<SEC-DOCUMENT>0001171843-17-006893.txt : 20171113
<SEC-HEADER>0001171843-17-006893.hdr.sgml : 20171110
<ACCEPTANCE-DATETIME>20171113070333
ACCESSION NUMBER:		0001171843-17-006893
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20171113
FILED AS OF DATE:		20171113
DATE AS OF CHANGE:		20171113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALEDONIA MINING CORP
		CENTRAL INDEX KEY:			0000766011
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38164
		FILM NUMBER:		171193026

	BUSINESS ADDRESS:	
		STREET 1:		3RD FLOOR, WEIGHBRIDGE HOUSE
		STREET 2:		WEIGHBRIDGE
		CITY:			ST HELIER
		STATE:			Y9
		ZIP:			JE2 3NF
		BUSINESS PHONE:		441534679800

	MAIL ADDRESS:	
		STREET 1:		3RD FLOOR, WEIGHBRIDGE HOUSE
		STREET 2:		WEIGHBRIDGE
		CITY:			ST HELIER
		STATE:			Y9
		ZIP:			JE2 3NF

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDEN NORTH RESOURCE CORP
		DATE OF NAME CHANGE:	19920302
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_111317.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">FORM 6-K</P>

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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">SECURITIES AND EXCHANGE
COMMISSION</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Washington, DC 20549</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Report of Foreign Private
Issuer</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Pursuant to Rule 13a-16
or 15d-16</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Of the Securities Exchange
Act of 1934</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">For the month of
November 2017</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Commission File Number:
000-13345</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt">&#160;</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt">CALEDONIA
MINING CORPORATION PLC</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Translation of registrant's name into English)</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: -9pt; margin: 0pt 0"><B>3rd Floor, Weighbridge House<BR>
Weighbridge<BR>
St Helier, Jersey<BR>
JE2 3NF</B></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>



<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Address of principal executive offices)</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or Form 40-F</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Form 20-F&#160;<FONT STYLE="font-size: 10pt"><U>&#160;&#160;
&#160; x&#160;&#160; &#160;&#160;</U>&#160;&#160;</FONT>Form 40-F ______</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether by furnishing
the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Yes ______ <FONT STYLE="font-size: 10pt">&#160;&#160;</FONT>No&#160;<FONT STYLE="font-size: 10pt"><U>&#160;&#160;&#160;&#160;&#160;&#160;
x&#160; &#160;&#160;&#160;&#160;&#160;</U></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">If "Yes" is marked, indicate below the file
number assigned to the registrant in connection with Rule 12g3-2(b): 82- ______</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Signatures</B></P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin-bottom: 0pt; margin-top: 0pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font-size: 10pt; text-align: left; margin-bottom: 0pt; margin-top: 0pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Caledonia Mining Corporation</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle">(Registrant)</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Steve Curtis</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Dated: November 13, 2017</TD>
    <TD STYLE="vertical-align: middle">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Name: </P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P></TD>
    <TD>Steve Curtis</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Title: </TD>
    <TD>CEO and Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt">&#160;</P>

<P STYLE="text-align: left; margin-bottom: 0pt; margin-top: 0pt"></P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; font-weight: bold; text-align: left">Exhibit</TD>
    <TD STYLE="width: 90%; font-weight: bold; text-align: left">Description</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="exh_991.htm">99.1</A></TD>
    <TD STYLE="vertical-align: middle; font-weight: normal"><A HREF="exh_991.htm">Interim Financial Statements/Report</A></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="exh_992.htm">99.2</A></TD>
    <TD STYLE="vertical-align: middle; font-weight: normal"><A HREF="exh_992.htm">Interim MD&amp;A</A></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="exh_993.htm">99.3</A></TD>
    <TD STYLE="vertical-align: middle; font-weight: normal"><A HREF="exh_993.htm">52-109F2 - Certification of Interim Filings - CEO</A></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><A HREF="exh_994.htm">99.4</A></TD>
    <TD STYLE="vertical-align: middle; font-weight: normal"><A HREF="exh_994.htm">52-109F2 - Certification of Interim Filings - CFO</A></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-right: 12.1pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-right: 12.1pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-right: 12.1pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: justify; margin-bottom: 0pt; margin-top: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: black; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; line-height: 115%; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: white; line-height: 115%">-MANAGEMENT&rsquo;S RESPONSIBILITY FOR FINANCIAL INFORMATION</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>To the Shareholders of Caledonia Mining Corporation
Plc</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">Management has prepared the information and representations
in this interim report. The unaudited Condensed Consolidated Interim Financial Statements of Caledonia Mining Corporation Plc (&ldquo;Group&rdquo;)
have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International
Accounting Standards Board (&ldquo;IASB&rdquo;) and, where appropriate, these statements include some amounts that are based on
best estimates and judgment. Management has determined such amounts on a reasonable basis in order to ensure that the unaudited
Condensed Consolidated Interim Financial Statements are presented fairly, in all material aspects.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The Management Discussion and Analysis (&ldquo;MD&amp;A&rdquo;)
also includes information regarding the impact of current transactions, sources of liquidity, capital resources, operating trends,
risks and uncertainties. Actual results in the future may differ materially from our present assessment of this information because
future events and circumstances may not occur as expected.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The Group maintains adequate systems of internal
accounting and administrative controls, within reasonable cost. Such systems are designed to provide reasonable assurance that
relevant and reliable financial information is produced.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">Management is responsible for establishing and
maintaining adequate internal controls over financial reporting (&ldquo;ICOFR&rdquo;). Any system of internal controls over financial
reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can
provide only reasonable assurance with respect to financial statement preparation and presentation.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">At September 30, 2017 management evaluated the
effectiveness of the Group&rsquo;s internal control over financial reporting and concluded that such internal control over financial
reporting was effective.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The Board of Directors, through its Audit Committee,
is responsible for ensuring that management fulfils its responsibilities for financial reporting and internal control. The Audit
Committee is composed of three independent directors. This Committee meets periodically with management and the external auditor
to review accounting, auditing, internal control and financial reporting matters.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">These Condensed Consolidated Interim Financial
Statements have not been reviewed by the Group&rsquo;s auditor.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">The unaudited Condensed Consolidated Interim Financial Statements
for the period ended September 30, 2017 were approved by the Board of Directors and signed on its behalf on November 13, 2017.</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%">(Signed) S. R. Curtis</TD>
    <TD STYLE="width: 70%">(Signed) J.M. Learmonth</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in">Chief Executive Officer</P>

</TD>
    <TD>Chief Financial
Officer</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"><FONT STYLE="font-size: 12pt"><B>Condensed
consolidated statements of profit or loss and other comprehensive income</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"><FONT STYLE="font-size: 12pt"></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"><I>(In thousands of United States dollar,
unless indicated otherwise)</I></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Unaudited</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center">For the 3 months <BR>ended September 30</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center">For the 9 months <BR>ended September 30</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">Note</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt">Revenue</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">18,230</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">17,637</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">50,163</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">46,741</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Less: Royalty</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(913</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(883</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,512</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,340</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 20pt">Production costs</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">6</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(9,080</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(9,090</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(26,992</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(25,213</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 20pt">Depreciation</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,008</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(884</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,749</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,584</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Gross profit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">7,229</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,780</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">17,910</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,604</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Other income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">663</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,864</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">86</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Administrative expenses</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">7</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(1,607</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,997</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(4,541</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,233</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net foreign exchange (loss)/gain</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(3</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(132</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">16</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(332</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Cash-settled share based payments</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">8</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(73</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(497</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(607</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(747</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Equity-settled share based payments</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">9</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(835</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Sale of Blanket Mine treasury bills</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,203</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Margin call on hedge</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(435</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Operating profit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">6,209</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,166</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">13,807</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,146</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Finance income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">8</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">17</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finance cost</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(15</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(54</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(41</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(144</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net finance costs</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(7</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(53</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(24</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(142</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Profit before tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">6,202</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,113</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">13,783</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,004</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Tax expense</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,326</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,290</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(5,876</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,797</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Profit for the period</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,876</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,823</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,907</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,207</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Other comprehensive income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Items that are or may be classified to profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Foreign currency translation differences for foreign operations</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(110</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">73</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">23</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total comprehensive income for the period</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,766</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,896</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,930</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,253</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Profit attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Shareholders of the Company</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">3,120</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,118</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">6,152</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,268</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">756</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">705</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,755</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,939</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Profit for the period</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,876</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,823</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,907</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,207</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total comprehensive income attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Shareholders of the Company</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">3,010</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,191</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">6,175</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,314</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">756</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">705</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,755</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,939</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total comprehensive income for the period</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,766</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,896</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,930</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,253</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">Earnings per share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Basic earnings per share ($)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">0.29</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.10</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">0.57</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.49</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Diluted earnings per share ($)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">0.29</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.10</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">0.57</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.48</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"><FONT STYLE="font-size: 12pt"><B>Condensed
consolidated statements of financial position</B></FONT></P>


<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"><I>(In thousands of United States dollar,
unless indicated otherwise)</I></P>


<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">Unaudited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic">As at</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>September 30,</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">December 31,</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center"><B><I>Note</I></B></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">Property, plant and equipment</TD><TD STYLE="width: 1%; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-style: italic; text-align: center">10</TD><TD STYLE="width: 1%; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">76,967</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">64,873</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred tax asset</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">60</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">44</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">77,027</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64,917</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Inventories</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">8,098</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,222</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Prepayments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,001</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">810</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Trade and other receivables</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">12</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5,813</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,425</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,830</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">14,335</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">27,742</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,792</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">104,769</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">90,709</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Equity and liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Share capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">54,940</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,002</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Reserves</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">143,102</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">142,374</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Retained loss</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(137,790</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(141,767</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Equity attributable to shareholders</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">60,252</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,609</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,352</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,708</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">65,604</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">59,317</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Provisions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">3,481</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,456</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Deferred tax liability</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">18,213</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,909</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Cash-settled share based payments</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">8</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,224</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">618</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Long term portion of term loan</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">333</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,577</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">23,251</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,560</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Short term portion of term loan</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,666</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,410</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Trade and other payables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">13,135</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,077</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income taxes payable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,113</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">345</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">15,914</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,832</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">39,165</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">31,392</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Total equity and liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">104,769</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">90,709</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">The accompanying notes on pages 6 to 20 are an integral part of these
Condensed Consolidated Interim Financial Statements.</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">On behalf of the Board: &ldquo;S.R. Curtis&rdquo;- Chief Executive
Officer and &ldquo;J.M. Learmonth&rdquo; - Chief Financial Officer</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"><FONT STYLE="font-size: 12pt"><B>Condensed
consolidated statements of changes in equity</B></FONT></P>



<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"><I>(In thousands of United States dollar,
unless indicated otherwise)</I></P>


<P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; vertical-align: top">Unaudited</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center; padding-bottom: 1pt">Note</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Share Capital</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Foreign Currency <BR>Translation Reserve</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Contributed Surplus</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Equity-settled share based payments</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Retained loss</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Non-controlling interests</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(NCI)</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total Equity</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font-size: 10pt; font-weight: bold">Balance at December 31, 2015</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right">54,569</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right">(6,520</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right">132,591</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right">15,871</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right">(14,7654</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right">48,857</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right">1,504</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt; text-align: right">50,361</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Transactions with owners:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Shares issued &ndash; option exercised</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">153</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">153</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">153</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Dividend paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,920</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,920</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(202</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,122</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Total comprehensive income:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Profit for the period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,268</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,268</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,939</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,207</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other comprehensive income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Balance at September 30, 2016</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">54,722</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,474</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">132,591</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15,871</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(144,306</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">52,404</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,241</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">55,645</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Balance at December 31, 2016</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">55,002</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(6,258</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">132,591</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">16,041</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(141,767</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">55,609</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">3,708</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">59,317</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Transactions with owners:</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Share repurchase cost</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(146</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(146</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(146</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Shares issued &ndash; option exercised</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">84</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">84</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">84</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Dividend paid</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,175</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,175</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(241</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,416</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Equity-settled share based payments</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center">9</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">705</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">705</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">130</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">835</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Total comprehensive income:</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Profit for the period</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">6,152</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">6,152</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,755</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">7,907</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other comprehensive income</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">23</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">23</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">23</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Balance at September 30, 2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">54,940</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(6,235</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">132,591</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">16,746</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(137,790</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">60,252</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,352</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">65,604</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"><FONT STYLE="font-size: 12pt"><B>Condensed consolidated statements of cash flows</B></FONT></P>



<P STYLE="font-size: 10pt; line-height: 115%; text-indent: -3in; margin: 0pt 0 0pt 3in"><I>(In thousands of United States dollar,
unless indicated otherwise)</I></P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">Unaudited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font-size: 10pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">For the 3 months</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">ended September 30</P></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font-size: 10pt; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">For the 9 months</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">ended September 30</P></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Cash flows from operating activities</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center"><B><I>Note</I></B></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left">Cash generated by operating activities</TD><TD STYLE="width: 1%; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-style: italic; text-align: center">11</TD><TD STYLE="width: 1%; font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">11,652</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,057</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">19,526</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">17,892</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net finance cost paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(116</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(52</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(121</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(142</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net tax paid</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,418</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(898</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,807</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,679</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Cash from operating activities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">10,118</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,107</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">16,598</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,071</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Cash flows from investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Acquisition of Property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(8,056</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,440</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(15,575</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,670</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Proceeds from Property, plant and equipment</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">19</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">78</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in investing activities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(8,056</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,421</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(15,575</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(12,592</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Cash flows from financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Dividend paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(964</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(925</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,416</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,122</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Shares issued</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">84</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">48</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">84</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">153</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Term loan repayments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(375</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(1,125</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Share repurchase cost</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(146</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in financing activities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,255</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(877</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(3,603</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,969</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net increase/(decrease) in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">807</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,809</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,580</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,510</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Effects of exchange rate fluctuations on cash held</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">145</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">75</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Cash and cash equivalents at beginning of period</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">10,878</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,581</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,335</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,880</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash and cash equivalents at end of period</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,830</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,390</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">11,830</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,390</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

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<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting entity</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.65pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt">Caledonia Mining Corporation Plc (the
&ldquo;Company&rdquo;) is a company domiciled in Jersey, Channel Islands. The address of the Company&rsquo;s registered office
is 3rd Floor, Weighbridge House, St Helier, Jersey, Channel Islands, JE2 3NF. These Condensed Consolidated Interim Financial Statements
of the Group as at and for the 3 and 9 months ended September 30, 2017 comprise of the Company and its subsidiaries (together referred
to as the &ldquo;Group&rdquo; and individually as &ldquo;Group entities&rdquo;). The Group is involved in the operation of a gold
mine and the exploration and development of mineral properties for precious metals.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis
for preparation </B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.65pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>(a) Statement of compliance</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.65pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt">These unaudited condensed consolidated
interim financial statements have been prepared in accordance with IAS 34 <I>Interim Financial Reporting</I> and do not include
all the information required for full annual financial statements. Accordingly, certain information and disclosures normally included
in the annual financial statements prepared in accordance with IFRS as issued by the IASB have been omitted or condensed. Selected
explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the
financial position and performance of the Group since the last annual consolidated financial statements as at and for the year
ended December 31, 2016.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 7.1pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>(b) Basis of measurement</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.65pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt">The unaudited Condensed Consolidated
Interim Financial Statements have been prepared on the historical cost basis except for cash-settled share based payment liabilities
measured at fair value.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.65pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>(c) Functional and presentation
currency</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.65pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt">These Condensed Consolidated Interim
Financial Statements are presented in United States dollars (&ldquo;$&rdquo;), which is also the functional currency of the Company.
All financial information presented in United States dollars has been rounded to the nearest thousand, unless indicated otherwise.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use
of estimates and judgements</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt">In preparing these Condensed Consolidated
Interim Financial Statements, management has made judgements, estimates and assumptions that affect the application of the Group&rsquo;s
accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recognised prospectively.
In preparing these Condensed Consolidated Interim Financial Statements, the significant judgements made by management in applying
the Group&rsquo;s accounting policies and the key sources of estimation uncertainty were the same as those that applied as at
December 31, 2016 and should be read in conjunction with the Group&rsquo;s annual financial statements for the year ended December
31, 2016, unless indicated otherwise in the accounting policies below.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"></P>

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<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
accounting policies</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>(a) Cash-settled share based payments</B></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The fair value of the amount payable to employees
in respect of share based awards which will be settled in cash is recognised as an expense with a corresponding increase in liabilities
over the period which the employee becomes unconditionally entitled to payment. The liability is re-measured at each reporting
date. Any changes in the fair value of the liability are recognised as an expense or credit in profit or loss. The method of calculating
the fair value of the cash-settled share based payments changed during quarter 1 of 2017 from the intrinsic valuation method to
the Black-Scholes method. The Black-Scholes method includes the effect of share volatility in calculating the fair value of the
share-based payment awards. The change was applied prospectively and did not have a significant effect on the liability value.
Additional information about significant judgements, estimates and the assumptions used to estimate the fair value of cash-settled
share based payment transactions are disclosed in note 8.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>(b) Equity-settled share based payments</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The grant date fair value of equity-settled share
based payment awards granted to employees and directors is recognised as an expense, with a corresponding increase in equity, over
the vesting period of the award. The amount recognised as an expense is adjusted to reflect the number of awards for which the
related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense
is based on the number of awards that meet the related service and non-market vesting conditions at the vesting date.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">Where the terms and conditions of equity-settled
share based payments are modified before they vest, the increase in the fair value, measured immediately before and after the modification
date, is charged to profit or loss over the remaining vesting period or immediately for vested awards. Similarly where equity instruments
are granted to non-employees, they are recorded at the fair value of the goods or services received in profit or loss. Additional
information about significant judgements, estimates and the assumptions used in the quantifying of the equity-settled share based
payment transactions and modification are disclosed in note 9.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>(c) Share
capital</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">Share capital is classified as equity. Incremental
costs directly attributable to the issue, consolidation and repurchase of fractional items of shares and share options are recognised
as a deduction from equity, net of any tax effects.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B></B>&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

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<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blanket
Mine Indigenisation Transaction</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">On February 20, 2012 the Group announced it had
signed a Memorandum of Understanding (&ldquo;MoU&rdquo;) with the Minister of Youth, Development, Indigenisation and Empowerment
of the Government of Zimbabwe pursuant to which the Group agreed that indigenous Zimbabweans would acquire an effective 51% ownership
interest in the Blanket Mine for a transactional value of $30.09 million. Pursuant to the above, the Group entered into agreements
with each Indigenisation Shareholder to transfer 51% of the Group&rsquo;s ownership interest in Blanket Mine as follows:</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: 115%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Sold a 16% interest to the National Indigenisation and Economic Empowerment Fund (&ldquo;NIEEF&rdquo;)
for $11.74 million;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sold a 15% interest to Fremiro Investments (Private) Limited (&ldquo;Fremiro&rdquo;), which is
owned by indigenous Zimbabweans, for $11.01 million;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sold a 10% interest to Blanket Employee Trust Services (Private) Limited (&ldquo;BETS&rdquo;) for
the benefit of present and future managers and employees for $7.34 million. The shares in BETS are held by the Blanket Mine Employee
Trust (&ldquo;Employee Trust&rdquo;) with Blanket Mine&rsquo;s employees holding participation units in the Employee Trust; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">donated a 10% ownership interest to the Gwanda Community Share Ownership Trust (&ldquo;Community
Trust&rdquo;). In addition Blanket Mine paid a non-refundable donation of $1 million to the Community Trust.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The Group facilitated the vendor funding of these
transactions which is repaid by way of dividends from Blanket Mine. 80% of dividends declared by Blanket Mine are used to repay
such loans and the remaining 20% unconditionally accrues to the respective Indigenous Shareholders. The timing of the repayment
of the loans depends on the future financial performance of Blanket Mine and the extent of future dividends declared by</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">Blanket Mine. Subsequent to the Indigenisation
Transaction the facilitation loans relating to the Group were transferred as a dividend in specie to wholly-owned subsidiaries
in the Group.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>Advance dividends</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">In anticipation of completion of the subscription
agreements, Blanket Mine agreed to advance dividend arrangements with NIEEF and the Community Trust. Advances made to the Community
Trust against its right to receive dividends declared by Blanket Mine on their shareholding were as follows:</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: 115%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A $2 million payment on or before September 30, 2012;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: 115%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A $1 million payment on or before February 28, 2013; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: 115%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A $1 million payment on or before April 30, 2013.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The loans are repayable by way of set off of
future dividends on the Blanket Mine shares owend by the Community Trust. Advances made to NIEEF as an advanced dividend were settled
in 2014.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The advance dividend payments were recognised
as distributions to shareholders and classified as equity instruments. The loans arising are not recognised as loans receivable,
because repayment is by way of uncertain future dividends to be declared.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blanket
Mine Indigenisation Transaction (continued)</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><B>Amendments to the facilitation and advanced
dividend loan agreements </B></P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><I>Interest modification</I></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">On June 23, 2017, the Group, Blanket Mine and
the Indigenous Shareholders of Blanket Mine reached agreement to change the interest terms of the facilitation and advanced dividend
loan agreements. The agreements changed the interest rate from the previously agreed 12 month LIBOR + 10% to the lower of a fixed
7.25% per annum, payable quarterly or 80% of the Blanket Mine dividend in the quarter. The modification was considered beneficial
to the Indigenous Shareholders and gave rise to an equity-settled share based expense of $806 on June 23, 2017 when all parties
reached agreement to modify the interest charged. It was agreed that the interest change was to be applied to the facilitation
and advanced dividend loan balances from January 1, 2017. The assumptions and methodologies used to quantify the equity-settled
share based payment expense relating to the beneficial interest modification are detailed in note 9.</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><I>Dividend and interest moratorium</I></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">Blanket Mine suspended dividend payments from
January 1, 2015 until August 1, 2016 to facilitate capital expenditure on the Blanket Mine investment programme. As a result the
repayments of facilitation loans by the Indigenous Shareholders were also suspended. A moratorium was placed on the interest of
the facilitation and advanced dividend loans until such time as dividends resumed. Due to the suspension of dividends and the moratorium
on interest, no repayments were made or interest accumulated from December 31, 2014 until July 31, 2016. The dividends and interest
resumed on August 1, 2016, when Blanket Mine declared a dividend. The amendment was not considered beneficial to the Indigenous
shareholders.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><I>Indigenisation shareholding percentages and
facilitation loan balances</I></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">USD</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">Shareholding</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">NCI Recognised</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">NCI subject to facilitation&nbsp;&nbsp;loan</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">Balance of facilitation loan at Sept 30, 2017 #</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">Dec 31, 2016</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: justify">NIEEF</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">16</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3.2</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">12.8</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">11,930</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">11,990</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Fremiro</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,588</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,682</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Community Trust</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">BETS ~</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">*</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">*</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,725</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,788</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">51</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16.2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24.8</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">31,243</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">31,460</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">* The shares held by BETS are effectively treated
as treasury shares.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">~ Accounted for under IAS19 <I>Employee Benefits.</I></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"># Facilitation loans are accounted for as equity
instruments and are accordingly not recognised as loans receivable and were restated to the amount as at December 31, 2016 due
to the Interest modification.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blanket
Mine Indigenisation Transaction (continued)</B></P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The balance on the facilitation loans reconcile
as follows:</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify">Balance at January 1,</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><B>31,460</B></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">31,336</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Interest accrued</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>556</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Dividends used to repay loans</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><B>(773</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Balance at September 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><B>31,243</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">31,336</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><I>Advance dividend loan balances</I></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The movements in the advance dividend loan to
the Community Trust reconcile as follows:</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 4.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 4.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify">Balance at January 1,</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">3,000</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,237</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Interest accrued</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">52</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Dividends used to repay advance dividends</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(213</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Balance at September 30,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,839</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,237</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production
costs</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><B>2017</B></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Salaries, wages and bonuses</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><B>10,566</B></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">9,914</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Consumable materials</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>13,753</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,429</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Site restoration</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>24</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Exploration</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>307</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">449</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Safety</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>382</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">357</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">On mine administration</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><B>1,960</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,064</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><B>26,992</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,213</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt"><B></B></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt"><B></B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative
expenses</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Investor&nbsp;&nbsp;relations</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">414</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">478</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Eersteling gold mine holding costs</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">124</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">81</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Audit fee</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">170</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">148</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Advisory services fee</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">688</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,596</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Listing fees</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">289</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">237</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Travel</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">303</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">393</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Directors fee &ndash; Company</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">191</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">173</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Directors fee &ndash; Blanket</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">27</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Employee costs</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,018</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,788</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other office administration cost</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">317</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">294</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,541</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,223</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash-settled
share based payments</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>Restricted Share Units and Performance Share
Units</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">Certain key management members were granted
Restricted Share Units (&ldquo;RSUs&rdquo;) and Performance Share Units (&ldquo;PSUs&rdquo;), pursuant to provisions of the 2015
Omnibus Equity Incentive Compensation Plan. All RSUs and PSUs were granted and approved by the Compensation Committee of the Board
of Directors.</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">The RSUs will vest three years after grant
date given that the service condition of the relevant employees are fulfilled. The value of the vested RSUs will be the number
of RSUs vested multiplied by the fair value of the Company&rsquo;s shares, as specified by the plan, on date of settlement. The
PSUs have a service condition and a performance period of three years. The performance condition is a function of production cost,
gold production and central shaft depth targets on certain specified dates. The number of PSUs that will vest will be the PSUs
granted multiplied by the performance multiplier, which will reflect the actual performance in terms of the performance conditions
compared to expectations on the date of the award.</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">RSU holders are entitled to receive dividends
over the vesting period. Such dividends will be reinvested in additional RSUs at the then applicable share price calculated at
the average Bank of Canada noon rate immediately preceding the dividend payment. PSUs have rights to dividends only after they
have vested. The fair value of the RSUs, at the reporting date, were based on the Black Scholes option valuation model. The fair
value of the PSUs, at the reporting date, were calculated on the Black Scholes option valuation model at reporting date less the
fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation. At the reporting
date it was assumed that there is a 91% probability that the performance conditions will be met and therefore a 91% performance
multiplier was used in calculating the estimated liability. The expense relating to these cash-settled share based payment awards
amounted to $552 for the period ending September 30, 2017 and the liability amounted to $1,169 as at September 30, 2017.</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

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<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><B>8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash-settled
share based payments (continued)</B></P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">The following assumptions were used in estimating
the fair value of these cash-settled share based payment liability on September 30:</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font-size: 10pt; text-align: center"><B>*2017</B></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font-size: 10pt; text-align: center">*2016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; width: 48%">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; width: 10%"><B>RSUs</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>PSUs</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; width: 10%">RSUs</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">PSUs</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Fair value (USD)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5.85</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5.57</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8.95</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8.65</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Share price (USD)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5.85</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5.85</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8.95</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8.95</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Performance multiplier percentage</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">91</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Dividend yield</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">4.7</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.07</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;Share units granted:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>RSUs </B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>PSUs </B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">RSUs</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">PSUs</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Grant - January 11, 2016</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">60,645</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">242,579</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60,645</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">242,579</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Grant - March 23, 2016</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">10,967</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">43,871</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,967</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">43,871</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Grant - June 8, 2016</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5,117</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">20,470</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,117</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,470</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Grant - January 19, 2017</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">4,443</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">17,774</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">RSU dividend reinvestments</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">6,176</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,840</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total awards at September 30</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">87,348</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">324,694</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">79,569</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">306,920</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP></SUP></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">* Amounts are presented after the 1:5 share consolidation that took place on June 26, 2017. All fractional entitlements due
to the share consolidation were rounded down.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>Caledonia Mining
South Africa employee incentive scheme</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">In July, 2017 the Group granted 37,330 cash-settled
share awards to certain employees based in South Africa. These cash-settled share awards will vest in 3 equal tranches on November
30, 2017, 2018 and 2019 subject to the employees fulfilling their service condition. The cash-settled share based payment liability
was calculated based on the number of awards expected to vest multiplied by the Company&rsquo;s Black Scholes option valuation
fair value of &pound;4.30 at the reporting date. The liability and the expense relating to these cash-settled share based payment
awards amounted to $55 as at and for the period ending September 30, 2017.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt"><B></B></P>

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<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt"><B></B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-settled
share based payments</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>Share options</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt">The continuity of the options granted,
exercised, forfeited and expired under the 2015 Omnibus Equity Incentive Compensation Plan and predecessor plan were as follows:</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><B>Number of Options <SUP>*</SUP></B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Weighted
                                         Avg. Exercise Price</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B> <SUP></SUP></B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Canadian $ *</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: justify">Options outstanding and exercisable at December 31, 2015</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">448,184</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5.40</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Expired or forfeited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(232,200</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">6.50</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Granted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">11.50</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Exercised</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(141,704</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4.15</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Options outstanding and exercisable at December 31, 2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92,280</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5.85</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Granted</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5,000</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8.10</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Exercised</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(24,200</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">6.45</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Options outstanding at September 30, 2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">73,080</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">5.95</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">* Amounts are presented after the 1:5 share consolidation that took place on June 26, 2017. All fractional entitlements due
to the share consolidation were rounded down.</P>


<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><I>Inputs for measurement of grant date fair
values</I></P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Options granted</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">5,000</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">18,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Grant date</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>May 30, 2017</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">October 13, 2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Risk-free interest rate</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2.40</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.53</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Expected stock price volatility (based on historical volatility)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">118</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">119</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Expected option life in years</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Exercise price</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>CAD 8.10</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">CAD 11.50</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Share price at grant date</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>CAD 8.10</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">CAD 11.50</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Fair value at grant date</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>USD 5.81</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">USD 9.45</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The share based payment expense relating to the
grant amounted to $29 (2016: $170)</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B></B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-settled
share based payments (continued)</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>Facilitation and advanced dividend loan modification</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">On June 23, 2017, the Group, Blanket Mine and
the Indigenous Shareholders reached agreement to change the interest rate on the facilitation and advanced dividend loans from
the previously agreed 12 month LIBOR + 10% to the lower of a fixed rate of 7.25% per annum, payable quarterly or 80% of the dividends
paid in the financial quarter. The modification was beneficial to the Indigenisation Shareholders and resulted in an equity-settled
share based payment expense of $806. The Monte Carlo simulation approach was followed to value the fair value of the Indigenisation
Shareholders&rsquo; equity before and after the modification date. The fair value of the Indigenisation Shareholders&rsquo; equity
was based on simulating the future Blanket Mine dividend yields.</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The following assumptions were used in determining
modification of the expense:</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 82%; font-size: 10pt; text-align: justify">Modification date</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 10pt; text-align: right">June 23, 2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Blanket Mine dividend yield</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">23.70% - 89.88%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Risk free interest rate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">USD swap curve</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Group market capitalisation at grant date&#9;($&rsquo;000)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">USD 68,436</TD></TR>
</TABLE>



<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt"><B></B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 4.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property,
plant and equipment</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Land and buildings</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Mine development, infrastructure and other</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Exploration and Evaluation assets</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Plant and equipment</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Fixtures and fittings</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">Motor vehicles</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cost</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 23%; font-size: 10pt">Balance at January 1, 2016</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">7,989</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">31,158</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">6,224</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">20,626</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">1,277</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">2,069</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">69,343</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Additions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,545</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">739</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">572</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">73</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">230</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,159</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Disposals and scrappings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(502</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(55</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(557</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Reallocations between asset classes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">361</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,699</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,338</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Foreign exchange movement</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">74</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">28</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">134</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">Balance at December 31, 2016</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,367</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">45,078</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,967</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24,536</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">876</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,255</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">88,079</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Additions</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">12,164</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">75</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,537</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">37</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">72</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">14,885</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Disposals and scrappings</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(12</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(14</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Reallocations between asset classes</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">476</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(476</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Foreign exchange movement</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(52</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(52</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">Balance at September 30, 2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">8,843</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">56,766</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,042</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">27,009</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">913</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,325</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">102,898</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

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<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property,
plant and equipment (continued)</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>Land and buildings</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>Mine development, infrastructure and other</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>Exploration and Evaluation assets</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>Plant and equipment</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>Fixtures and fittings</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>Motor vehicles</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><P STYLE="margin: 0pt 0">Total</P></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Accumulated depreciation and Impairment losses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; font-size: 10pt">Balance at January 1, 2016</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">2,321</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">3,781</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">11,524</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">996</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">1,503</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">20,125</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Disposals and scrappings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(502</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(510</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation for the year</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">629</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">699</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,705</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">106</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">352</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,491</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Impairment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Foreign exchange movement</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">61</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">22</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">80</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">Balance at December 31, 2016</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,950</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,541</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">13,229</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">642</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,844</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">23,206</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Depreciation</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">508</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">442</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,569</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">85</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">145</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,749</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Foreign exchange movement</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(23</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(24</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">Balance at September 30, 2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,458</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">4,982</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,775</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">727</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,989</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,931</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Carrying amounts</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">At December 31, 2016</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,417</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">40,537</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,967</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,307</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">234</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">411</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64,873</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">At September 30, 2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,385</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">51,784</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">7,042</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">12,234</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">186</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">336</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">76,967</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
generated by operating activities</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: normal; text-align: justify; margin: 0pt 0 0pt 4.25pt">Non-cash items and information presented
separately on the cash flow statement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Operating profit</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">13,807</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">13,146</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Adjustments for:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Unrealised foreign exchange gain</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(100</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(297</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Cash-settled share based payment expense</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">607</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">747</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Equity-settled share based payment expense</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">835</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Profit on sale of property, plant and equipment</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(78</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Disposals and scrappings</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">14</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Discounts received</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Depreciation</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,749</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,584</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Cash generated by operations before working capital changes</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">17,912</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,094</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Inventories</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(881</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(610</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Prepayments</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(1,232</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(209</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Trade and other receivables</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,465</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(296</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Trade and other payables</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">6,192</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,913</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Cash generated by operating activities</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">19,526</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,892</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
and other receivables</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0 0pt 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>September 30,</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">December 31,</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Bullion sales receivable</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">2,826</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,059</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">VAT receivables</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,191</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,901</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other receivables</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">796</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">465</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,813</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,425</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The cash relating to the bullion sales receivable
was received shortly after the period end.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

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<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
Segments </B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">The Group's operating segments have been identified
based on geographic areas. The Group has three reportable segments as described below, which are the Group's strategic business
units. The strategic business units are managed separately because they require different decision making strategies. For each
of the strategic business units, the Group&rsquo;s CEO reviews internal management reports on at least a quarterly basis. Geographical
areas describing the operations of the Group's reportable segments are categorised as Corporate, Zimbabwe and South Africa. The
Corporate segment comprises the Company and Greenstone Management Services Holdings Limited (United Kingdom). The Zimbabwe operating
segment comprises Caledonia Holdings Zimbabwe (Private) Limited and subsidiaries. The South Africa geographical segment comprises
a gold mine on care and maintenance, as well as sales made and technical services rendered by Caledonia Mining South Africa Proprietary
Limited to the Blanket Mine. Information regarding the results of each reportable segment is included below. Performance is measured
based on segment profit before income tax, as included in the internal management reports that are reviewed by the Group's CEO.
Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the
results of certain segments relative to other entities that operate within these industries.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Geographic segment profit as at</B></FONT></P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>September 30, 2017 <BR></B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>Corporate</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Zimbabwe</B></FONT></P>


</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>South
                                         Africa</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>Inter-group
                                         eliminations adjustments</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font-size: 10pt">Revenue</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">50,163</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">8,107</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">(8,107</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">50,163</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Royalty</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,512</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,512</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Production costs</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(27,638</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(8,008</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">8,654</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(26,992</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Management fee</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,970</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,970</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Depreciation</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,834</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(42</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">127</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,749</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Other income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">27</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,835</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,864</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Administrative expenses</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,616</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(84</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(1,841</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(4,541</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Foreign exchange gain/(loss)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">74</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(82</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">24</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">16</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Cash-settled share based payments</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(185</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(281</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(141</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(607</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Equity-settled share based payments</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(29</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(806</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(835</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net finance costs</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(34</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">10</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(24</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Profit before tax</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,729</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">14,757</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,081</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">674</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">13,783</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Tax expense</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(5,186</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,045</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">355</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(5,876</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Profit for the period</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">(2,729</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">9,571</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">36</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">1,029</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">7,907</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
Segments (continued)</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>Corporate</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>Zimbabwe</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">South
                                         Africa</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>Inter-group
                                         eliminations</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="font-size: 10pt"><P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0"><B><I>Geographic segment assets as at September 30, 2017</I></B></P>

</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left">Current assets (excluding intercompany)</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">5,769</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">19,159</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">*2,856</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">(42</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">27,742</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current assets (excluding intercompany)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">40</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">76,267</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">*1,711</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(991</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">77,027</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Intercompany assets</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">50,518</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5,393</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(55,911</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Expenditure on property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">13,291</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,379</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">215</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">14,885</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left"><P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0"><B><I>Geographic segment liabilities as at September 30, 2017</I></B></P>

</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Current liabilities (excluding intercompany)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(342</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(14,309</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(1,263</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(15,914</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current liabilities (excluding intercompany)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(354</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(22,242</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(824</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">169</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(23,251</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Intercompany liabilities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(22,572</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(229</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(33,110</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">55,911</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">-</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><SUP></SUP></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">* Included in the South African segment?s Current and Non-current assets, are items designated to the Blanket Mine not yet
delivered at reporting date.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"><I>Geographic segment profit for the 9 months ended September 30, 2016</I></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Corporate</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Zimbabwe</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">South Africa</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Inter-group eliminations</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Total</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font-size: 10pt">Revenue</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">46,741</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,128</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(8,128</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">46,741</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Royalty</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,340</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,340</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Production costs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(24,903</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,326</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,016</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(25,213</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Management fee</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,970</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,970</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,942</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(19</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,124</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(148</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,233</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,744</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(34</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">194</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,584</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Other income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">78</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">86</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Foreign exchange gain/(loss)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">134</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(67</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(399</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(332</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Margin call on hedge</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(435</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(435</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Sale of Blanket Mine treasury bills</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,203</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,203</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Cash-settled share based payments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(747</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(747</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finance (cost)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(144</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(142</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Profit before tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,990</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,835</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,225</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,066</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,004</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Tax expense</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,981</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(816</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,797</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Profit for the period</TD><TD STYLE="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(3,990</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">11,854</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">409</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(1,066</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">7,207</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Caledonia Mining Corporation Plc</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to the Condensed Consolidated
Interim Financial Statements</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>For the 3 and 9 months ended September
30, 2017 and September 30, 2016</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B><I>(In thousands of United States dollars, unless indicated otherwise)</I></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>


<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0"><B>13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Segments
(continued)</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.05in; vertical-align: top">2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Corporate</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Zimbabwe</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">South Africa</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Inter-group eliminations</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Total</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.05in; vertical-align: top">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left; padding-left: 0pt; vertical-align: top"><I>Geographic segment assets as at September 30, 2016:</I></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.05in; vertical-align: top">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left; padding-left: 0pt">Current (excluding intercompany)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4,440</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">20,189</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,870</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(686</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">25,813</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0pt">Non-current (excluding intercompany)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">40</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">61,553</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">379</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,578</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59,394</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0pt">Expenditure on property, plant and equipment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,684</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,027</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,670</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0pt">Intercompany balances</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">42,889</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,756</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(49,645</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: left; padding-left: 0pt"><I>Geographic segment assets as at September 30, 2016:</I></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0pt">&nbsp;<BR>
</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0pt">Current (excluding intercompany)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(440</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(9,635</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,052</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11,127</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0pt">Non-current (excluding intercompany)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(747</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(17,173</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(515</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(18,435</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0pt">Intercompany balances</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,281</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,413</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(32,951</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">49,645</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>Major customer</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">Revenues from Fidelity Printers and Refiners
Limited in Zimbabwe amounted to $50,163 (2016: $46,741) for the 9 month period ended September 30, 2017.</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0pt"><FONT STYLE="font-size: 12pt"><B>Additional Information</B></FONT></P>



<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">
        <P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0"><B>DIRECTORS &amp; OFFICERS as at November
13, 2017</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; line-height: 115%"><B>BOARD OF DIRECTORS</B></TD>
    <TD STYLE="width: 50%; line-height: 115%"><B>OFFICERS</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 44.9pt 0pt 0">L.A. Wilson (2) (3) (4) (5) (7)</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Chairman of the Board</P></TD>
    <TD>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 44.9pt 0pt 0">S. R. Curtis (5) (6) (7)</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Chief Executive Officer</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">Non-executive Director</TD>
    <TD STYLE="line-height: 115%">Johannesburg, South Africa</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">Florida, United States of America</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">S. R. Curtis (5) (6) (7)</TD>
    <TD>D. Roets (5) (6) (7)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Chief Executive Officer</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Johannesburg, South Africa</P></TD>
    <TD>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Chief Operating Officer</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Johannesburg, South Africa</P></TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%">J. L. Kelly (1) (2) (3) (5) (7)</TD>
    <TD STYLE="line-height: 115%">M. Learmonth (5) (7)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Non-executive Director</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Connecticut, United States of America</P></TD>
    <TD>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Chief Financial Officer</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Jersey, Channel Islands</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">J. Holtzhausen (1) (2) (4) (5) (6) (7) </TD>
    <TD STYLE="line-height: 115%">M. Mason (5) (7)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Chairman Audit Committee</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Non-executive Director,</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Cape Town, South Africa</P></TD>
    <TD>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">VP Corporate Development and Investor Relations</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">London, England</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">M. Learmonth (5) (7)</TD>
    <TD STYLE="line-height: 115%">A. Chester (5)</TD></TR>
<TR>
    <TD>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">Chief Financial Officer</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0"></P></TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">General Counsel, Company Secretary and Head of Risk and Compliance</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0"></P></TD></TR>
<TR>
    <TD>Jersey, Channel Islands</TD>
    <TD STYLE="vertical-align: top">Jersey, Channel Islands</TD></TR>
<TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">John McGloin (1) (3) (4) (6) (7)</TD>
    <TD STYLE="line-height: 115%"><B>Board Committees</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">Non-executive Director</TD>
    <TD STYLE="line-height: 115%">(1) Audit Committee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">Bishops Stortford, United Kingdom</TD>
    <TD STYLE="line-height: 115%">(2) Compensation Committee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">(3) Corporate Governance Committee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">(4) Nomination Committee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">(5) Disclosure Committee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0">(6) Technical Committee</P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0"></P>
        <P STYLE="font-size: 10pt; line-height: normal; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD>(7) Strategic Planning Committee</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>Additional Information</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 115%"><B>CORPORATE DIRECTORY as at November 13, 2017</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%"><B>CORPORATE OFFICES</B></TD>
    <TD STYLE="text-align: justify; line-height: 115%"><B>SOLICITORS</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%"><I>Jersey - Head and Registered Office</I></TD>
    <TD STYLE="text-align: justify; line-height: 115%">Walkers (Jersey)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">Caledonia Mining Corporation Plc</TD>
    <TD STYLE="text-align: justify; line-height: 115%">Jersey, Channel Islands</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>3rd Floor  </TD>
    <TD STYLE="text-align: justify; line-height: 115%">PO Box 72, Walkers House</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">Weighbridge House</TD>
    <TD STYLE="text-align: justify; line-height: 115%">28-34 Hill street, St Helier, Jersey, Channel Islands</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">St Helier</TD>
    <TD>
        <P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">Jersey JE2 3NF</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%"><I>South Africa </I></TD>
    <TD STYLE="text-align: justify; line-height: 115%">Borden Ladner Gervais LLP (Canada)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">Caledonia Mining South Africa Proprietary Limited</TD>
    <TD STYLE="text-align: justify; line-height: 115%">Suite 4100, Scotia Plaza</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">P.O. Box 4628</TD>
    <TD STYLE="text-align: justify; line-height: 115%">40 King Street West</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Weltevreden park </TD>
    <TD STYLE="text-align: justify; line-height: 115%">Toronto, Ontario M5H 3Y4 Canada</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">South Africa</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">Tel: +27(11) 447-2499 Fax: +27(11) 447-2554</TD>
    <TD STYLE="text-align: justify; line-height: 115%">Memery Crystal LLP (United Kingdom)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">44 Southampton Buildings</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%"><I>Zimbabwe</I></TD>
    <TD STYLE="text-align: justify; line-height: 115%">London WC2A 1AP</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">Caledonia Holdings Zimbabwe (Private) Limited</TD>
    <TD STYLE="text-align: justify; line-height: 115%">United Kingdom</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">P.O. Box CY1277</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">Causeway, Harare</TD>
    <TD STYLE="text-align: justify; line-height: 115%"><B>AUDITORS</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">Zimbabwe</TD>
    <TD STYLE="text-align: justify; line-height: 115%">KPMG Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">85 Empire Road</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%"><B>CAPITALISATION (November 13, 2017)</B></TD>
    <TD STYLE="text-align: justify; line-height: 115%">Parktown 2193</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">Authorised:*10,585,153</TD>
    <TD STYLE="text-align: justify; line-height: 115%">South Africa</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%"><B>Shares and Options Issued: (November 13, 2017)</B></TD>
    <TD>
        <P STYLE="font-size: 10pt; line-height: 115%; margin: 0pt 0">Tel: +27 83 445 1400, Fax: + 27 11 647 6018</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">Shares:*10,585,153</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">Options:*46,000</TD>
    <TD STYLE="text-align: justify; line-height: 115%"><B>REGISTRAR &amp; TRANSFER AGENT</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">Computershare</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><B>SHARE TRADING SYMBOLS</B></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%">100 University Ave, 8<SUP>th</SUP> Floor,</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 115%">NYSE American - Symbol &quot;CMCL&quot;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%">Toronto, Ontario, M5J 2Y1 </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; line-height: 115%">AIM - Symbol &ldquo;CMCL&rdquo;</TD>
    <TD STYLE="vertical-align: top">Tel:+1 416 263 9483</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">Toronto Stock Exchange - Symbol &ldquo;CAL&rdquo;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%"><B>BANKERS</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">Barclays</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">Level 11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">1 Churchill place, Canary Wharf, London, E14 5HP</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; line-height: 115%; text-align: justify; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt; line-height: 115%">* Following 27,080 option exercises post September 30, 2017.</FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt; line-height: 115%">22</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="color: Black"><B>Exhibit 99.2</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="color: Black"><B>CALEDONIA MINING CORPORATION PLC</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="color: Black"><B>NOVEMBER 13, 2017</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-indent: -2in; margin: 0pt 0 0pt 2in"></P>

<P STYLE="font-size: 10pt; line-height: 16.15pt; text-align: justify; margin: 0pt 124.15pt 0pt 0"><FONT STYLE="color: Black"><B>Management&rsquo;s
Discussion and Analysis &#9;</B></FONT></P>

<P STYLE="font-size: 10pt; line-height: 16.15pt; text-align: justify; margin: 0pt 124.15pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; line-height: 11.55pt; text-align: justify; margin: 0pt 0"><FONT STYLE="color: Black"><I>This management&rsquo;s
discussion and analysis (&ldquo;MD&amp;A&rdquo;) of the consolidated operating results and financial position of Caledonia Mining
Corporation Plc (&ldquo;Caledonia&rdquo; or the &ldquo;Company&rdquo;) is for the quarter ended September 30, 2017 (&ldquo;Q3
2017&rdquo; or the &ldquo;Quarter&rdquo;). It should be read in conjunction with the Unaudited Condensed Consolidated Interim
Financial Statements of Caledonia for the Quarter (&ldquo;the Unaudited Condensed Consolidated Interim Financial Statements&rdquo;)
which are available from the System for Electronic Data Analysis and Retrieval at <U>www.sedar.com</U> or from Caledonia&rsquo;s
website at <U>www.caledoniamining.com</U>. The Unaudited Condensed Consolidated Interim Financial Statements and related notes
have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International
Accounting Standards Board. In this MD&amp;A, the terms &ldquo;Caledonia&rdquo;, the &ldquo;Group&rdquo;, the &ldquo;Company&rdquo;,
&ldquo;we&rdquo;, &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to the consolidated operations of Caledonia Mining Corporation
Plc and its subsidiaries unless otherwise specifically noted or the context requires otherwise.</I></FONT></P>

<P STYLE="font-size: 10pt; line-height: 11.55pt; text-align: justify; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B><I>Note that all currency references
in this document are to US Dollars, unless otherwise stated. </I></B></FONT></P>



<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

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<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>TABLE OF CONTENTS</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Overview</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Highlights</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Summary
                                         Financial Results</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Operations
                                         at the Blanket Gold Mine, Zimbabwe</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">4.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Safety,
                                         Health and Environment</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">4.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Social
                                         Investment and Contribution to the Zimbabwean Economy</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">4.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Gold
                                         Production</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">4.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Underground</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">4.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Metallurgical
                                         Plant</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="color: Black">4.6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Production
                                         Costs</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">4.7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Capital
                                         Projects</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">4.8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Indigenisation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">4.9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Opportunities
                                         and Outlook</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Exploration
                                         and Project Development</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">5.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Blanket
                                         Exploration</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">5.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Blanket
                                         Satellite Prospects</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Investing</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Financing</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Liquidity
                                         and Capital Resources</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Off-Balance
                                         Sheet Arrangements, Contractual Commitments and Contingencies</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Non-IFRS
                                         Measures</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Related
                                         Party Transactions</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Critical
                                         Accounting Policies</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Financial
                                         Instruments</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Dividend
                                         Policy</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">15.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Management
                                         and Board</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Securities
                                         Outstanding</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">17.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Risk Analysis</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">18.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Forward-Looking
                                         Statements</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">19.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Controls</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">20.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Qualified
                                         Person</FONT></TD></TR></TABLE>




<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 8.5pt 0pt 0; font-size: 10pt; text-align: center"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>OVERVIEW</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Caledonia is an exploration, development
and mining corporation focused on Southern Africa. Following the implementation of indigenisation at the Blanket Mine (&ldquo;Blanket&rdquo;
or the &ldquo;Blanket Mine&rdquo;) in September 2012, Caledonia&rsquo;s primary asset is a 49% legal ownership in Blanket, an
operating gold mine in Zimbabwe. Caledonia continues to consolidate Blanket, as explained in note 5 to the Unaudited Condensed
Consolidated Interim Financial Statements; accordingly, operational and financial information set out in this MD&amp;A is on a
100% basis, unless otherwise specified. Caledonia&rsquo;s shares are listed on the NYSE American stock exchange (symbol - &ldquo;CMCL&rdquo;)
and on the Toronto Stock Exchange (symbol - &ldquo;CAL&rdquo;). Depositary interests in Caledonia&rsquo;s shares are admitted
to trading on AIM of the London Stock Exchange plc (symbol - &ldquo;CMCL&rdquo;).</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>HIGHLIGHTS
                                         </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>St Helier, November 13,
2017 &ndash; </B>Caledonia Mining Corporation Plc (&ldquo;Caledonia&rdquo; or the &ldquo;Company&rdquo;) announces its operating
and financial results for the third quarter (&ldquo;Q3&rdquo; or the &ldquo;Quarter&rdquo;) and nine months to September 30, 2017.</FONT></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">3
    months ended September 30</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">9
    months ended September 30</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify"><FONT STYLE="color: Black">Comment</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">2016</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">2017</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">2016</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">2017</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="color: Black">Gold produced (oz)</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">13,428</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">14,396</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">36,760</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">39,710</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Increased gold production in the quarter
    due to higher grade</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt; color: Black; line-height: 110%">On-mine
    cost per ounce ($/oz) <SUP>1</SUP></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">618</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">638</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">643</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">663</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">On mine costs remain broadly stable; slight increase
    due to the short-term effects of equipment in new working areas below 750 metres</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt; color: Black; line-height: 110%">All-in
    sustaining cost ($/oz) <SUP>1</SUP> (&ldquo;AISC&rdquo;)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">1,004</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">773</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">971</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">827</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Lower AISC due to lower administrative expenses and
    sustaining capital expenditure and the recognition of the export incentive credit in 2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt; color: Black; line-height: 110%">Average
    realised gold price ($/oz) <SUP>1</SUP></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">1,312</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">1,265</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">1,247</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">1,238</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Realised gold price reflects the market price</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt; color: Black; line-height: 110%">Gross
    profit <SUP>2</SUP></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">6,780</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">7,229</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">16,604</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">17,910</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Increased gross profit due to higher production and
    sales, offset by a lower gold price</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="color: Black">Net profit attributable to&nbsp;&nbsp;shareholders</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">1,118</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">3,120</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">5,268</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">6,152</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Higher attributable profit for the Quarter due to
    higher gross profit and reduced administrative and share-based payment expenses</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt; color: Black; line-height: 110%">Adjusted
    basic earnings per share (&ldquo;EPS&rdquo;)<SUP>[3]</SUP> (cents)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">22.1</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">40.8</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">65.4</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">87.3</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Increased adjusted EPS for the Quarter due to higher
    attributable profit and the add-back of deferred taxation</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="color: Black">Cash and cash equivalents</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">12,390</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">11,830</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">12,390</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">11,830</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Cash position remains robust despite increased capital
    expenditure</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; vertical-align: top"><FONT STYLE="color: Black">Cash from operating activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">7,107</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">10,118</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">16,071</FONT></TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">16,598</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: middle"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Cash from operating activity benefits from reduced
    working capital</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black"><B><I>&nbsp;__________________________</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black"><B><I><SUP>1</SUP></I></B><I> Non-IFRS measures such as &ldquo;On-mine
cost per ounce&rdquo;, &ldquo;AISC&rdquo; and &ldquo;average realised gold price&rdquo; are used throughout this document. Refer
to Section 10 of the associated management discussion and analysis for the Quarter (&ldquo;MD&amp;A&rdquo;) for a discussion of
non-IFRS measures.</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black"><B><I><SUP>2</SUP></I></B><I> Gross profit is after deducting
royalties, production costs and depreciation but before administrative expenses, other income, interest and finance charges and
taxation.</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black"><B><I><SUP>3</SUP></I></B><I> Adjusted EPS is a non-IFRS
measure which aims to reflect Caledonia&rsquo;s ordinary trading performance. Refer to Section&nbsp;10 of the MD&amp;A for a discussion
of non-IFRS measures. Per share data for current and prior periods has been adjusted to reflect the effective 1-for-5 share consolidation
which was effected on June 26, 2017.</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>



<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black"><B>Safety</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">Regrettably,
as reported in the previous quarter, there was a fatal mining-related accident at Blanket Mine during the period under review
on July 7, 2017. The directors and management of Caledonia and Blanket express their sincere condolences to the families and colleagues
of the deceased.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">Management
has provided the necessary assistance to the Ministry of Mines Inspectorate Department (the &ldquo;Inspectorate&rdquo;) in its
enquiries into this incident. Following the conclusion of the investigation, the Inspectorate has decided that no action should
be taken against Blanket.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">Caledonia
takes the safety of its employees very seriously and, accordingly, measures have been taken to re-inforce adherence to prescribed
safety procedures.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black"><B>Record
production</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">14,396
ounces of gold were produced during the Quarter, 7% more than the 13,428 ounces produced in the third quarter of 2016 (the &ldquo;comparable
quarter&rdquo;). Production for the Quarter was a new record. The increased production was due to improved grades which resulted
from increased mining of higher grade areas as mine flexibility continues to improve.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black"><B>Resource
upgrade</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">On November
2, 2017 the Company announced that total Measured and Indicated gold ounces at Blanket Mine had increased by 6% from 671,000 ounces
in December 2016 to 714,000 ounces as at August 31, 2017 Total Measured and Indicated resources now stand at 5.62 million tonnes
at a grade of 3.95g/t. Inferred gold resources at Blanket have been increased by 47% from 604,000 ounces in December 2016 to 887,000
ounces today. Total Inferred resources now stand at 5.53 million tonnes at a grade of 4.99g/t.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">The update
has resulted in a modest decline in the average grade of the resources in the Indicated category as a result of additional infill
drilling data although the average resource grade remains well above the current mill feed grade. Caledonia expects the mined
grade to trend upwards over time as higher-grade resources are accessed at depth.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black"><B>Revisions
to the Investment Plan at Blanket Mine </B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">On November
9, 2017 the company announced that, in light of the resource upgrade which was published on November 2, 2017 it intends to extend
the Central Shaft from 1,080 metres to 1,330 meters. The extension and associated capital development will cost an additional
$18 million, which will be funded by Blanket&rsquo;s internal cash generation. The additional capital investment is not expected
to have any effect on the continuation of Caledonia&rsquo;s existing dividend.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">A Preliminary
Economic Assessment (&ldquo;PEA&rdquo;) indicates a project net present value over the life of mine of $193 million based on a
gold price of $1,260 and a 10% discount rate.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">The extension
of the Central Shaft will add two further production levels on 34 level (1,110 metres) and 38 level (1,230 metres) in addition
to the two new levels that are already planned on 26 (870 metres) and 30 levels (990 metres). The two further production levels
will provide access to the Indicated and Inferred resources below 30 level and will potentially increase Blanket&rsquo;s projected
life of mine by a further four years to 2031.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">The extension
of the Central Shaft before it has been completed, equipped and commissioned is understood to be significantly cheaper, quicker
and less disruptive than a subsequent extension after commissioning.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">Caledonia
has also initiated a mid-shaft loading system at Blanket using the Central Shaft infrastructure to handle development waste. This
is expected to improve Blanket&rsquo;s waste handling capacity and alleviate pressure on Number 4 Shaft, which should have a positive
effect on production flexibility and horizontal development.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 8.65pt 0pt 0; font-size: 10pt; text-align: center"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black"><B>Dividend
Policy </B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.3pt 0pt 0"><FONT STYLE="color: Black">Following
the consolidation on June 26, 2017 of the company&rsquo;s shares, on July 4, 2017 the Company announced an increased quarterly
dividend of 6.875 cents per share which was paid on July 28, 2017 and a further quarterly dividend of the same amount was paid
on October 27, 2017. The dividend of 6.875 cents per share effectively maintains the dividend at the previous level of 1.375 cents
per share, after adjusting for the effect of the one-for-five consolidation. The quarterly dividend of 6.875 cents per quarter
is Caledonia&rsquo;s current dividend policy which it is envisaged will be maintained.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.3pt 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 4.3pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black"><B>Strategy
and Outlook</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0in; margin: 0pt 4.55pt 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">Caledonia&rsquo;s
strategic focus continues to be the implementation of the Investment Plan at Blanket, which was announced in November 2014 and
has been revised as discussed above to reflect the recent resource upgrade. Caledonia&rsquo;s board and management believe the
successful implementation of the Investment Plan is in the best interests of all stakeholders because it is expected to result
in increased production, reduced operating costs and greater flexibility to undertake further exploration and development, thereby
safeguarding and enhancing Blanket&rsquo;s long term future.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUMMARY
FINANCIAL RESULTS</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The table below sets out the consolidated
profit and loss for the nine months and quarter ended September 30, 2017 and 2016 prepared under IFRS.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="color: Black">Condensed
    Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive Income <BR>($&rsquo;000&rsquo;s)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">3
                                         months ended</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">September
                                         30</FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">9
                                         months ended</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">September
                                         30</FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">2016</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">2017</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">2016</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">2017</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Revenue</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">17,637</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">18,230</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">46,741</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">50,163</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Royalty</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(883</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(913</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(2,340</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(2,512</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Production costs</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(9,090</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(9,080</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(25,213</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(26,992</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Depreciation</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(884</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(1,008</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(2,584</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(2,749</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Gross profit</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">6,780</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">7,229</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">16,604</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">17,910</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Other income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">12</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">663</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">86</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">1,864</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Administrative expenses</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(1,997</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(1,607</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(5,233</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(4,541</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Foreign exchange gain/(loss)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(132</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(3</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(332</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">16</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Cash settled share
    based payment</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(497</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(73</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(747</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(607</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Equity settled share
    based payment</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(835</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Sale of Blanket Mine
    treasury bills</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">3,203</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Margin
    call on gold hedge</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(435</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Operating profit</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">4,166</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">6,209</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">13,146</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">13,807</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Net
    finance cost</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(53</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(7</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(142</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(24</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Profit
    before tax</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">4,113</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">6,202</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">13,004</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">13,783</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Tax
    expense</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(2,290</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(2,326</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(5,797</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(5,876</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Profit
    for the period</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,823</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">3,876</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">7,207</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">7,907</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Other
    comprehensive income/(loss)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Items
    that are or may be reclassified to profit or loss</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Foreign
    currency translation differences for foreign operations</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">73</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">(110</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">46</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">23</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Total
    comprehensive income for the period</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">1,896</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">3,766</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">7,253</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">7,930</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Profit
    attributable to:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Shareholders of the
    Company</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,118</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">3,120</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">5,268</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">6,152</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Non-controlling
    interests</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">705</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">756</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,939</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">1,755</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Profit
    for the period</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,823</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">3,876</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">7,207</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">7,907</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Total
    comprehensive income attributable to:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Shareholders of the
    Company</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,191</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">3,010</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">5,314</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">6,175</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Non-controlling
    interests</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">705</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">756</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,939</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">1,755</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Total
    comprehensive income for the period</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,896</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">3,766</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">7,253</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">7,930</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black"><B>Earnings
    per share <SUP>(i)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Basic</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">0.10</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">0.29</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">0.49</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">0.57</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Diluted</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">0.10</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">0.29</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">0.48</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">0.57</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt; color: Black"><B>Adjusted
    earnings per share <SUP>(i) (ii)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Basic</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">0.22</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">0.41</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">0.65</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">0.87</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="color: Black"><I>(i)</I></FONT></TD><TD><FONT STYLE="color: Black"><I>Earnings per share (&ldquo;EPS&rdquo;)
                                         and adjusted EPS for current and prior periods have been adjusted to reflect the effective
                                         1-for-5 share consolidation which was effected on June 26, 2017</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: 110%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><I>(ii)</I></FONT></TD><TD STYLE="text-align: justify; padding-right: 8.4pt"><FONT STYLE="color: Black"><I>Adjusted
                                         EPS is a non-IFRS measure which aims to reflect Caledonia&rsquo;s ordinary trading performance.
                                         </I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Revenues in the Quarter were 3% higher
than the comparable quarter. 968 ounces more gold were sold in the Quarter compared to the comparable quarter, representing an
increase of 7% in ounces of gold sold. The average realised gold price in the Quarter was $1,265, 3.6% lower than the average
realised price per ounce in the comparable quarter. The royalty rate payable to the Zimbabwean government was unchanged at 5%.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">Production costs were
virtually unchanged compared to the comparable quarter. The on-mine cost per ounce of gold sold in the Quarter increased by 3%
compared to the comparable quarter. All-in sustaining costs per ounce decreased by 23% in the Quarter compared to the comparable
quarter from $1,004 per ounce to $773 per ounce. The reduction was due to lower general and administrative expenses, a lower charge
in respect of units awarded under Caledonia&rsquo;s Omnibus Equity Incentive Compensation Plan (&ldquo;LTIP&rdquo;), lower sustaining
capital investment and the export incentive credit which was not recognised in the comparable quarter as it was not clear at that
time whether it would be received.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The depreciation charge increased because
it is calculated on the basis of units of production and production was higher than the comparable quarter.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Other income includes the export incentive
credit of $639,000 (2016; nil) received from the Government of Zimbabwe. In terms of the scheme, Blanket receives an export incentive
credit to the value of 3.5% of its gold sales, which is paid in US Dollars. The export incentive credit is recognised in the profit
and loss as &ldquo;Other Income &ndash; Government Grant&rdquo; on a receivable basis.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Administrative expenses were 20% lower
than in the comparable quarter due largely to lower third party consulting and advisory fees offset by an increase in employee
costs. Third party fees were lower due to the appointment of in-house legal counsel in early 2017 which reduced the Company&rsquo;s
reliance on external legal advice. Employee costs increased due, <I>inter alia</I>, to the appointment of in-house legal counsel
and the strength of the South African rand which increased the US Dollar cost of South African wages and salaries.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Foreign exchange movements in the profit
and loss relate to gains and losses arising on US Dollar-denominated cash balances and inter-company loans which are held by Caledonia
Mining South Africa Proprietary Limited (&ldquo;CMSA&rdquo;) (which has the South African rand as its functional currency), on
rand-denominated intercompany loans which are held by the Company and on sterling-denominated cash balances which are held by
the Company and Greenstone Management Services Holdings Limited (&ldquo;GMS-UK&rdquo;).</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">The cash-settled share-based
payment expense for the Quarter is an accrual for a payment which is expected to arise from the LTIP awards which were made in
previous quarters to certain executives in the form of Restricted Share Units (&ldquo;RSUs&rdquo;) and Performance Share Units
(&ldquo;PSUs&rdquo;). To avoid equity dilution for shareholders, RSUs and PSUs will be settled in cash, reflecting the prevailing
Company share price at the maturity of the award and no shares will be issued as a result of the LTIP awards. In addition, during
the Quarter CMSA granted cash-settled share awards to certain employees based in South Africa which were designed as a substitute
for employees&rsquo; annual bonuses to introduce an incentivisation element based on the Company share price. These cash-settled
share awards will vest in 3 equal tranches on November 30, 2017, 2018 and 2019 subject to the employees fulfilling their service
condition. The cash-settled share-based expense in the Quarter was $73,000 (2016; $497,000). The charge reflects a combination
of factors which include the estimated share price of the awards at vesting, the erosion of the time period until vesting, the
increase in the number of RSUs due to the re-investment of attributable dividends and estimated performance criteria. Further
information on the calculation of the charge is set out in note 8 to the Unaudited Condensed Consolidated Interim Financial Statements.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The tax expense comprises the following:</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Analysis
        of Consolidated Taxation Charge for the Quarter</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.3in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>($&rsquo;000&rsquo;s)</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-align: center; text-indent: 0.3in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-right: Black 1pt solid; text-align: center; text-indent: 0.3in"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0.3in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="color: Black"><B>Blanket Mine</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0.3in"><FONT STYLE="color: Black"><B>CMSA</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0.3in"><FONT STYLE="color: Black"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Current income
    tax</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="color: Black">896</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">41</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">937</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Withholding tax</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">301</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">301</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Deferred income
    tax</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">1,070</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">1,088</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0.3in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">2,267</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">59</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="color: Black">2,326</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The overall taxation rate in the quarter
was 37.5%, compared to 55.7% in the comparable quarter. The effective income tax rate in the Quarter was 15%, due to the continued
high level of capital expenditure, which is deducted from profit for the purposes of calculating income tax in Zimbabwe. Withholding
tax is levied on certain remittances from Zimbabwe. Deferred income tax is a non-cash item which reflects the difference between
the treatment of capital expenditure for tax purposes and for accounting purposes.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The non-controlling interest is 16.2%
of the net profit of Blanket which is attributable to Blanket&rsquo;s indigenous Zimbabwean shareholders and reflects their participation
in the economic benefits generated by Blanket from the effective date of the indigenisation. This is explained in note 5 of the
Unaudited Condensed Consolidated Interim Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Per share information for the Quarter
reflects the number of shares in issue following the share consolidation on June 26, 2017. Per share information for all prior
periods has been restated accordingly.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The adjusted earnings per share is a
non-IFRS measure which reflects Caledonia&rsquo;s ordinary trading performance and is calculated on the share of profit attributable
to Caledonia shareholders excluding foreign exchange profits or losses and non-cash items such as the charges for deferred tax
and the equity-settled share based expense arising on the modification of the facilitation loans. Refer to Section 10 of this
MD&amp;A for a discussion of non-IFRS measures.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: Black">The table below sets out the consolidated statements of cash
flows for nine months and quarters ended September 30, 2017 and 2016 prepared under IFRS.</FONT></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-top: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="color: Black"><B>Condensed
    Consolidated Statement of Cash Flows (unaudited) </B><BR><B>($&rsquo;000&rsquo;s)</B></FONT></TD><TD STYLE="font-size: 10pt; border-top: Black 1pt solid"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; border-top: Black 1pt solid"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; border-top: Black 1pt solid"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; border-top: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="color: Black"><B>3
                                         months ended</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="color: Black"><B>September
                                         30</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="color: Black"><B>9
                                         months ended</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="color: Black"><B>September
                                         30</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="color: Black">2016</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="color: Black">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="color: Black">2016</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="color: Black">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; border-right: Black 1pt solid; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-left: Black 1pt solid"><FONT STYLE="color: Black">Cash flows from operating
    activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Cash generated
    from operations</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">8,057</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">11,652</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">17,892</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">19,526</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Net interest paid</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(52</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(116</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(142</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(121</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Tax
    paid</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(898</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(1,418</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(1,679</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(2,807</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Cash
    from operating activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">7,107</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">10,118</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">16,071</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">16,598</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Cash
    flows from investing activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Acquisition of property,
    plant and equipment</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(4,440</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(8,056</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(12,670</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(15,575</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Proceeds
    from property, plant and equipment</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">19</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">78</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Net
    cash used in investing activities</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(4,421</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(8,056</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(12,592</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(15,575</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Cash
    flows from financing activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Dividends paid</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(925</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(964</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(2,122</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(2,416</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Term loan repayments</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(375</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(1,125</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Share repurchase cost</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(146</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Shares issued</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">48</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">84</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">153</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">84</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Net
    cash used in financing activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(877</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(1,255</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(1,969</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(3,603</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Net
    increase/(decrease) in cash and cash equivalents</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,809</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">807</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,510</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(2,580</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Effect of exchange
    rate fluctuations on cash held</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">145</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">75</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Cash and cash equivalents
    at beginning of the period</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">10,581</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">10,878</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">10,880</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">14,335</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Cash
    and cash equivalents at end of the period</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">12,390</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">11,830</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">12,390</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">11,830</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>



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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">Cash generated from
operating activities is analysed in note 11 to the Unaudited Condensed Consolidated Interim Financial Statements. Cash generated
by operations before working capital changes was $7,351,000, $2,176,000 higher than the comparable quarter due to higher operating
profit, which was largely due to higher revenues and lower general and administrative costs. Changes in revenues and costs are
discussed above in the discussion of the consolidated profit and loss. The charge in respect of the share based expense arising
from the LTIP awards is added back to operating profit as it is not a cash expenses in the Quarter. Working capital movements
in the Quarter amounted to an inflow of $4,369,000 (2016 Q3: outflow of $2,882,000) due to a reduction in prepaid items as equipment
which was previously held in by the Group in South Africa was delivered to Blanket. Working capital also benefitted in the Quarter
due to the increase in trade payables due to the shortage of foreign exchange in Zimbabwe which has limited Blanket&rsquo;s ability
to make payments to offshore suppliers.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">Net cash investment
in property, plant and equipment in the Quarter was $8,056,000 (2016 Q3; $4,440,000) in terms of the Investment Plan, which is
discussed further in Section 4.7 of this MD&amp;A and in sustaining capital investment.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The dividends paid in the Quarter relate
to the quarterly dividend paid by Caledonia on July 28, 2017 and the share of a dividend paid by Blanket in the Quarter which
accrued to Blanket&rsquo;s indigenous Zimbabwean shareholders after repayments of the facilitation loans and servicing of the
facilitation loans.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Gross cash at September 30, 2017 was
$11,830,000 of which $2,026 ,000 was held by Blanket as part of its normal working capital, $2,601,000 was held by Caledonia Holdings
Zimbabwe (Private) Limited (&ldquo;CHZ&rdquo;), a wholly owned subsidiary of the Company, in Zimbabwe, and the balance was held
primarily in the UK and Jersey. The amount held by CHZ reflects a receipt of approximately $2 million a few days before the Quarter
end in respect of a dividend paid by Blanket and the related repayments of facilitation loans.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The table below sets out the consolidated
statements of Caledonia&rsquo;s financial position at September 30, 2017 and at December 31, 2016 prepared under IFRS.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-top: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black"><B>Consolidated
                                         Statements of Financial Position (unaudited)</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black"><B>($&rsquo;000&rsquo;s)</B></FONT></P></TD><TD STYLE="font-size: 10pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-top: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-top: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B><I>As
                                         at</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">December 31</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">September 30</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">2016</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">2017</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 59%; font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Total
    non-current assets</FONT></TD><TD STYLE="width: 12%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">64,917</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">77,027</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Inventories</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">7,222</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">8,098</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Prepayments</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">810</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">2,001</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Trade and other receivables</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">3,425</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">5,813</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Cash
    and cash equivalents</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">14,335</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">11,830</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Total
    assets</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">90,709</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">104,769</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Total
    non-current liabilities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">21,560</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">23,251</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Current portion of
    term loan facility</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,410</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">1,666</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid"><FONT STYLE="color: Black">Trade and other payables</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">8,077</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">13,135</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Income
    taxes payable</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">345</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">1,113</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Total
    liabilities</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">31,392</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">39,165</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-left: Black 1pt solid"><FONT STYLE="color: Black">Total
    equity</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">59,317</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">65,604</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="color: Black">Total
    equity and liabilities</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">90,709</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">104,769</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="margin: 0pt 8.4pt 0pt 0; font-size: 10pt; line-height: 110%; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Non-current assets increased due to
the continued investment in terms of the Investment Plan and investment to sustain existing operations.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Prepayments represents deposits and
advance payments for goods and services, including capital items that are being fabricated and which will be delivered to Blanket
in due course. The increase since December 31, 2016 was expected and reflects deposits and advance payments for goods and services
and capital items that are being fabricated for the Central Shaft project and which will be delivered to Blanket in due course.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Trade and other receivables are analysed
in note 12 to the Unaudited Condensed Consolidated Interim Financial Statements and includes $2,826,000 due from Fidelity Printers
and Refiners Limited (&ldquo;Fidelity&rdquo;) in respect of gold deliveries immediately prior to the close of business on September
30, 2017 and $1,848,000 due from the Zimbabwe government in respect of VAT refunds. The amount due from Fidelity was received
in full in October 2017. No payments have been received following the end of the Quarter in respect of the VAT receivable.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The increase in amounts payable reflects
the delays that are being experienced by Blanket Mine in obtaining the necessary foreign exchange to make payments to offshore
creditors, the largest of which is in respect of electricity supplies.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: Black">Risks that may affect Caledonia&rsquo;s future financial
position are discussed in Section 17 of the MD&amp;A.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The following information is provided
for each of the eight most recent quarterly periods ending on the dates specified. The figures are extracted from underlying unaudited
interim financial statements that have been prepared using accounting policies consistent with IFRS.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in; padding-bottom: 1pt; border-top: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">Dec
                                         31,</FONT></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0"></P>2015</TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">Mar
                                         31,</FONT></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">2016</FONT></P></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">Jun
                                         30,</FONT></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">2016</FONT></P></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">Sept
                                         30,</FONT></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">2016</FONT></P></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">Dec
                                         31,</FONT></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">2016</FONT></P></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">Mar
                                         31,</FONT></P>
                                                       <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">2017</FONT></P></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">Jun
                                         30,</FONT></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">2017</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">Sept
                                         30,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">2017</FONT></P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in; width: 36%"><FONT STYLE="font-size: 10pt; color: Black">Revenue
    from operations</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; width: 8%"><FONT STYLE="font-size: 10pt; color: Black">11,753</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; width: 8%"><FONT STYLE="font-size: 10pt; color: Black">13,423</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; width: 8%"><FONT STYLE="font-size: 10pt; color: Black">15,681</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; width: 8%"><FONT STYLE="font-size: 10pt; color: Black">17,637</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; width: 8%"><FONT STYLE="font-size: 10pt; color: Black">15,251</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; width: 8%"><FONT STYLE="font-size: 10pt; color: Black">16,449</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; width: 9%"><FONT STYLE="font-size: 10pt; color: Black">15,484</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in; width: 7%"><FONT STYLE="font-size: 10pt; color: Black">18,230</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Profit
    attributable to owners of the Company </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,207</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">543</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3,607</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,118</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3,258</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,338</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">694</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3,120</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt; color: Black">Earnings
    per share &ndash; basic (cents) <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">18</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">33.5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">30.5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">21.5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">6.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">29.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt; color: Black">Earnings
    per share &ndash; diluted (cents) <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">18</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">33.5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">9.5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">31</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">21.4</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">6.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">29.4</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt; color: Black">Cash
    and cash equivalents (net)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt; color: Black">10,880</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt; color: Black">8,841</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt; color: Black">10,581</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt; color: Black">12,390</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt; color: Black">14,335</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt; color: Black">11,722</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10,878</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">11,830</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 11.55pt; text-align: justify"><FONT STYLE="color: Black"><I>(i) Per share
data have been adjusted to reflect the effective 1-for-5 share consolidation which was effected on June 26, 2017</I></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The quarterly results
fluctuate materially from quarter to quarter primarily due to changes in production levels and gold prices but also due to the
recording of impairments and other unusual costs such as indigenisation and share based payment costs. Significant changes relating
to prior quarters are discussed in the relevant MD&amp;As and financial statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPERATIONS
AT THE BLANKET GOLD MINE, ZIMBABWE</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Safety,
                                         Health and Environment</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The following safety
statistics have been recorded for the Quarter and the preceding seven quarters.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 36%; border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Blanket
    Mine Safety Statistics</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"><B>Classification</B></FONT></P></TD>
    <TD><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>Q4</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>2015</B></FONT></P></TD>
    <TD><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>Q1</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>2016</B></FONT></P></TD>
    <TD><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>Q2</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>2016</B></FONT></P></TD>
    <TD><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>Q3</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>2016</B></FONT></P></TD>
    <TD><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>Q4</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>2016</B></FONT></P></TD>
    <TD><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>Q1</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>2017</B></FONT></P></TD>
    <TD><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>Q2</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>2017</B></FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>Q3</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>2017</B></FONT></P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Fatal</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Lost
    time injury</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>5</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Restricted
    work activity</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">12</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">First
    aid</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">7</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Medical
    aid</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">6</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">11</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>9</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Occupational
    illness</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>0</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Total</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">15</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">13</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">11</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">11</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">8</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">23</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>18</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Incidents</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">15</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">13</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">9</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>10</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Near
    misses</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">9</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">4</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">9</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>6</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Disability
    Injury Frequency Rate </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0.44</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0.44</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0.00</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0.20</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0.55</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0.00</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">0.33</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>0.95</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Total
    Injury Frequency Rate </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3.32</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2.87</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2.30</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2.16</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1.46</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3.51</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3.81</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2.86</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Man-hours
    worked (thousands)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">904</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">906</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">957</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,019</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,093</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,140</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,206</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1,257</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Total injuries
in the Quarter were 18, compared to 23 in the previous quarter and 11 in the comparable quarter. Regrettably, there was one fatal
mining-related accident at Blanket Mine during the period under review, which occurred on July 7, 2017. The directors and management
of Caledonia and Blanket express their sincere condolences to the families and colleagues of the deceased. Management has provided
the necessary assistance to the Inspectorate in its enquiries into these incidents. Following the conclusion of the investigations,
the Inspectorate has decided that no action should be taken against Blanket.</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Investigations
suggest that the increased number of accidents is due to behavioural issues where employees do not adhere to the safety standards
and systems in place at Blanket and a tolerance for risk-taking, particularly amongst the younger and newer employees. Management
has instituted a zero-tolerance approach towards any employee who breaches safety standards. To ensure a renewed focus on safe
production all managers and supervisors will be re-trained and this process has commenced. In addition, management has engaged
a specialist external safety consultant to assist in tackling the behavioural issues and in developing new standards and procedures.</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social
Investment and Contribution to the Zimbabwean Economy</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Blanket&rsquo;s investment in community
and social projects which are not directly related to the operation of the mine or the welfare of Blanket&rsquo;s employees, the
payments made to the Gwanda Community Share Ownership Trust (&ldquo;GCSOT&rdquo;) in terms of Blanket&rsquo;s indigenisation,
and payments of royalties, taxation and other non-taxation charges to the Government of Zimbabwe and its agencies are set out
in the table below.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Payments
        to the Community and the Zimbabwe Government</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>($&rsquo;000&rsquo;s)</B></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 21%; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>Year</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Community and
    Social Investment</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Payments to GCSOT</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Payments to Zimbabwe
    Government</B></FONT></TD>
    <TD STYLE="width: 16%; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Year
    </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2012</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">416</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3,000</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">20,569</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">23,985</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Year
    </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2013</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,147</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,000</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">15,354</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">19,501</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Year
    </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2014</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">35</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">12,319</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">12,354</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Year
    </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2015</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">50</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">7,376</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">7,426</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Year
    </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">12</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10,637</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10,649</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    1</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2017</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">5</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,945</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,950</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    2</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2017</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,904</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,904</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Quarter
    3</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>3,575</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>3,575</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="color: Black"><B>4.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Gold
                                         Production </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Tonnes milled, average
grades, recoveries and gold produced during the Quarter, the preceding 10 quarters, the years 2014, 2015 and 2016 and October
2017 are shown in the table below.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>Blanket
    Mine Production Statistics</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 13%; border-left: Black 1pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>Year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 23%; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>Tonnes
        Milled</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>(t)</B></FONT></P></TD>
    <TD STYLE="width: 18%; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>Gold
                                         Head (Feed)</B></FONT></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>Grade
                                         (g/t Au)</B></FONT></P></TD>
    <TD STYLE="width: 16%; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>Gold
        Recovery</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>(%)</B></FONT></P></TD>
    <TD STYLE="width: 16%; border-right: Black 1pt solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>Gold
        Produced</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><FONT STYLE="color: Black"><B>(oz)</B></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black"><B>Year</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>2014</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>390,735</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>3.55</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>93.4</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>41,771</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2015</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">104,755</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.19</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">92.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">9,960</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2015</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">103,551</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.35</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">93.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">10,401</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2015</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">116,694</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.14</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">92.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">10,927</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    4</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2015</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">115,079</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.34</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">93.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">11,515</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black"><B>Year</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>440,079</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>3.25</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>93.0</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>42,804</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">114,527</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.16</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">93.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">10,822</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">120,590</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.47</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">93.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">12,510</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">133,375</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.36</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">93.2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">13,428</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    4</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">142,169</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">92.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">13,591</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black"><B>Year</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>510,661</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>3.30</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>93.0</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>50,351</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">124,225</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.42</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">93.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">12,794</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">136,163</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.08</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">92.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">12,521</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">Quarter
    3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">136,064</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.52</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black">93.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">14,396</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt; color: Black">October</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">2017</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">45,281</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">3.33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">93.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">4,517</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Gold production for
the Quarter was slightly above budget due to higher grades and recovery, which offset lower than planned tonnage. Sadly, the regrettable
fatal accident also had an effect on the production during July. Tonnes milled and grade in the Quarter are discussed in Section
4.4 of this MD&amp;A; gold recoveries in the Quarter are discussed in Section 4.5 of this MD&amp;A. Gold production in October
was approximately 600 ounces behind plan due to lower than budgeted grade and tonnage.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>4.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Underground</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Tonnes milled in the Quarter were 2.0%
higher than the comparable quarter and 0.1% lower than the preceding quarter. Tonnes mined in the Quarter was less than planned
mainly due to the ongoing logistical challenges on 22 level (750 metres below surface). The improvements which were completed
in previous quarters to the tramming loop on 22 level have allowed a 300% increase in tonnes trammed on this level. As there is
no longer space available underground to dump development waste, 300 tonnes per day of waste is also trammed along 22 level, in
addition to ore. Management has implemented measures to alleviate some of the remaining logistical constraints however it must
be noted that the logistical issues on 22 level will not be fully resolved until the Central Shaft is commissioned. From early
November, 2017 mid-shaft loading was instituted using the Central Shaft infrastructure. This allows horizontal development to
take place on 26 level (870 metres below surface) from Central Shaft towards No. 4 Shaft and reduces the amount of waste that
needs to be moved along 22 level, thereby alleviating some of the logistical pressure on this level. The implications of mid-shaft
loading are discussed in section 4.7.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The grade in the Quarter was higher
than the previous quarter due to increased tonnage from below 750 meters from the Blanket and AR South decline and from Eroica
above 750 metres lower grades recorded in the mining areas above 22 level. These areas contributed 39% of total ore processed
and contributed to the grade increasing from 3.08g/t in the previous quarter to 3.52 g/t.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">In previous quarters it was reported
that production was adversely affected by the high number of electrical outages due to the instability of the incoming power supply
and also by the incidence of very large rocks which clogged the draw-points and grizzlies. Both of these issues have been partly
addressed: equipment to regulate the incoming electricity supply has been installed; management has modified the blasting practices
and has improved the supervision of the night shift tramming, which has reduced the incidence of large rocks. Work continues on
upgrading the incoming electricity supply and the ring-feed between the two stand-by generator farms, which is expected to be
completed by the end of 2017.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The outlook for Caledonia, including
production and earnings guidance for 2017 and 2018 is discussed in Section 4.9. <B>&#9;</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metallurgical
Plant</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Plant throughput in the Quarter was
66.2 tonnes per hour (&ldquo;tph&rdquo;) compared to 69.1tph in the preceding quarter. There was little change in the plant throughput
in the Quarter compared to the preceding quarter.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Plant recovery in the Quarter increased
to 93.6% from 92.8% in the preceding quarter. This was due to the higher head grade, which increased from 3.08 g/t in the previous
quarter to 3.52 g/t in the Quarter, and to the commissioning of the third Knelson concentrator during the Quarter which increased
the recovery of free gold and hence reduced the final residue from the carbon-in-leach (&ldquo;CIL&rdquo;) plant.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The plant continues to operate to expectation
with minimal disturbances and following the recent upgrades is now in a position to handle full production at 80,000 ounces per
year.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black"><B>4.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Production
                                         Costs</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">A narrow focus on
the direct costs of production (mainly labour, electricity and consumables) does not fully reflect the total cost of gold production.
Accordingly, cost per ounce data for the Quarter and the comparable quarter have been prepared in accordance with the Guidance
Note issued by the World Gold Council on June 23, 2013 and is set out in the table below on the following bases:</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">i. <B>On-mine cost
per ounce<SUP>4</SUP></B>, which shows the on-mine costs of producing an ounce of gold and includes direct labour, electricity,
consumables and other costs that are incurred at the mine including insurance, security and on-mine administration;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">ii. <B>All-in sustaining
cost per ounce<SUP>4</SUP></B>, which shows the on-mine cost per ounce plus royalty paid, additional costs incurred outside the
mine (i.e. at offices in Harare, Johannesburg and St. Helier), costs associated with maintaining the operating infrastructure
and resource base that are required to maintain production at the current levels (sustaining capital investment), the share-based
expense arising from the LTIP less silver by-product revenue and the export incentive credit; and</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">iii. <B>All-in cost
per ounce<SUP>4</SUP></B>, which shows the all-in sustaining cost per ounce plus the additional costs associated with activities
that are undertaken with a view to increasing production (expansion capital investment).</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">_________________________</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><SUP>4</SUP> <FONT STYLE="font-size: 10pt">On
mine cost per ounce, all-in sustaining cost per ounce and all-in cost per ounce are non-IFRS measures. Refer to Section 10 for
a reconciliation of these amounts to IFRS</FONT></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"><B>Cost per Ounce of Gold Sold </B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"><B>(US$/ounce)</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; color: #333366; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>3
    Months to September 30</B></FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-right: Black 1pt solid; color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>9
    Months to September 30</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; color: #333366; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2017</B></FONT></TD>
    <TD COLSPAN="2" STYLE="color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2017</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; color: #333366; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">On-mine
    cost<SUP>4</SUP></FONT></TD>
    <TD STYLE="color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">618</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>638</B></FONT></TD>
    <TD COLSPAN="2" STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">643</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>663</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; color: #333366; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">All-in
    sustaining cost per ounce<SUP>4</SUP></FONT></TD>
    <TD STYLE="color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,004</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>773</B></FONT></TD>
    <TD COLSPAN="2" STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">951</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>827</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; color: #333366; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">All-in
    cost per ounce<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,251</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1,291</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,218</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1,181</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 40%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Per-ounce costs are
calculated on the basis of sales and not production, so that an accurate value can be ascribed to the royalty. A reconciliation
of costs per ounce to IFRS production costs is set out in Section 10.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">On-mine costs comprise
labour, electricity, consumables and other costs which include security and insurance. Blanket did not experience significant
inflationary pressure on input costs. The on-mine cost per ounce increased by 3% from $618 per ounce in the comparable quarter
to $638 per ounce in the Quarter.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">All-in sustaining
costs per ounce decreased by 23% in the Quarter compared to the comparable quarter from $1,004 per ounce to $773 per ounce. The
reduction was due to lower general and administrative expenses, a lower charge in respect of the LTIP, lower sustaining capital
investment and the export incentive credit which was not recognised in the comparable quarter as it was not clear at that time
whether it would be received</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">All-in costs include
investment in expansion projects which remained at a high level in the Quarter due to the continued investment in Blanket&rsquo;s
capital projects, which are discussed in section 4.7 of this MD&amp;A.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
Projects</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The main capital development
project is the Central Shaft, which was originally intended to be sunk in one single phase from surface to 1,080 metres. The shaft
has reached a depth of 864 meters and the station on 26 level has been established. The second winder at Central shaft has been
installed and is mechanically complete; work is in progress on the power installation.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Continued exploration
over the last three years has improved the understanding of the ore bodies below 22 level and, as discussed in Section 5, has
resulted in a further increase in resources below 750 meters. Accordingly, on November 9, 2017, the Company announced that it
intends to continue to sink the Central Shaft by two further production levels to a depth of 1,320 meters. In addition, in early
November 2017 mid-shaft loading of waste material on 26 level commenced using the infrastructure at Central Shaft. This will accelerate
the horizontal development on 26 level from Central Shaft towards the Blanket ore body and will allow the rapid opening of the
AR Main and AR South ore bodies on 26 level. Mid-shaft loading will also reduce the logistical pressure on 22 level. These amendments
to the Central Shaft project are discussed further in section 4.9.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Capital development
was also done at the declines at AR South and AR Main, the haulage on 26 level from Blanket towards AR South, the extraction haulage
at Eroica on 22 level, the extraction haulage on 26 level at the Blanket 2 and 4 orebodies and a cross cut towards diamond drilling
cubby at AR South. 708 meters of capital development were achieved in the Quarter compared to 479 metres in the preceding quarter.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indigenisation</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Transactions that
implemented the indigenisation of Blanket (which expression in this section refers to the Zimbabwe company that owns Blanket)
were completed on September 5, 2012 following which Caledonia owns 49% of Blanket and has received a Certificate of Compliance
from the Government of Zimbabwe which confirms that Blanket is fully compliant with the <I>Indigenisation and Economic Empowerment
Act.</I></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">As a 49% shareholder,
Caledonia receives 49% of Blanket&rsquo;s dividends plus the repayment of vendor facilitation loans which were extended by Blanket
to certain of the indigenous shareholders. The outstanding balance of the facilitation loans as at September 30, 2017 was $31.24
million (December 31, 2016; $31.46 million). The facilitation loans are repaid by way of dividends from Blanket Mine: 80% of the
dividends declared by Blanket Mine which are attributable to the beneficiaries of the facilitation loans are used to repay such
loans and the remaining 20% unconditionally accrues to the respective indigenous shareholders. Blanket Mine declared a dividend
of $2.5 million in the Quarter which resulted in a reduction on the outstanding balance of the facilitation loans in the Quarter.
The dividends attributable to GCSOT, which holds 10% of Blanket, will be withheld by Blanket to repay the advance dividends which
were paid to GCSOT in 2012 and 2013 and which had an outstanding balance of $2.84 million at September 30, 2017 (December 31,
2016; $3.0 million). The reduction in the outstanding balance of the advance dividend was also due to the dividend of $2.5 million
which was declared by Blanket in the Quarter.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The facilitation loans
are not shown as receivables in Caledonia&rsquo;s financial statements in terms of IFRS. These loans are effectively equity instruments
as their only means of repayment is via dividend distributions from Blanket. Caledonia continues to consolidate Blanket for accounting
purposes. Further information on the accounting effects of indigenisation at Blanket is set out in note 5 to the Unaudited Condensed
Consolidated Interim Financial Statements and in a Frequently Asked Questions page which is available on Caledonia&rsquo;s website.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opportunities
and Outlook</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Revised Investment
Plan to Increase Production</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">On November
9, 2017 the company announced that, in light of the resource upgrade which was published on November 2, 2017 it intends to extend
the Central Shaft from 1,080 metres to 1,330 meters. The extension of the Central Shaft is expected to cost approximately $10
million and the associated capital development of two new levels will cost an additional $8 million, which will be funded by Blanket&rsquo;s
internal cash generation. The additional capital investment is not expected to have any effect on the continuation of Caledonia&rsquo;s
existing dividend.</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">A Preliminary
Economic Assessment (&ldquo;PEA&rdquo;) indicates a project net present value over the life of mine of $193 million based on a
gold price of $1,260 and a 10% discount rate. The Indicated Resource below 30 level of 37,000 ounces justifies the investment
of $18m as a standalone project.</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The extension
of the Central Shaft will add two further production levels on 34 level (1,110 metres) and 38 level (1,230 metres) in addition
to the two new levels that are already planned on 26 (870 metres) and 30 levels (990 metres). The two further production levels
will provide access to the Indicated and Inferred resources below 30 level and will potentially increase Blanket&rsquo;s projected
life of mine by a further four years to 2031. It is also expected that the two further production levels will significantly enhance
operational flexibility at the mine as the deeper shaft will support operations over four levels rather than the previously planned
two levels. This is expected to enable production to continue at the rate of 80,000 ounces per annum until at least 2029 based
on the current Inferred resources below 30 level and potentially longer depending on the future exploration success at depth extensions
of the known ore bodies above 30 level. The deepening of the Central Shaft is not expected to adversely affect the achieving of
the production target of 80,000 ounces of gold by 2021.</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The total project capital
investment involved in completing the Central Shaft and developing four production levels below 22 level (750m) is estimated to
be approximately $51 million over the period 2018 to 2022 which includes $18 million of incremental capital to sink the Central
Shaft to the greater depth and develop two additional production levels. Sustaining capital over the anticipated extended mine
life is expected to be approximately $63 million over the period 2018 to 2031 (approximately $4 million to $5 million per year)
and an additional $11 million of deep level exploration drilling is budgeted for exploration below 22 level. Total life of mine
capital investment from 2018 to 2031 (including the extension) for Blanket is expected to be approximately $125 million. The extension
of the Central Shaft before it has been completed, equipped and commissioned is understood to be significantly cheaper, quicker
and less disruptive than a subsequent extension after commissioning.</FONT></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Total production
from Measured and Indicated resources over the life of mine is expected to be approximately 420,000 ounces and production from
Inferred resources is expected to be approximately 550,000 to 600,000 ounces between 2018 and 2031. Caledonia expects its long
term All-In Sustaining Cost (&ldquo;AISC&rdquo;) guidance to remain in the range of $700 to $800 per ounce. Given the existing
resource classification of Indicated and Inferred resources down to 38 level, a PEA has been prepared in respect of the Inferred
resources which is preliminary in nature and includes Inferred resources that are considered too speculative geologically to have
economic considerations applied to them that would enable them to be classified as mineral reserves. There is no certainty that
the PEA will be realised.</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The changes
to the Central Shaft project as stated above result in a revised life of mine plan for the Blanket Mine (the &ldquo;LOMP&rdquo;)
in terms of which it is anticipated that the approximate production from existing Proven and Probable mineral reserves above 34
level will be as set out below:</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="29" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left; border: Black 1pt solid">Approximate Production from Proven &amp; Probable Mineral Reserves (2018 &ndash; 2024)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">2018</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">2019</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">2022</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; font-size: 10pt; color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Tonnes milled (000&rsquo;s)</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">564</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">570</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">640</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">720</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">673</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">430</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">133</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Gold Production (koz)</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">59</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">61</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">68</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">80</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">80</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">56</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">19</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The deepening
of the Central Shaft is expected to provide access to the current Inferred Resources down to 38 level and allow for further exploration,
development and mining in these sections along the known Blanket strike, which is approximately three kilometers in length. The
PEA has been prepared in respect of the Inferred Resources down to 38 level. Based on the PEA, approximate additional production
from current Inferred Resources (excluding the projected production set out above) may be achieved in the following indicative
ranges:</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="37" STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: justify; border: Black 1pt solid">Approximate Production from Inferred Mineral Resources (2023 &ndash; 2031)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center; border-bottom: Black 1pt solid">2026</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center; border-bottom: Black 1pt solid">2027</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center; border-bottom: Black 1pt solid">2028</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center; border-bottom: Black 1pt solid">2029</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center; border-bottom: Black 1pt solid">2030</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center; border-bottom: Black 1pt solid">2031</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%; font-size: 10pt; color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Tonnes milled (000&rsquo;s)</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">215</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">494</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">573</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">544</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">594</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">596</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">614</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">425</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="width: 6%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">400</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Gold Production (koz)</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">20-24</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">57-62</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">76-80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">76-80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">76-80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">76-80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">76-80</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">56-60</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 10pt; color: Black">52-56</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center; margin-left: 20pt; text-indent: -20pt"></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Diamond drilling and development is planned to be continued with the objective of increasing confidence in order to upgrade
the categorisation of the resources.</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Blanket implemented a mid-shaft
loading system at the beginning of November 2017 to enable Central Shaft to handle development waste, thereby alleviating some
of the logistical pressure on Number 4 Shaft and ensuring that the horizontal development on 26 and 30 levels can start at least
ten months earlier than the original project schedule. The implementation of mid-shaft loading is also intended to allow Number
6 Winze to hoist ore rather than ore and waste and should reduce waste haulage and hoisting via Number 4 Shaft due to the use
of Central Shaft for the hoisting of development waste.</FONT></P>

<P STYLE="margin: 0pt 8.8pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>Production Guidance</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">On October 5, 2017 Caledonia narrowed
the range of its production guidance for 2017 from between 52,000 and 57,000 ounces of gold to a range of between 54,000 and 56,000
ounces of gold.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">As discussed in section 4.9, production
guidance for 2018 is in the range of 55,000 to 59,000 ounces of gold.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">This is forward looking information
as defined by National Instrument 51-102. Refer to Section 18 of the MD&amp;A for further information on forward looking statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>Cost Guidance</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The estimated on-mine cost for 2017
is unchanged at between $615 and $645 per ounce and the estimated all in sustaining cost per ounce for 2017 is unchanged at between
$820 and $860 per ounce.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The estimated on-mine cost for 2018
is in the range of $650 to $685 per ounce and the estimated all-in sustaining cost for 2018 is in the range of $845 to $890 per
ounce. The increased costs per ounce in 2018 is due to the introduction of new equipment to mine areas below 750 meters which
will result in temporary, additional maintenance and operating costs.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>Earnings Guidance</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Assuming a third-party gold price forecast
of $1,275 per ounce for the remainder of 2017, earnings guidance for 2017 is between 120 cents and 155 cents per share. Earnings
guidance for 2018 assuming a gold price of $1,260 per ounce is between 140 and 155 cents per share.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>Exploration</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Caledonia intends
to continue its exploration efforts at the Blanket Mine as discussed in Section 5.1 of the MD&amp;A. Further information on Blanket&rsquo;s
exploration is set out in Section 5 of this MD&amp;A.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Strategy</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Caledonia&rsquo;s
strategic focus is on implementing the Investment Plan at Blanket on schedule and within budget. Caledonia&rsquo;s board and management
believe the successful implementation of the Investment Plan remains in the best interests of all stakeholders because it is expected
to result in increased production, reduced operating costs and greater flexibility to undertake further exploration and development,
thereby safeguarding and enhancing Blanket&rsquo;s long term future.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXPLORATION AND
PROJECT DEVELOPMENT</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Caledonia&rsquo;s exploration activities
are focussed on the growth and development of Blanket Mine and its satellite properties.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blanket
Exploration</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">6,235 meters were
drilled in the Quarter compared to 6,359 metres in the preceding quarter. Drilling in the Quarter was targeted at Blanket Section,
AR Main and AR South (North-South and East&ndash;West Limbs) between 22 Level and 34 Levels.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The results returned
so far confirm the strong continuation of the Blanket Section orebodies to depth. Results at AR Main indicate continuity of mineralisation
to 30 Level but orebody thinning to sub-economic levels below this. Drilling of the AR South North-South limb has only recently
commenced. Geological interpretation of the drilling that has been performed to date on the AR South East-West limb is currently
under way.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Based on development
and diamond core drilling that has been done to the end of August 2017 combined with improvements to the geological model, total
Measured and Indicated gold ounces at Blanket Mine have increased by 6% from 671,000 ounces in December 2016 to 714,000 ounces
today. Total Measured and Indicated resources now stand at 5.62 million tonnes at a grade of 3.95g/t. Inferred gold resources
at Blanket have been increased by 47% from 604,000 ounces in December 2016 to 887,000 ounces today. Total Inferred resources now
stand at 5.53 million tonnes at a grade of 4.99g/t.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">These results are
provisional and will be updated following any material change to reflect the results of ongoing exploration and definition drilling.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The update has resulted
in a modest decline in the average grade of the resources in the Indicated category as a result of additional infill drilling
data although the average resource grade remains well above the current mill feed grade. Caledonia expects the mined grade to
trend upwards over time as higher-grade resources are accessed at depth.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The increase in Measured
and Indicated resources has increased the Proven reserves and Indicated resources that may be used in the life of mine plan by
45 per cent from 3.33 million tonnes used for the Technical Report published in December 2014, to 4.84 million tonnes currently.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="background-color: white">
    <TD COLSPAN="8" STYLE="border: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Blanket
    Total Resources (effective 31 August 2017)</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Resource
    Category</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Tonnes
    (Mt)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Grade
    (g/t)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Contained
    Gold (koz)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Dec
    16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Aug
    17</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Dec
    16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Aug
    17</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Dec
    16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Aug
    17</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">%
    change</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 27%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Measured
    (M)</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1.53</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1.81</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">4.04</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>3.9</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">199</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>227</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">14%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Indicated
    (I)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3.41</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>3.81</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">4.31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>3.98</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">473</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>488</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Total
    M&amp;I</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">4.94</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>5.62</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">4.23</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>3.95</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">671</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>714</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">6%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Inferred</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3.76</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>5.53</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">4.99</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>4.99</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">604</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>887</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">47%</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">All resources for
Blanket are shown on a 100% basis, Caledonia owns 49% of Blanket.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">A surface drilling
programme is underway to investigate &ldquo;near mine&rdquo; targets and their potential with the aim of scoping out new resources
within easy reach of Blanket Mine plant. Initial drilling has been carried out along the northern strike of Lima, at Old Lima
and Smiler and on the Sabiwa - Jean structure which represents a continuation of the Vubachikwe strike to the north. Drilling
in the Quarter was focussed on the Sabiwa prospect. Consolidation of results and geological interpretation of drilling to date
is currently underway.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blanket
Satellite Prospects </B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Blanket Mine has exploration title holdings
in the form of registered mining claims in the Gwanda Greenstone Belt totalling 93 claims covering properties with a total area
of about 2,500 hectares. Included within these claim areas are 18 previously operated small gold workings which warrant further
exploration.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Blanket&rsquo;s main exploration efforts
on the satellite properties were focused on the GG and the Mascot exploration prospects which, based on past production records,
were believed to have the greatest potential. Due to the continued high level of capital investment in terms of the Investment
Plan and Blanket&rsquo;s limited funding capacity, exploration and metallurgical evaluation work at GG and Mascot was suspended
in 2016 and resources were re-deployed at Blanket at the AR South decline and re-opening the Sheet ore body where it is expected
there will be better returns on the capital investment. Work is expected to resume on the GG and Mascot prospects when Blanket
has sufficient funds available.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="color: Black"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>INVESTING
                                         </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">An analysis of investment in the Quarter
and the years 2015 and 2016 is set out below.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 27%; border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0.3in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 15.25pt"><FONT STYLE="color: Black">2015</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 15.85pt"><FONT STYLE="color: Black">Year</FONT></P></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 15.25pt"><FONT STYLE="color: Black">2016</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 15.25pt"><FONT STYLE="color: Black">Year</FONT></P></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 15.25pt"><FONT STYLE="color: Black">2017</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 15.25pt"><FONT STYLE="color: Black">Q1</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-top: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 15.25pt"><FONT STYLE="color: Black">2017</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 15.25pt"><FONT STYLE="color: Black">Q2</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 15.25pt"><FONT STYLE="color: Black"><B>2017</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 15.25pt"><FONT STYLE="color: Black"><B>Q3</B></FONT></P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Total
    Investment </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 14.1pt"><FONT STYLE="font-size: 10pt; color: Black">16,567</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 3.35pt"><FONT STYLE="font-size: 10pt; color: Black">19,159</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 2.25pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt; color: Black">3,370</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 2.25pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt; color: Black">4,421</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 2.25pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt; color: Black"><B>7,094</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Blanket
    </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 14.1pt"><FONT STYLE="font-size: 10pt; color: Black">16,567</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 3.35pt"><FONT STYLE="font-size: 10pt; color: Black">19,146</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 2.25pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt; color: Black">3,370</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 2.25pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt; color: Black">4,421</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 2.25pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt; color: Black"><B>7,094</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 14.1pt"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 3.35pt"><FONT STYLE="font-size: 10pt; color: Black">13</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 2.25pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 2.25pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 2.25pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">All further investment at Blanket is
expected to be funded from Blanket&rsquo;s internal cash flows and its Zimbabwean borrowing facilities.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="color: Black"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>FINANCING
                                         </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Caledonia financed
all its operations using funds on hand and those generated by its operations. No equity financing took place in the Quarter and
none is currently planned. Blanket has an unsecured $4 million overdraft facility in Zimbabwe which is repayable on demand. At
September 30, 2017 the facility was undrawn. In October 2016 Blanket drew down a $3 million two-year term facility of which $1.999
million remained payable as at September 30, 2017.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>LIQUIDITY
                                         AND CAPITAL RESOURCES </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 11.55pt; text-align: justify"><FONT STYLE="color: Black">An analysis of
Caledonia&rsquo;s capital resources as at September 30, 2017 and each of the preceding 5 quarters is set out below.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 11.55pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"><B>Liquidity
        and Capital Resources</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"><B><I>($&rsquo;000&rsquo;s)</I></B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border-left: Black 1pt solid; text-align: right; text-indent: 0in"></TD>
    <TD STYLE="width: 9%; text-align: center">As at</TD>
    <TD STYLE="width: 9%"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">June 30</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">2016</FONT></P></TD>
    <TD STYLE="width: 9%"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">Sept 30</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">2016</FONT></P></TD>
    <TD STYLE="width: 9%"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">Dec 31</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">2016</FONT></P></TD>
    <TD STYLE="width: 9%"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">Mar 31</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">2017</FONT></P></TD>
    <TD STYLE="width: 10%"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">June 30</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">2017</FONT></P></TD>
    <TD STYLE="width: 9%; border-right: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>Sept 30</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>2017</B></FONT></P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt; color: Black">Overdraft</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,549</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">130</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Term
    facility</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,987</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,676</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,340</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1,999</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Cash
    and cash equivalents in the statement of cashflows (net of overdraft)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10,581</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">12,390</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">14,335</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">11,722</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10,878</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>11,830</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt; color: Black">Working
    capital</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">15,708</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">14,682</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">15,960</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">16,245</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">14,284</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>11,828</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: normal; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: normal; text-align: justify"><FONT STYLE="color: Black">Movements in Caledonia&rsquo;s
net cash, the overdraft and working capital and an analysis of the sources and uses of Caledonia&rsquo;s cash are discussed in
Section 3 of this MD&amp;A. The overdraft facility is held by Blanket with a Zimbabwean bank and is unsecured and repayable on
demand. The term facility is held by Blanket with a Zimbabwean bank, is secured and has a two-year term with equal quarterly repayments.
The Company&rsquo;s liquid assets as at September 30, 2017 exceed its planned and foreseeable commitments as set out in Section
9 of this MD&amp;A.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: normal; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="color: Black"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>OFF-BALANCE
                                         SHEET ARRANGEMENTS, CONTRACTUAL COMMITMENTS AND CONTINGENCIES </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">There are no off balance sheet arrangements
apart from the facilitation loans of $31.46&nbsp;million which are not reflected as loans receivable for IFRS purposes (refer
to note 5 of the Unaudited Condensed Consolidated Interim Financial Statements). The company has the following contractual obligations
at September 30, 2017.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><B>Payments due by Period </B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"><I>($&rsquo;000&rsquo;s)</I></FONT></P></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; text-align: center"><FONT STYLE="color: Black"><B>Falling due</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: Black"><B>Within 1 year</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: Black"><B>1-3 years</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: Black"><B>4-5 years</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: Black"><B>After 5 years</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="color: Black"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="color: Black">Trade and
    other payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="color: Black">13,135</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="color: Black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="color: Black"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="color: Black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">13,135</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="color: Black">Term Loan</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="color: Black">1,666</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="color: Black">333</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="color: Black"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="color: Black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">1,999</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="color: Black">Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="color: Black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="color: Black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="color: Black"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center"><FONT STYLE="color: Black">3,481</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">3,481</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="color: Black">Capital
    expenditure commitments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">508</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">508</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 35%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">In addition to the committed purchase
obligations set out above, Blanket currently intends to invest approximately $23.5 million, which will be used to maintain Blanket&rsquo;s
existing operations and implement the Investment Plan which are discussed in Sections 4.7 and 4.9 of this MD&amp;A. Committed
and uncommitted purchase obligations will be met from the cash generated from Blanket&rsquo;s existing operations and Blanket&rsquo;s
existing borrowing facility. Caledonia has no obligations in respect of capital or operating leases. As of September 30, 2017,
Caledonia had potential liabilities for rehabilitation work on the Blanket and Eersteling Mines<FONT STYLE="font-size: 10pt"><SUP>[2]
</SUP></FONT>&ndash; if and when those mines are permanently closed &ndash; at an estimated discounted cost of $3.5 million.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>NON-IFRS
                                         MEASURES</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Throughout this document,
we have provided measures prepared in accordance with IFRS in addition to some non-IFRS performance measures for investors who
use them to evaluate our performance. Since there is no standard method for calculating non-IFRS measures, they are not a reliable
way to compare Caledonia against other companies. Non-IFRS measures should be used along with other performance measures prepared
in accordance with IFRS. We have defined below the non-IFRS measures we have used in this document and provide a reconciliation
of such non-IFRS measures to the IFRS measures we report.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
per ounce</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Non-IFRS performance
measures such as &ldquo;on-mine costs per ounce&rdquo;, &ldquo;all-in sustaining costs per ounce&rdquo; and &ldquo;all-in costs
per ounce&rdquo; are used in this document. Management believes these measures assist investors and other stakeholders in understanding
the economics of gold mining over the life-cycle of a mine. These measures are calculated on the basis set out by the World Gold
Council in a Guidance Note published on June 23, 2013 and accordingly differ from the previous basis of calculation. The table
below reconciles &ldquo;on-mine costs per ounce&rdquo;, &ldquo;all-in sustaining costs per ounce&rdquo; and &ldquo;all-in costs
per ounce&rdquo; to the production costs shown in the financial statements which have been prepared under IFRS.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;____________________________</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><SUP>5</SUP> <FONT STYLE="font-size: 10pt; color: Black">Eersteling
Mine is a South African gold property, which has been held on care and maintenance for several years. </FONT><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Reconciliation
    of IFRS Production Cost to Non-IFRS Costs per ounce</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B><I>($&rsquo;000&rsquo;s
        unless otherwise indicated)</I></B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P></TD>
    <TD COLSPAN="2"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>3 Months
        to September 30</B></FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black"><B>9 Months
        to September 30</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2017</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="width: 13%; border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Production
    cost (IFRS)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">9,090</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>9,080</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">25,213</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>26,992</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Less
    exploration and site restoration costs</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">(260)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(109)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">(449)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(331)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Other
    cost and intercompany adjustments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">(535)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>215</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">(679)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>167</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">On-mine
    production cost</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">8,295</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>9,186</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">24,085</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>26,828</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Gold
    sales (oz)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">13,428</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>14,396</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">37,436</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>40,465</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B><I>On-mine
    costs per ounce ($/oz)</I></B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><I>618</I></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B><I>638</I></B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><I>643</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B><I>663</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Royalty</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">883</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>913</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,340</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2,512</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Export
    incentive</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(639)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(1,757)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Exploration,
    remediation and permitting cost</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">92</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(97)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">255</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>71</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Sustaining
    capital development</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,739</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>98</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3,729</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>700</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Administrative
    expenses</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,997</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1,607</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">5,233</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>4,541</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Silver
    by-product credit</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">(21)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(19)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">(47)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(55)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Share-based
    payment expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">497</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>73</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">747</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>607</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">All
    in sustaining cost </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">13,482</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>11,122</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">35,595</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>33,447</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Gold
    sales (oz)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">13,428</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>14,396</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">37,436</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>40,465</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B><I>All-in
    sustaining costs per ounce ($/oz)</I></B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><I>1,004</I></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B><I>773</I></B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><I>951</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B><I>827</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Permitting
    and exploration expenses</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">41</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>39</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">125</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>137</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Expansion
    capital development</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3,331</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>7,427</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">9,871</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>14,185</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Total
    all-in cost</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">16,853</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>18,588</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">45,591</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>47,769</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Gold
    sales (oz)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">13,428</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>14,396</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">37,436</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>40,465</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B><I>All-in
    costs per ounce ($/oz)</I></B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><I>1,251</I></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B><I>1,291</I></B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><I>1,218</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B><I>1,181</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average
realised gold price per ounce</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&ldquo;Average realised
price per ounce&rdquo; is a non-IFRS measure which, in conjunction with the cost per ounce measures described above, allows stakeholders
to assess our performance. The table below reconciles &ldquo;average realised price per ounce&rdquo; to the revenue shown in the
financial statements which have been prepared under IFRS.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"><B>Reconciliation
        of Average Realised Gold Price per Ounce</B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"><B><I>($&rsquo;000&rsquo;s
        unless otherwise indicated)</I></B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-left: 17.5pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-left: 17.5pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-left: 17.5pt; text-align: center; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 17.5pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>3
    Months to September 30</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; padding-left: 17.5pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>9
    Months to September 30</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 48%; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="width: 13%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2017</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="width: 13%; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2017</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.1in; color: #333366; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt; color: Black"><B>Revenue
    &nbsp;(IFRS)</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">17,637</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>18,230</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">46,741</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>50,163</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.1in; color: #333366; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt; color: Black">Revenues
    from sales of silver </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">(21)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(19)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">(47)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(56)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.1in; color: #333366; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt; color: Black">Revenues
    from sales of gold </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">17,616</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>18,211</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">46,694</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>50,107</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.1in; color: #333366; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt; color: Black">Gold
    ounces sold (oz)</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">13,428</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>14,396</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">37,436</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>40,465</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; color: #333366; text-align: left; text-indent: 0.5pt"><FONT STYLE="font-size: 10pt; color: Black">Average
    realised gold price per ounce (US$/oz)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,312</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1,265</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,247</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1,238</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted
earnings per share</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&ldquo;Adjusted earnings
per share&rdquo; is a non-IFRS measure which management believes assists investors in understanding the Company&rsquo;s underlying
performance. The table below reconciles &ldquo;adjusted earnings per share&rdquo; to the Profit/Loss attributable to Owners of
the Company shown in the financial statements which have been prepared under IFRS.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">* On June 26, 2017 the Company consolidated its issued shares on the effective basis of 1 share for every 5 previously owned.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Reconciliation
        of Adjusted Earnings per Share (&ldquo;Adjusted EPS&rdquo;) to IFRS Profit Attributable to Owners of the Company </B></FONT></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B><I>($&rsquo;000&rsquo;s
        unless otherwise indicated)</I></B></FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 17.5pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>3
    Months to September 30</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; padding-left: 17.5pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>9
    Months to September 30</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 51%; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="width: 12%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2017</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2016</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2017</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>Profit
    attributable to owners of the Company (IFRS)</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,118</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>3,120</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">5,268</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>6,152</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Add
    back/(deduct) amounts attributable to owners of the company in respect of:</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 15.5pt; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">IFRS
    19 adjustment</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">40</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>50</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>50</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 15.5pt; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Equity-settled
    share based payments</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>806</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 15.5pt; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Foreign
    exchange</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">132</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(65)</B></FONT></TD>
    <TD STYLE="vertical-align: top; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">332</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>(84)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 15.5pt; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Deferred
    tax</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">1,004</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>1,199</B></FONT></TD>
    <TD STYLE="vertical-align: top; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">3,544</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>2,288</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 15.5pt; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Sale
    of Blanket Mine treasury bills</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">(2,378)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>-</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 2pt; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Adjusted
    profit</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">2,294</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>4,304</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">6,806</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>9,212</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 2pt; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Weighted
    average shares in issue (m)*</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10.4</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>10.5</B></FONT></TD>
    <TD STYLE="vertical-align: top; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">10.4</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>10.5</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Adjusted
    EPS (cents)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">22.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>40.8</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">65.4</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black"><B>87.3</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Per share information
for the Quarter reflects the number of shares in issue following the implementation of the effective 1 for 5 share consolidation
on June 26, 2017. Per share information for all prior periods has been restated accordingly.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>RELATED
                                         PARTY TRANSACTIONS</B></FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">There were no related
party transactions in the Quarter.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>CRITICAL
                                         ACCOUNTING POLICIES</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Caledonia's accounting
policies are set out in the Audited Consolidated Financial Statements for the year ended December 31, 2016 (the &ldquo;Audited
Consolidated Financial Statements&rdquo;) which have been publicly filed on SEDAR at www.sedar.com. In preparing the Unaudited
Condensed Consolidated Interim Financial Statements, management is required to make estimates and assumptions that affect the
amounts represented in the Unaudited Condensed Consolidated Interim Financial Statements and related disclosures. Use of available
information and the application of judgement are inherent in the formation of estimates. Estimates and underlying assumptions
are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised
and in any future periods affected. Discussion of recently issued accounting pronouncements is set out in note 4(p) of the Audited
Consolidated Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Information about
critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the Unaudited
Condensed Consolidated Interim Financial Statements is included in the following notes:</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0pt; font-size: 10pt; line-height: 115%; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indigenisation transaction </B></FONT></P>

<P STYLE="margin: 0pt 0 0pt 4.5pt; font-size: 10pt; line-height: 115%; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The directors of CHZ
performed an assessment, using the requirements of IFRS 10: <I>Consolidated Financial Statements</I> (IFRS 10), and concluded
that CHZ should continue to consolidate Blanket Mine and accounted for the transaction as follows:</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Non-controlling
                                         interests (&ldquo;NCI&rdquo;) are recognised on the portion of shareholding upon which
                                         dividends declared by Blanket Mine accrue unconditionally to equity holders as follows:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">20%
                                         of the 16% shareholding of the National Indigenisation and Economic Empowerment Fund
                                         (&ldquo;NIEEF&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">20%
                                         of the 15% shareholding of Fremiro Investments (Private) Limited (&ldquo;Fremiro&rdquo;);
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">100%
                                         of the 10% shareholding of GCSOT.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">This
                                         effectively means that NCI is recognised at Blanket Mine level at 16.2% of the net assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Symbol; color: Black">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">The
                                         remaining 80% of the shareholding of NIEEF and Fremiro is recognised as NCI to the extent
                                         that their attributable share of the net asset value of Blanket Mine exceeds the balance
                                         on the facilitation loans including interest. At June 30, 2017 the attributable net asset
                                         value did not exceed the balance on the respective loan accounts and thus no additional
                                         NCI was recognised.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The transaction with
Blanket Employee Trust Services (Private) Limited (&ldquo;BETS&rdquo;) is accounted for in accordance with IAS 19 <I>Employee
Benefits</I> (profit sharing arrangement) as the ownership of the shares does not ultimately pass to the employees. The employees
are entitled to participate in 20% of the dividends accruing to the 10% shareholding in Blanket Mine if they are employed at the
date of such distribution. To the extent that 80% of the attributable dividends exceed the balance on the BETS facilitation loan
they will accrue to the employees at the date of such declaration.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The Employee Trust
and BETS are structured entities which are effectively controlled and consolidated by Blanket Mine. Accordingly the shares held
by BETS are effectively treated as treasury shares in Blanket Mine and no NCI is recognised.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: 115%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="color: Black"><B>i)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Site
                                         restoration provisions</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The site restoration
provision has been calculated for the Blanket Mine based on an independent analysis of the rehabilitation costs as performed in
2015 and based on the internal assessment for Eersteling Gold Mining Company Limited. Estimates and assumptions are made when
determining the inflationary effect on current restoration costs and the discount rate to be applied in arriving at the present
value of the provision. Assumptions, based on the current economic environment, have been made which management believes are a
reasonable basis upon which to estimate the future liability. These estimates take into account any material changes to the assumptions
that occur when reviewed by management. Estimates are reviewed annually and are based on current regulatory requirements. Significant
changes in estimates of contamination, restoration standards and techniques will result in changes to provisions from period to
period. Actual rehabilitation costs will ultimately depend on future market prices for the rehabilitation costs which will reflect
the market condition at the time the rehabilitation costs are actually incurred.&nbsp; The final cost of the currently recognized
site rehabilitation provisions may be higher or lower than currently provided for.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 32.2pt"><FONT STYLE="color: Black"><B>ii)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Functional
                                         and presentation currency</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">In preparing the financial
statements of the Group entities, transactions in currencies other than the Group entities&rsquo; functional currency (foreign
currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary
assets and liabilities are translated using the current foreign exchange rate. Non-monetary assets and liabilities are translated
using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions
are included in profit or loss for the year.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: 115%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="color: Black"><B>iv)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Exploration
                                         and evaluation (&ldquo;E&amp;E&rdquo;) expenditure</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The Group makes estimates
and assumptions regarding the possible impairment of E&amp;E properties by evaluating whether it is likely that future economic
benefits will flow to the Group, which may be based on assumptions about future events or circumstances. Estimates and assumptions
made may change if new information becomes available. If information becomes available suggesting that the recovery of expenditures
is unlikely, the amount capitalized is written off in profit or loss in the period the new information becomes available. The
recoverability of the carrying amounts of exploration and evaluation assets depends upon the availability of sufficient funding
to bring the properties into commercial production, the price of the products to be recovered and the undertaking of profitable
mining operations. As a result of these uncertainties, the actual amount recovered may vary significantly from the carrying amount.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 115%; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Income taxes</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 115%; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Significant estimates
and assumptions are required in determining the provision for income taxes. There are many transactions and calculations undertaken
during the ordinary course of business for which the ultimate tax determination is uncertain. Caledonia records its best estimate
of the tax liability including any related interest and penalties in the current tax provision. In addition, Caledonia applies
judgement in recognizing deferred tax assets relating to tax losses carried forward to the extent that there are sufficient taxable
temporary differences (deferred tax liabilities) relating to the same taxation authority and the same taxable entity against which
the unused tax losses can be utilized or sufficient estimated taxable income against which the losses can be utilized.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 115%; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Share-based payment transactions</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 115%; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The fair value of
the amount payable to employees in respect of share-based awards, which are settled in cash, is recognised as an expense with
a corresponding increase in liabilities, over the period over which the employee becomes unconditionally entitled to payment.
The liability is re-measured at each reporting date. Any changes in the fair value of the liability are recognised as a personnel
expense in profit or loss. Additional information about significant judgements and estimates and the assumptions used to estimate
fair value for cash settled share-based payment transactions are disclosed in note 8 to the Unaudited Condensed Consolidated Interim
Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B></B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 115%; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Impairment</B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 115%; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">At each reporting
date, Caledonia determines if impairment indicators exist, and if present, performs an impairment review of the non-financial
assets held in Caledonia. The exercise is subject to various judgemental decisions and estimates. Financial assets are also reviewed
regularly for impairment.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 21.3pt"><B>13.</B></TD>
    <TD STYLE="text-align: justify"><B>FINANCIAL INSTRUMENTS</B></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B></B></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Commodity risk:
</B>Caledonia is exposed to fluctuations in the price of gold because Blanket produces and sells gold dor&eacute; and receives
the prevailing spot price for the gold contained therein. Caledonia does not use any financial instruments to manage its exposure
to commodity risk. Caledonia will re-assess the requirement for any hedging in the context of, inter alia, the prevailing gold
price and Blanket&rsquo;s production rate and cash generation capacity.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Credit risk: </B>The
carrying amount of financial assets as disclosed in the statements of financial position and related notes represents the maximum
credit exposure. The trade receivable relates to gold bullion sold before quarter end and VAT receivables. The amount due in respect
of bullion sales was settled in October 2017; the VAT receivable is outside the agreed terms of such refunds.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Impairment losses:
</B>None of the trade and other receivables is past due at the period-end date.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Liquidity risk:
</B>All trade payables and bank overdraft have maturity dates that are expected to mature in under 6 months. The two-year term
loan is repayable in equal quarterly instalment from April 2017 until October 2019.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Currency risk:
</B>A small proportion of Caledonia&rsquo;s assets, financial instruments and transactions are denominated in currencies other
than the US Dollar. The financial results and financial position of Caledonia are reported in United States dollars in the Unaudited
Condensed Consolidated Interim Financial Statements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The fluctuation of
the US Dollar in relation to other currencies will consequently have an impact upon the profitability of Caledonia and may also
affect the value of Caledonia&rsquo;s assets and liabilities and the amount of shareholders&rsquo; equity.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Caledonia has certain
financial assets and liabilities denominated in foreign currencies. Caledonia does not use any derivative instruments to reduce
its foreign currency risks. To reduce exposure to currency transaction risk, Caledonia maintains cash and cash equivalents in
the currencies used by Caledonia to meet short-term liquidity requirements.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Interest rate risk:
</B>Interest rate risk is the risk borne by an interest-bearing asset or liability as a result of fluctuations in interest rates.
Unless otherwise noted, it is the opinion of management that Caledonia is not exposed to significant interest rate risk as it
has limited debt financing. Caledonia&rsquo;s cash and cash equivalents include highly liquid investments that earn interest at
market rates. Caledonia manages its interest rate risk by endeavouring to maximize the interest income earned on excess funds
while maintaining the liquidity necessary to conduct operations on a day-to-day basis. Caledonia&rsquo;s policy focuses on preservation
of capital and limits the investing of excess funds to liquid term deposits in high credit quality financial institutions.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B>14.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>DIVIDEND
                                         POLICY </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 12pt; text-align: justify"><FONT STYLE="color: Black">Caledonia paid its
inaugural dividend of 5 Canadian cents per share in February 2013 following a capital re-structure which was approved by shareholders
in January 2013 which allowed it to make dividend payments. The inaugural dividend did not relate to any specific accounting period.
Caledonia paid a further dividend of 5 Canadian cents per share in April 2013 in respect of the earnings for the year to December
31, 2012.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 12pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">On November
25, 2013 Caledonia announced a revised dividend policy pursuant to which it intended to pay a dividend of 6 Canadian cents per
share in 2014, split into 4 equal quarterly payments of 1.5 Canadian cents per share. The first quarterly dividend was paid on
January 31, 2014; further payments were made quarterly thereafter.</FONT></P>

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Following
the announcement on December 16, 2015 that henceforth Caledonia would report its financial results in United States Dollars, the
quarterly dividend that was paid at the end of January 2016 was declared and denominated in US Dollars as 1.125 US cents. A further
quarterly dividend of 1.125 US cents was paid at the end of April 2016.</FONT></P>

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">On July
5, 2016 Caledonia announced an increased quarterly dividend of 1.375 US cents per share, which was paid at the end of July 2016;
further dividends of 1.375 US cents were paid at the end of October 2016 and January and April 2017.</FONT></P>

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Following
the share consolidation on June 26, 2017, the Company announced on July 4, 2017 an increased quarterly dividend of 6.875 cents
which was paid on July 28, 2017 and on October 27, 2017. The dividend of 6.875 cents per share effectively maintains the dividend
at the previous level of 1.375 cents per share, after adjusting for the effect of the consolidation. The quarterly dividend of
6.875 US cents per quarter is Caledonia&rsquo;s current dividend policy which it is envisaged will be maintained.</FONT></P>

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B>15.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>MANAGEMENT AND
                                                                                                     BOARD</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">There were no changes
to the management structure during the period under review.&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">Mr Jim Johnstone retired
as a non-executive director during the Quarter. He retired as an executive with the company in 2006, but continued as a non-executive
director.&nbsp;The board and management of Caledonia would like to express their sincere appreciation to Mr. Johnstone for his
diligent and valued service to the Company during the last two decades and more recently his astute and helpful contributions
on the board as a non-executive director. Mr. Johnstone will continue to make himself available to provide his advice to the Company
in a consultancy capacity for the next two years. Following Mr. Johnstone&rsquo;s retirement, the board comprises two executive
and four non-executive directors.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B>16.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>SECURITIES
                                         OUTSTANDING</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: Black">As at November 13, 2017 Caledonia had <B>10,585,153 </B>common
shares issued.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 11.55pt; text-align: justify"><FONT STYLE="color: Black">As at November
13, 2017, outstanding options to purchase common shares (&ldquo;Options&rdquo;), as adjusted following the consolidation, are
as follows:</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 11.55pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: right">Number of Options</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: right">Exercise Price</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: right">Expiry Date</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: right">Canadian $</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%; font-size: 10pt; color: Black; text-align: right; text-indent: 0.3in">&nbsp;18,000</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="width: 33%; font-size: 10pt; color: Black; text-align: right; text-indent: 0.3in">&nbsp;4.50</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="width: 32%; font-size: 10pt; color: Black; text-align: right; text-indent: 0.3in">Sept 10, 2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; text-indent: 0.3in">&nbsp;5,000</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; text-indent: 0.3in">&nbsp;4.00</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; text-indent: 0.3in">Oct 8, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; text-indent: 0.3in">&nbsp;18,000</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; text-indent: 0.3in">&nbsp;11.50</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; text-indent: 0.3in">Oct 13, 2021</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; padding-bottom: 1pt; text-indent: 0.3in; border-bottom: Black 1pt solid">&nbsp;5,000</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; padding-bottom: 1pt; text-indent: 0.3in">&nbsp;8.10</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; padding-bottom: 1pt; text-indent: 0.3in">May 30, 2022</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; text-align: right; padding-bottom: 1pt; text-indent: 0.3in; border-bottom: Black 1pt solid">46,000</TD><TD STYLE="font-size: 10pt; color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify; padding-bottom: 1pt; text-indent: 0.3in">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The 18,000 options with an expiry date
of September 10, 2017 were unable to be exercised as the Company was in a self-imposed trading blackout in respect of the option
holder. In this circumstance, in terms of the scheme rules, such options are extended until the trading blackout has ended.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">The LTIP allows that the number of shares
reserved for issuance to participants under the Plan, together with shares reserved for issue under any other share compensation
arrangements of the Company, shall not exceed the number which represents 10% of the issued and outstanding shares from time to
time. Accordingly, Caledonia could grant options on a further 1,012,515 shares as at November 13, 2017.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B>17.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>RISK
                                         ANALYSIS </B></FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The business of Caledonia
contains significant risk due to the nature of mining, exploration and development activities. Risks such as interest rate, foreign
exchange and credit risks are considered in notes 6 and 24 to the Audited Consolidated Financial Statements. Caledonia&rsquo;s
business contains significant additional risks due to the jurisdictions in which it operates and the nature of mining, exploration
and development. Included in the risk factors below are details of how management seeks to mitigate the risks where this is possible.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Liquidity risk:
</B>The Company needs to generate capital to be able to continue to invest in properties and projects without raising third party
financing. Caledonia currently has sufficient cash resources and continues to generate sufficient cash to cover all of its anticipated
investment needs. Liquidity risk also includes the risk that Caledonia may be unable to extract sufficient cash from Zimbabwe
due to the shortage of foreign exchange in Zimbabwe.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Availability of
foreign exchange: </B>The Company needs access to foreign exchange in Zimbabwe so that it can pay for imported goods and equipment
and remit funds to Group companies outside Zimbabwe. No assurance can be given that sufficient foreign exchange will continue
to be available.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Exploration Risk</B>:
The Company needs to identify new resources to replace ore which has been depleted by mining activities and to commence new projects.
Blanket has embarked on development and exploration programmes as set out in sections 4.7 and 5. No assurance can be given that
exploration will be successful in identifying sufficient mineral resources of an adequate grade and suitable metallurgical characteristics
that are suitable for further development or production.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Development Risk</B>:
The Company is engaged in development activities at Blanket Mine and the satellite properties including the implementation of
the Investment Plan as set out in section 4.9 of the MD&amp;A. Construction and development of projects are subject to numerous
risks including: obtaining equipment, permits and services; changes in regulations, currency rate changes; labour shortages; fluctuations
in metal prices and the loss of community support. There can be no assurance that construction will commence or continue in accordance
with the current expectations or at all.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Production Estimates</B>:
Estimates for future production are based on mining plans and are subject to change. Production estimates are subject to risk
and no assurance can be given that future production estimates will be achieved. Actual production may vary from estimated production
for a variety of reasons including un-anticipated variations in grades, mined tonnages and geological conditions, accident and
equipment breakdown, changes in metal prices and the cost and supply of inputs and changes to government regulations.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Mineral Rights:
</B>The Company&rsquo;s existing mining claims, licences and permits are in good standing. The Company has to pay fees etc. to
maintain its claims and licence. No assurance can be given that the Company will be able to make payments by the required date
or will meet development and production schedules that are required to protect claims and licences.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Metal Prices: </B>The
Company&rsquo;s operations and exploration and development projects are heavily influenced by the price of gold, which is particularly
subject to fluctuation. Caledonia does not hold any instruments to limit the effect of adverse gold price movements. Management
regularly reviews future cash flow forecasts in the context of the prevailing gold price and likely downside scenarios for future
gold prices.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Increasing input
costs</B>: Mining companies generally have experienced higher costs of steel, reagents, labour and electricity and from local
and national government for levies, fees, royalties and other direct and indirect taxes. Blanket&rsquo;s planned growth should
allow the fixed cost component to be absorbed over increased production, thereby helping to alleviate somewhat the effect of any
further price increases.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Illegal mining</B>:
There has been an increase in illegal mining activities on properties controlled by Blanket. This gives rise to increased security
costs and an increased risk of theft and damage to equipment. Blanket has received adequate support and assistance from the Zimbabwean
police in investigating such cases.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Electricity supply</B>:
Zimbabwe produces and imports less electricity than it requires and has insufficient funds to adequately maintain or upgrade its
distribution infrastructure. This has historically resulted in frequent interruptions to the power supply at Blanket Mine. Blanket
has addressed the issue of interrupted power supply by installing stand-by generators and by entering into an un-interrupted power
supply arrangement with the state-owned electricity company in return for paying a premium tariff. The un-interrupted power supply
arrangement and the stand-by generators do not cover the GG and Mascot exploration properties. More recently, production at Blanket
has been adversely affected by fluctuations in the voltage of the incoming electricity supply. Blanket has addressed this issue
by installing equipment to regulate the incoming electricity supply.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Succession planning</B>:
The limited availability of mining and other technical skills and experience in Zimbabwe and the difficulty of attracting appropriately
skilled employees to Zimbabwe creates a risk that appropriate skills may not be available if, for whatever reason, the current
skills base at Blanket Mine is depleted. The Caledonia and Blanket management teams have recently been augmented so that, if required,
it could provide appropriate support to Blanket if this was required.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Country risk</B>:
The commercial environment in which the Company operates is unpredictable.&nbsp; Potential risks may arise from: unforeseen changes
in the legal and regulatory framework which means that laws may change, may not be enforced or judgements may not be upheld; restrictions
on the movement of currency and the availability of exchange to make payments from Zimbabwe; risks relating to possible corruption,
bribery, civil disorder, expropriation or nationalisation; risks relating to restrictions on access to assets. Management believes
that it has minimised such risks by complying fully with all relevant legislation and by obtaining all relevant regulatory permissions
and approvals.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"><B>Gold marketing
arrangements: </B>In terms of regulations introduced by the Zimbabwean Ministry of Finance in January 2014, all gold produced
in Zimbabwe must be sold to Fidelity, a company which is controlled by the Zimbabwean authorities. Accordingly, all of Blanket&rsquo;s
production has been sold to Fidelity. Blanket has received all payments due from Fidelity in full and on time. However the requirement
to sell to Fidelity increases Blanket&rsquo;s credit risk because Fidelity failed to pay Blanket in the period of hyper-inflation
which existed prior to the adoption of the multi-currency system by Zimbabwe in early 2009.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 21.3pt"><B>18.</B></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>FORWARD LOOKING STATEMENTS</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Information and statements
contained in this MD&amp;A that are not historical facts are &ldquo;forward-looking information&rdquo; within the meaning of applicable
securities legislation that involve risks and uncertainties relating, but not limited to, Caledonia&rsquo;s current expectations,
intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as &ldquo;anticipate&rdquo;,
&ldquo;envisage&rdquo;, &ldquo;believe&rdquo;, &ldquo;expect&rdquo;, &ldquo;goal&rdquo;, &ldquo;plan&rdquo;, &ldquo;target&rdquo;,
&ldquo;intend&rdquo;, &ldquo;estimate&rdquo;, &ldquo;could&rdquo;, &ldquo;should&rdquo;, &ldquo;may&rdquo; and &ldquo;will&rdquo;
or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this MD&amp;A
include: implementation schedules for, and other uncertainties inherent in, the Investment Plan; costs associated with the life
of mine plan; production guidance; estimates of future/targeted production rates; planned mill capacity increases; estimates of
future metallurgical recovery rates and the ability to maintain high metallurgical recovery rates; timing of commencement of operations;
plans and timing regarding further exploration, drilling and development; the prospective nature of exploration and development
targets; the ability to upgrade and convert mineral resources to mineral reserves; capital costs; our intentions with respect
to financial position and third party financing; and future dividend payments. This forward-looking information is based, in part,
on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements
to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include,
but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying
from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions
regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating
costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or
other project approvals, changes in government regulations, legislation and rates of taxation, inflation, changes in exchange
rates, fluctuations in commodity prices, delays in the development of projects and other factors.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Shareholders, potential
shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties
and other factors that could cause actual results to differ materially from those suggested by the forward-looking information.
Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to
be inaccurate, fluctuations in gold price and payment terms for gold sold to Fidelity, risks and hazards associated with the business
of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological
or structural formations, pressures, power outages, fire, explosions, landslides, cave-ins and flooding), 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; 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 un-anticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory
risks, expropriation, the Company&rsquo;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. Shareholders, potential shareholders and prospective investors
are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves
numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the
predictions, forecasts, projections and various future events will not occur. Caledonia reviews forward-looking information for
the purposes of preparing each MD&amp;A; however Caledonia undertakes no obligation to update publicly or otherwise revise any
forward-looking information whether as a result of new information, future events or other such factors which affect this information,
except as required by law.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B>19.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>CONTROLS</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 13pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The
Company has established and maintains disclosure controls and procedures (&ldquo;DC&amp;P&rdquo;) designed to provide reasonable
assurance that material information relating to the Company is made known to the Chief Executive Officer and the Chief Financial
Officer by others, particularly during the period in which annual filings are being prepared, and that information required to
be disclosed in the Company&rsquo;s annual filings, interim filings or other reports filed or submitted by it under securities
legislation is recorded, processed, summarized and reported within the time periods specified by such securities legislation.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 13pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 13pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The
Company&rsquo;s management, along with the participation of the Chief Executive Officer and the Chief Financial Officer have evaluated
the effectiveness of the Company&rsquo;s DC&amp;P as of September 30, 2017. Based on that evaluation, the Chief Executive Officer
and the Chief Financial Officer have concluded that, as at September 30, 2017, the Company&rsquo;s DC&amp;P were effective.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 13pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 13pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The
Company also established and maintains a system of internal controls over financial reporting (&ldquo;ICFR&rdquo;) designed under
the supervision of the Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS, however, due
to inherent limitations, ICFR may not prevent or detect all misstatements and fraud. The Company&rsquo;s board approves the financial
statements and ensures that management discharges its financial responsibilities. The Audit Committee, which is composed of independent
directors, meets periodically with management and auditors to review financial reporting and control matters and recommends the
financial statements to the board of directors for approval.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 13pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 13pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">The
Company&rsquo;s management, including the Chief Executive Officer and the Chief Financial Officer, is responsible for establishing
and maintaining adequate ICFR, and evaluating the effectiveness of the Company&rsquo;s internal control over financial reporting
as at each fiscal year end. Management has used the 2013 Internal Control&ndash;Integrated Framework from the Committee of Sponsoring
Organizations of the Treadway Commission framework to evaluate the effectiveness of the Company&rsquo;s ICFR as at September 30,
2017. Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that as at September
30, 2017, the Company&rsquo;s ICFR was effective.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 13pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; line-height: 13pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">There
have been no changes in the Company&rsquo;s ICFR during the period ended September 30, 2017 that have materially affected, or
are reasonably likely to materially affect, the Company&rsquo;s ICFR.</FONT></P>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B>20.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>QUALIFIED
                                         PERSON</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: Black">Paul
Matthews (BSc (Hons) Geology) is the Company&rsquo;s qualified person as defined by Canada&rsquo;s National Instrument 43-101.
Mr. Matthews is responsible for the technical information provided in this MD&amp;A except where otherwise stated.</FONT> <FONT STYLE="color: Black">M<FONT STYLE="font-size: 10pt">r.
Matthews has reviewed the scientific and technical information included in this document and has approved the disclosure of this
information for the purposes of this MD&amp;A.</FONT></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><FONT STYLE="color: Black">27</FONT></P>

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<TYPE>EX-99.3
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<FILENAME>exh_993.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">Form 52-109F2</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Certification of Interim Filings</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">Full Certificate</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">I, <B>Steven Roy Curtis, Chief Executive Officer of Caledonia Mining Corporation</B>,
certify the following:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><B>Review: </B>I have reviewed the interim financial report and interim MD&amp;A (together, the &ldquo;interim filings&rdquo;)
of <B>Caledonia Mining Corporation</B> (the &ldquo;issuer&rdquo;) for the quarter ended <B>September 30, 2017</B>.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><B>No misrepresentations: </B>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><B>Fair presentation: </B>Based on my knowledge, having exercised reasonable diligence, the interim financial report together
with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><B>Responsibility: </B>The issuer&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National
Instrument 52-109 Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings, for the issuer.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><B>Design:</B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&rsquo;s other certifying
officer and I have, as at the end of the period covered by the interim filings</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>material information relating to the issuer is made known to us by others, particularly during the period in which the interim
filings are being prepared; and</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted
by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities
legislation; and</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&rsquo;s
GAAP.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in"></P>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify"><B>Control framework:</B> The control framework the issuer&rsquo;s other certifying officer and
I used to design the issuer&rsquo;s ICFR is the Internal Control &ndash; Integrated Framework &ndash; published by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO).</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD><B>N/A</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD><B>N/A</B></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-indent: -1in; margin: 0pt 0 0pt 1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><B>Reporting changes in ICFR: </B>The issuer has disclosed in its interim MD&amp;A any change in the issuer&rsquo;s ICFR that
occurred during the period beginning on <B>July 1, 2017 </B>and ended on <B>September 30, 2017 </B>that has materially affected,
or is reasonably likely to materially affect, the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Date: &#9;November 13, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&ldquo;Steven Roy Curtis&rdquo;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">_______________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Steven Roy Curtis </B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Chief Executive Officer</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">2</P>

<P STYLE="margin: 0"></P>

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<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exh_994.htm
<DESCRIPTION>EXHIBIT 99.4
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">Form 52-109F2</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Certification of Interim Filings</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">Full Certificate</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">I, <B>John Mark Learmonth, Chief Financial Officer of Caledonia Mining Corporation</B>,
certify the following:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><B>Review: </B>I have reviewed the interim financial report and interim MD&amp;A (together, the &ldquo;interim filings&rdquo;)
of <B>Caledonia Mining Corporation</B> (the &ldquo;issuer&rdquo;) for the quarter ended <B>September 30, 2017</B>.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><B>No misrepresentations: </B>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain
any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement
not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><B>Fair presentation: </B>Based on my knowledge, having exercised reasonable diligence, the interim financial report together
with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><B>Responsibility: </B>The issuer&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National
Instrument 52-109 Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings, for the issuer.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><B>Design:</B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&rsquo;s other certifying
officer and I have, as at the end of the period covered by the interim filings</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>material information relating to the issuer is made known to us by others, particularly during the period in which the interim
filings are being prepared; and</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted
by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities
legislation; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&rsquo;s
GAAP.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify"><B>Control framework:</B> The control framework the issuer&rsquo;s other certifying officer and
I used to design the issuer&rsquo;s ICFR is the Internal Control &ndash; Integrated Framework &ndash; published by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO).</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD><B>N/A</B></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD><B>N/A</B></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD><B>Reporting changes in ICFR: </B>The issuer has disclosed in its interim MD&amp;A any change in the issuer&rsquo;s ICFR that
occurred during the period beginning on <B>July 1, 2017 </B>and ended on <B>September 30, 2017 </B>that has materially affected,
or is reasonably likely to materially affect, the issuer&rsquo;s ICFR.</TD></TR></TABLE>

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<P STYLE="font-size: 10pt; margin: 0pt 0">Date:&#9;November 13, 2017</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&ldquo;John Mark Learmonth&rdquo;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">_______________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>John Mark Learmonth</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Chief Financial Officer</B></P>



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