this difference are as set out above i.e. due to mineral resources and mineral reserves estimates declared on the basis of Caledonia’s 64% attributable ownership of Blanket Gold Mine (versus the Blanket NI 43-101 Report prepared on a 100% consolidated basis), mining depletion since the effective date of the Blanket NI 43-101 Report of September 1, 2022 to the effective date of the Annual Report of December 31, 2022, and that the Annual Report presents mineral resources exclusive of mineral reserves.

In terms of the differences in the mineral resources and reserves estimates between the Blanket NI 43-101 Report and the Annual Report/Blanket TRS, these are insignificant if the 1300 S-K methodology (i.e. applying 64% attributable, mineral resources exclusive of reserves and taking into account 3 months’ mining depletion) is applied to the estimates in the Blanket NI 43-101 Report.

As extracted from the Annual Report, a comparison of the 1300 S-K measured, indicated and inferred mineral resource estimates as at December 31, 2022 with those of December 31, 2021 at the Blanket Gold Mine are shown below.

As extracted from the Annual Report, a comparison of the 1300 S-K mineral reserves estimates as at December 31, 2022 with those of December 31, 2021 at the Blanket Gold Mine are shown below.

As extracted from the Annual Report, a comparison of the 1300 S-K measured, indicated and inferred mineral resource estimates as at December 31, 2022 with those of December 31, 2021 at the Maligreen Gold Project are shown below.