<SEC-DOCUMENT>0001171843-18-005899.txt : 20180809
<SEC-HEADER>0001171843-18-005899.hdr.sgml : 20180809
<ACCEPTANCE-DATETIME>20180809072024
ACCESSION NUMBER:		0001171843-18-005899
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20180809
FILED AS OF DATE:		20180809
DATE AS OF CHANGE:		20180809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Caledonia Mining Corp Plc
		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:		181003171

	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:	CALEDONIA MINING CORP
		DATE OF NAME CHANGE:	19950606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDEN NORTH RESOURCE CORP
		DATE OF NAME CHANGE:	19920302
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_080918.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<HR SIZE="4" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>For the month of August 2018</B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Commission File Number: 001-38164</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CALEDONIA MINING CORPORATION PLC</B></P>

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Form 20-F [ X ] Form 40-F [ &nbsp;]</P>

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Yes ___ No <U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: 400; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px; background-color: rgb(255, 255, 255)"><B>INCORPORATION
BY REFERENCE</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: 400; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px; background-color: rgb(255, 255, 255)">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: 400; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0px; background-color: rgb(255, 255, 255)">Exhibits
99.1 to 99.4 included with this report on Form 6-K are expressly incorporated by reference into this report and are hereby incorporated
by reference as exhibits to the Registration Statement on Form F-3 of Caledonia Mining Corporation Plc (File No. 333-224784<FONT STYLE="background-color: White">),
as amended or supplemented.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; font-weight: 400; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0px; background-color: rgb(255, 255, 255)">&nbsp;</P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 49%; font-size: 10pt">Dated: August 9, 2018</TD>
    <TD STYLE="width: 51%">
        Caledonia Mining Corporation Plc
        <P STYLE="font-size: 10pt; margin: 0pt 0">(Registrant)</P>
        <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">By:&nbsp;&nbsp;<U>/s/ Steve Curtis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Name: Steve Curtis</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">Title: CEO and Director</P></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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




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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 6%">Exhibit</TD>
    <TD STYLE="width: 94%">Description</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD><A HREF="exh_991.htm">99.1</A></TD>
    <TD><A HREF="exh_991.htm">Interim Financial Statements/Report</A></TD></TR>
<TR>
    <TD><A HREF="exh_992.htm">99.2</A></TD>
    <TD><A HREF="exh_992.htm">Interim MD&amp;A</A></TD></TR>
<TR>
    <TD><A HREF="exh_993.htm">99.3</A></TD>
    <TD><A HREF="exh_993.htm">52-109F2 - Certification of Interim Filings - CEO</A></TD></TR>
<TR>
    <TD><A HREF="exh_994.htm">99.4</A></TD>
    <TD><A HREF="exh_994.htm">52-109F2 - Certification of Interim Filings - CFO</A></TD></TR>
</TABLE>

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

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

<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">&nbsp;</P>

<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">&nbsp;</P>

<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">&nbsp;</P>

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

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<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"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

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

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

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

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



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

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

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; font-size: 10pt; background-color: black; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: white">MANAGEMENT&rsquo;S
    RESPONSIBILITY FOR FINANCIAL INFORMATION</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>To the Shareholders of Caledonia
Mining Corporation Plc</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Management has prepared the information
and representations in this interim report. The unaudited condensed consolidated interim financial statements of Caledonia Mining
Corporation Plc and its subsidiaries (the &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 respects.</FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Management is responsible for establishing
and maintaining adequate internal controls over financial reporting (&ldquo;ICFR&rdquo;). Any system of ICFR, 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.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">At June 30, 2018 management evaluated
the effectiveness of the Group&rsquo;s ICFR and concluded that such ICFR was effective.</FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">These condensed consolidated interim
financial statements have not been reviewed by the Group&rsquo;s external auditor.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The unaudited condensed consolidated
interim financial statements for the period ended June 30, 2018 were approved by the Board of Directors and signed on its behalf
on August 9, 2018.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">(Signed) S. R. Curtis</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">(Signed) J.M. Learmonth</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>

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

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

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

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

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Condensed consolidated statements
of profit or loss and other comprehensive income </B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>(in thousands of United States
dollars, unless indicated otherwise)</I> &nbsp;</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">Unaudited</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">For the 3 months <BR> ended June
    30</FONT></TD><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 COLSPAN="6" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">For the 6 months <BR> ended June
    30</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">Notes</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><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 COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><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 COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Revenue</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">16,198</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15,484</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">34,257</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">31,933</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; 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; text-align: left"><FONT STYLE="font-size: 10pt">Less: Royalties</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; 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">(811</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(776</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(1,715</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(1,599</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production
    costs</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; 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">(9,297</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(8,814</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(19,307</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(17,912</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(946</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(859</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(1,868</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(1,741</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</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"><FONT STYLE="font-size: 10pt">Gross profit</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">5,144</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 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">5,035</FONT></TD><TD STYLE="font-size: 10pt; 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">11,367</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 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">10,681</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: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Other income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">1,720</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 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">557</FONT></TD><TD STYLE="font-size: 10pt; 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">3,101</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 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">1,201</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="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Administrative expenses</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; 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">(1,660</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(1,493</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(3,202</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(2,934</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Equity-settled share-based expense</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">-</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 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">(835</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(14</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(835</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Cash-settled share-based expense</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; 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">(223</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(124</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(337</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</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">(534</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Net foreign exchange gain</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">89</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">160</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Operating profit</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">5,070</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 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">3,223</FONT></TD><TD STYLE="font-size: 10pt; 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">11,075</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 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">7,598</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: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Finance income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">10</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 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">4</FONT></TD><TD STYLE="font-size: 10pt; 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">18</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 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">9</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="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Finance cost</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(39</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(14</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(63</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(26</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Profit before tax</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">5,041</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 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">3,213</FONT></TD><TD STYLE="font-size: 10pt; 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">11,030</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 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">7,581</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="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Tax expense</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(1,787</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,090</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,897</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(3,550</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</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"><FONT STYLE="font-size: 10pt">Profit
    for the period</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,254</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,123</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">7,133</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,031</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Other comprehensive income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 10pt">Items that
    are or may be classified to profit or loss</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Foreign currency translation
    differences for foreign operations</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(648</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">60</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(440</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">133</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; 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; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    comprehensive income for the period</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,606</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,183</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">6,693</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,164</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="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="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Profit attributable to:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Owners of the Company</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">2,604</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 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">694</FONT></TD><TD STYLE="font-size: 10pt; 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">5,758</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 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">3,032</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: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">650</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">429</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,375</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">999</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Profit
    for the period</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,254</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,123</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">7,133</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,031</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; 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; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Total comprehensive income
    attributable to:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Owners of the Company</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">1,956</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 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">754</FONT></TD><TD STYLE="font-size: 10pt; 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">5,318</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 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">3,165</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: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">650</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">429</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,375</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">999</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    comprehensive income for the period</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,606</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,183</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">6,693</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">4,164</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; 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"><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: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Earnings per share</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; 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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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"><FONT STYLE="font-size: 10pt">Basic earnings per share ($)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">0.24</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 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">0.06</FONT></TD><TD STYLE="font-size: 10pt; 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">0.53</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 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">0.28</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="font-size: 10pt"><FONT STYLE="font-size: 10pt">Diluted earnings per share ($)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">0.24</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 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">0.06</FONT></TD><TD STYLE="font-size: 10pt; 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">0.53</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 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">0.28</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The accompanying notes on page 6 to 19 are an integral
part of these condensed consolidated interim financial statements.</FONT></P>

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

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

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

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Condensed consolidated statements of financial position</B></FONT> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> <FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>(in thousands of United States dollars, unless indicated otherwise)</I></FONT> <FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 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"><FONT STYLE="font-size: 10pt">Unaudited</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">As at</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><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; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">June 30,</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">December 31,</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">Notes</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic"><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 COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Assets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Property, plant and equipment</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-style: italic; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">90,985</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">82,078</FONT></TD><TD STYLE="width: 1%; 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="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Deferred tax asset</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">76</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; 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; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    non-current assets</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">91,061</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">82,143</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="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="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">10,065</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 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">9,175</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="font-size: 10pt"><FONT STYLE="font-size: 10pt">Prepayments</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">1,172</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 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">709</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: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Trade and other receivables</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; 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">7,477</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 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">4,962</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="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8,057</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">13,067</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; 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; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    current assets</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">26,771</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">27,913</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt"><FONT STYLE="font-size: 10pt">Total
    assets</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">117,832</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">110,056</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; 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"><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: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Equity and liabilities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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"><FONT STYLE="font-size: 10pt">Share capital</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">55,102</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 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">55,102</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="font-size: 10pt"><FONT STYLE="font-size: 10pt">Reserves</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">143,026</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 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">143,452</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: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Retained loss</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(130,985</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(135,287</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Equity attributable to shareholders</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">67,143</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 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">63,267</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: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">7,014</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">5,944</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    equity</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">74,157</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">69,211</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; 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"><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: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Liabilities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">3,742</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 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">3,797</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="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Deferred tax liability</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">22,078</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 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">19,620</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: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Cash-settled share-based
    payments</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-style: italic; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,203</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,826</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    non-current liabilities</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">28,023</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">25,243</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; 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"><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: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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"><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">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><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">&nbsp;</FONT></TD><TD STYLE="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="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Short-term portion of term loan facility</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">746</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 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">1,486</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: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Trade and other payables</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">12,061</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 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">12,660</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="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Income tax payable</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><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; 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">96</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 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">1,145</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: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Bank overdraft</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,749</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">311</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    current liabilities</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">15,652</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">15,602</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; 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; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    liabilities</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">43,675</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">40,845</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt"><FONT STYLE="font-size: 10pt">Total
    equity and liabilities</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">117,832</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 2.25pt double"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">110,056</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The accompanying notes on pages 6 to 19 are an integral
part of these condensed consolidated interim financial statements.<BR STYLE="clear: both"></FONT></P>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Condensed consolidated statements of changes in equity</B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>(in thousands of United States dollars, unless indicated
otherwise)</I></FONT></P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">Unaudited</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 payment 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">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">Non-<BR>
controlling <BR>
interests <BR>
(NCI)</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 <BR>
equity</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&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><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: rgb(204,238,255)">
    <TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; white-space: nowrap">Balance at December 31, 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">55,002</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">(6,258</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: 8%; 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: 8%; font-size: 10pt; text-align: right">16,041</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">(141,767</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: 8%; font-size: 10pt; text-align: right">55,609</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">3,708</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">59,317</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-style: italic; text-align: left; white-space: nowrap">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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; white-space: nowrap">Share repurchase 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">(146</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">-</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">(146</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">(146</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; white-space: nowrap">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">-</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">(1,452</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">(1,452</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">(1,452</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; white-space: nowrap">Equity-settled share-based expense</TD><TD 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">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">-</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">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">130</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">835</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; text-align: left; white-space: nowrap">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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">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">-</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">3,032</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">3,032</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">999</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">4,031</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; white-space: nowrap">Other comprehensive income for the period</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">133</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">133</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">133</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; white-space: nowrap">Balance at June 30, 2017</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">54,856</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">(6,125</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">16,746</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">(140,187</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">57,881</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">4,837</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">62,718</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; white-space: nowrap">Balance at December 31, 2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,102</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">(5,885</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">132,591</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">16,746</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">(135,287</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">63,267</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">5,944</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">69,211</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; font-style: italic; text-align: left; white-space: nowrap">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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">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">-</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">(1,456</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">(1,456</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">(305</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">(1,761</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; white-space: nowrap">Equity-settled share-based 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">-</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">14</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">14</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">14</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; white-space: nowrap">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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; white-space: nowrap">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">-</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">5,758</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">5,758</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">1,375</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">7,133</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; white-space: nowrap">Other comprehensive income for the period</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">(440</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">-</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">(440</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">(440</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; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">Balance at June 30, 2018</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">55,102</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">(6,325</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">16,760</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">(130,985</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">67,143</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">7,014</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">74,157</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; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The accompanying notes on pages 6 to 19 are an integral
part of these condensed consolidated interim financial statements.</FONT></P>

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

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Condensed consolidated statements of cash flows</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>(in thousands of United States
dollars, unless indicated otherwise)</I></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT>&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">Unaudited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</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 3 months <BR>
ended June 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 6 months <BR>
ended June 30</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; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" 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">&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">2018</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">2017</TD><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">2018</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">2017</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: center">&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: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; font-weight: bold; text-align: left">Cash generated from 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: center">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-style: italic; text-align: center">12</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">749</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">5,459</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">8,433</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">7,874</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">Net interest</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">(44</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</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">(82</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</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">Tax paid</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">(1,921</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">(754</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">(2,522</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">(1,389</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 cash (used in)/from operating activities</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">(1,216</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">4,701</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">5,829</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">6,480</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: 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 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 investing activities</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 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-bottom: 1pt">Acquisition of 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: 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">(5,618</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">(4,223</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">(10,776</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">(7,519</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 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: 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">(5,618</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">(4,223</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">(10,776</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">(7,519</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: 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 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: 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 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: 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">(862</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">(727</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">(1,761</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">(1,452</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">Repayments of term-loan facility</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">(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">(375</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">(750</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">(750</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; 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: 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">(146</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">-</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">(146</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 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: 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">(1,237</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">(1,248</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">(2,511</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">(2,348</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: 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 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">Net decrease in cash and cash equivalents</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">(8,071</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">(770</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">(7,458</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">(3,387</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">Effect of exchange rate fluctuations on cash held</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">(1</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">(74</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">10</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">(70</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 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: 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">13,380</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">11,722</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">12,756</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">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">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: 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">5,308</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">10,878</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">5,308</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">10,878</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The accompanying notes on pages 6 to 19 are an integral
part of these condensed consolidated interim financial statements.</FONT></P>

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

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

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 5 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.5pt"><B>Caledonia Mining Corporation Plc</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.3pt"><B>Notes to the unaudited condensed consolidated interim financial statements</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25pt"><B>(<I>In thousands of United States dollars, unless indicated otherwise</I>)</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt"><B>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting
entity</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt">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 unaudited condensed consolidated interim
financial statements of the Group as at and for the 6 months ended June 30, 2018 comprise the Company and its subsidiaries (together
referred to as the &ldquo;Group&rdquo; and individually as &ldquo;Group entities&rdquo;). The Group is primarily involved in the
operation of a gold mine and the exploration and development of mineral properties for precious metals.</FONT></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt"><B>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis
for preparation </B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt"><B>(a) Statement of compliance</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt">These unaudited condensed
consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting 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, 2017.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt"><B>(b) Basis of measurement</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt">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.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt"><B>(c) Functional and
presentation currency</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.5pt"><FONT STYLE="font-size: 10pt">These unaudited 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.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt"><B>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use
of estimates and judgements</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.5pt"><FONT STYLE="font-size: 10pt">In preparing these unaudited
condensed consolidated interim financial statements, management has made accounting assumptions, estimates and judgements 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.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.5pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.5pt"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.5pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt"><B>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
accounting policies</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt">The same accounting policies
and methods of computation have been applied consistently to all periods presented in these unaudited condensed consolidated interim
financial statements as compared to the Group&rsquo;s annual financial statements for the year ended December 31, 2017. In addition,
the accounting policies have been applied consistently by the Group entities.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.65pt"><FONT STYLE="font-size: 10pt"><B>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blanket
Zimbabwe Indigenisation Transaction</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt">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 Zimbabwean company owing the Blanket Mine (&ldquo;Blanket&rdquo;) for a paid transactional
value of $30.09 million. Pursuant to the above, members of the Group entered into agreements with each indigenous shareholder
to transfer 51% of the Group&rsquo;s ownership interest in Blanket Mine whereby it:</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt">&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: 7.1pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">sold
                                         a 16% interest to the National Indigenisation and Economic Empowerment Fund (&ldquo;NIEEF&rdquo;)
                                         for $11.74 million;</FONT></TD></TR></TABLE>

<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: 7.1pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">sold
                                         a 15% interest to Fremiro Investments (Private) Limited (&ldquo;Fremiro&rdquo;), which
                                         is owned by indigenous Zimbabweans, for $11.01 million;</FONT></TD></TR></TABLE>

<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: 7.1pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s employees holding participation units in the Employee Trust; and</FONT></TD></TR></TABLE>

<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: 7.1pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">donated
                                         a 10% ownership interest to the Gwanda Community Share Ownership Trust (&ldquo;Community
                                         Trust&rdquo;). In addition, Blanket paid a non-refundable donation of $1 million to the
                                         Community Trust.</FONT></TD></TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt">The Group facilitated the
vendor funding of these transactions which is repaid by way of dividends from Blanket. 80% of dividends declared by Blanket are
used to repay such loans and the remaining 20% unconditionally accrues to the respective indigenous shareholders. Following a
modification to the interest rate on June 23, 2017, outstanding balances on these facilitation loans attract interest at a rate
of the lower of a fixed 7.25% per annum payable quarterly or 80% of the Blanket dividend in the quarter. 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 Blanket.
The facilitation loans relating to the Group were transferred as dividends in specie intra Group and now the loans and most of
the interest thereon is payable to the Company.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt">Blanket suspended dividend
payments from January 1, 2015 until August 1, 2017 to facilitate the capital expenditure on an investment programme at Blanket
Mine to increase production as a result of which the repayment of facilitation loans by Blanket&rsquo;s indigenous shareholders
was also suspended. A moratorium was placed on the interest of the advanced dividend loan until such time as dividends resumed
and no repayments were made or interest accumulated from December 31, 2014 until July 31, 2017. Dividends and interest resumed
on August 1, 2017, when Blanket declared a dividend.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"></P>

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

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    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt"><B>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blanket
Zimbabwe Indigenisation Transaction (continued)</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt"><B>Accounting treatment</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt">The directors of Caledonia
Holdings Zimbabwe (Private) Limited (&ldquo;CHZ&rdquo;), a wholly owned subsidiary of the Company, performed a re-assessment,
using the requirements of IFRS 10: <I>Consolidated Financial Statements</I> (IFRS 10), and concluded that CHZ should continue
to consolidate Blanket after the indigenisation and accordingly the subscription agreements with the indigenous shareholders have
been accounted for as a transaction with non-controlling interests and as share based payments.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt">The subscription agreements,
concluded on February 20, 2012, were accounted for as follows:</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"><FONT STYLE="font-size: 10pt">&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: 7.1pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-controlling
                                         interests (&ldquo;NCI&rdquo;) were recognised on the portion of shareholding upon which
                                         dividends declared by Blanket will accrue unconditionally to equity holders as follows:</FONT></TD></TR></TABLE>

<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: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">20%
                                         of the 16% shareholding of NIEEF;</FONT></TD></TR></TABLE>

<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: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">20%
                                         of the 15% shareholding of Fremiro;</FONT></TD></TR></TABLE>

<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: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">100%
                                         of the 10% shareholding of the Community Trust.</FONT></TD></TR></TABLE>

<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: 7.1pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         effectively means that NCI is recognised at Blanket at 16.2% of the net assets.</FONT></TD></TR></TABLE>

<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: 7.1pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         remaining 80% of the shareholding of NIEEF and Fremiro is recognised as non-controlling
                                         interests to the extent that their attributable share of the net asset value of Blanket
                                         exceeds the balance on the facilitation loans including interest. At March 31, 2018 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>

<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: 7.1pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         transaction with BETS will be 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 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></TD></TR></TABLE>

<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: 7.1pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Employee Trust and BETS are structured entities which are effectively controlled and
                                         consolidated by Blanket. Accordingly the shares held by BETS are effectively treated
                                         as treasury shares in Blanket and no NCI is recognised.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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; white-space: nowrap">USD</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; white-space: nowrap">Shareholding</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; white-space: nowrap">NCI <BR>
Recognised</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; white-space: nowrap">NCI subject to <BR>
facilitation loan</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; white-space: nowrap">Balance of <BR>
facilitation <BR>
loan at June <BR>
30, 2018 #</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid; white-space: nowrap">Dec 31, 2017</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; white-space: nowrap">&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">11,872</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">11,879</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">11,467</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">11,504</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; 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">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">7,645</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">7,669</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; 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">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">30,984</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">31,052</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -40.5pt; margin: 0pt 0 0pt 40.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -40.5pt; margin: 0pt 0 0pt 40.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<!-- Field: Page; Sequence: 8; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.5pt"><B>Caledonia Mining Corporation Plc</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.3pt"><B>Notes to the unaudited condensed consolidated interim financial statements</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25pt"><B>(<I>In thousands of United States dollars, unless indicated otherwise</I>)</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 40.5pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -40.5pt; margin: 0pt 0 0pt 40.5pt"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: -40.5pt; margin: 0pt 0 0pt 40.5pt"><FONT STYLE="font-size: 10pt"><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: 40.5pt"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Blanket
                                         Zimbabwe Indigenisation Transaction (continued)</B></FONT></TD></TR></TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><B>2018</B></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"><FONT STYLE="font-size: 10pt">2017<SUP>&amp;</SUP></FONT></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: justify">&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: 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">31,052</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">31,460</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">1,090</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; 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">(1,158</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 June 30,</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">30,984</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">31,460</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>&amp;</SUP> Amounts stated after
the retrospective interest rate modification of June 23, 2017.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>*</SUP> The shares held by BETS
are effectively treated as treasury shares (see above).</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>~</SUP> Accounted for under IAS19
Employee Benefits.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>#</SUP> Facilitation loans are
accounted for as equity instruments and are accordingly not recognised as loans receivable (see above).</FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In anticipation of completion of
the underlying subscription agreements, Blanket agreed to an advance dividend arrangements with NIEEF and the Community Trust
as follows:</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Advances made to the Community Trust
against their right to receive dividends declared by Blanket on their shareholding as follows:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: center"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a $2 million payment on or before September 30, 2012;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: center"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a $1 million payment on or before February 28, 2013;
and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: center"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a $1 million payment on or before April 30, 2013.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">These advance payments were debited
to a loan account bearing interest at a rate at the lower of a fixed 7.25% per annum payable quarterly or the Blanket dividend
in the quarter to the advanced dividend loan holder (i.e. on the same basis as the facilitation loans). The loan is repayable
by way of set off of future dividends on the Blanket shares owned by the Community Trust. Advances made to NIEEF as an advanced
dividend loan before 2013 have been settled through Blanket dividend repayments in 2014.</FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The movement in the advance dividend
loan to the Community Trust is reconciled as follows:</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.5pt"><FONT STYLE="font-size: 10pt">&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: justify">&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">2018</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"><FONT STYLE="font-size: 10pt">2017<SUP>&amp;</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&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: 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">2,606</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">3,000</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: 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">91</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; 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">(375</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 June 30,</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">2,322</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">3,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&amp; Amounts stated after the retrospective
interest rate modification of June 23, 2017.</FONT></P>

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

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

<!-- Field: Page; Sequence: 9; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.5pt"><B>Caledonia Mining Corporation Plc</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.3pt"><B>Notes to the unaudited condensed consolidated interim financial statements</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25pt"><B>(<I>In thousands of United States dollars, unless indicated otherwise</I>)</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.3pt"><FONT STYLE="font-size: 10pt"><B>6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production
costs</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.3pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></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">2018</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">2017</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; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</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">&nbsp;</TD><TD STYLE="font-size: 10pt">&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 and wages</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">6,923</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">7,186</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">5,795</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">4,445</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">Electricity 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">4,473</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">4,330</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">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">10</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">Evaluation</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">226</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">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">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">333</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: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Cash-settled share-based expense (note 8)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">51</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">On mine administration</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">1,496</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">1,492</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; 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">19,307</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">17,912</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.3pt"><FONT STYLE="font-size: 10pt"><B>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative
expenses</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.3pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><B>2018</B></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">2017</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: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Investor relations and corporate development</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">418</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">243</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">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">110</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">107</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">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">342</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">351</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">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">268</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">178</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 fees 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">112</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">112</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 fees 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">25</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">14</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">1,455</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">1,375</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 office administration 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">220</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">251</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">Travel 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">165</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; text-align: left; padding-bottom: 1pt">Eersteling Gold Mine administration costs</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">87</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">66</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; 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">3,202</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">2,934</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

<!-- Field: Page; Sequence: 10; Value: 5 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.5pt"><B>Caledonia Mining Corporation Plc</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.3pt"><B>Notes to the unaudited condensed consolidated interim financial statements</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25pt"><B>(<I>In thousands of United States dollars, unless indicated otherwise</I>)</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash-settled
share-based payment expense</B></FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Group has expensed
the following cash-settled share-based payment arrangements for the period ended 30 June, 2018:</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&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: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Note</TD><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">2018</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">2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&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: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: justify">Restricted Share Units and Performance Share Units</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">8(a)</TD><TD STYLE="width: 1%; font-size: 10pt; 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">276</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">534</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; padding-bottom: 1pt">Caledonia Mining South Africa employee incentive scheme</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">8(b)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"></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">61</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></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; 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">337</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">534</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt"><B>(a)</B></FONT> <FONT STYLE="font-size: 10pt"><B>Restricted Share Units and Performance Share Units</B></FONT></P>



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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">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 market value of the Company&rsquo;s shares, as specified by the Plan and in the award
agreements, on date of settlement.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">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 a performance
multiplier, which will reflect the actual performance in terms of the performance conditions compared to expectations on the date
of the award.</FONT></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">RSUs and PSUs were originally granted
to be settled in cash. On May 8, 2018 the Board approved amendments to the LTIP awards to allow for settlement of the vesting
date value in cash or shares issuable at fair market value or a combination of both.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The fair value of the RSUs, at the
reporting date, was based on the Black Scholes option valuation model. The fair value of the PSUs, at the reporting date, was
based on the Black Scholes option valuation model 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 94% probability that the performance
conditions will be met and therefore a 94% performance multiplier was used in calculating the estimated liability. The liability
as at June 30, 2018 amounted to $2,109 (December 31, 2017: $1,782). Included in the liability as at June 30, 2018 is an amount
of $51 (June 30, 2017: Nil) that was expensed and classified as production costs; refer note 6.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.5pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.5pt"></P>

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

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.5pt"></P>

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

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt"><B>(a)</B></FONT> <FONT STYLE="font-size: 10pt"><B>Restricted Share Units and Performance Share Units (continued)</B></FONT></P>



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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 4.5pt"><FONT STYLE="font-size: 10pt">&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: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center"><B>*2018</B></TD><TD>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center">*2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&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">RSUs</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: right">PSUs</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">RSUs</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">PSUs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: justify">Fair value (USD)</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">$</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">6.86</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">6.65</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">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6.36</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6.12</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">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">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">6.86</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">6.86</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">6.36</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6.36</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">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">94</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: White">
    <TD STYLE="font-size: 10pt">&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 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 units granted:</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 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; font-weight: bold">&nbsp;</TD>
    <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"><B>RSUs </B></FONT></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"><B>PSUs </B></FONT></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"><FONT STYLE="font-size: 10pt">RSUs</FONT></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">PSUs</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">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: White">
    <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">10,965</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: rgb(204,238,255)">
    <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: White">
    <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">4,443</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">17,774</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">RSU dividend reinvestments</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">9,165</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; 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">5,251</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: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total awards at June 2018</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">90,335</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; 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">86,423</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">324,694</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>* </SUP>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.</FONT></P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt"><B>(b)</B></FONT> <FONT STYLE="font-size: 10pt"><B>Caledonia Mining South Africa employee incentive scheme</B></FONT></P>



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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In July, 2017 the Group granted 37,330
cash-settled share-based awards to certain employees based in South Africa. These cash-settled share-based payments 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;5.25 at the reporting date. The liability relating to these cash-settled share-based
payment awards amounted to $94 (December 31, 2017: $44) and the expense amounted to $61 (June 30, 2017: Nil) for the quarter ended
June 30, 2018.</FONT></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
expense</B></FONT></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">2018</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">2017</TD><TD STYLE="font-size: 10pt">&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">Tax recognised in profit or 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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; font-style: italic; text-align: left; padding-bottom: 1pt">Current tax expense</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,458</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,350</TD><TD STYLE="width: 1%; 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: left">Income tax - current year</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">908</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">1,802</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- change in estimate related to prior years</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">*795</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; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Withholding tax expense - current year</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">168</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">548</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- change in estimate related to prior years</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">*(413</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="font-size: 10pt; text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left; padding-bottom: 1pt">Deferred tax expense</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">2,439</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">1,200</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">Origination and reversal of temporary differences</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,439</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">1,200</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&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; 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">&nbsp;</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">&nbsp;</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">Tax expense</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">3,897</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">3,550</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></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">Tax paid</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right">2018</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">2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&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: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; width: 74%">Net income tax payable 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">(1,145</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; 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">(345</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Current tax 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">(1,458</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">(2,350</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">Foreign currency movement</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <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</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">3</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">Tax paid</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">2,522</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">1,389</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: 2.5pt">Net income tax payable at June 30</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&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">(96</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</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: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,303</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
</TABLE>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 8pt">* During quarter 2 of 2018 management
revised its estimate of the fair value of the management fee deductible in terms of Zimbabwean legislation. Withholding tax on
the management fee was paid and over provided at 15% in 2017, in Q2 2018 management obtained confirmation from ZIMRA that the
Withholding tax rate was reduced to 5% and the amounts paid may be offset against outstanding income tax or withholding tax.</FONT></P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 7.1pt"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Land and <BR>
buildings</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Mine <BR>
development, <BR>
infrastructure <BR>
and other</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Exploration <BR>
and <BR>
Evaluation <BR>
assets</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Plant and <BR>
equipment</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Fixtures <BR>
and fittings</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Motor <BR>
vehicles</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&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: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; white-space: nowrap">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: White">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD><TD 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: 10%; font-size: 10pt; white-space: nowrap">Balance at January 1, 2017</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">8,367</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">45,078</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">6,967</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">24,536</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">876</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">2,255</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">88,079</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; white-space: nowrap">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">17,464</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">3,377</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">36</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">72</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">20,949</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; white-space: nowrap">Impairments</TD><TD 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">(12</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">(12</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; white-space: nowrap">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">-</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</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</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; white-space: nowrap">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">1,051</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">(1,051</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">(20</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">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">-</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; border-bottom: Black 1pt solid; white-space: nowrap">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">16</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</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">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">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">38</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; border-bottom: Black 1pt solid; white-space: nowrap">Balance at December 31, 2017</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">9,434</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">61,498</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">27,881</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">943</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">2,329</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">109,052</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; white-space: nowrap">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">10,214</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">200</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">193</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">166</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">50</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">10,823</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; white-space: nowrap">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">(9</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">(9</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; white-space: nowrap">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">-</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">(537</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">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">-</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; border-bottom: Black 1pt solid; white-space: nowrap">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">(20</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">(8</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">(6</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">(3</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">(2</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">(39</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; border-bottom: Black 1pt solid; white-space: nowrap">Balance at June 30, 2018</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">9,414</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">71,167</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">7,167</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">28,596</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">1,106</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">2,377</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">119,827</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; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 8pt">* Included in additions is an amount of $10,703 (December
31, 2017: $19,556) relating to capital work in progress (&ldquo;CWIP&rdquo;) and contains $47 (December 31, 2017: $155) of borrowing
costs capitalised from the term loan. As at quarter end $59,051 of CWIP was included in the closing balance (December 31, 2017:
$48,943).</FONT></P>

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.5pt"><B>Caledonia Mining Corporation Plc</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.3pt"><B>Notes to the unaudited condensed consolidated interim financial statements</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25pt"><B>(<I>In thousands of United States dollars, unless indicated otherwise</I>)</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Land and <BR>
buildings</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Mine <BR>
development, <BR>
infrastructure <BR>
and other</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Exploration <BR>
and <BR>
Evaluation <BR>
assets</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Plant and <BR>
equipment</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Fixtures <BR>
and <BR>
fittings</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Motor <BR>
vehicles</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&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; white-space: nowrap">Accumulated depreciation and <BR>
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; white-space: nowrap">&nbsp;</TD><TD 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: 10%; font-size: 10pt; white-space: nowrap">Balance at January 1, 2017</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">2,950</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">4,541</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">-</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">13,229</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">642</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">1,844</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">23,206</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; white-space: nowrap">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">686</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">631</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">2,153</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">115</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">178</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">3,763</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; border-bottom: Black 1pt solid; white-space: nowrap">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">-</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">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">1</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</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; border-bottom: Black 1pt solid; white-space: nowrap">Balance at December 31, 2017</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">3,636</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">5,172</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">15,382</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">761</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">2,023</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">26,974</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; border-bottom: Black 1pt solid; white-space: nowrap">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">373</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">306</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">1,072</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">48</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">69</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">1,868</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; border-bottom: Black 1pt solid; white-space: nowrap">Balance at June 30, 2018</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">4,009</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">5,478</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">16,454</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">809</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">2,092</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">28,842</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; font-weight: bold; text-align: left; white-space: nowrap">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: White">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; white-space: nowrap">At December 31, 2017</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">5,798</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">56,326</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">12,499</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">182</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</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">82,078</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; border-bottom: Black 1pt solid; white-space: nowrap">At June 30, 2018</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">5,405</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">65,689</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">7,167</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">12,142</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">297</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">285</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">90,985</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.5pt"><B>Caledonia Mining Corporation Plc</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.3pt"><B>Notes to the unaudited condensed consolidated interim financial statements</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25pt"><B>(<I>In thousands of United States dollars, unless indicated otherwise</I>)</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
and other receivables</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></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: center">&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">June 30,</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">December 31,</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; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right">2018</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">2017</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: 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">2,285</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">1,386</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">3,723</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">2,947</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">Export incentive receivable</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,236</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">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; padding-bottom: 1pt">Other receivables</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">233</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">219</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; 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">7,477</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">4,962</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
flow information</B></FONT></P>

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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">2018</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">2017</TD><TD STYLE="font-size: 10pt">&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></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">11,075</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">7,598</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">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 gains</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(35</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">(81</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 expense (Note 8)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">337</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">534</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 expense included in production costs (Note 6)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">51</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">Equity-settled share-based 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">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">835</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">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">1,868</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">1,741</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">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">9</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: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Site restoration</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</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></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">13,329</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">10,629</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">(942</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">(834</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">(623</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">(2,796</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">(2,853</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">(1,293</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; 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">(478</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">2,168</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 from operating activities</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">8,433</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">7,874</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.5pt"><B>Caledonia Mining Corporation Plc</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.3pt"><B>Notes to the unaudited condensed consolidated interim financial statements</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25pt"><B>(<I>In thousands of United States dollars, unless indicated otherwise</I>)</B></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Group's operating segments have
been identified based on geographic areas. The strategic business units are managed separately because they require different
technology and marketing strategies. For each of the strategic business units, the Group&rsquo;s CEO reviews internal management
reports on at least a quarterly basis. Zimbabwe and South Africa describe the operations of the Group's reportable segments. The
Zimbabwe operating segment comprise CHZ and subsidiaries. The South Africa geographical segment comprise a gold mine, that is
on care and maintenance, as well as sales made by Caledonia Mining South Africa Proprietary Limited to Blanket. The Company and
Greenstone Management Services Holdings Limited (a subsidiary in the UK) responsible for administrative functions within the Group
are taken into consideration in the strategic decision-making process of the CEO and are therefore included in the disclosure
below. Reconciling amounts do not represent a separate segment. 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 report
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.</FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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; font-style: italic; white-space: nowrap">Geographic segment profit as at June 30, 2018</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Zimbabwe</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">South <BR>
Africa</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Inter-group <BR>
elimination <BR>
adjustments</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Corporate <BR>
and other <BR>
reconciling <BR>
amounts</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&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></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; 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">34,257</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">7,267</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">(7,267</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">-</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">34,257</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">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">(1,715</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">(1,715</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">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">(19,411</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">(6,756</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">6,860</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">(19,307</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">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">(990</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">990</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">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">(2,007</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">(20</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">159</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">(1,868</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">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">3,020</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">79</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">3,101</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">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">(25</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">(1,386</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">(1,791</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">(3,202</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">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">76</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">(161</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">245</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">160</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">Cash-settled share-based 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">(152</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">(61</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">(124</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">(337</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 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">-</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">(14</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: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net finance costs</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">(63</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">11</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">7</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">(45</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; 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">12,990</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">(114</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">(248</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">(1,598</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">11,030</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">Tax expense</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">(4,230</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">275</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">58</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">(3,897</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; text-align: left; padding-bottom: 2.25pt">Profit for the period</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">8,760</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">161</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">(190</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">(1,598</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">7,133</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.5pt"><B>Caledonia Mining Corporation Plc</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.3pt"><B>Notes to the unaudited condensed consolidated interim financial statements</B></P><P STYLE="font-size: 10pt; margin: 0pt 0 0pt 4.25pt"><B>(<I>In thousands of United States dollars, unless indicated otherwise</I>)</B></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
Segments (continued)</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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; white-space: nowrap">As at June 30, 2018</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Zimbabwe</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">South <BR>
Africa</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Inter-group <BR>
elimination <BR>
adjustments</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Corporate <BR>
and other <BR>
reconciling <BR>
amounts</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="21" STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: left">Geographic segment assets</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left">Current (excluding intercompany) <BR></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">20,625</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">2,231</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">(31</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">3,946</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">26,771</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 (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">91,900</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">424</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">(1,303</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">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">91,061</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">Expenditure on property, plant and equipment (Note 10)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">11,118</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">90</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">(385</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">10,823</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">Intercompany balances</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <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">8,010</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">(59,491</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">51,481</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">&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><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; font-weight: bold; font-style: italic; text-align: left">Geographic segment liabilities</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><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">Current (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">(14,484</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">(923</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">(245</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">(15,652</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 (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">(25,560</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">(697</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">343</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">(2,109</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">(28,023</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 balances</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(2,696</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">(32,899</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">59,491</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">(23,896</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>
</TABLE>


<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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; font-style: italic; white-space: nowrap">Geographic segment profit as at June 30, 2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Zimbabwe</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">South <BR>
Africa</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Inter-group <BR>
elimination <BR>
adjustments</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Corporate <BR>
and other <BR>
reconciling <BR>
amounts</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&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></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: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">31,933</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">4,357</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">(4,357</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">-</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">31,933</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">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">(1,599</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">(1,599</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">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">(18,295</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">(4,474</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">4,857</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">(17,912</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">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">(1,980</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">1,980</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: 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">(1,867</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">(28</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">154</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">(1,741</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">1,173</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</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">27</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">1,201</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">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(91</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">(1,198</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">(1,645</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">(2,934</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">Foreign exchange (loss)/gain</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(26</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">125</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">(80</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">&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 expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(277</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">(85</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">(172</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">(534</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 expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(835</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">(835</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">Net finance costs</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">(25</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">8</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">(17</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">8,111</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">686</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">654</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">(1,870</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">7,581</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; 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">(3,393</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">(434</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">277</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">(3,550</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; padding-bottom: 2.25pt">&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">4,718</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">252</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">931</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">(1,870</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">4,031</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
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<P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
Segments (continued)</B></FONT></P>

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    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; white-space: nowrap">As at June 30, 2017</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Zimbabwe</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">South <BR>
Africa</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Inter-group <BR>
elimination <BR>
adjustments <BR>
eliminations</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Corporate <BR>
and other <BR>
reconciling <BR>
amounts</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-style: italic">Geographic segment assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-size: 10pt">&nbsp;</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><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: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left">Current (excluding intercompany) <BR></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">17,438</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">3,962</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">(31</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">5,904</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">27,273</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">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">71,415</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">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">(1,022</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">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">71,021</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">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">-</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">5,694</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">(52,723</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">47,029</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">Expenditure on property, plant and equipment (Note 10)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,463</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">170</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">158</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">7,791</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>&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; font-style: italic; text-align: left">Geographic segment 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: 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><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">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">(11,084</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">(1,433</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">(472</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">(12,989</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">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">(21,546</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">(790</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">91</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">(342</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">(22,587</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">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">(474</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">(32,921</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">52,723</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">(19,328</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>
</TABLE>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Revenues from Fidelity Printers and
Refiners in Zimbabwe amounted to $34,257 (2017: $31,933) for the period ended June 30, 2018.</FONT></P>

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>DIRECTORS &amp; OFFICERS as at August 9, 2018</B></FONT></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>BOARD OF DIRECTORS</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>OFFICERS</B></FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0pt 44.9pt 0pt 0"><FONT STYLE="font-size: 10pt">L.A. Wilson (2) (3) (4) (5) (7)</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 44.9pt 0pt 0"><FONT STYLE="font-size: 10pt">Chairman of the Board</FONT></P></TD>
    <TD><P STYLE="font-size: 10pt; margin: 0pt 44.9pt 0pt 0"><FONT STYLE="font-size: 10pt">S. R. Curtis (5) (6) (7)</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></P></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Non-executive Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Johannesburg, South Africa</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Florida, United States of America</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">S. R. Curtis (5) (6) (7)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">D. Roets (5) (6) (7)</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Johannesburg, South Africa</FONT></P></TD>
    <TD><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Chief Operating Officer</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Johannesburg, South Africa</FONT></P></TD>
    </TR>
<TR>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">J. L. Kelly (1) (2) (3) (5) (7)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">M. Learmonth (5) (7)</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Non-executive Director</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Connecticut, United States of America</FONT></P></TD>
    <TD><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Jersey, Channel Islands</FONT></P></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">J. Holtzhausen (1) (2) (4) (5) (6) (7)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">M. Mason (5) (7)</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Chairman Audit Committee</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Non-executive Director,</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Cape Town, South Africa</FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">VP Corporate Development and Investor Relations</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">London, England</FONT></P></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">M. Learmonth (5) (7)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">A. Chester (5)</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="2"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Jersey, Channel Islands</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">General Counsel, Company Secretary and Head of
        Risk and Compliance</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Jersey, Channel Islands</FONT></P></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">John McGloin (1) (3) (4) (6) (7)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Board Committees</B></FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Non-executive Director</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(1) &nbsp;Audit Committee</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Bishops Stortford, United Kingdom</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)&nbsp;&nbsp;Compensation Committee</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)&nbsp;&nbsp;Corporate Governance Committee</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(4)&nbsp;&nbsp;Nomination Committee</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(5)&nbsp;&nbsp;Disclosure Committee</FONT></TD>
    </TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(6) Technical Committee</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(7) Strategic Planning Committee</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    </TR>
<TR>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
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<P STYLE="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>CORPORATE DIRECTORY
as at August 9, 2018</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>CORPORATE OFFICES</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>SOLICITORS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jersey &ndash; Head and Registered Office</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Walkers</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Caledonia Mining Corporation Plc</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PO Box 72, Walkers House</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">3<SUP>rd</SUP> Floor</FONT></P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"></P>
        <P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">28-34 Hill Street</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Weighbridge House</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">St Helier</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">St Helier</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jersey</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jersey JE2 3NF</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Channel Islands</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">South Africa</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Borden Ladner Gervais LLP (Canada)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Caledonia Mining South Africa Proprietary Limited</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Suite 4100, Scotia Plaza</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">P.O. Box 4628</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">40 King Street West</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Weltevreden park</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Toronto, Ontario M5H 3Y4 Canada</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">South Africa</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Tel: +27(11) 447-2499 Fax: +27(11) 447-2554</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Memery Crystal LLP (United Kingdom)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">44 Southampton Buildings</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Zimbabwe</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">London WC2A 1AP</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Caledonia Holdings Zimbabwe (Private) Limited</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">United Kingdom</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">P.O. Box CY1277</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Causeway, Harare</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>AUDITORS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Zimbabwe</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">KPMG Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">85 Empire Road</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><B>Capitalization (August 9, 2018) </B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Parktown 2193</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Authorised:&nbsp;&nbsp;10,603,153</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">South Africa</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Shares, Warrants and Options Issued:</B></FONT></TD>
    <TD><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Tel: +27 83 445 1400, Fax: + 27 11 647 6018</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shares:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,603,153</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Options:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,000</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>REGISTRAR &amp; TRANSFER AGENT</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Computershare</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt"><B>SHARE TRADING SYMBOLS</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">100 University Ave, 8<SUP>th</SUP> Floor,</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">NYSE American - Symbol &quot;CMCL&quot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Toronto, Ontario, M5J 2Y1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">AIM - Symbol &ldquo;CMCL&rdquo;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Tel:+1&nbsp;416&nbsp;263 9483&nbsp;</FONT></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange - Symbol &ldquo;CAL&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>BANKERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Barclays</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Level 11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1 Churchill place, Canary Wharf, London, E14 5HP</FONT></TD></TR>
</TABLE>
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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: 0pt 0 0pt 2in; font-size: 10pt; font-weight: bold; text-indent: -2in; text-align: right">Exhibit 99.2</P>

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

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

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><B>CALEDONIA MINING CORPORATION PLC</B></TD>
    <TD STYLE="width: 50%; text-align: right"><B>AUGUST 9, 2018</B></TD></TR>
</TABLE>

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

<P STYLE="margin: 0pt 124.15pt 0pt 0; font-size: 10pt; text-align: justify"><B>Management&rsquo;s Discussion and Analysis </B></P>

<P STYLE="margin: 0pt 124.15pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><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 June 30, 2018 (&ldquo;Q2 2018&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;Company&rdquo;, the &ldquo;Group&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></P>

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

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

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

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

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

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

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

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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Overview</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Highlights</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Summary Financial Results</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Operations at the Blanket Gold Mine, Zimbabwe</TD></TR></TABLE>

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

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<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.1.</TD><TD STYLE="text-align: justify">Safety, Health and Environment</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.2.</TD><TD STYLE="text-align: justify">Social Investment and Contribution to the Zimbabwean Economy</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.3.</TD><TD STYLE="text-align: justify">Gold Production</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.4.</TD><TD STYLE="text-align: justify">Underground</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.5.</TD><TD STYLE="text-align: justify">Metallurgical Plant</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 31.5pt">4.6.</TD><TD STYLE="text-align: justify">Production Costs</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.7.</TD><TD STYLE="text-align: justify">Capital Projects</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.8.</TD><TD STYLE="text-align: justify">Indigenisation</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">4.9.</TD><TD STYLE="text-align: justify">Opportunities and Outlook</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Exploration and Project Development</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.1.</TD><TD STYLE="text-align: justify">Blanket Exploration</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">5.2.</TD><TD STYLE="text-align: justify">Blanket Satellite Prospects</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">Investing</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">Financing</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify">Liquidity and Capital Resources</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify">Off-Balance Sheet Arrangements, Contractual Commitments and Contingencies</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify">Non-IFRS Measures</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify">Related Party Transactions</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify">Critical Accounting Policies</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">13.</TD><TD STYLE="text-align: justify">Financial Instruments</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">14.</TD><TD STYLE="text-align: justify">Dividend Policy</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">15.</TD><TD STYLE="text-align: justify">Management and Board</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">16.</TD><TD STYLE="text-align: justify">Securities Outstanding</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">17.</TD><TD STYLE="text-align: justify">Risk Analysis</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">18.</TD><TD STYLE="text-align: justify">Forward-Looking Statements</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">19.</TD><TD STYLE="text-align: justify">Controls</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; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">20.</TD><TD STYLE="text-align: justify">Qualified Person<BR STYLE="clear: both">
</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">&nbsp;</P>

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

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>1.</B> <B>OVERVIEW</B></P>



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

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>2.</B> <B>HIGHLIGHTS </B></P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Q2 <BR>
2017</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Q2 <BR>
2018</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">H1 <BR>
2017</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>H1 <BR>
2018</B></FONT></TD>
    <TD STYLE="width: 44%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Comment</B></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: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Gold produced (oz)</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">12,521</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"><B>12,657</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">25,315</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"><B>25,582</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Production was slightly higher than in the previous year. Higher production is anticipated in the second half of 2018.</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: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">On-mine cost per ounce ($/oz)<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">696</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>717</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">677</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>702</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Higher on-mine cost per ounce due to increased labour rates a, higher explosives prices and the inclusion of the costs of the pilot plant. </FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">All-in sustaining cost ($/oz) (&ldquo;AISC&rdquo;)</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">855</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"><B>856</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">856</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"><B>843</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">AISC is broadly stable and benefits from the increased Export Credit Incentive (&ldquo;ECI)</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: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Average realised gold price ($/oz)</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">1,235</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"><B>1,278</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">1,224</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"><B>1,296</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Increases in the average realised price per ounce reflects changes in the market gold price </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: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Gross profit <SUP>2</SUP></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">5,035</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"><B>5,144</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">10,861</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"><B>11,367</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Marginally higher gross profit reflects the higher gold sales and higher realised gold price, offset by the increased on-mine costs. </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: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Net profit attributable to shareholders </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">694</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"><B>2,604</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">3,032</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"><B>5,758</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Increased net profit attributable to shareholders due to the increased ECI.</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: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Adjusted basic earnings per share (&ldquo;EPS&rdquo;)<SUP>3</SUP> (cents)</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">18.9</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"><B>35.2</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">45.7</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"><B>75.2</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Increased adjusted EPS reflects the increased attributable earnings and other adjusting factors including deferred taxation and (in 2017) the cost of equity settled share-based payments.&nbsp;&nbsp;</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: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Net cash and cash equivalents </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">10,878</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"><B>5,308</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">10,878</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"><B>5,308</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Reduction in net cash due to lower cash generated from operations and continued substantial investment. </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: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Net cash from operating activities </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">4,701</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"><B>(1,216)</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">6,480</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"><B>5,829</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Reduced cash from operating activities due to increased working capital and tax payments.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><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 this MD&amp;A for a discussion of non-IFRS measures.</I></FONT></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><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="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 8pt"><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 this
MD&amp;A for a discussion of non-IFRS measures.</I></FONT></P>


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

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

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

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

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

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

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">As previously announced, we regret that
a fatal mining-related accident occurred on July 12, 2018. The directors and management of Caledonia and Blanket express their
sincere condolences to the family and colleagues of the deceased. Management has provided the necessary assistance to the Ministry
of Mines Inspectorate Department in its enquiries into this incident. Caledonia takes the safety of its employees very seriously
and, accordingly, measures have been taken to re-inforce adherence to prescribed safety procedures through increased training activities:
all mine employees will participate in a 5-day programme, focusing on safety behaviour and safe mining practices; all mining supervisors
have been retrained on rock engineering and recognizing hazards.</P>

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

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

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

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

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">12,657 ounces of gold were produced
during the Quarter, a 1% increase on the gold produced in the second quarter of 2017 (&ldquo;Q2 2017&rdquo; or the &ldquo;comparable
quarter&rdquo;). Caledonia maintains its production target for 2018 of between 55,000 and 59,000 ounces of gold as it is expected
that production will be higher in the second half of 2018. Until the Central Shaft is competed,</P>

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

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

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

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

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

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">In February 2018, the 2018 Monetary
Policy Statement by the governor of the Reserve Bank of Zimbabwe proposed to increase the Export Credit Incentive (&ldquo;ECI&rdquo;)
paid to all gold miners from 2.5% to 10% of revenues. On April 4, 2018 Caledonia announced that Blanket had received funds commensurate
with the increased level of ECI for gold produced in February 2018. Blanket has continued to receive the ECI at the revised rate
of 10% of revenues.</P>

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

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

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>Increased 2018 earnings guidance</B></P>

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

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The incremental revenue arising from
the increased ECI is likely to have a material positive impact on Caledonia&rsquo;s forecast EPS for 2018. Accordingly, on April
4, 2018, management increased its guidance for adjusted EPS in 2018 from between 130 and 150 cents per share to between 165 and
190 cents per share.</P>

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

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

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

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

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Following the one-for-five consolidation
of the Company&rsquo;s shares on June 26, 2017, the Company announced an increased quarterly dividend of 6.875 cents per share
which was paid on July 28, 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. Further quarterly dividends of the same amount were
paid at the end of October 2017 and at the end of January, April and July 2018. The quarterly dividend of 6.875 cents per quarter
is Caledonia&rsquo;s current dividend policy which it is envisaged will be maintained.</P>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Caledonia&rsquo;s strategic focus continues to
be the implementation of the Investment Plan at Blanket, which was announced in November 2014 and was revised in November 2017
following the resource upgrade announced on November 2, 2017. 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 increased flexibility to undertake further exploration and development, thereby safeguarding and enhancing
Blanket&rsquo;s long-term future. Following the relaxation in the indigenisation policy and improvements in the commercial environment
in Zimbabwe, Blanket plans to resume exploration at several of its exploration properties; Caledonia will also evaluate further
investment opportunities in Zimbabwe that would not fall underneath Blanket&rsquo;s ownership.</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"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>3. SUMMARY
FINANCIAL RESULTS</B></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">The table below sets out the consolidated profit and loss for the
six months and quarters ended June 30, 2018 and 2017 prepared under IFRS.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Condensed Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive Income &nbsp;</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>($&rsquo;000&rsquo;s)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3 months ended <BR>
June 30</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>6 months ended <BR>
June 30</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 53%; border-left: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Revenue</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,484</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>16,198</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">31,933</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>34,257</B></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">Royalty</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(776)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(811)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(1,599)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(1,715)</B></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">Production costs</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(8,814)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(9,297)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(17,912)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(19,307)</B></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">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(859)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(946)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(1,741)</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"><B>(1,868)</B></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">Gross profit</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,035</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5,144</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,861</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>11,367</B></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">Other income</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">557</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>1,720</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,201</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3,101</B></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">Administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(1,493)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(1,660)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(2,934)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(3,202)</B></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">Foreign exchange gain</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">83</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>89</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">19</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>160</B></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">Cash-settled share-based payment </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(959)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(223)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(534)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(337)</B></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">Equity-settled share-based payment</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(835)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(14)</B></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">Operating profit</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,223</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5,070</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,598</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>11,075</B></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">Net finance cost</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(29)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(17)</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"><B>(45)</B></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"><B>Profit before tax</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,213</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5,041</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,581</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>11,030</B></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">Tax expense</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(2,090)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(1,787)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(3,550)</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"><B>(3,897)</B></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"><B>Profit for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,123</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3,254</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,031</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"><B>7,133</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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"><B>Other comprehensive income/(loss)</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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"><B><I>Items that are or may be reclassified to profit or loss</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Foreign currency translation differences for foreign operations</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(648)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">133</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(440)</B></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"><B>Total comprehensive income for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,183</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2,606</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,164</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>6,693</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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"><B>Profit attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Shareholders of the Company</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">694</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2,604</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,032</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5,758</B></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">Non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">429</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>650</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">999</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"><B>1,375</B></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"><B>Profit for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,123</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3,254</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,031</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"><B>7,133</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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"><B>Total comprehensive income attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Shareholders of the Company</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">754</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>1,956</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,165</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5,318</B></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">Non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">429</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>650</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">999</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"><B>1,375</B></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"><B>Total comprehensive income for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,183</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2,606</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,164</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"><B>6,693</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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"><B>Earnings per share (cents) <SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Basic </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>24.1</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">27.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>53.4</B></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">Diluted </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>24.1</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">27.5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>53.3</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"><B>Adjusted earnings per share (cents) <SUP>(i) (ii)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Basic</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">18.9 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>35.2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">45.7</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"><B>75.2</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&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: 21.3pt"><FONT STYLE="font-size: 8pt"><I>(i)</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt"><I>Adjusted
                                         EPS is a non-IFRS measure which aims to reflect Caledonia&rsquo;s ordinary trading performance.
                                         Refer to Section 10 for a discussion of non-IFRS measures.</I></FONT></TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Revenues in the Quarter were 4.6% higher than in Q2 2017 due to
a 1.1% increase in ounces sold from 12,521 ounces in Q2 2017 to 12,657 ounces in the Quarter and a 3.5% increase in the average
realised price of gold from $1,235 per ounce in Q2 2017 to $1,278 per ounce in the Quarter. There was no work-in-progress brought
forward or carried forward in the Quarter and the royalty rate payable to the Government of Zimbabwe was unchanged at 5%.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Production costs in the Quarter increased by 5.4% compared to the
comparable quarter mainly due to the costs of the pilot plant which were $390,000 in the quarter. The pilot plant is discussed
in Section 5.2 of this MD&amp;A. Excluding the costs of the pilot plant, production costs increased by only 1% compared to the
comparable period. <FONT STYLE="color: black">The on-mine cost per ounce of gold sold in the Quarter increased by 3.0% compared
to the comparable quarter from 696/oz to $717/oz. The all-in sustaining cost per ounce of gold was virtually unchanged in the Quarter
compared to the comparable quarter at $856/oz because of the ECI offset the increase in on-mine costs. Costs are discussed further
in Section 4.6 of this MD&amp;A. </FONT></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Other income in the Quarter of $1,720,00 includes the ECI received
from the Government of Zimbabwe of $1,621,000. In terms of the scheme, which commenced in 2016, Blanket receives an export credit
incentive as a percentage of its gold sales which is received in US Dollars into Blanket&rsquo;s account in Zimbabwe. In 2017 the
ECI was calculated at 3.5% of revenues, falling to 2.5% of revenues from January 1, 2018. In February 2018 the 2018 Monetary Policy
Statement by the governor of the Reserve Bank of Zimbabwe announced an increase in the ECI from 2.5% to 10% of revenues. On April
4, 2018 Caledonia announced that Blanket had received funds commensurate with the increased level of ECI for gold produced in February
2018. The ECI is recognised as &ldquo;Other Income &ndash; Government Grant&rdquo; on a receivable basis.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Administrative expenses increased by 11.2% in the Quarter compared
to the comparable quarter. The largest component of administrative expenses is employee costs of $761,000 which increased by 7.5%
from $708,000 in the comparable quarter. Approximately 60% of the employee cost relates to employees at Caledonia Mining South
Africa Proprietary Ltd (&ldquo;CMSA&rdquo;) who are remunerated in South African rands. The employee head-count at CMSA was unchanged,
however the rand was 7% stronger against the US Dollar in the Quarter compared to the comparable Quarter and CMSA employees generally
received pay rises which reflected the South African rate of inflation. Investor relations and corporate development costs increased
from $124,000 in the comparable quarter to $178,000 due to the enhanced marketing in the US following the listing of the Company&rsquo;s
shares on the NYSE American stock exchange in July 2017.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 CMSA (which has the South African
rand as its functional currency) and rand-denominated intercompany loans which are held by the Company.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The cash-settled share-based payment expense for the Quarter comprises
an accrual for a payment which is expected to arise from the long-term incentive plan (&ldquo;LTIP&rdquo;) awards which were made
in previous quarters under the Company&rsquo;s 2015 Omnibus Equity Incentive Compensation Plan to certain executives in the form
of Restricted Share Units (&ldquo;RSUs&rdquo;) and Performance Share Units (&ldquo;PSUs&rdquo;). RSUs and PSUs were originally
granted to be settled in cash. Following expressions of interest by certain members of management in accepting shares in payment
for some or all of their LTIP awards, the board approved amendments to the LTIP awards on May 8, 2018 to allow for settlement in
cash, shares or a combination of both. The LTIP charge in the Quarter was $223,000 (2017: $124,000). The charge reflects a combination
of factors which include: the change in the Company&rsquo;s share price (which increased from $6.91 to $8.43 in the Quarter); the
increase in the number of RSUs due to the re-investment of attributable dividends; and the erosion of the time period until vesting.
Further information on the calculation of the charge is set out in note 8 to the Unaudited Condensed Consolidated Interim Financial
Statements.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</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"><B>Analysis of Consolidated Taxation Charge for
        the Quarter</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0.3in"><B></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>($&rsquo;000&rsquo;s)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.3in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0.3in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0.3in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0.3in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Blanket Mine</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0.3in"><FONT STYLE="font-size: 10pt"><B>CMSA</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0.3in"><FONT STYLE="font-size: 10pt"><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; width: 7%; white-space: nowrap"><FONT STYLE="font-size: 10pt">Income tax </FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in; width: 45%"><FONT STYLE="font-size: 10pt">&ndash; current quarter</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; width: 16%"><FONT STYLE="font-size: 10pt">229</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.3in; width: 16%"><FONT STYLE="font-size: 10pt">(60)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0.3in; width: 16%"><FONT STYLE="font-size: 10pt">169</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"></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&ndash; relating to prior years</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">795</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">795</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Withholding tax &ndash; current quarter</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(14)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(14)</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"></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&ndash; relating to prior year</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(413)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(413)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Deferred tax</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">1,260</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">1,250</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">2,270</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">(483)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0.3in"><FONT STYLE="font-size: 10pt">1,787</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify"></P>

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<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: windowtext">The overall effective
taxation rate in the Quarter was 35% compared to 65% in the comparable quarter. </FONT>The tax expense includes $1,024,000 of Zimbabwean
income tax which equates to an effective income tax rate of 9.7% on the pre-tax profits at Blanket Mine. The effective income tax
rate incurred in Zimbabwe is lower than the income tax rate of 25.75% due to the continued high level of capital investment at
Blanket: 100% of capital expenditure is deductible in the year in which it is incurred for the purposes of calculating Zimbabwean
income tax. During the Quarter management revised its estimate of the fair value of the management fee deducted by Blanket against
its taxable income for the 2012 to 2017 tax years. The revision increased the estimated income tax charge relating to the the prior
years by $795,000.</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">During the Quarter the Zimbabwe Revenue Authority (&ldquo;ZIMRA&rdquo;)
confirmed that Blanket had over-paid withholding tax on the management fees in 2017, which gave rise to a reduction in the estimated
withholding tax charge relating to 2017 of $413,000. ZIMRA has confirmed the overpayment of withholding tax can be offset against
the income tax arising on the disallowed portion of the management fees.</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">Blanket&rsquo;s deferred tax reflects the difference between
the accounting and tax treatments of capital investment.</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">The tax expense includes a $60,000 reduction in CMSA&rsquo;s
tax charge due to no management fees charged to Blanket, thereby reducing the South African entity&rsquo;s taxable income during
the quarter.</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">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.</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">The adjusted EPS 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. Refer to Section 10 of this
MD&amp;A for a discussion of non-IFRS measures.</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">Risks that may affect Caledonia&rsquo;s future financial
condition are discussed in Section 17 of this MD&amp;A.</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">The table below sets out the consolidated statements of
cash flows for the six months and quarters ended June 30, 2018 and 2017 prepared under IFRS.</P>

<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify">&nbsp;<BR></P>

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<P STYLE="margin: 0pt 2.7pt 0pt 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in">&nbsp;</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-left: Black 1pt solid">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><B>Condensed Consolidated Statement of Cash Flows
        (unaudited)</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><B>($&rsquo;000&rsquo;s)</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3 months ended <BR>
June 30</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>6 months ended <BR>
June 30</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; border-left: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 9%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 11%; border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</B></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"><B>Cash flows from operating activities</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Cash generated from operations </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,459</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>749</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,874</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>8,433</B></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">Net interest paid</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(44)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(82)</B></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">Tax paid</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(754)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(1,921)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(1,389)</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"><B>(2,522)</B></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"><B>Net cash from/(used in) operating activities</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,701</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(1,216)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,480</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5,829</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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"><B>Cash flows used in investing activities</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Acquisition of Property, plant and equipment </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(4,223)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(5,618)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(7,519)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(10,776)</B></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"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(4,223)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(5,618)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(7,519)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(10,776)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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"><B>Cash flows from financing activities</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Dividends paid</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(727)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(862)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(1,452)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(1,761)</B></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">Repayment of term loan facility</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(375)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(375)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(750)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(750)</B></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">Share repurchase</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(146)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(146)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>-</B></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">Share issued</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</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"><B>-</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"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(1,248)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(1,237)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(2,348)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(2,511)</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">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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"><B>Net decrease in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(770)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(8,071)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(3,387)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(7,458)</B></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">Effect of exchange rate fluctuations on cash held</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(74)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(70)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>10</B></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">Net cash and cash equivalents at beginning of the period</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,722</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>13,380</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">14,335</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>12,756</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Net cash and cash equivalents at end of the period </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,878</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5,308</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,878</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"><B>5,308</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Cash generated from operating activities is analysed
in note 12 to the Unaudited Condensed Consolidated Interim Financial Statements. Cash generated by operations before working capital
changes in the Quarter was $6,332,000, 29% higher than the comparable quarter due to the higher average realised gold price and
the increased ECI, offset by the higher cost per ounce. Changes in revenues and operating costs are discussed above in the discussion
of the consolidated profit and loss.</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"><FONT STYLE="color: black">Working capital increased
in the Quarter by $5,385,000 (Q2 2017: working capital decreased by $1,055,000). The increase </FONT>was mainly due to the increase
in amounts owed to Blanket by the Government of Zimbabwe, a reduction in trade payables and increased stock levels. The amounts
due from the Government of Zimbabwe comprise VAT refunds, ECI payments and the proceeds of gold sales. After the end of the Quarter,
payments were received in respect of ECI payments and gold bullion sales and these balances have returned to normal levels. The
amount due in respect of VAT refunds remains outstanding and Blanket continues its strenuous efforts to secure repayment of the
amounts due to it. To ameliorate the situation, Blanket has begun to off-set amounts due to ZIMRA under other tax heads against
the amount due to it from ZIMRA in respect of outstanding VAT refunds. The reduction in trade creditors reflects the reduction
in the amount due by Blanket to the Zimbabwe Electricity Supply Agency (&ldquo;ZESA&rdquo;). As noted in previous quarters, the
amount due to ZESA had increased to approximately $6 million due to ZESA&rsquo;s requirement that it be paid outside Zimbabwe and
Blanket&rsquo;s inability to obtain the foreign exchange to make such payments. ZESA has agreed to receive payment in Zimbabwe
and the amount due to ZESA will be reduced gradually to a normal level before the end of the third quarter of 2018. Stock levels
have increased partly due to Blanket carrying higher stock levels to protect against unexpected delays at the border between South
Africa and Zimbabwe and the requirement to increase stock levels of parts for equipment which is increasingly being used in the
declines pending the completion of the Central Shaft.</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">Net investment in property, plant and equipment
in the Quarter was $5,618,000 in terms of the Investment Plan, which is discussed further in Section 4.7 of this MD&amp;A and in
sustaining capital investment.</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">The dividends paid in the Quarter relate to the quarterly dividend
paid by Caledonia on April 27, 2018 and the share of dividends paid by Blanket which accrued to Blanket&rsquo;s indigenous Zimbabwean
shareholders after repayments of the facilitation loans and servicing of the facilitation loans.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">The table below sets out the consolidated statements of Caledonia&rsquo;s
financial position at June 30, 2018 and December 31, 2017 prepared under IFRS.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-size: 10pt; text-align: left; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Consolidated Statements of Financial Position (unaudited)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; font-size: 10pt; font-style: italic; text-align: left; text-indent: 0in; border-left: Black 1pt solid">($&rsquo;000&rsquo;s)</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 10pt; font-weight: bold; font-style: italic; text-align: right; text-indent: 0in">As at</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: 12%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>June 31</B></FONT></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: 12%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>Dec 31</B></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left; text-indent: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; text-indent: 0in">&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">2018</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">2017</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&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; text-indent: 0in; border-left: Black 1pt solid">Total non-current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; text-indent: 0in">&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">91,061</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">82,143</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0in; border-left: Black 1pt solid">Inventories</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; text-indent: 0in">&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">10,065</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">9,175</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0in; border-left: Black 1pt solid">Prepayments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; text-indent: 0in">&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">1,172</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">709</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0in; border-left: Black 1pt solid">Trade and other receivables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; text-indent: 0in">&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">7,477</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">4,962</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0in; border-left: Black 1pt solid">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt; text-indent: 0in">&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">8,057</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">13,067</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0in; border-left: Black 1pt solid">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt; text-indent: 0in">&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">117,832</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">110,056</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&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; text-indent: 0in; border-left: Black 1pt solid">Total non-current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; text-indent: 0in">&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">28,023</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">25,243</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0in; border-left: Black 1pt solid">Short-term portion of term loan facility</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; text-indent: 0in">&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">746</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">1,486</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0in; border-left: Black 1pt solid">Trade and other payables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; text-indent: 0in">&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">12,061</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">12,660</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0in; border-left: Black 1pt solid">Income tax payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; text-indent: 0in">&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">96</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">1,145</TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 0in; border-left: Black 1pt solid">Bank overdraft</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt; text-indent: 0in">&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">2,749</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">311</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0in; border-left: Black 1pt solid">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt; text-indent: 0in">&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">43,675</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">40,845</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&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; text-indent: 0in; border-left: Black 1pt solid">Total equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt; text-indent: 0in">&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">74,157</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">69,211</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&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; text-indent: 0in; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total equity and liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; 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">117,832</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">110,056</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>



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

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

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify">Non-current assets increased due to the continued investment
in terms of the Investment Plan and investment to sustain existing operations.</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify">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.</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify">Trade and other receivables are analysed in note 11 to
the Unaudited Condensed Consolidated Interim Financial Statements and include $2.3 million (December 31, 2017: $1.4 million) due
from Fidelity Printers and Refiners Limited (&ldquo;Fidelity&rdquo;) in respect of gold deliveries prior to the close of business
on June 30, 2018 and $3.7 million (December 31, 2017; $2.9 million) due from the Government of Zimbabwe in respect of VAT refunds.
Discussion of the amounts due is set out above in the discussion of cash flows.</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify">In October 2016 Blanket entered into a $3 million two-year
term loan; the remaining amount of $746,000 at June 30, 2018 will be repaid over the remainder of 2018. Blanket has a $4 million
overdraft facility which was drawn as to $2.7 million at June 30, 2018.</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify">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.</P>

<P STYLE="margin: 0pt 0.1in 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 36%; white-space: nowrap"><FONT STYLE="font-size: 10pt"><B>($&rsquo;000&rsquo;s except per share amounts)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; white-space: nowrap">Sept 30, <BR>
2016</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 14.7pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; white-space: nowrap">Dec 31, <BR>
2016</TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; white-space: nowrap">Mar 31, <BR>
2017</TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; white-space: nowrap">June 30, <BR>
2017</TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; white-space: nowrap">Sept 30, <BR>
2017</TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; white-space: nowrap">Dec 31, <BR>
2017</TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; white-space: nowrap">Mar 31, <BR>
2018</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt; border-top: Black 1pt solid; width: 8%; white-space: nowrap">June
    30, <BR>
2018</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"><FONT STYLE="font-size: 10pt">Revenue from operations</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">17,637</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">15,251</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">16,449</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">15,484</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">18,230</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">19,599</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">18,059</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">16,198</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">Profit attributable to owners of the Company </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,118</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,258</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,338</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">694</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,120</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,232</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,154</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,604</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; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Earnings per share &ndash; basic (cents)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">10.0</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">30.5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">21.5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29.4</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29.5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">24.1</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">Earnings per share &ndash; diluted (cents)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">9.5</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">31.0</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">21.4</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29.4</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29.4</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29.2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">24.1</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">Net cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">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">14,335</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">11,722</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">10,878</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">11,830</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">12,765</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">13,380</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 14.7pt"><FONT STYLE="font-size: 10pt">5,308</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">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. Significant changes relating to prior quarters are discussed in the relevant MD&amp;As and financial statements.</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"><B>4. OPERATIONS AT THE
BLANKET GOLD MINE, ZIMBABWE</B></P>

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

<P STYLE="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"> 4.1 Safety, Health and Environment</P>



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

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

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify; text-indent: 0in"><I></I></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"><B>Blanket Mine Safety Statistics</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; text-indent: 0in">&nbsp;</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">&nbsp;</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in">&nbsp;</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><B>Classification</B></P></TD>
    <TD>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Q3</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>2016</B></P></TD>
    <TD>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Q4</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>2016</B></P></TD>
    <TD>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Q1</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>2017</B></P></TD>
    <TD>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Q2</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>2017</B></P></TD>
    <TD>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Q3</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>2017</B></P></TD>
    <TD>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Q4</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>2017</B></P></TD>
    <TD>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Q1</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>2018</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Q2 </B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>2018</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Fatal</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Lost time injury</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Restricted work activity</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">First aid</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Medical aid</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Occupational illness</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0</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">0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">13</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">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Incidents</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Near misses</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1</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">Disability Injury Frequency Rate </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0.20</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0.55</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0.00</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0.33</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0.95</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0.00</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0.31</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">0.44</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">Total Injury Frequency Rate </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2.16</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1.46</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.51</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.81</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2.86</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1.57</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2.03</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1.77</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">Man-hours worked (thousands)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">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">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">1,140</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,206</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,257</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,271</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,278</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">1,352</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Total injuries in the Quarter decreased to 12 compared to 23 in
the comparable quarter and decreased from 13 in the previous quarter. After the end of the Quarter, a fatal mining-related accident
occurred on July 12, 2018. The directors and management of Caledonia and Blanket express their sincere condolences to the family
and colleagues of the deceased. Management has provided the necessary assistance to the Ministry of Mines Inspectorate Department
in its enquiries into this incident.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Prior to the fatality on July 12, 2018, management had embarked
on a detailed investigation to identify the causes of accidents which identified that employees require a significant change in
their behaviour and supervisors must ensure that prescribed safety procedures are adhered to. The workforce has increased by about
500 over the last two years and especially new employees appear to be involved in accidents. Management, with the assistance of
an external facilitator, has embarked on an initiative to retrain all employees on health and safety matters. Two teams are withdrawn
from production each week for a 5-day period to be retrained according to the safety initiative which focus on behavioural changes
and re-enforcing safety standards and practices. All Supervisors have been re-trained in basic rock engineering</P>

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

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

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

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

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

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</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"><B>Payments to the Community and the Zimbabwe
        Government</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>($&rsquo;000&rsquo;s)</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 29%; border-left: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Community <BR>
and Social <BR>
Investment</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Payments to <BR>
GCSOT</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Payments to <BR>
Zimbabwe <BR>
Government</B></FONT></TD>
    <TD STYLE="width: 16%; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><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">Year </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,147</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,000</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,354</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">19,501</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">Year </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">35</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,319</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,354</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">Year </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">50</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,376</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,376</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">Year </FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,637</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,649</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">Year</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,988</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,993</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">Q1</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,770</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,770</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Q2</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,048</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">3,048</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify; text-indent: -28.35pt"><B></B></P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>4.3</B> <B>Gold Production </B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Tonnes milled, average grades, recoveries and
gold produced during the Quarter, the preceding 9 quarters, the years 2015, 2016 and 2017 and July 2018 are shown in the table
below.</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">&nbsp;</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: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Blanket Mine Production Statistics</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 13%; border-left: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 22%">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Tonnes Milled</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>(t)</B></P></TD>
    <TD STYLE="width: 19%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Gold Head (Feed) <BR>
Grade (g/t Au)</B></FONT></TD>
    <TD STYLE="width: 19%">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Gold Recovery</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>(%)</B></P></TD>
    <TD STYLE="width: 19%; border-right: Black 1pt solid">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>Gold Produced</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>(oz)</B></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: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>440,079</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3.25</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>93.0</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"><B>42,804</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">Quarter 1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">114,527</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.16</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">93.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">10,822</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">Quarter 2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">120,590</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.47</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">93.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12,510</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">Quarter 3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">133,375</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.36</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">93.2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">13,428</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: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Quarter 4</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">142,169</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">92.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">13,591</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"><B>Year</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>510,661</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3.30</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><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"><B>50,351</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">Quarter 1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">124,225</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.42</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">93.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,794</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">Quarter 2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">136,163</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.08</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">92.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,518</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">Quarter 3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">136,064</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.52</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">93.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">14,396</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">Quarter 4</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">150,755</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.62</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">93.6</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">16,425</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: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>547,207</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3.41</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>93.4</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"><B>56,133</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">Quarter 1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">123,628</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.48</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">93.4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,924</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">Quarter 2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">132,585</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.19</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">92.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,657</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">July 2018</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">2018</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">49,920</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.01</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">92.2</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">4,456</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Gold production for the Quarter was adversely
affected by lower than expected grades and, to a lesser extent, lower than planed tonnage. 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.</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"></P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>4.4</B> <B>Underground</B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tonnes milled in the Quarter were 2.6% lower than the comparable
quarter and 7.2% higher than the preceding quarter. The grade in the Quarter was 3.6% higher than the comparable quarter and 8.3%
lower than the preceding quarter.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Tonnes milled and grade in the Quarter were adversely affected by
the occurrence of large waste boulders at Eroica South section due to slabbing of the hanging wall, the suspension of stopping
operations at Lima so that certain unpaid blocks could be re-developed, mining through a lower grade area at AR South, difficulties
in accessing broken ground at AR South and excessive dilution at Blanket due to the introduction of long-hole stopping in the narrower
reef width areas where handheld rock drills were used doing underhand bench mining on the grounds of safety. Corrective measures
to improve grade are being taken.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In the Quarter there was increased focus on ensuring that development
work was completed as scheduled, which from time-to-time had an adverse effect on production tonnes. Primary development advanced
in the Quarter by 2,469 metres compared to 2,432 metres in the previous quarter. It is anticipated that the benefit of the increased
development will be seen in future quarters.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">It is expected that the grade and production tonnages will increase
over future quarters, particularly in quarter four of 2018. Management re-iterates the production guidance for the full year 2018
of between 55,000 and 59,000 ounces of gold.</P>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Plant throughput in the Quarter was 71 tonnes per hour (&ldquo;tph&rdquo;)
compared to 66.3 tph in the previous quarter. Recoveries in the Quarter were 92.8%, the same as in the comparable quarter and lower
than 93.4% in the preceding quarter. Recoveries continue to be adversely affected by the low feed grade and the failure of the
oxygen plant which is now beyond repair. As a temporary measure liquid oxygen is used until a new oxygen plant is purchased and
installed, but this comes at an increased cost. A purchase agreement has been signed for a new oxygen plant and discussions are
well-advanced with a Zimbabwean bank to provide the purchase consideration for the new plant of $1.8 million. It is expected that
the new oxygen plant will be commissioned by the end of 2018, subject to the availability of the necessary foreign exchange to
fund the purchase.</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>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>4.6</B> <B>Production Costs</B></P>



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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</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: 18pt">i.</TD><TD STYLE="text-align: justify"><B>On-mine cost per ounce</B><SUP>4</SUP>, 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;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 18pt">ii.</TD><TD STYLE="text-align: justify"><B>All-in sustaining cost per ounce<SUP>4</SUP></B>, which shows the on-mine cost per ounce <I>plus</I>
royalty paid, additional costs incurred outside the mine (i.e. at offices in Harare, Johannesburg, London and Jersey), 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 awards less silver by-product revenue. The all-in
sustaining cost also includes as a credit (i.e. as a deduction from costs) the ECI; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 18pt">iii.</TD><TD STYLE="text-align: justify"><B>All-in cost per ounce<SUP>4</SUP></B>, which shows the all-in sustaining cost per ounce <I>plus</I>
the costs associated with activities that are undertaken with a view to increasing production (expansion capital investment).</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0 0pt 22.5pt; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="margin: 0pt 0 0pt 22.5pt; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

<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">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><B>Cost per Ounce of Gold Sold </B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><B>(US$/ounce)</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"></P></TD>
    <TD STYLE="border-top: Black 1pt solid; color: #333366; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; color: #333366; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; color: #333366; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3 Months to June 30</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>6 Months to June 30</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 43%; border-left: Black 1pt solid; color: #333366; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 15%; color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 14%; color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="width: 14%; color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 14%; border-right: Black 1pt solid; color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</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">On-mine cost<SUP>4</SUP></FONT></TD>
    <TD STYLE="color: #333366; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">696</FONT></TD>
    <TD STYLE="color: #333366; text-align: center"><FONT STYLE="font-size: 10pt"><B>717</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: center"><FONT STYLE="font-size: 10pt">677</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; color: #333366; text-align: center"><FONT STYLE="font-size: 10pt"><B>702</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">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">855</FONT></TD>
    <TD STYLE="color: #333366; text-align: center"><FONT STYLE="font-size: 10pt"><B>856</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: center"><FONT STYLE="font-size: 10pt">856</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; color: #333366; text-align: center"><FONT STYLE="font-size: 10pt"><B>843</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">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">1,172</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: center"><FONT STYLE="font-size: 10pt"><B>1,254</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: center"><FONT STYLE="font-size: 10pt">1,119</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: center"><FONT STYLE="font-size: 10pt"><B>1,204</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"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Per-ounce costs are calculated based on gold ounces
sold and not produced, so that an accurate value can be ascribed to the royalty and the ECI. A reconciliation of costs per ounce
to IFRS production costs is set out in Section 10.</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>

<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"></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="font-size: 8pt"><SUP>4</SUP> 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></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"></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"></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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>On-Mine costs</B></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">The On-mine cost increased by 3.0% compared to
the comparable quarter. The On-mine cost comprises labour, electricity, consumables and other costs such as security and insurance.
The on-mine cost for the quarter includes costs of $390,000 in respect of the pilot plant which produced 300 ounces of gold in
the quarter. The operation of the pilot plant is discussed in Section 5.2 of this MD&amp;A. If the costs and production of the
pilot plant are removed, the on-mine cost in the Quarter was $703 per ounce of gold sold &ndash; 1% higher than in the comparable
quarter. The pilot plant did not operate in the comparable quarter. As noted in the previous quarter, the 2018 wage negotiations
resulted in an across-the board increase for manual grades of 2.9% which was paid in March and back-dated to January 1, 2018. The
number of employees at Blanket (excluding those dedicated to capital projects, whose costs are capitalised) has increased by 5%
from 1,181 at December 31, 2017 to 1,246 at June 30, 2018. The increased number of workers make up 4 extra production crews to
fill in for the teams that are doing the 5-day safety training as discussed in Section 4.1 of this MD&amp;A and 2 crews to increase
the number of production stopes for the second half of the year. Blanket also experienced increased costs due to the higher maintenance
costs relating to the increased use of declines as a source of production and increases in the prices of explosives and detonators.
The proportion of ore that comes from the decline developments has increased over the last 18 months from zero to the current level
of approximately 25%. The declines provide access to ore below 750 meters until the Central Shaft and related horizontal development
is completed.</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"><B>All-in sustaining costs</B></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">All-in sustaining costs per ounce were virtually
unchanged in the Quarter compared to the comparable quarter. Higher on-mine costs, capital expenditure and general and administrative
costs were offset by the higher ECI. The ECI increased from 2.5% to 10% with effect from February 1, 2018 and amounted to $1,621,000
in the Quarter, which represents approximately $127 per ounce sold in the Quarter. The ECI is discussed further in the review of
the profit or loss in Section 3.</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">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>4.7 Capital
Projects</B></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">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 34 Level (1,026 metres).
Progress on sinking the shaft was adversely affected by several factors, which include: the raise boring of the ventilation hole
from 870 meters to 750 meters; power trips due to the unstable incoming supply from the grid; the installation of mid-shaft loading,
which took longer than expected; and the requirement to progress horizontal development on the 26 and 30 Levels. Most of these
issues have been resolved and shaft sinking operations are now progressing more smoothly.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">446 meters of capital development were achieved in the Quarter compared
to 646 metres in the preceding quarter.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>4.8 Indigenisation</B></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">Transactions that implemented the indigenisation
of Blanket (which expression in this Section and in certain other Sections throughout this MD&amp;A refers to the Zimbabwe company
that owns Blanket Mine) 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></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">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 June 30, 2018 was $30.98 million (December 31, 2017: $31.46
million). The facilitation loans (including interest thereon) are repaid by way of dividends from Blanket; 80% of the dividends
declared by Blanket 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 declared dividends of $1.75 million in
the Quarter which resulted in a small 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 $2.28 million at June 30, 2018 (December 31, 2017; $2.61 million).</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">On June 23, 2017 a modification to the facilitation
loans was agreed which reduced the rate of interest on the facilitation loans from LIBOR plus 10% to the lower of 7.25% payable
quarterly, or 80% of the dividend paid in the quarter by Blanket which is attributable to indigenous shareholders. The reduction
in the interest rate is retrospectively applied from January 1, 2017 and reflects the general lowering of interest rates in Zimbabwe.</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">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.</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">Pronouncements from the Zimbabwe Government following
the appointment of the new President in late 2017 indicated that the indigenisation policy would be relaxed, including the removal
of an indigenisation requirement for gold mining companies. These pronouncements were passed into law in March 2018. In light of
the changed legislation, Caledonia continues to engage in discussions to purchase the shareholdings in Blanket that are currently
held by the National Indigenisation and Economic Empowerment Fund (&ldquo;NIEEF&rdquo;) and Fremiro Investments (Private) Limited
(&ldquo;Fremiro&rdquo;). However, it is our intention to retain the employee and community shareholders (both of which currently
hold 10% of Blanket each) as long-term shareholders of Blanket. Any transactions would reflect the value of the indigenous shareholders&rsquo;
shareholdings in Blanket after deducting the value of the outstanding facilitation loans. There is no certainty that agreement
will be reached on transactions in respect of any shareholding.</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"><B></B></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"><B>4.9 Opportunities
and Outlook</B></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"><B>Investment Plan to Increase Production and
Extend Mine Life </B></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">Continued exploration has improved the understanding
of the gold resources below 22 Level and, in November 2017, resulted in a further increase in resources below 750 metres. Accordingly,
on November 10, 2017, the Company announced that it intends to continue to sink the Central Shaft by two further production levels
to a depth of 1,330 metres. The decision to extend the Central Shaft to 1,330 metres will not adversely affect the targeted increase
in production to 80,000 ounces of gold by 2021 but it will potentially increase Blanket&rsquo;s projected life-of-mine by a further
four years to 2031.</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"><B>Production Guidance</B></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">Production guidance for 2018 is in the range of
55,000 to 59,000 ounces of gold. This is forward looking information as defined by National Instrument 51-102. Until Central Shaft
is operational in 2020, production will be similar to that achieved in 2017 (i.e. approximately 56,000 ounces of gold) due to infrastructure
constraints. Any fluctuations in gold production in the period until Central Shaft is operational will be due to variations in
the grade. Refer to Section 18 of the MD&amp;A for further information on forward looking statements.</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"><B>Cost Guidance</B></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">The estimated on-mine cost for 2018 is in the
range of $650 to $685 per ounce and the estimated AISC for 2018 is reduced from the range of $845 to $890 per ounce to a range
of $750 to $795 per ounce due to the increased value of the ECI which increased from 2.5% of revenues to 10% of revenues from February
1, 2018.</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"><B>Earnings Guidance</B></P>

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

<P STYLE="margin: 0pt 4.55pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The incremental revenue arising from
the increased ECI is likely to have a material positive impact on Caledonia&rsquo;s forecast EPS for 2018. Accordingly, on April
4, 2018, management increased its guidance for adjusted EPS for 2018 from between 130 and 150 cents per share to between 165 and
190 cents per share.</P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>Changes in Indigenisation Legislation</B></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">As discussed in Section 4.8 of this MD&amp;A,
following changes in legislation, Caledonia will evaluate the potential to buy back the shareholdings in Blanket that are currently
held by certain indigenous partners. However, it is our intention to retain the employee and community shareholders (both of which
currently hold 10% of Blanket each) as long-term shareholders of Blanket. Any transactions would reflect the value of the indigenous
shareholder&rsquo;s shareholdings in Blanket after deducting the value of the outstanding facilitation loans. There is no certainty
that agreement will be reached on transactions in respect of any shareholding.</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"><B>Strategy</B></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">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. Following the relaxation in the indigenisation policy and improvements in the commercial environment
in Zimbabwe, Blanket plans to resume exploration at several of its exploration properties; Caledonia will also evaluate further
investment opportunities in Zimbabwe that would not fall underneath Blanket&rsquo;s ownership.</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>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>5 EXPLORATION AND PROJECT
DEVELOPMENT</B></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">Caledonia&rsquo;s exploration activities are focussed on the growth
and development of Blanket Mine and its satellite properties.</P>

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><B>5.1 Blanket Exploration</B></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">4,504 meters were drilled in the Quarter compared
to 4,260 metres in the preceding quarter and a plan of 6,480 metres. Drilling in the Quarter was focussed on the Blanket section
below 750 metres, AR South to a depth of 900 metres and at Eroica. The drilling has identified a strong continuation of the orezones.</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"></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"><B>5.2 Blanket Satellite
Prospects </B></P>

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 work at GG and Mascot was suspended in 2016 and resources were re-deployed at Blanket.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Blanket had intended to use the proceeds of the increased ECI to
undertake geological and metallurgical evaluations of the following satellite properties: GG, Mascot, Penzance, Abercorn, Cinderella
and Eagle Vulture. However, due to the disappointing cash generation in the Quarter (as discussed in Section 3 of this MD&amp;A)
all work on the satellite properties was suspended in the Quarter.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">During Q4 2017 a pilot plant was commissioned to treat material
from the GG prospect. It has now been identified that material from GG cannot be treated in the existing Blanket metallurgical
plant without reducing overall metallurgical recovery and therefore material from GG needs to be treated at a dedicated plant.
There are currently no plans to construct such a plant until we have identified the amount of material from other satellite properties
that may be similar to that from GG.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">During the Quarter 1,346 tonnes of low-grade material from Mascot
was treated at the pilot plant over a 28-day period. This work indicated that the material from Mascot is amendable to processing
at the existing Blanket plant. Operations at the pilot plant were suspended at the end of the Quarter as there is no high grade
material available from Mascot to allow this study to be completed.</P>

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>6.</B> <B>INVESTING </B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">An analysis of investment in the Quarter and the years 2016 and
2017 is set out below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 24%; border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0.3in">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; padding-left: 4.9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt">2016</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt"></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.85pt">Year</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.85pt"></P></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt">2017</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt"></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt">Year</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt"></P></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt">2018</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt"></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt">Q1</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt"></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: right; text-indent: 15.25pt"><B>2018</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt"></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt"><B>Q2</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: right; text-indent: 15.25pt"></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">Total Investment </FONT></TD>
    <TD STYLE="padding-left: 4.9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 14.1pt"><FONT STYLE="font-size: 10pt">19,159</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 3.35pt"><FONT STYLE="font-size: 10pt">20,949</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 2.25pt"><FONT STYLE="font-size: 10pt">5,186</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: right; text-indent: 2.25pt"><FONT STYLE="font-size: 10pt"><B>5,637</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">Blanket </FONT></TD>
    <TD STYLE="padding-left: 4.9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 14.1pt"><FONT STYLE="font-size: 10pt">19,146</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 3.35pt"><FONT STYLE="font-size: 10pt">20,939</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 2.25pt"><FONT STYLE="font-size: 10pt">4,887</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: right; text-indent: 2.25pt"><FONT STYLE="font-size: 10pt"><B>5,633</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">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 4.9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 14.1pt"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 3.35pt"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 2.25pt"><FONT STYLE="font-size: 10pt">299</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 2.25pt"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">Investment that takes place other than at Blanket largely comprises
capital items that are purchased by Caledonia in South Africa which will be sold on to Blanket in due course. All further investment
at Blanket is expected to be funded from Blanket&rsquo;s internal cash flows and its Zimbabwean borrowing facilities.</P>

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

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>7.</B> <B>FINANCING </B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Caledonia financed all its operations using funds
on hand and those generated by its operations. No equity financing took place in the Quarter. On May 9, 2018 Caledonia filed an
F-3 registration statement with the Securities Exchange Commission to allow the Company to raise up to $30m of new equity over
the next 3 years should appropriate investment opportunities arise. The Company currently has no plans to raise equity. Blanket
has an unsecured $4 million loan facility in Zimbabwe which is repayable on demand. At June 30, 2018 the facility was drawn as
to $2.7 million. In October 2016 Blanket drew down a $3 million two-year term facility of which $746,000 was payable as at June
30, 2018.</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"></P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>8.</B> <B>LIQUIDITY AND CAPITAL RESOURCES </B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">An analysis of Caledonia&rsquo;s capital resources as at June 30,
2018 and each of the preceding 5 quarters is set out below.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><B>Liquidity and Capital Resources</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><B><I>($&rsquo;000&rsquo;s)</I></B></P></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; border-left: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">As at</FONT></TD>
    <TD STYLE="width: 10%">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in">Mar 31</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in">2017</P></TD>
    <TD STYLE="width: 10%">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in">June 30</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in">2017</P></TD>
    <TD STYLE="width: 9%">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in">Sept 30</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in">2017</P></TD>
    <TD STYLE="width: 10%">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in">Dec 31</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in">2017</P></TD>
    <TD STYLE="width: 9%">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in">Mar 31</P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in">2018</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"><B>June 30</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>2018</B></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">Overdraft</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">130</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">311</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,604</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,749</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">Term facility</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,676</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,340</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,999</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,486</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,117</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>746</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">Cash and cash equivalents in the statement of cashflows (net of overdraft)</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,722</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,878</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,830</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,756</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13,380</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>5,308</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">Working capital</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">16,245</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">14,284</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,828</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,311</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">12,593</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>11,119</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">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 had a two-year term at draw-down in October 2016 with equal quarterly repayments. The Company&rsquo;s
liquid assets as at June 30, 2018 exceed its planned and foreseeable commitments as set out in Section 9 of this MD&amp;A.</P>

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

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: -21.3pt"><B></B></P>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>9.</B> <B>OFF-BALANCE SHEET ARRANGEMENTS, CONTRACTUAL COMMITMENTS AND CONTINGENCIES </B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">There are no off-balance sheet arrangements apart from the facilitation
loans of $30.98&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 June 30, 2018:</P>

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

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

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

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

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</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"><B>Payments due by Period </B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><I>($&rsquo;000&rsquo;s)</I></P></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid; text-align: right"><B>Falling due</B></TD>
    <TD STYLE="text-align: center"><B>Within <BR>
1 year</B></TD>
    <TD STYLE="text-align: center"><B>1-3 Years</B></TD>
    <TD STYLE="text-align: center"><B>4-5 Years</B></TD>
    <TD STYLE="text-align: center"><B>After 5 <BR>
Years</B></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; text-align: center"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; text-align: justify">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12,061</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: right">12,061</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; text-align: justify">Term loan</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">746</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: right">746</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; text-align: justify">Provisions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">843</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">65</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">282</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: right">2,552</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: right">3,742</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">Capital expenditure commitments</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">3,583</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">3,583</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"></P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">In addition to the committed purchase obligations set out above,
Blanket currently intends to invest approximately $10.6 million between July 2018 and December 2018 which is not yet committed
and a further $34.7 million in the years 2019 and 2020, which is also uncommitted. The committed and uncommitted investment 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 are expected to 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 June 30, 2018, Caledonia had potential liabilities for rehabilitation work on the Blanket and Eersteling Mines<FONT STYLE="font-size: 10pt; color: black"><SUP>5</SUP></FONT>
&ndash; if and when those mines are permanently closed &ndash; at an estimated discounted cost of $3.8 million.</P>

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>10.</B> <B>NON-IFRS MEASURES</B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">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.</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"></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"><B>10.1 Cost
per ounce</B></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">Non-IFRS performance measures such as &ldquo;on-mine
cost per ounce&rdquo;, &ldquo;all-in sustaining cost per ounce&rdquo; and &ldquo;all-in cost 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
cost per ounce&rdquo;, &ldquo;all-in sustaining cost per ounce&rdquo; and &ldquo;all-in cost per ounce&rdquo; to the production
costs shown in the financial statements which have been prepared under IFRS.</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">&nbsp;</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>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt"><SUP>5</SUP> Eersteling
Mine is a South African gold property, which has been held on care and maintenance for several years.</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: left; text-indent: 0in"></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-left: Black 1pt solid; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><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">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: left; text-indent: 0in">&nbsp;</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"><B><I>($&rsquo;000&rsquo;s unless otherwise indicated)</I></B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>3 Months to June 30</B></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"><B>&nbsp;</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: center; text-indent: 0in"><B>6 Months to June 30</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-left: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</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">Production cost (IFRS)</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,814</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>9,297</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">17,912</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>19,307</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">Less exploration and site restoration costs</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(116)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(290)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(222)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(559)</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">Other cost and intercompany adjustments</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>69</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(48)</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"><B>(218)</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">On-mine production cost</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,715</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>9,076</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">17,642</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"><B>18,530</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">Gold sales (oz)</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,521</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>12,657</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">26,069</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>26,412</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"><B><I>On-mine costs per ounce ($/oz)</I></B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>696</I></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><I>717</I></B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>677</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><I>702</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">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Royalty</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">776</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>811</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,599</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>1,715</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">Export incentive</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(542)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(1,621)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(1,118)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(2,985)</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">Exploration, remediation and permitting cost</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">88</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>80</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">168</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>151</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">Sustaining capital development</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">74</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>615</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">602</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>1,353</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">Administrative expenses</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,493</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>1,660</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,934</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3,202</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">Silver by-product credit</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(18)</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(15)</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(36)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(31)</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">Share-based payment expense</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">124</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>223</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">534</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"><B>337</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">All in sustaining cost </FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,710</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>10,829</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">22,325</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"><B>22,272</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">Gold sales (oz)</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,521</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>12,658</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">26,069</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>26,412</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"><B><I>All-in sustaining costs per ounce ($/oz)</I></B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>855</I></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><I>856</I></B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>856</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><I>843</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">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in">&nbsp;</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">Permitting and exploration expenses</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>21</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">98</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>60</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">Non-sustaining capital expenses</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,916</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5,021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,758</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"><B>9,469</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">Total all in cost</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">14,677</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>15,871</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">29,181</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"><B>31,801</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">Gold sales (oz)</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,521</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>12,658</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">26,069</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>26,412</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"><B><I>All-in costs per ounce ($/oz)</I></B></FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>1,172</I></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><I>1,254</I></B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><I>1,119</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><I>1,204</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; text-indent: 0in">&nbsp;</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"></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"><B>10.2 Average
realised gold price per ounce</B></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">&ldquo;Average realised gold 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 gold price per ounce&rdquo; to the Revenue shown in the financial
statements which have been prepared under IFRS.</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"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</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"><B>Reconciliation of Average Realised Gold Price
        per Ounce</B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"><B><I>($&rsquo;000&rsquo;s unless otherwise indicated)</I></B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: left; text-indent: 0in"></P></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-left: 17.5pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-left: 17.5pt; text-align: center; text-indent: 0in">&nbsp;</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">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 17.5pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3 Months to June 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"><B>6 Months to June 30</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%; border-left: Black 1pt solid; padding-left: 0.1in; text-align: left; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 12%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 13%; border-right: Black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</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"><B>Revenue (IFRS)</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,484</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>16,198</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">31,933</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>34,257</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">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">(18)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(15)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(36)</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"><B>(31)</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">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">15,466</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>16,183</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">31,897</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"><B>34,226</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">Gold ounces sold (oz)</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,521</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>12,658</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">26,069</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>26,412</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">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">1,235</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>1,278</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,224</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"><B>1,296</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B></B></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"><B>10.3 Adjusted
earnings per share</B></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">&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.</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>

<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"><B>Reconciliation of Adjusted Earnings per Share
        (&ldquo;Adjusted EPS&rdquo;) to IFRS Profit Attributable to Owners of the Company </B></P>
        <P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B><I>($&rsquo;000&rsquo;s unless otherwise indicated)</I></B></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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 17.5pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3 Months to 30 June</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"><B>6 Months to 30 June</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">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="width: 12%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2018</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2017</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"><B>2018</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"><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">694</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>2,604</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,032</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>5,758</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">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">&nbsp;</TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; color: #333366; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in">&nbsp;</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">Blanket Mine Employee Trust Adjustment</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(53)</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(35)</B></FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(123)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(75)</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">Equity-settled share-based payments</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">806</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">806</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"><B>14</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">Foreign exchange</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(83)</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>(89)</B></FONT></TD>
    <TD STYLE="vertical-align: top; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">(19)</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"><B>(160)</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">Deferred tax</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">625</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>1,249</B></FONT></TD>
    <TD STYLE="vertical-align: top; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,089</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"><B>2,439</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">Adjusted profit</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,989</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>3,729</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,785</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>7,976</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">Weighted average shares in issue (m)*</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>10.6</B></FONT></TD>
    <TD STYLE="vertical-align: top; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">10.5</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"><B>10.6</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; padding-left: 2pt; color: #333366; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">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">18.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #333366; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>35.2</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">45.7</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"><B>75.2</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"></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>11.</B> <B>RELATED PARTY TRANSACTIONS</B></P>



<P STYLE="margin: 0pt 0 0pt 28.35pt; font-size: 10pt; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">There were no related party transactions in the
Quarter.</P>

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

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: -21.3pt"><B></B></P>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>12.</B> <B>CRITICAL ACCOUNTING POLICIES</B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Caledonia's accounting policies are set out in
the Audited Consolidated Financial Statements for the year ended December 31, 2017 (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.</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">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:</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"></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"><B>i) Indigenisation transaction </B></P>

<P STYLE="margin: 0pt 0 0pt 4.5pt; 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">The directors of Caledonia Holdings Zimbabwe (Private)
Limited (&ldquo;CHZ&rdquo;), a wholly owned subsidiary of the Company, 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 and accounted
for the transaction as follows:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&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: 17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Non-controlling interests (&ldquo;NCI&rdquo;) are recognised on the portion of shareholding upon
which dividends declared by Blanket accrue unconditionally to equity holders as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">20% of the 16% shareholding of NIEEF;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">20% of the 15% shareholding of Fremiro; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">100% of the 10% shareholding of GCSOT.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">This effectively means that NCI is recognised at Blanket Mine level at 16.2% of the net assets.</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"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The remaining 80% of the shareholding of NIEEF and Fremiro is recognised as non-controlling interests
to the extent that their attributable share of the net asset value of Blanket exceeds the balance on the facilitation loans including
interest. At June 30, 2018 the attributable net asset value did not exceed the balance on the respective loan accounts and thus
no additional NCI was recognised.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">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 if they are employed at the date of such distribution. To the extent that
80% of the attributable dividends exceed the balance on BETS&rsquo; facilitation loan they will accrue to the employees at the
date of such declaration.</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">The Employee Trust and BETS are structured entities
which are effectively controlled and consolidated by Blanket. Accordingly, the shares held by BETS are effectively treated as treasury
shares in Blanket and no NCI is recognised.</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"></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"><B>ii) Site restoration
provisions</B></P>

<P STYLE="margin: 0pt 0 0pt 4.5pt; 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">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 Corporation 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 incurred.&nbsp; The final cost of the currently recognized site rehabilitation provisions may be higher
or lower than currently provided for.</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"></P>

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


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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B>iii) Functional
and change in presentation currency</B></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">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.</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"></P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>iv)</B> <B>Exploration and evaluation (&ldquo;E&amp;E&rdquo;) expenditure</B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">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.</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"></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"><B>v) Income taxes</B></P>

<P STYLE="margin: 0pt 0 0pt 4.5pt; 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">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.</P>

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

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

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

<P STYLE="margin: 0pt 0 0pt 4.3pt; 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"><B>vi) Share-based payment
transactions</B></P>

<P STYLE="margin: 0pt 0 0pt 4.5pt; 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">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.</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">&nbsp;</P>

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

<P STYLE="margin: 0pt 0 0pt 4.5pt; 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">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.</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">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: -21.3pt"><B>13. <FONT STYLE="color: black">FINANCIAL
INSTRUMENTS</FONT></B></P>

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>i)</B> <FONT STYLE="color: black"><B>Commodity risk</B></FONT></P>



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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>ii)</B> <FONT STYLE="color: black"><B>Credit risk</B></FONT></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">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 July 2018;
the VAT receivable is outside the agreed terms of such refunds.</P>

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

<P STYLE="margin: 0pt 0 0pt 4.5pt; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>iii)</B> <FONT STYLE="color: black"><B>Impairment losses</B></FONT></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">None of the trade and other receivables is past
due at the period-end date.</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">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>iv)</B> <FONT STYLE="color: black"><B>Liquidity risk</B></FONT></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">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 instalments from January
2017 until October 2018.</P>

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

<P STYLE="margin: 0pt 0 0pt 4.5pt; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="margin: 0pt 0 0pt 4.5pt; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>v)</B> <FONT STYLE="color: black"><B>Currency risk</B></FONT></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">A small proportion of Caledonia&rsquo;s assets,
financial instruments and transactions are denominated in currencies other than the United States Dollar. The financial results
and financial position of Caledonia are reported in United States Dollars in the Unaudited Condensed Consolidated Interim Financial
Statements.</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">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">The fluctuation of the United States 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.</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">Caledonia has certain
financial assets and liabilities denominated in foreign currencies. Caledonia does not use any derivative instruments to reduce
its foreign currency risks. </FONT>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.</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">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>vi)</B> <FONT STYLE="color: black"><B>Interest rate risk</B></FONT></P>



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

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

<P STYLE="margin: 0pt 0 0pt 4.5pt; font-size: 10pt; text-align: justify; text-indent: 0in"></P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>14.</B> <B>DIVIDEND POLICY </B></P>



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

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

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

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

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

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Following the announcement on December
16, 2015 that henceforth Caledonia will 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 United States Dollars as 1.125 United States cents. A further quarterly
dividend of 1.125 United States cents was paid at the end of April 2016.</P>

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

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">On July 5, 2016 Caledonia announced
a quarterly dividend of 1.375 United States cents per share, which was paid at the end of July 2016; further dividends of 1.375
United States cents were paid at the end of October 2016 and January and April 2017.</P>

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

<P STYLE="margin: 0pt 4.3pt 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">Following the share consolidation on
June 26, 2017, the Company announced on July 4, 2017 an increased quarterly dividend of 6.875 US cents which was paid on July 28,
2017, on October 27, 2017 and on January 26, 2018, April 27, 2018 and July 27, 2018. The dividend of 6.875 US cents per share effectively
maintains the dividend at the previous level of 1.375 US 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.</P>

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>15.</B> <B>MANAGEMENT AND BOARD</B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt">There were no changes to management or the board in the period under review.</P>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>16.</B> <B>SECURITIES OUTSTANDING</B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt">As at August 9, 2018 Caledonia had <FONT STYLE="color: black"><B>10,603,153 </B></FONT>common
shares issued.</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify">As at August 9, 2018 outstanding options to purchase Common Shares
(&ldquo;Options&rdquo;) are as follows:</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">Number of </TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right">Exercise Price</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: right; white-space: nowrap">Expiry Date</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">Options</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">Canadian $</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">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font-size: 10pt; text-align: right">5,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 25%; font-size: 10pt; text-align: right">4.00</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: 25%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Oct 8, 2020</FONT></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: right">18,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11.50</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">Oct 13, 2021</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: right">5,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8.10</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">May 30, 2022</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: right">5,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9.30</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>6</SUP></TD><TD 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">Aug 25, 2024</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="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&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">9.30</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><SUP>6</SUP></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"><FONT STYLE="font-size: 10pt">Aug 25, 2024</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">38,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&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="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></TR>
</TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify"><FONT STYLE="color: windowtext">Caledonia&rsquo;s 2015 Omnibus Equity
Incentive Compensation Plan (the &ldquo;Plan&rdquo;) allows that the number of shares reserved for issuance to p</FONT>articipants
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 <FONT STYLE="color: windowtext">outstanding shares from time to time.
Accordingly, Caledonia could grant Options on a further 1,022,315 shares at August 9, 2018 on the assumption that all the LTIPs
are settled in cash, at the option of the LTIP holder. </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>

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

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>17.</B> <B>RISK ANALYSIS </B></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">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.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR>                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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 licences. 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.</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">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><B></B></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"><FONT STYLE="font-size: 8pt"><SUP>6</SUP> The exercise price of
CAD$9.30 per share for these options was converted into a USD amount of $7.35 at the prevailing USD/CAD exchange rate.</FONT></P>


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

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

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR>                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 5.7pt"></TD><TD STYLE="width: 16.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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 the instability of the incoming electricity
supply.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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 the 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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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 and the risk that the Government of Zimbabwe is unable to pay its liabilities
to Blanket. Management believes that it has minimised such risks by complying fully with all relevant legislation and by obtaining
all relevant regulatory permissions and approvals.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</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: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.3in">&nbsp;</P>

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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>18.</B> <B>FORWARD LOOKING STATEMENTS</B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">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;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; 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
and operating 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.</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">Security holders, potential security holders 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 statements. 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. Security holders, potential security holders 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.</P>

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

<P STYLE="margin: 0pt 0 0pt 21.3pt; font-size: 10pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>19.</B> <B>CONTROLS</B></P>



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

<P STYLE="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">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.</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">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 June 30, 2018. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded
that, as at June 30, 2018, the Company&rsquo;s DC&amp;P were effective.</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">The Company also maintains a system of internal
controls over financial reporting (&ldquo;ICFR&rdquo;) designed under the supervision of the Company&rsquo;s 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 board of directors 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 reviews the financial statements and recommends them for approval
to the board of directors.</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">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 ICFR 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 (the &ldquo;COSO&rdquo;) to evaluate the effectiveness
of the Company&rsquo;s ICFR as at June 30, 2018. Based on this evaluation, the Chief Executive Officer and the Chief Financial
Officer have concluded that as at June 30, 2018, the Company&rsquo;s ICFR was effective.</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">There have been no changes in the Company&rsquo;s
ICFR during the period ended June 30, 2018 that have materially affected, or are reasonably likely to materially affect, the Company&rsquo;s
ICFR.</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>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"> <B>20.</B> <B>QUALIFIED PERSON</B></P>



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

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



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

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

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">26</P>

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

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

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exh_993.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.3</B></P>

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

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 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>June 30, 2018</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>

<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>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
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<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>April 1, 2018 </B>and ended on <B>June 30, 2018 </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;August 9, 2018</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; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">2</P>

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

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<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exh_994.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.4</B></P>

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

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

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 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>John Mark Learmonth, Chief Financial 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>June 30, 2018</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>

<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>

<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>

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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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<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>

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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>April 1, 2018 </B>and ended on <B>June 30, 2018 </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;August 9, 2018</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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<P STYLE="margin: 0; text-align: right">2</P>

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