EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

Caledonia Mining Corporation Plc

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL INFORMATION

To the Shareholders of Caledonia Mining Corporation Plc:

Management has prepared the information and representations in this report. The unaudited condensed consolidated interim financial statements of Caledonia Mining Corporation Plc and its subsidiaries (the “Group”) have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board 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.

The accompanying Management Discussion and Analysis (“MD&A”) 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.

The Group maintains adequate systems of internal accounting and administrative controls, within reasonable cost. Such systems are designed to provide reasonable assurance that relevant and reliable financial information are produced.

Management is responsible for establishing and maintaining adequate internal controls over financial reporting (“ICOFR”). Any system of ICOFR, 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.

At March 31, 2025 management evaluated the effectiveness of the Group’s ICOFR and concluded that such ICOFR was effective based on the criteria set forth in the Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organisations of the Treadway Commission.

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 comprise of four independent non-executive directors. This Committee meets periodically with management, the external auditor and internal auditor to review accounting, auditing, internal control and financial reporting matters.

These unaudited condensed consolidated interim financial statements have not been audited by the Group’s independent auditor.

The unaudited condensed consolidated interim financial statements for the period ended March 31, 2025 were approved by the Board of Directors and signed on its behalf on May 12, 2025.

(Signed) J.M. Learmonth | (Signed) R.I. Jerrard
Chief Executive Officer | Chief Financial Officer

1

Caledonia Mining Corporation Plc

Consolidated statements of profit or loss and other comprehensive income

(in thousands of United States Dollars, unless indicated otherwise)

For the |  |  |  |  |  |  | Three months ended March 31, |
Unaudited |  |  | Note |  |  |  | 2025 |  |  |  | 2024 |  |  |  | 2023 |
|  |  |  |  |  |  |  |  |  |  | Restated* |  |  |  | Restated* |
Revenue |  |  |  |  |  |  | 56,178 |  |  |  | 38,528 |  |  |  | 29,435 |
Royalty |  |  |  |  |  |  | (2,771 | ) |  |  | (1,934 | ) |  |  | (1,480 | )
Production costs |  |  | 6 |  |  |  | (22,622 | ) |  |  | (18,960 | ) |  |  | (19,850 | )
Depreciation |  |  | 13 |  |  |  | (3,859 | ) |  |  | (3,819 | ) |  |  | (2,255 | )
Gross profit |  |  |  |  |  |  | 26,926 |  |  |  | 13,815 |  |  |  | 5,850 |
Net foreign exchange (loss) gain |  |  | 7 |  |  |  | (1,252 | ) |  |  | (4,882 | ) |  |  | 36 |
Administrative expenses |  |  | 8 |  |  |  | (4,598 | ) |  |  | (2,611 | ) |  |  | (5,938 | )
Net derivative financial instrument expense |  |  |  |  |  |  | (1,592 | ) |  |  | (302 | ) |  |  | (434 | )
Equity-settled share-based credit (expense) |  |  | 9.2 |  |  |  | 144 |  |  |  | (201 | ) |  |  | (110 | )
Cash-settled share-based expense |  |  | 9.1 |  |  |  | (158 | ) |  |  | (53 | ) |  |  | (280 | )
Other expenses |  |  | 10 |  |  |  | (843 | ) |  |  | (600 | ) |  |  | (640 | )
Other income |  |  |  |  |  |  | 66 |  |  |  | 164 |  |  |  | 18 |
Operating profit (loss) |  |  |  |  |  |  | 18,693 |  |  |  | 5,330 |  |  |  | (1,498 | )
Finance income |  |  | 11 |  |  |  | 6 |  |  |  | 6 |  |  |  | 5 |
Finance cost |  |  | 11 |  |  |  | (900 | ) |  |  | (732 | ) |  |  | (772 | )
Profit (loss) before tax |  |  |  |  |  |  | 17,799 |  |  |  | 4,604 |  |  |  | (2,265 | )
Tax expense |  |  |  |  |  |  | (6,636 | ) |  |  | (2,530 | ) |  |  | (2,380 | )
Profit (loss) for the period |  |  |  |  |  |  | 11,163 |  |  |  | 2,074 |  |  |  | (4,645 | )
Other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Items that are or may be reclassified to profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations |  |  |  |  |  |  | 207 |  |  |  | (144 | ) |  |  | (369 | )
Total comprehensive income for the period |  |  |  |  |  |  | 11,370 |  |  |  | 1,930 |  |  |  | (5,014 | )
Profit (loss) attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owners of the Company |  |  |  |  |  |  | 8,915 |  |  |  | 1,486 |  |  |  | (5,356 | )
Non-controlling interests |  |  |  |  |  |  | 2,248 |  |  |  | 588 |  |  |  | 711 |
Profit (loss) for the period |  |  |  |  |  |  | 11,163 |  |  |  | 2,074 |  |  |  | (4,645 | )
Total comprehensive income attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owners of the Company |  |  |  |  |  |  | 9,122 |  |  |  | 1,342 |  |  |  | (5,725 | )
Non-controlling interests |  |  |  |  |  |  | 2,248 |  |  |  | 588 |  |  |  | 711 |
Total comprehensive income for the period |  |  |  |  |  |  | 11,370 |  |  |  | 1,930 |  |  |  | (5,014 | )
Earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share ($) |  |  |  |  |  |  | 0.45 |  |  |  | 0.07 |  |  |  | (0.32 | )
Diluted earnings (loss) per share ($) |  |  |  |  |  |  | 0.45 |  |  |  | 0.07 |  |  |  | (0.32 | )

* Refer to note 27.

The accompanying notes on pages 7 to 34 are an integral part of these consolidated financial statements.

On behalf of the Board: “J.M. Learmonth”- Chief Executive Officer and “R.I. Jerrard”- Chief Financial Officer.

2

Caledonia Mining Corporation Plc

Consolidated statements of financial position

(in thousands of United States Dollars, unless indicated otherwise)

Unaudited |  |  |  |  | March 31, |  |  |  | December 31, |  |  |  | January 1, |
As at |  | Note |  |  | 2025 |  |  |  | 2024 |  |  |  | 2024 |
|  |  |  |  |  |  |  |  | *Restated |
Assets |  |  |  |  |  |  |  |
Exploration and evaluation assets |  |  | 12 |  |  |  | 98,550 |  |  |  | 97,326 |  |  |  | 94,272 |
Property, plant and equipment |  |  | 13 |  |  |  | 192,131 |  |  |  | 189,456 |  |  |  | 179,649 |
Deferred tax asset |  |  |  |  |  |  | 233 |  |  |  | 264 |  |  |  | 153 |
Total non-current assets |  |  |  |  |  |  | 290,914 |  |  |  | 287,046 |  |  |  | 274,074 |
Income tax receivable |  |  |  |  |  |  | 216 |  |  |  | 355 |  |  |  | 1,120 |
Inventories |  |  | 14 |  |  |  | 25,317 |  |  |  | 23,768 |  |  |  | 20,304 |
Derivative financial assets |  |  |  |  |  |  | – |  |  |  | – |  |  |  | 88 |
Trade and other receivables |  |  | 15 |  |  |  | 17,268 |  |  |  | 12,675 |  |  |  | 9,952 |
Prepayments |  |  | 16 |  |  |  | 7,776 |  |  |  | 6,748 |  |  |  | 2,538 |
Cash and cash equivalents |  |  | 17 |  |  |  | 8,728 |  |  |  | 4,260 |  |  |  | 6,708 |
Assets held for sale |  |  | 18 |  |  |  | 13,520 |  |  |  | 13,512 |  |  |  | 13,519 |
Total current assets |  |  |  |  |  |  | 72,825 |  |  |  | 61,318 |  |  |  | 54,229 |
Total assets |  |  |  |  |  |  | 363,739 |  |  |  | 348,364 |  |  |  | 328,303 |
Equity and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share capital |  |  | 19 |  |  |  | 165,408 |  |  |  | 165,408 |  |  |  | 165,068 |
Reserves |  |  |  |  |  |  | 138,508 |  |  |  | 138,465 |  |  |  | 137,819 |
Retained loss |  |  |  |  |  |  | (83,782 | ) |  |  | (89,996 | ) |  |  | (97,143 | )
Equity attributable to shareholders |  |  |  |  |  |  | 220,134 |  |  |  | 213,877 |  |  |  | 205,744 |
Non-controlling interests |  |  |  |  |  |  | 22,835 |  |  |  | 20,587 |  |  |  | 18,456 |
Total equity |  |  |  |  |  |  | 242,969 |  |  |  | 234,464 |  |  |  | 224,200 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  |  |  |  |  | 48,319 |  |  |  | 48,418 |  |  |  | 46,123 |
Provisions |  |  | 20 |  |  |  | 10,585 |  |  |  | 9,664 |  |  |  | 10,985 |
Loans and borrowings |  |  | 21 |  |  |  | 1,219 |  |  |  | 1,500 |  |  |  | – |
Loan note instruments |  |  | 22 |  |  |  | 10,460 |  |  |  | 8,313 |  |  |  | 6,447 |
Cash-settled share-based payment |  |  | 9.1 |  |  |  | 628 |  |  |  | 411 |  |  |  | 374 |
Lease liabilities |  |  |  |  |  |  | 194 |  |  |  | 199 |  |  |  | 41 |
Total non-current liabilities |  |  |  |  |  |  | 71,405 |  |  |  | 68,505 |  |  |  | 63,970 |
Cash-settled share-based payment |  |  | 9.1 |  |  |  | 674 |  |  |  | 634 |  |  |  | 920 |
Income tax payable |  |  |  |  |  |  | 4,363 |  |  |  | 2,958 |  |  |  | 10 |
Lease liabilities |  |  |  |  |  |  | 140 |  |  |  | 95 |  |  |  | 167 |
Loans and borrowings |  |  | 21 |  |  |  | 1,455 |  |  |  | 1,174 |  |  |  | – |
Loan note instruments |  |  | 22 |  |  |  | 1,093 |  |  |  | 855 |  |  |  | 665 |
Trade and other payables |  |  | 23 |  |  |  | 28,222 |  |  |  | 26,647 |  |  |  | 20,503 |
Overdrafts |  |  | 17 |  |  |  | 13,300 |  |  |  | 12,928 |  |  |  | 17,740 |
Liabilities associated with assets held for sale |  |  | 18 |  |  |  | 118 |  |  |  | 104 |  |  |  | 128 |
Total current liabilities |  |  |  |  |  |  | 49,365 |  |  |  | 45,395 |  |  |  | 40,133 |
Total liabilities |  |  |  |  |  |  | 120,770 |  |  |  | 113,900 |  |  |  | 104,103 |
Total equity and liabilities |  |  |  |  |  |  | 363,739 |  |  |  | 348,364 |  |  |  | 328,303 |

*Refer to note 27.

The accompanying notes on pages 7 to 34 are an integral part of these consolidated financial statements.

3

Caledonia Mining Corporation Plc

Consolidated statements of changes in equity

(in thousands of United States Dollars, unless indicated otherwise)

Unaudited |  | Note |  |  | Share capital |  |  |  | Foreign currency translation reserve |  |  |  | Contributed surplus |  |  |  | Equity-settled share-based payment reserve |  |  |  | Retained loss |  |  |  | Total |  |  |  | Non-controlling interests (NCI) |  |  |  | Total equity |
Balance January 1, 2023* |  |  |  |  |  |  | 83,471 |  |  |  | (9,787 | ) |  |  | 132,591 |  |  |  | 14,997 |  |  |  | (80,529 | ) |  |  | 140,743 |  |  |  | 16,946 |  |  |  | 157,689 |
Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends declared |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (627 | ) |  |  | (627 | ) |  |  | (1,512 | ) |  |  | (2,139 | )
Share-based payments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issued on settlement of incentive plan awards |  |  | 9.1 |  |  |  | 351 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 351 |  |  |  | – |  |  |  | 351 |
Equity-settled share-based expense |  |  | 9.2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 110 |  |  |  | – |  |  |  | 110 |  |  |  | – |  |  |  | 110 |
Shares issued: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bilboes acquisition |  |  |  |  |  |  | 62,394 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 62,394 |  |  |  | – |  |  |  | 62,394 |
Equity raise (net of transaction cost) |  |  | 19 |  |  |  | 10,014 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 10,014 |  |  |  | – |  |  |  | 10,014 |
Total comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) profit for the period* |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (5,356 | ) |  |  | (5,356 | ) |  |  | 711 |  |  |  | (4,645 | )
Other comprehensive income for the period |  |  |  |  |  |  | – |  |  |  | (369 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (369 | ) |  |  | – |  |  |  | (369 | )
Balance at March 31, 2024* |  |  |  |  |  |  | 156,230 |  |  |  | (10,156 | ) |  |  | 132,591 |  |  |  | 15,107 |  |  |  | (86,512 | ) |  |  | 207,260 |  |  |  | 16,145 |  |  |  | 223,405 |
Balance December 31, 2023* |  |  |  |  |  |  | 165,068 |  |  |  | (10,409 | ) |  |  | 132,591 |  |  |  | 15,637 |  |  |  | (97,143 | ) |  |  | 205,744 |  |  |  | 18,456 |  |  |  | 224,200 |
Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends declared |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (5,373 | ) |  |  | (5,373 | ) |  |  | (756 | ) |  |  | (6,129 | )
Share-based payments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issued on settlement of incentive plan awards |  |  | 9.1 |  |  |  | 79 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 79 |  |  |  | – |  |  |  | 79 |
Equity-settled share-based expense |  |  | 9.2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 201 |  |  |  | – |  |  |  | 201 |  |  |  | – |  |  |  | 201 |
Total comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Profit for the period* |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,486 |  |  |  | 1,486 |  |  |  | 588 |  |  |  | 2,074 |
Other comprehensive income for the period |  |  |  |  |  |  | – |  |  |  | (144 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (144 | ) |  |  | – |  |  |  | (144 | )
Balance at March 31, 2024* |  |  |  |  |  |  | 165,147 |  |  |  | (10,553 | ) |  |  | 132,591 |  |  |  | 15,838 |  |  |  | (101,030 | ) |  |  | 201,993 |  |  |  | 18,288 |  |  |  | 220,281 |

4

Caledonia Mining Corporation Plc

Consolidated statements of changes in equity (continued)

(in thousands of United States Dollars, unless indicated otherwise)

|  | Note |  |  | Share capital |  |  |  | Foreign currency translation reserve |  |  |  | Contributed surplus |  |  |  | Equity-settled share-based payment reserve |  |  |  | Retained loss |  |  |  | Total |  |  |  | Non-controlling interests (NCI) |  |  |  | Total equity |
Balance at December 31, 2024 |  |  |  |  |  |  | 165,408 |  |  |  | (10,525 | ) |  |  | 132,591 |  |  |  | 16,399 |  |  |  | (89,996 | ) |  |  | 213,877 |  |  |  | 20,587 |  |  |  | 234,464 |
Transactions with owners: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends declared |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,701 | ) |  |  | (2,701 | ) |  |  | – |  |  |  | (2,701 | )
Share-based payments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity-settled share-based expense |  |  | 9.2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (164 | ) |  |  | – |  |  |  | (164 | ) |  |  | – |  |  |  | (164 | )
Total comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Profit for the period |  |  |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 8,915 |  |  |  | 8,915 |  |  |  | 2,248 |  |  |  | 11,163 |
Other comprehensive income for the period |  |  |  |  |  |  | – |  |  |  | 207 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 207 |  |  |  | – |  |  |  | 207 |
Balance at March 31, 2025 |  |  |  |  |  |  | 165,408 |  |  |  | (10,318 | ) |  |  | 132,591 |  |  |  | 16,235 |  |  |  | (83,782 | ) |  |  | 220,134 |  |  |  | 22,835 |  |  |  | 242,969 |
|  |  | Note |  |  |  | 19 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

*Refer to note 27.

The accompanying notes on pages 7 to 34 are an integral part of these consolidated financial statements.

5

Caledonia Mining Corporation Plc

Consolidated statements of cash flows

(in thousands of United States Dollars, unless indicated otherwise)

Unaudited |  |  |  | Three months ended March 31,
|  | Note |  | 2025 |  | 2024
Cash inflow from operations |  |  | 24 |  |  |  | 18,709 |  |  |  | 6,535 |
Interest received |  |  |  |  |  |  | 6 |  |  |  | 6 |
Finance costs paid |  |  | 26 |  |  |  | (543 | ) |  |  | (573 | )
Tax paid |  |  | 26 |  |  |  | (4,831 | ) |  |  | (1,081 | )
Net cash inflow from operating activities |  |  |  |  |  |  | 13,341 |  |  |  | 4,887 |
Cash flows used in investing activities |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of property, plant and equipment |  |  | 26 |  |  |  | (7,250 | ) |  |  | (3,741 | )
Acquisition of exploration and evaluation assets |  |  | 12 |  |  |  | (1,229 | ) |  |  | (430 | )
Acquisition of Put options |  |  |  |  |  |  | (1,592 | ) |  |  | (240 | )
Net cash used in investing activities |  |  |  |  |  |  | (10,071 | ) |  |  | (4,411 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Dividends paid |  |  | 26 |  |  |  | (1,387 | ) |  |  | (2,720 | )
Payment of lease liabilities |  |  |  |  |  |  | (181 | ) |  |  | (37 | )
Loan notes - solar bond issue receipts (net of transaction cost) |  |  | 22.1 |  |  |  | 2,387 |  |  |  | – |
Net cash from / (used in) financing activities |  |  |  |  |  |  | 819 |  |  |  | (2,757 | )
Net increase / (decrease) in cash and cash equivalents |  |  |  |  |  |  | 4,089 |  |  |  | (2,281 | )
Effect of exchange rate fluctuations on cash and cash equivalents |  |  |  |  |  |  | 7 |  |  |  | (847 | )
Net cash and cash equivalents at the beginning of the period |  |  |  |  |  |  | (8,668 | ) |  |  | (11,032 | )
Net cash and cash equivalents at the end of the period |  |  | 17 |  |  |  | (4,572 | ) |  |  | (14,160 | )

The accompanying notes on pages 7 to 34 are an integral part of these consolidated financial statements.

6

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

1 | Reporting entity

Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) is a company domiciled in Jersey, Channel Islands. The Company’s registered office address is B006 Millais House, Castle Quay, St Helier, Jersey, Channel Islands.

These unaudited consolidated interim financial statements as at and for the three months ended March 31, 2025 are of the Company and its subsidiaries (the “Group”). The Group’s primary involvement is in the operation of a gold mine and the exploration and development of mineral properties for precious metals.

Caledonia’s shares are listed on the NYSE American LLC stock exchange (symbol – “CMCL”). Depository interests in Caledonia’s shares are admitted to trading on AIM of the London Stock Exchange plc (symbol – “CMCL”). Caledonia listed on the Victoria Falls Stock Exchange (“VFEX”) (symbol – “CMCL”) on December 2, 2021. Caledonia voluntary delisted from the Toronto Stock Exchange (the “TSX”) on June 19, 2020. After the delisting the Company remains a Canadian reporting issuer and has to comply with Canadian securities laws until it demonstrates that Canadian shareholders represent less than 2% of issued share capital.

2 | Basis of preparation
2.1 | Prior year error

In preparation of the consolidated financial statements for the year ended December 31, 2024, an error was identified in the calculation of the deferred tax liabilities of Blanket. The change impacts the Company’s previously filed consolidated financial statements from December 31, 2019. The non-cash restatement was corrected in the opening balances from January 1, 2024 in these unaudited condensed consolidated interim financial statements, as presented in note 27.

2.2 | Statement of compliance

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 Accounting Standards, as issued by the International Accounting Standards Board 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, 2024.

2.3 | Basis of measurement

These unaudited condensed consolidated interim financial statements have been prepared on the historical cost basis except for:

• | cash-settled share-based payment arrangements measured at fair value on grant and re-measurement dates;
• | equity-settled share-based payment arrangements measured at fair value on the grant date; and
• | derivative financial assets and derivative financial liabilities measured at fair value.

7

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

2 | Basis of preparation (continued)
2.4 | Functional currency

These unaudited condensed consolidated interim financial statements are presented in United States Dollars (“$” or “US Dollars” or “USD”), which is also the functional currency of the Company. All financial information presented in US Dollars has been rounded to the nearest thousand, unless indicated otherwise. Refer to note 7 for foreign exchange effects related to Zimbabwean real-time gross settlement, bond notes or bond coins (“RTGS$”) and the Zimbabwe Gold ("ZiG").

3 | Use of accounting assumptions, estimates and judgements

In preparing these unaudited condensed consolidated interim financial statements, management has made accounting assumptions, estimates and judgements that affect the application of the Group’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. Key accounting assumptions, estimates and judgements applied in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those applied in the preparation of the audited annual consolidated financial statements for the year ended December 31, 2024.

4 | Material accounting policies

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’s annual consolidated financial statements for the year ended December 31, 2024. In addition, the accounting policies have been applied consistently throughout the Group.

5 | Blanket Zimbabwe Indigenisation Transaction

On February 20, 2012 the Group announced it had signed a Memorandum of Understanding (“MoU”) with the Minister of Youth, Development, Indigenisation and Empowerment of the Zimbabwean Government pursuant to which the Group agreed that indigenous Zimbabweans would acquire an effective 51% ownership interest in the Zimbabwean company owning the Blanket Mine (also referred to herein as “Blanket” or “Blanket Mine” as the context requires) for a paid transactional value of US$30.09 million. Pursuant to the above, members of the Group entered into agreements with each indigenous shareholder to transfer 51% of the Group’s ownership interest in Blanket Mine whereby it:

| • | sold a 16% interest to the National Indigenisation and Economic Empowerment Fund (“NIEEF”) for $11.74 million;

| • | sold a 15% interest to Fremiro Investments (Private) Limited (“Fremiro”), which is owned by indigenous Zimbabweans, for $11.01 million;

| • | sold a 10% interest to Blanket Employee Trust Services (Private) Limited (“BETS”) 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 (“Employee Trust”) with Blanket Mine’s employees holding participation units in the Employee Trust; and

| • | donated a 10% ownership interest to the Gwanda Community Share Ownership Trust (“Community Trust”). In addition, Blanket Mine paid a non-refundable donation of $1 million to the Community Trust.

8

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

5 | Blanket Zimbabwe Indigenisation Transaction (continued)

The Group facilitated the vendor funding of these transactions which is repaid by way of dividends from Blanket Mine. 80% of dividends declared by Blanket Mine are used to repay such loans and the remaining 20% unconditionally accrues to the respective indigenous shareholders. 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 Mine dividend in the quarter. The timing of the loan repayments depends on the future financial performance of Blanket Mine and the extent of future dividends declared by Blanket Mine. The Group related facilitation loans were transferred as dividends in specie intra-group and now the loans and most of the interest thereon is payable to the Company.

Accounting treatment

The directors of Caledonia Holdings Zimbabwe (Private) Limited (“CHZ”), a wholly-owned subsidiary of the Company, performed an assessment using the requirements of IFRS 10: Consolidated Financial Statements (IFRS 10). It was concluded that CHZ should consolidate Blanket Mine after the indigenisation. The subscription agreements with the indigenous shareholders have been accounted for accordingly as a transaction with non-controlling interests and as a share-based payment transaction.

The subscription agreements, concluded on February 20, 2012, were accounted for as follows:

| • | Non-controlling interests (“NCI”) were recognised on the portion of shareholding upon which dividends declared by Blanket Mine will accrue unconditionally to equity holders as follows:

| (a) | 20% of the 16% shareholding of NIEEF;

| (b) | 20% of the 15% shareholding of Fremiro; and

| (c) | 100% of the 10% shareholding of the Community Trust.

| • | This effectively means that NCI was initially recognised at 16.2% of the net assets of Blanket Mine, until the completion of the transaction with Fremiro, whereby the NCI reduced to 13.2% (see below).

| • | The remaining 80% of the shareholding of NIEEF and Fremiro was recognised as NCI to the extent that their attributable share of the net asset value of Blanket Mine exceeds the balance on the facilitation loans, including interest.

| • | The transaction with BETS is accounted for in accordance with IAS 19 Employee Benefits (profit sharing arrangement) as the ownership of the shares does not ultimately pass to the employees. The employees are entitled to participate in 20% of the dividends accruing to the 10% shareholding in Blanket Mine if they are employed at the date of such distribution. To the extent that 80% of the attributable dividends exceeds the balance on the BETS facilitation loan, they will accrue to the employees at the date of such declaration.

| • | BETS is an entity effectively controlled and consolidated by Blanket Mine. Accordingly, the shares held by BETS are effectively treated as treasury shares in Blanket Mine and no NCI is recognised.

Fremiro purchase agreement

On November 5, 2018 the Company and Fremiro entered into a sale agreement for Caledonia to purchase Fremiro’s 15% shareholding in Blanket Mine. On January 20, 2020 all substantive conditions to the transaction were satisfied. The Company issued 727,266 shares to Fremiro for the cancellation of their facilitation loan and purchase of Fremiro’s 15% shareholding in Blanket Mine. The transaction was accounted for as a repurchase of a previously vested equity instrument. As a result, the Fremiro share of the NCI of $3,600 was derecognised, shares were issued at fair value, the share-based payment reserve was reduced by $2,247 and the Company’s shareholding in Blanket Mine increased to 64% on the effective date.

9

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

5 | Blanket Zimbabwe Indigenisation Transaction (continued)

Blanket Mine’s indigenisation shareholding percentages and facilitation loan balances

USD |  |  |  |  |  |  | Effective |  |  |  | NCI subject |  |  |  | Balance of facilitation |
|  |  |  |  |  |  | interest & |  |  |  | to |  |  |  | loan3 |
|  |  | Shareholding |  |  |  | NCI recognised |  |  |  | facilitation loan |  |  |  | March 31, 2025 |  |  |  | December 31, 2024 |
NIEEF |  |  | 16 | % |  |  | 3.20 | % |  |  | 12.80 | % |  |  | 6,723 |  |  |  | 6,723 |
Community Trust |  |  | 10 | % |  |  | 10.00 | % |  |  | – | % |  |  | – |  |  |  | – |
BETS1, 2 |  |  | 10 | % |  |  | – | % |  |  | – | % |  |  | 3,535 |  |  |  | 3,535 |
|  |  | 36 | % |  |  | 13.20 | % |  |  | 12.80 | % |  |  | 10,258 |  |  |  | 10,258 |

1 The shares held by BETS are effectively treated as treasury shares.

2 Accounted for under IAS19 Employee Benefits.

3 Facilitation loans are accounted for as equity instruments and are accordingly not recognised as loans receivable.

The balance on the facilitation loans is reconciled as follows:

|  |  | 2025 |  |  |  | 2024 |
Balance at January 1 |  |  | 10,258 |  |  |  | 13,397 |
Interest incurred |  |  | – |  |  |  | 229 |
Dividends used to repay loan |  |  | – |  |  |  | (944 | )
Balance at March 31 |  |  | 10,258 |  |  |  | 12,682 |

10

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

6 | Production costs

|  |  | 2025 |  |  |  | 2024 |
Blanket Mine |  |  | 21,686 |  |  |  | 18,176 |
Salaries and wages |  |  | 8,350 |  |  |  | 7,113 |
Consumable materials |  |  | 6,965 |  |  |  | 6,319 |
Electricity costs |  |  | 3,697 |  |  |  | 3,196 |
Safety |  |  | 255 |  |  |  | 220 |
Share-based expense (note 9) |  |  | 248 |  |  |  | 90 |
On mine administration |  |  | 1,487 |  |  |  | 823 |
Security |  |  | 421 |  |  |  | 305 |
Solar operations and maintenance services |  |  | 224 |  |  |  | 51 |
Pre-feasibility exploration costs |  |  | 39 |  |  |  | 59 |
Bilboes |  |  | 936 |  |  |  | 784 |
Salaries and wages |  |  | 312 |  |  |  | 281 |
Consumable materials |  |  | 270 |  |  |  | 169 |
Electricity costs |  |  | 120 |  |  |  | 105 |
Share-based expense (note 9) |  |  | 17 |  |  |  | 31 |
On mine administration |  |  | 217 |  |  |  | 220 |
|  |  | 22,622 |  |  |  | 18,960 |

7 | Net foreign exchange (loss) gain

The 2024 Monetary Policy Statement issued by the Governor of the Reserve Bank of Zimbabwe (“RBZ”) on April 5, 2024 replaced the RTGS$ with a new currency that co-circulates with other foreign currencies in the Zimbabwean economy, named Zimbabwe Gold (“ZiG”). The ZiG was introduced at a rate of ZiG13.56:USD1 on April 5, 2024 and all RTGS$ balances were converted from RTGS$ to ZiG using an exchange rate of ZiG1:RTGS$2,499.

11

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

The official exchange rate of the ZiG weakened from ZiG13.99:USD1 to ZiG25.80:USD1 at December 31, 2024 to ZiG26.77:USD1 at March 31, 2025 resulting in foreign exchange losses on the ZiG-denominated prepayments, VAT and Bullion sales receivables as indicated in the table below in the first three months of 2025.

The retention threshold on gold receipts in 2024 was 75% in US Dollars and the balance in ZiG. The retention threshold was revised downwards to 70% in US Dollars effective February 6, 2025. The table below illustrates the effect the weakening of the ZiG, RTGS$ and other foreign currencies had on the consolidated statement of profit or loss.

|  | 2025 |  | 2024 |  | 2023
|  |  | ZiG |  |  |  | Other |  |  |  | Total |  |  |  | RTGS$ |  |  |  | Other |  |  |  | Total |  |  |  | RTGS$ |  |  |  | Other |  |  |  | Total |
Unrealised foreign exchange (losses) gains |  |  | (339 | ) |  |  | (251 | ) |  |  | (590 | ) |  |  | *(1,486 | ) |  |  | 169 |  |  |  | *(1,317 | ) |  |  | *(434 | ) |  |  | 686 |  |  |  | *252 |
Taxation and VAT |  |  | (35 | ) |  |  | – |  |  |  | (35 | ) |  |  | *(738 | ) |  |  | – |  |  |  | *(738 | ) |  |  | *(107 | ) |  |  | – |  |  |  | *(107 | )
Cash, receivables and intercompany loans |  |  | (304 | ) |  |  | (251 | ) |  |  | (555 | ) |  |  | (748 | ) |  |  | 169 |  |  |  | (579 | ) |  |  | (327 | ) |  |  | 686 |  |  |  | 359 |
Realised foreign exchange (losses) gains |  |  | (657 | ) |  |  | (5 | ) |  |  | (662 | ) |  |  | (3,559 | ) |  |  | (6 | ) |  |  | (3,565 | ) |  |  | (207 | ) |  |  | (9 | ) |  |  | (216 | )
Bullion sales receivable |  |  | (159 | ) |  |  | – |  |  |  | (159 | ) |  |  | (1,293 | ) |  |  | – |  |  |  | (1,293 | ) |  |  | (301 | ) |  |  | – |  |  |  | (301 | )
Cash and cash equivalents |  |  | (42 | ) |  |  | (5 | ) |  |  | (47 | ) |  |  | #(1,026) |  |  |  | (6 | ) |  |  | (1,032 | ) |  |  | (326 | ) |  |  | (9 | ) |  |  | (335 | )
Taxation, VAT and other receivables |  |  | (56 | ) |  |  | – |  |  |  | (56 | ) |  |  | (364 | ) |  |  | – |  |  |  | (364 | ) |  |  | (66 | ) |  |  | – |  |  |  | (66 | )
Trade and other payables and prepayments |  |  | (400 | ) |  |  | – |  |  |  | (400 | ) |  |  | (876 | ) |  |  | – |  |  |  | (876 | ) |  |  | 486 |  |  |  | – |  |  |  | 486 |
Net foreign exchange (loss) gain |  |  | (996 | ) |  |  | (256 | ) |  |  | (1,252 | ) |  |  | *(5,04 | 5) |  |  | 163 |  |  |  | *(4,882 | ) |  |  | *(641 | ) |  |  | 677 |  |  |  | *36 |

# | Losses incurred due to cash held by way of Letter of credit ("LC") denominated in RTGS$. Delays in conversion of the LC resulted in a devaluation of the asset when the RTGS$ devaluated.
* | Refer to note 27.

12

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

8 | Administrative expenses

|  |  | 2025 |  |  |  | 2024 |
Investor relations |  |  | 173 |  |  |  | 135 |
Audit fee |  |  | 134 |  |  |  | 79 |
Advisory services fees |  |  | 396 |  |  |  | 244 |
Listing fees |  |  | 121 |  |  |  | 149 |
Directors fees – Company |  |  | 196 |  |  |  | 170 |
Directors fees – Blanket |  |  | 14 |  |  |  | 19 |
Employee costs |  |  | 1,686 |  |  |  | 1,355 |
Employee costs – settlements group |  |  | 786 |  |  |  | – |
Employee costs – bonuses group |  |  | 458 |  |  |  | (150 | )
Other office administration cost |  |  | 70 |  |  |  | 52 |
Information technology and communication cost – Group related |  |  | 52 |  |  |  | 83 |
Management liability insurance |  |  | 222 |  |  |  | 353 |
Travel costs |  |  | 290 |  |  |  | 122 |
|  |  | 4,598 |  |  |  | 2,611 |

9 | Share-based payments
9.1 | Cash-settled share-based payments
9.1.1 | Restricted Share Units and Performance Units

Certain management and employees within the Group are granted Restricted Share Units (“RSUs”) and Performance Units (”PUs”) pursuant to provisions of the 2015 Omnibus Equity Incentive Compensation Plan (“OEICP”). All PUs were granted and approved at the discretion of the Compensation Committee of the Board of Directors.

PUs have a performance condition, determined on their grant date, based on metrics, such as, gold production, average normalised controllable cost per ounce of gold, resource development at Blanket Mine, financing and construction of Bilboes sulphide project and a performance period of one to three years. The number of PUs that vest will be the relevant portion of the PUs granted multiplied by the performance multiplier, which will reflect the actual performance in terms of the performance conditions compared to expectations on the date of the award.

PUs have rights to dividends only after they have vested.

PUs allow for settlement of the vesting date value in cash or, subject to conditions, shares issuable at fair market value or a combination of both at the discretion of the unitholder.

The fair value of the PUs at the reporting date was based on the Black Scholes option valuation model. At the reporting date it was assumed that there is a 42% - 96% probability that the performance conditions will be met and therefore a 42% - 96% (December 31, 2024: 28%-110%) average performance multiplier was used in calculating the estimated liability.

The liability as at March 31, 2025 amounted to $1,302 (December 31, 2024: $1,045). Included in the liability as at March 31, 2025 is an amount of $285 (2024: $99 2023: $394) that was expensed and classified as production costs; refer to note 6.

13

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

9 | Share-based payments (continued)
9.1 | Cash-settled share-based payments (continued)
9.1.1 | Restricted Share Units and Performance Units (continued)

The cash-settled share-based expense for PUs for the period amounted to $158 (2024: $53, 2023: $280). During the period PUs to the value of $Nil were settled in share capital (net of employee tax) (2024: $79, 2023: $351) with the employee tax portion recognised in profit or loss.

The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability on:

|  |  | March 31, 2025 |  |  |  | December 31, 2024 |
|  |  | PUs |  |  |  | PUs |
Risk free rate |  |  | 4.23 | % |  |  | 4.55 | %
Fair value (USD) |  |  | 12.49 |  |  |  | 9.41 |
Share price (USD) |  |  | 12.49 |  |  |  | 9.41 |
Performance multiplier percentage |  |  | 42% - 96% |  |  |  | 28%-110% |
Volatility |  |  | 1.15 |  |  |  | 0.77 |
January exercise price – 2021 awards (USD) |  |  | – |  |  |  | 11.89 |
January exercise price – 2022 awards (USD) |  |  | 9.18 |  |  |  | 11.89 |
April exercise price – 2023 awards (USD) |  |  | 12.49 |  |  |  | 10.87 |
April exercise price – 2024 awards (USD) |  |  | 12.49 |  |  |  | – |
Share units granted: |  |  | PUs |  |  |  | PUs |
Grant - January 11, 2021 |  |  | – |  |  |  | 35,341 |
Grant - May 14, 2021 |  |  | – |  |  |  | 482 |
Grant - June 1, 2021 |  |  | – |  |  |  | 375 |
Grant - June 14, 2021 |  |  | – |  |  |  | 199 |
Grant - September 6, 2021 |  |  | – |  |  |  | 229 |
Grant - September 20, 2021 |  |  | – |  |  |  | 230 |
Grant - October 11, 2021 |  |  | – |  |  |  | 225 |
Grant - November 12, 2021 |  |  | – |  |  |  | 923 |
Grant - December 1, 2021 |  |  | – |  |  |  | 225 |
Grant - January 11, 2022 |  |  | 19,011 |  |  |  | 41,381 |
Grant - January 12, 2022 |  |  | 278 |  |  |  | 556 |
Grant - May 13, 2022 |  |  | 1,436 |  |  |  | 1,894 |
Grant - July 1, 2022 |  |  | 949 |  |  |  | 1,899 |
Grant - October 1, 2022 |  |  | 900 |  |  |  | 1,800 |

14

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

9 | Share-based payments (continued)
9.1 | Cash-settled share-based payments (continued)
9.1.1 | Restricted Share Units and Performance Units (continued)

|  |  | March 31, 2025 |  |  |  | December 31, 2024 |
Share units granted: |  |  | PUs |  |  |  | PUs |
Grant - April 7, 2023 |  |  | 44,188 |  |  |  | 73,462 |
Grant - June 1, 2023 |  |  | 478 |  |  |  | 617 |
Grant - June 7, 2023 |  |  | 446 |  |  |  | 572 |
Grant - August 10, 2023 |  |  | 4,061 |  |  |  | 5,514 |
Grant - September 1, 2023 |  |  | 1,388 |  |  |  | 1,617 |
Grant - October 3, 2023 |  |  | 9,509 |  |  |  | 14,258 |
Grant - April 8, 2024 |  |  | 154,870 |  |  |  | 169,141 |
Grant - June 10, 2024 |  |  | 1,406 |  |  |  | 1,406 |
Grant - June 17, 2024 |  |  | 1,155 |  |  |  | 1,155 |
Grant - July 1, 2024 |  |  | 1,461 |  |  |  | 1,461 |
Grant - August 12, 2024 RSU dividends reinvested |  |  | 1,554 |  |  |  | 1,554 |
Settlements/ terminations |  |  | (24,768 | ) |  |  | (110,235 | )
Total awards outstanding |  |  | 218,322 |  |  |  | 246,281 |

On April 1, 2025 84,209 PUs vested and 151,551 PUs were granted to certain management and employees within the Group.

9.2 | Restricted Share Units and Performance Units
9.2.1 | EPUs

PUs which are classified as equity-settled (i.e. there is no option to vest in cash) (“EPUs”) have a performance condition, determined on their grant date, based on gold production, average normalised controllable cost per ounce of gold, resource development at Blanket Mine, financing and construction of Bilboes sulphide project and a performance period of three years. The number of EPUs that vest will be the relevant portion of the EPUs granted multiplied by the performance multiplier, which will reflect the actual performance in terms of the performance conditions compared to expectations on the date of the award.

EPUs have rights to dividends only after they have vested.

The shares issued are subject to a minimum holding period of until at least the first anniversary of the EPUs vesting date.

15

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

9 | Share-based payments (continued)

9.2 | Restricted Share Units and Performance Units (continued)
9.2.1 | EPUs (continued)

The fair value of the EPUs 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 percentage. At the reporting date it was assumed that there is a 41% - 87% probability that the performance conditions will be met and therefore a 41% - 87% (December 31, 2024: 42% - 105%) performance multiplier was used in calculating the expense. The equity-settled share-based expense for EPUs as at March 31, 2025 amounted to a credit of ($144) (2024: $201, 2023: $110). An amount of ($20) (2024: $Nil; 2023: $Nil) was classified as production costs; refer to note 6.

The following assumptions were used in estimating the fair value of the equity-settled share-based payment on:

Grant date |  |  | January 24, 2022 |  |  |  | April 7, 2023 |  |  |  | April 8, 2024 |  |  |  | May 13, 2024 |
Number of units – remaining at reporting date |  |  | 113,693 |  |  |  | 80,773 |  |  |  | 125,433 |  |  |  | 13,140 |
Share price (USD) - grant date |  |  | 11.50 |  |  |  | 16.91 |  |  |  | 10.91 |  |  |  | 10.01 |
Fair value (USD) - grant date |  |  | 10.15 |  |  |  | 15.33 |  |  |  | 9.53 |  |  |  | 10.02 |
Performance multiplier percentage at grant date |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Performance multiplier percentage at March 31 2025 |  |  | 41 | % |  |  | 42 | % |  |  | 87 | % |  |  | 87 | %

On April 1, 2025 113,693 vested and 129,540 EPUs and 6,004 restricted equity share units were granted to certain management and employees within the Group.

10 | Other expenses

|  |  | 2025 |  |  |  | 2024 |
Intermediated Money Transaction Tax* |  |  | 532 |  |  |  | 254 |
Community and social responsibility cost |  |  | 305 |  |  |  | 346 |
Other |  |  | 6 |  |  |  | – |
|  |  | 843 |  |  |  | 600 |

* | Intermediated Money Transfer Tax ("IMTT”) is tax chargeable in Zimbabwe on transfer of physical money, electronically or by any other means, and charged at 2% per transaction in Zimbabwe.

16

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

11 | Finance income and finance cost

|  |  | 2025 |  |  |  | 2024 |
Finance income received - Bank |  |  | 6 |  |  |  | 6 |
Unwinding of rehabilitation provision - Blanket (note 20) |  |  | 255 |  |  |  | 198 |
Finance cost - Leases |  |  | 9 |  |  |  | 3 |
Finance cost – Overdrafts |  |  | 261 |  |  |  | 357 |
Finance cost - Solar loan notes payable (note 22) |  |  | 278 |  |  |  | 174 |
Finance cost - Loans and borrowings (note 21) |  |  | 97 |  |  |  | – |
Total finance cost |  |  | 900 |  |  |  | 732 |

17

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

12 | Exploration and evaluation assets

|  |  | Bilboes Gold |  |  |  | Motapa |  |  |  | Maligreen |  |  |  | GG |  |  |  | Sabiwa |  |  |  | Abercorn |  |  |  | Valentine |  |  |  | Total |
Balance at January 1, 2024 |  |  | 73,573 |  |  |  | 10,592 |  |  |  | 5,998 |  |  |  | 3,723 |  |  |  | 294 |  |  |  | 27 |  |  |  | 65 |  |  |  | 94,272 |
Decommissioning asset estimation adjustment |  |  | (961 | ) |  |  | (882 | ) |  |  | 8 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,835 | )
Exploration costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Consumables and drilling |  |  | – |  |  |  | 1,792 |  |  |  | 19 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,811 |
- Contractor |  |  | – |  |  |  | 14 |  |  |  | 5 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 19 |
- Labour |  |  | – |  |  |  | 576 |  |  |  | – |  |  |  | 51 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 627 |
- Power |  |  | – |  |  |  | 74 |  |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 77 |
- Other |  |  | – |  |  |  | 67 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 67 |
Preliminary economic assessment and feasibility study |  |  | 2,288 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,288 |
Balance at December 31, 2024 |  |  | 74,900 |  |  |  | 12,233 |  |  |  | 6,033 |  |  |  | 3,774 |  |  |  | 294 |  |  |  | 27 |  |  |  | 65 |  |  |  | 97,326 |
Balance at January 1, 2025 |  |  | 74,900 |  |  |  | 12,233 |  |  |  | 6,033 |  |  |  | 3,774 |  |  |  | 294 |  |  |  | 27 |  |  |  | 65 |  |  |  | 97,326 |
Decommissioning asset estimation adjustment |  |  | 81 |  |  |  | 13 |  |  |  | 7 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 101 |
Exploration costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Consumables and drilling |  |  | – |  |  |  | 68 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 68 |
- Contractor |  |  | – |  |  |  | 69 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 69 |
- Labour |  |  | – |  |  |  | 149 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 149 |
- Other |  |  | – |  |  |  | 56 |  |  |  | 23 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 79 |
Preliminary economic assessment and feasibility study |  |  | 758 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 758 |
Balance at March 31, 2025 |  |  | 75,739 |  |  |  | 12,587 |  |  |  | 6,063 |  |  |  | 3,774 |  |  |  | 294 |  |  |  | 27 |  |  |  | 65 |  |  |  | 98,550 |

Non cash acquisitions of exploration and evaluation assets for the period consist of ($107) (December 31, 2024: $1,054) included in trade and other payables at March 31, 2025.

There were no impairment indicators during 2025 on exploration and evaluation assets.

18

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

13 | Property, plant and equipment

Cost |  |  | Land and Buildings |  |  |  | Right of use asset |  |  |  | Mine development, infrastructure and other |  |  |  | Assets under construction and decommissioning assets |  |  |  | Plant & Equipment |  |  |  | Furniture & Fittings |  |  |  | Motor Vehicles |  |  |  | Total |
Balance at January 1, 2024 |  |  | 16,686 |  |  |  | 501 |  |  |  | 118,398 |  |  |  | 35,628 |  |  |  | 71,445 |  |  |  | 1,861 |  |  |  | 3,605 |  |  |  | 248,124 |
Additions* |  |  | 214 |  |  |  | 265 |  |  |  | 128 |  |  |  | 25,012 |  |  |  | 1,532 |  |  |  | 243 |  |  |  | 187 |  |  |  | 27,581 |
Impairments# |  |  | (29 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (3,367 | ) |  |  | – |  |  |  | – |  |  |  | (3,396 | )
Disposals |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (3 | ) |  |  | (233 | ) |  |  | (236 | )
Derecognition |  |  | – |  |  |  | (256 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (256 | )
Reallocations between asset classes |  |  | – |  |  |  | – |  |  |  | 24,900 |  |  |  | (25,573 | ) |  |  | 673 |  |  |  | – |  |  |  | – |  |  |  | – |
Foreign exchange movement |  |  | – |  |  |  | (4 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (11 | ) |  |  | – |  |  |  | (15 | )
Balance at December 31, 2024 |  |  | 16,871 |  |  |  | 506 |  |  |  | 143,426 |  |  |  | 35,067 |  |  |  | 70,283 |  |  |  | 2,090 |  |  |  | 3,559 |  |  |  | 271,802 |
Balance at January 1, 2025 |  |  | 16,871 |  |  |  | 506 |  |  |  | 143,426 |  |  |  | 35,067 |  |  |  | 70,283 |  |  |  | 2,090 |  |  |  | 3,559 |  |  |  | 271,802 |
Additions* |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5,444 |  |  |  | 850 |  |  |  | 236 |  |  |  | – |  |  |  | 6,530 |
Disposals |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (20 | ) |  |  | (20 | )
Reallocations between asset classes |  |  | – |  |  |  | – |  |  |  | 4,663 |  |  |  | (7,244 | ) |  |  | 2,581 |  |  |  | – |  |  |  | – |  |  |  | – |
Foreign exchange movement |  |  | – |  |  |  | 7 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 19 |  |  |  | 1 |  |  |  | 27 |
Balance at March 31, 2025 |  |  | 16,871 |  |  |  | 513 |  |  |  | 148,089 |  |  |  | 33,267 |  |  |  | 73,714 |  |  |  | 2,345 |  |  |  | 3,540 |  |  |  | 278,339 |

* | Included in additions is the change in estimate for the decommissioning asset of $565 (2024: $317).
# | Included in the 2024 impairments are drill rigs with a net book value amount of $309, Lima plant at $1,204 and sinking headgear of $91 and other assets of $107. These assets were impaired to a net book value amount of $Nil, as management no longer intends to use it in the manner originally intended and being derecognised.

19

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

13 | Property, plant and equipment (continued)

Accumulated depreciation and Impairment losses |  |  | Land and Buildings |  |  |  | Right of use asset |  |  |  | Mine development, infrastructure and other |  |  |  | Assets under construction and decommissioning assets |  |  |  | Plant & Equipment |  |  |  | Furniture & Fittings |  |  |  | Motor Vehicles |  |  |  | Total |
Balance at January 1, 2024 |  |  | 9,362 |  |  |  | 345 |  |  |  | 17,806 |  |  |  | 786 |  |  |  | 35,820 |  |  |  | 1,255 |  |  |  | 3,101 |  |  |  | 68,475 |
Depreciation for the year |  |  | 1,102 |  |  |  | 127 |  |  |  | 7,189 |  |  |  | 77 |  |  |  | 7,099 |  |  |  | 205 |  |  |  | 222 |  |  |  | 16,021 |
Impairment for the period |  |  | 22 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,689 |  |  |  | – |  |  |  | – |  |  |  | 1,711 |
Accumulated depreciation and impairment – impairments |  |  | (29 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (3,367 | ) |  |  | – |  |  |  | – |  |  |  | (3,396 | )
Accumulated depreciation on disposals |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2 | ) |  |  | (202 | ) |  |  | (204 | )
Accumulated depreciation derecognised assets |  |  | – |  |  |  | (256 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (256 | )
Foreign exchange movement |  |  | – |  |  |  | 2 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (7 | ) |  |  | – |  |  |  | (5 | )
Balance at December 31, 2024 |  |  | 10,457 |  |  |  | 218 |  |  |  | 24,995 |  |  |  | 863 |  |  |  | 41,241 |  |  |  | 1,451 |  |  |  | 3,121 |  |  |  | 82,346 |
Balance at January 1, 2025 |  |  | 10,457 |  |  |  | 218 |  |  |  | 24,995 |  |  |  | 863 |  |  |  | 41,241 |  |  |  | 1,451 |  |  |  | 3,121 |  |  |  | 82,346 |
Depreciation for the period |  |  | 270 |  |  |  | 28 |  |  |  | 1,830 |  |  |  | – |  |  |  | 1,639 |  |  |  | 55 |  |  |  | 37 |  |  |  | 3,859 |
Accumulated depreciation on disposals |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (10 | ) |  |  | (10 | )
Foreign exchange movement |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 12 |  |  |  | 1 |  |  |  | 13 |
Balance at March 31, 2025 |  |  | 10,727 |  |  |  | 246 |  |  |  | 26,825 |  |  |  | 863 |  |  |  | 42,880 |  |  |  | 1,518 |  |  |  | 3,149 |  |  |  | 86,208 |
Carrying amounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At December 31, 2024 |  |  | 6,414 |  |  |  | 288 |  |  |  | 118,431 |  |  |  | 34,204 |  |  |  | 29,042 |  |  |  | 639 |  |  |  | 438 |  |  |  | 189,456 |
At March 31, 2025 |  |  | 6,144 |  |  |  | 267 |  |  |  | 121,264 |  |  |  | 32,404 |  |  |  | 30,834 |  |  |  | 827 |  |  |  | 391 |  |  |  | 192,131 |

20

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

14 | Inventories

|  |  | 2025 |  |  |  | December 31, 2024 |
Consumable stores* |  |  | 21,840 |  |  |  | 20,712 |
Gold in progress and Ore Stockpile# |  |  | 3,477 |  |  |  | 3,056 |
|  |  | 25,317 |  |  |  | 23,768 |

* | Included in consumables stores is an amount of ($2,105) (2024: ($2,105)) for provision for obsolete stock for items that are not compatible with plant and equipment currently in use. Write down of inventory amounted to $Nil for 2025 (2024: $312).
# | Gold work in progress balance as at March 31, 2025 consists of 3,159 ounces (2024: 3,442 ounces) of gold. The ore stockpile relates to a surface stockpile of approximately 15,000 tonnes (2024: 8,487 tonnes) of crushed ore representing approximately six days of target mill throughput. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained gold ounces is based on assay data, and the estimated recovery percentage based on the expected processing method.

15 | Trade and other receivables

|  |  | 2025 |  |  |  | December 31, 2024 |
Bullion sales receivable* |  |  | 8,440 |  |  |  | 4,095 |
VAT receivables# |  |  | 8,297 |  |  |  | 8,164 |
Deposits for stores, equipment and other receivables |  |  | 531 |  |  |  | 416 |
|  |  | 17,268 |  |  |  | 12,675 |

* | The carrying value of trade receivables is considered a reasonable approximation of fair value and are short term in nature. No provision for expected credit losses was recognised in the current or prior period as none of the debtors were past due and there has been no historic credit losses on debtors. Up to the date of approval of these financial statements all of the outstanding bullion sales receivable were settled in full.
# | Blanket received VAT refunds of $4.8 million on the online tax management portal (“TARMS”), of which $2.5 million will be applied against future tax liabilities.

16 | Prepayments

|  |  | 2025 |  |  |  | December 31, 2024 |
Caledonia Mining South Africa (Proprietary) Limited (“CMSA”) suppliers |  |  | 117 |  |  |  | 462 |
Blanket Mine third party suppliers - USD |  |  | 3,003 |  |  |  | 1,689 |
Blanket Mine third party suppliers - ZiG |  |  | 4,518 |  |  |  | 4,289 |
Other prepayments |  |  | 138 |  |  |  | 308 |
|  |  | 7,776 |  |  |  | 6,748 |

21

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

17 | Cash and cash equivalents

|  |  | 2025 |  |  |  | December 31, 2024 |
Bank balances |  |  | 8,728 |  |  |  | 4,260 |
Cash and cash equivalents |  |  | 8,728 |  |  |  | 4,260 |
Overdrafts |  |  | (13,300 | ) |  |  | (12,928 | )
Net cash and cash equivalents |  |  | (4,572 | ) |  |  | (8,668 | )

|  | Date drawn |  | Expiry |  | Repayment term |  |  | Principal value (million) |  |  |  | Balance drawn at March 31, 2025 (million) |
Overdraft facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stanbic Bank Limited - ZiG |  | Mar-24 |  | Jun-25 |  | On demand |  |  | ZiG6.5 |  |  |  | $Nil |
Stanbic Bank Limited - USD |  | Mar-24 |  | Jun-25 |  | On demand |  | $ | 4.0 |  |  | $ | 2.5 |
CABS Bank - USD |  | Oct-24 |  | Oct-25 |  | On demand |  | $ | 0.8 |  |  | $ | 0.7 |
Ecobank - USD |  | Mar-24 |  | Feb-26 |  | On demand |  | $ | 6.0 |  |  | $ | 5.9 |
Nedbank - USD |  | Apr-24 |  | Apr-26 |  | On demand |  | $ | 7.0 |  |  | $ | 4.2 |
Letter of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stanbic Bank Limited - USD |  |  |  | Jun-25 |  |  |  | $ | 2.5 |  |  |  | $Nil |

18 | Assets and liabilities associated with assets held for sale

|  |  | 2025 |  |  |  | December 31, 2024 |
Non-current assets held for sale |  |  |  |  |  |  |  |
Solar plant |  |  | 13,520 |  |  |  | 13,512 |
Liabilities associated with assets held for sale |  |  |  |  |  |  |  |
Site restoration liability |  |  | 118 |  |  |  | 104 |

In the second quarter of 2023 management embarked on a marketing process to locate a buyer for the Company’s solar plant located next to Blanket Mine. Various offers were received and a counterparty with a non-binding offer was given exclusivity to further negotiate the sale of the plant after proving their ability to operate and fund solar plants of similar size and complexity in Africa. The offer was received from a reputable global renewable energy operator and management was in an advanced stage of executing agreements to sell the solar plant. It was proposed that the new owners will exclusively supply Blanket with electricity from the plant, on a take-or-pay basis and in doing so secure Blanket’s future power supply. This has the benefit of realising a cash profit on the sale of the plant and generate cash for reinvestment in our gold projects. In addition, management can focus on Caledonia’s core business of gold mining.

On September 28, 2023 the Board approved management to further negotiate the purchase of the solar plant with the potential buyer. The assets were available for sale in their condition on September 28, 2023 and therefore met the criteria to be classified as held for sale.

22

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

18 | Assets and liabilities associated with assets held for sale (continued)

Management determined the value of the solar plant as the lower of the fair value less cost to sell and the carrying amount. The proceeds of the disposal are expected to substantially exceed the carrying amount of the related net assets and accordingly no impairment losses have been recognised on the classification of the solar plant. The asset was classified as property, plant and equipment before the reclassification to assets held for sale.

The change in estimate for the liability held for sale is mainly due to the Blanket Mine’s LoM that was extended to 2041, during 2024 (that is inclusive of inferred resources and is based on an internal estimate representing management’s best estimate of the LoM inclusive of the latest drilling results).

Caledonia announced on October 1, 2024 that it has signed a conditional sale agreement for the entire issued share capital of its Zimbabwe subsidiary, Caledonia Mining Services (Private) Limited ("CMS"), which owns and operates the 12.2MWac solar plant that supplies power to Blanket Mine. CMS is to be sold to CrossBoundary Energy Holdings ("CBE") for $22.4 million, subject to the fulfilment of outstanding conditions precedent. The extension of the classification of the solar plant as an asset held for sale beyond the 12 months is supported by the ongoing commitment from the board to sell the solar plant to CBE. The time for the outstanding conditions to be fulfilled in line with the agreement was outside of management’s control.

During 2024 the faulty transformers were impaired at a carrying amount of $385 and replaced at a cost of $408.

Completion of the solar plant sale was successful on April 11, 2025. The purchase consideration of $22.4 million was paid in cash, and the power generation of the solar plant will continue to be sold to Blanket Mine by way of a power purchase agreement. Upon completion of the sale, Caledonia realised a pre-tax profit of $9 million on the $13.4 million construction cost of the solar plant.

19 | Share capital

Authorised

Unlimited number of ordinary shares of no par value.

Unlimited number of preference shares of no par value.

Issued ordinary shares

|  |  | Number of fully paid shares |  |  |  | Amount |
January 1, 2024 |  |  | 19,188,073 |  |  |  | 165,068 |
Shares issued: |  |  |  |  |  |  |  |
- share-based payment - employees |  |  | 6,787 |  |  |  | 83 |
- share-based payment - employees |  |  | 14,694 |  |  |  | 220 |
- equity raise |  |  | 5,000 |  |  |  | 37 |
December 31, 2024 |  |  | 19,214,554 |  |  |  | 165,408 |
March 31, 2025 |  |  | 19,214,554 |  |  |  | 165,408 |

23

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

20 | Provisions

Site restoration

Site restoration relates to the estimated cost of closing down the mines and projects and represent the site and environmental restoration costs, estimated to be paid as a result of mining activities or previous mining activities. For the Blanket Mine site restoration costs are capitalsed in property, plant and equipment with an increase in the provision at the net present value of the estimated future and inflated cost of site rehabilitation. Subsequently the capitalised cost are amortised over the life of the mine and the provision is unwound over the period to estimated restoration. For properties in the exploration and evaluation phase, such as the Bilboes, Maligreen and Motapa projects, site restoration costs are capitalised in exploration and evaluation assets with an increase in the provision at the undiscounted value of the estimated cost of site rehabilitation. Subsequently the costs capitalised are not amortised and the provision is not unwound.

Reconciliation of site restoration provisions |  |  | 2025 |  |  |  | December 31, 2024 |
Blanket Mine |  |  |  |  |  |  |  |
Balance January 1 |  |  | 5,280 |  |  |  | 4,766 |
Unwinding of discount (note 11) |  |  | 255 |  |  |  | 197 |
Change in estimate (Blanket Mine) (note 13) |  |  | 565 |  |  |  | 317 |
Balance |  |  | 6,100 |  |  |  | 5,280 |
Motapa, Maligreen and Bilboes Gold |  |  |  |  |  |  |  |
Balance January 1 |  |  | 4,384 |  |  |  | 6,219 |
Change in estimate (Motapa) (note 12) |  |  | 13 |  |  |  | (882 | )
Change in estimate (Maligreen) (note 12) |  |  | 7 |  |  |  | 8 |
Change in estimate (Bilboes Gold) (note 12) |  |  | 81 |  |  |  | (961 | )
Balance |  |  | 4,485 |  |  |  | 4,384 |
Total balance |  |  | 10,585 |  |  |  | 9,664 |
Current |  |  | – |  |  |  | – |
Non-current |  |  | 10,585 |  |  |  | 9,664 |
|  |  | 10,585 |  |  |  | 9,664 |

The discount rate in calculating the present value of the Blanket Mine provision is 4.62% (2024: 4.86%) and is based on a risk-free rate and cash flows are estimated at an average 2.37% inflation (2024: 2.14%). The gross rehabilitation costs, before discounting, amounted to $7,842 (2024: $7,491) for Blanket Mine as at March 31, 2025.

The undiscounted gross rehabilitation costs for exploration and evaluation assets as at March 31, 2025, amounted to $3,586 (2024: $3,505) for Bilboes Holdings, $597 (2024: $584) for Motapa and $302 (2024: $295) for Maligreen.

During 2025 the site restoration provisions for all sites will be reassessed.

24

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

21 | Loans and borrowings

|  |  | 2025 |  |  |  | December 31, 2024 |
Balance January 1 |  |  | 2,674 |  |  |  | – |
Cashflows |  |  |  |  |  |  |  |
Amounts received |  |  | – |  |  |  | 3,000 |
Repayment - capital |  |  | – |  |  |  | (326 | )
Repayment - finance cost |  |  | (97 | ) |  |  | (293 | )
Non-cashflows |  |  |  |  |  |  |  |
Finance cost* |  |  | 97 |  |  |  | 293 |
Balance |  |  | 2,674 |  |  |  | 2,674 |

* Finance cost are accounted for using the effective interest rate method as disclosed in note 11.

Current |  |  | 1,455 |  |  |  | 1,174 |
Non-current |  |  | 1,219 |  |  |  | 1,500 |
|  |  | 2,674 |  |  |  | 2,674 |

|  | Currency |  | Nominal interest rate |  |  | Face Value |  |  |  | Carrying value |
Unsecured term loan - CABS |  | USD |  | 8.25% + 12 months SOFR# |  |  | 2,674 |  |  |  | 2,674 |

# Secured Overnight Funding Rates (“SOFR”)

22 | Loan note instruments

Loan note instruments - finance costs |  |  |  |  |  |  | 2025 |  |  |  | 2024 |
Solar loan notes |  |  | 22.1 |  |  |  | 278 |  |  |  | 174 |
|  |  |  |  |  |  | 278 |  |  |  | 174 |

Loan note instruments - financial liabilities |  |  |  |  |  |  | 2025 |  |  |  | December 31, 2024 |
Solar loan notes |  |  | 22.1 |  |  |  | 11,553 |  |  |  | 9,168 |
|  |  |  |  |  |  | 11,553 |  |  |  | 9,168 |
Current |  |  |  |  |  |  | 1,093 |  |  |  | 855 |
Non-current |  |  |  |  |  |  | 10,460 |  |  |  | 8,313 |
|  |  |  |  |  |  | 11,553 |  |  |  | 9,168 |

25

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

22 | Loan note instruments (continued)
22.1 | Solar loan notes

Following the commissioning of Caledonia’s wholly owned solar plant on February 2, 2023, the decision was taken to optimise the capital structure of the Group and provide additional debt instruments to the Zimbabwean financial market by way of issuing loan notes pursuant to a loan note instrument (“bonds”). The bonds were issued by the Zimbabwean registered entity owning the solar plant, Caledonia Mining Services (Private) Limited. The bonds carry an interest rate of 9.5% payable bi-annually and have a tenure of 3 years from the date of issue. The bond repayments are guaranteed by the Company. $11.5 million of bonds were in issue at March 31, 2025 (December 31, 2024: $9 million). All bonds were issued to Zimbabwean registered commercial entities. The bonds were transferred to Caledonia Holdings Zimbabwe (Private) Limited (“CHZ”) a subsidiary of the Company, except for the bonds issued in April 2024 and January 2025 which were directly issued by CHZ.

A summary of the bonds is as follows:

|  |  | 2025 |  |  |  | December 31, 2024 |
Balance January 1 |  |  | 9,168 |  |  |  | 7,112 |
Amounts received |  |  | 2,500 |  |  |  | 2,000 |
Transaction costs |  |  | (113 | ) |  |  | (30 | )
Finance cost accrued |  |  | 278 |  |  |  | 846 |
Repayment - finance cost paid |  |  | (280 | ) |  |  | (760 | )
Balance |  |  | 11,553 |  |  |  | 9,168 |
Current |  |  | 1,093 |  |  |  | 855 |
Non-current |  |  | 10,460 |  |  |  | 8,313 |
|  |  | 11,553 |  |  |  | 9,168 |

26

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

23 | Trade and other payables

|  |  | 2025 |  |  |  | December 31, 2024 |
Trade payables |  |  | 8,455 |  |  |  | 8,036 |
Electricity accrual |  |  | 2,693 |  |  |  | 1,670 |
Audit fee |  |  | 682 |  |  |  | 562 |
Dividends due |  |  | 3,836 |  |  |  | 2,522 |
Other payables |  |  | 1,370 |  |  |  | 924 |
Financial liabilities |  |  | 17,036 |  |  |  | 13,714 |
Production and management bonus accrual - Blanket Mine |  |  | 1,191 |  |  |  | 529 |
Other employee benefits - other |  |  | 3,487 |  |  |  | 2,235 |
Other employee benefits - settlement |  |  | – |  |  |  | 1,081 |
Leave pay |  |  | 3,433 |  |  |  | 2,838 |
Bonus accrual |  |  | 1,154 |  |  |  | 1,115 |
Tailings storage facility - accrual |  |  | 1,351 |  |  |  | 1,351 |
Other accruals |  |  | 570 |  |  |  | 3,784 |
Non-financial liabilities |  |  | 11,186 |  |  |  | 12,933 |
Total |  |  | 28,222 |  |  |  | 26,647 |

24 | Cash flow information

|  |  | 2025 |  |  |  | 2024 |
Operating profit |  |  | 18,693 |  |  |  | 5,330 |
Adjustments for: |  |  |  |  |  |  |  |
Unrealised foreign exchange losses (gains) (note 7) |  |  | 590 |  |  |  | 1,317 |
Cash-settled share-based expense (note 9.1) |  |  | 158 |  |  |  | 53 |
Share-based expense included in production costs (note 9) |  |  | 265 |  |  |  | 99 |
Cash portion of cash-settled share-based expense |  |  | (186 | ) |  |  | (613 | )
Equity-settled share-based expense (note 9.2) |  |  | (144 | ) |  |  | 201 |
Depreciation (note 13) |  |  | 3,859 |  |  |  | 3,819 |
Fair value loss on derivative instruments |  |  | 1,592 |  |  |  | 302 |
Site restoration provision adjustment on assets and liabilities held for sale |  |  | 6 |  |  |  | – |
Loss on disposal of property, plant and equipment (note 13) |  |  | 10 |  |  |  | – |
Cash generated from operations before working capital changes |  |  | 24,843 |  |  |  | 10,508 |
Inventories |  |  | (1,533 | ) |  |  | (272 | )
Prepayments |  |  | (187 | ) |  |  | (1,640 | )
Trade and other receivables |  |  | (4,656 | ) |  |  | 1,157 |
Trade and other payables |  |  | 242 |  |  |  | (3,218 | )
Cash generated from operations |  |  | 18,709 |  |  |  | 6,535 |

27

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

25 | Operating segments

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’s CEO reviews internal management reports on at least a quarterly basis. Blanket Mine, Bilboes oxide mine, exploration and evaluation assets (“E&E projects”) and South Africa describe the Group's reportable segments. The Blanket operating segment comprises Caledonia Holdings Zimbabwe (Private) Limited, Blanket Mine (1983) (Private) Limited, Blanket’s satellite projects and Caledonia Mining Services (Private) Limited (“CMS solar”). The Bilboes oxide mine segment comprises the oxide mining activities. The E&E projects segment includes the exploration and evaluation activities of the Bilboes sulphide project as well as the Motapa and Maligreen projects. The South African segment represents the sales made by Caledonia Mining South Africa Proprietary Limited to the Blanket Mine. The holding company (Caledonia Mining Corporation Plc) and Greenstone Management Services Holdings Limited (a UK company) are responsible for corporate administrative functions within the Group and contribute to the strategic decision making process of the CEO and are therefore included in the disclosure below and combined with corporate and other reconciling amounts that do not represent a separate segment. Information regarding the results of each reportable segment is included below.

Performance is measured based on profit before income tax, as included in the internal management report that is reviewed by the Group's CEO. Segment profit or exploration and evaluation cost 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. The accounting policies of the reportable segments are the same as the Group’s accounting policies.

28

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

25 | Operating segments (continued)

Information about reportable segments

For the three months ended March 31, 2025 |  |  | Blanket |  |  |  | South Africa |  |  |  | Bilboes oxide mine |  |  |  | E&E projects |  |  |  | Inter-group eliminations adjustments |  |  |  | Corporate and other reconciling amounts |  |  |  | Total |
Revenue |  |  | 55,004 |  |  |  | – |  |  |  | 1,174 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 56,178 |
Inter-segmental revenue |  |  | – |  |  |  | 4,112 |  |  |  | – |  |  |  | – |  |  |  | (4,112 | ) |  |  | – |  |  |  | – |
Royalty |  |  | (2,701 | ) |  |  | – |  |  |  | (70 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,771 | )
Production costs |  |  | (21,678 | ) |  |  | (3,596 | ) |  |  | (936 | ) |  |  | – |  |  |  | 3,595 |  |  |  | (7 | ) |  |  | (22,622 | )
Depreciation |  |  | (4,049 | ) |  |  | (39 | ) |  |  | – |  |  |  | – |  |  |  | 240 |  |  |  | (11 | ) |  |  | (3,859 | )
Net foreign exchange (loss) gain |  |  | (992 | ) |  |  | 122 |  |  |  | (3 | ) |  |  | – |  |  |  | (14 | ) |  |  | (365 | ) |  |  | (1,252 | )
Administrative expenses |  |  | (551 | ) |  |  | (1,321 | ) |  |  | (108 | ) |  |  | (2 | ) |  |  | 4 |  |  |  | (2,620 | ) |  |  | (4,598 | )
Management fee |  |  | (684 | ) |  |  | 684 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Net derivative financial instrument expense |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,592 | ) |  |  | (1,592 | )
Equity-settled share-based expense |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 144 |  |  |  | 144 |
Cash-settled share-based expense |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (158 | ) |  |  | (158 | )
Other expenses |  |  | (814 | ) |  |  | – |  |  |  | (22 | ) |  |  | – |  |  |  | – |  |  |  | (7 | ) |  |  | (843 | )
Other income |  |  | 401 |  |  |  | (277 | ) |  |  | – |  |  |  | – |  |  |  | (4 | ) |  |  | (54 | ) |  |  | 66 |
Finance income |  |  | – |  |  |  | 157 |  |  |  | – |  |  |  | – |  |  |  | (567 | ) |  |  | 416 |  |  |  | 6 |
Finance cost |  |  | (908 | ) |  |  | (7 | ) |  |  | (1 | ) |  |  | (53 | ) |  |  | 567 |  |  |  | (498 | ) |  |  | (900 | )
Profit (loss) before tax |  |  | 23,028 |  |  |  | (165 | ) |  |  | 34 |  |  |  | (55 | ) |  |  | (291 | ) |  |  | (4,752 | ) |  |  | 17,799 |
Tax expense |  |  | (6,579 | ) |  |  | 22 |  |  |  | 9 |  |  |  | – |  |  |  | 72 |  |  |  | (160 | ) |  |  | (6,636 | )
Profit (loss) after tax |  |  | 16,449 |  |  |  | (143 | ) |  |  | 43 |  |  |  | (55 | ) |  |  | (219 | ) |  |  | (4,912 | ) |  |  | 11,163 |

As at March 31, 2025 |  |  | Blanket |  |  |  | South Africa |  |  |  | Bilboes oxide mine |  |  |  | E&E projects |  |  |  | Inter-group eliminations adjustments |  |  |  | Corporate and other reconciling amounts |  |  |  | Total |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current (excluding intercompany) |  |  | 201,217 |  |  |  | 1,044 |  |  |  | – |  |  |  | 98,885 |  |  |  | (5,766 | ) |  |  | (4,466 | ) |  |  | 290,914 |
Current (excluding intercompany, including assets held for sale) |  |  | 69,431 |  |  |  | 2,321 |  |  |  | – |  |  |  | 791 |  |  |  | (1,585 | ) |  |  | 1,867 |  |  |  | 72,825 |
Additions on evaluation and exploration assets (note 12) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,123 |  |  |  | – |  |  |  | – |  |  |  | 1,123 |
Additions on property, plant and equipment (note 13) |  |  | 6,877 |  |  |  | 15 |  |  |  | – |  |  |  | – |  |  |  | (362 | ) |  |  | – |  |  |  | 6,530 |
Assets held for sale (note 18) |  |  | 13,520 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 13,520 |
Intercompany balances |  |  | 55,727 |  |  |  | 21,207 |  |  |  | 915 |  |  |  | – |  |  |  | (217,651 | ) |  |  | 139,802 |  |  |  | – |

29

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

25 | Operating segments (continued)

As at March 31, 2025 |  |  | Blanket |  |  |  | South Africa |  |  |  | Bilboes oxide mine |  |  |  | E&E projects |  |  |  | Inter-group eliminations adjustments |  |  |  | Corporate and other reconciling amounts |  |  |  | Total |
Segment liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current (excluding intercompany) |  |  | (66,396 | ) |  |  | (196 | ) |  |  | – |  |  |  | (4,182 | ) |  |  | (3 | ) |  |  | (628 | ) |  |  | (71,405 | )
Current (excluding intercompany) |  |  | (37,078 | ) |  |  | (3,981 | ) |  |  | – |  |  |  | (2,017 | ) |  |  | – |  |  |  | (6,289 | ) |  |  | (49,365 | )
Intercompany balances |  |  | (16,510 | ) |  |  | (38,168 | ) |  |  | – |  |  |  | (78,597 | ) |  |  | 217,651 |  |  |  | (84,376 | ) |  |  | – |

For the three months ended March 31, 2024 |  |  | Blanket |  |  |  | South Africa |  |  |  | Bilboes oxide mine |  |  |  | E&E projects |  |  |  | Inter-group eliminations adjustments |  |  |  | Corporate and other reconciling amounts |  |  |  | Total |
Revenue |  |  | 37,695 |  |  |  | – |  |  |  | 833 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 38,528 |
Inter-segmental revenue |  |  | – |  |  |  | 3,788 |  |  |  | – |  |  |  | – |  |  |  | (3,788 | ) |  |  | – |  |  |  | – |
Royalty |  |  | (1,892 | ) |  |  | – |  |  |  | (42 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,934 | )
Production costs |  |  | (18,501 | ) |  |  | (3,308 | ) |  |  | (784 | ) |  |  | – |  |  |  | 3,633 |  |  |  | – |  |  |  | (18,960 | )
Depreciation |  |  | (4,007 | ) |  |  | (33 | ) |  |  | – |  |  |  | – |  |  |  | 232 |  |  |  | (11 | ) |  |  | (3,819 | )
Net foreign exchange (loss) gain |  |  | *(4,986 | ) |  |  | (36 | ) |  |  | (60 | ) |  |  | – |  |  |  | (5 | ) |  |  | 205 |  |  |  | *(4,882 | )
Administrative expenses |  |  | (51 | ) |  |  | (513 | ) |  |  | (1 | ) |  |  | (2 | ) |  |  | 2 |  |  |  | (2,046 | ) |  |  | (2,611 | )
Management fee |  |  | (682 | ) |  |  | 682 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Fair value loss on derivative liabilities |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (302 | ) |  |  | (302 | )
Equity-settled share-based expense |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (201 | ) |  |  | (201 | )
Cash-settled share-based expense |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (53 | ) |  |  | (53 | )
Other expenses |  |  | (593 | ) |  |  | – |  |  |  | (7 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (600 | )
Other income |  |  | 65 |  |  |  | 1 |  |  |  | – |  |  |  | – |  |  |  | (2 | ) |  |  | 100 |  |  |  | 164 |
Finance income |  |  | – |  |  |  | 159 |  |  |  | – |  |  |  | – |  |  |  | (683 | ) |  |  | 530 |  |  |  | 6 |
Finance cost |  |  | (893 | ) |  |  | (2 | ) |  |  | (89 | ) |  |  | (21 | ) |  |  | 683 |  |  |  | (410 | ) |  |  | (732 | )
Profit (loss) before tax |  |  | 6,155 |  |  |  | 738 |  |  |  | (150 | ) |  |  | (23 | ) |  |  | 72 |  |  |  | (2,188 | ) |  |  | 4,604 |
Tax expense |  |  | (2,306 | ) |  |  | (224 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,530 | )
Profit (loss) after tax |  |  | 3,849 |  |  |  | 514 |  |  |  | (150 | ) |  |  | (23 | ) |  |  | 72 |  |  |  | (2,188 | ) |  |  | 2,074 |

*Refer to note 27.

30

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

25 | Operating segments (continued)

As at March 31, 2024 |  |  | Zimbabwe |  |  |  | South Africa |  |  |  | Bilboes oxide mine |  |  |  | E&E projects |  |  |  | Inter-group eliminations adjustments |  |  |  | Corporate and other reconciling amounts |  |  |  | Total |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current (excluding intercompany) |  |  | 188,112 |  |  |  | 794 |  |  |  | – |  |  |  | 93,367 |  |  |  | (5,212 | ) |  |  | (2,754 | ) |  |  | 274,307 |
Current (excluding intercompany, including assets held for sale) |  |  | 45,574 |  |  |  | 2,054 |  |  |  | – |  |  |  | 666 |  |  |  | (1,662 | ) |  |  | 838 |  |  |  | 47,470 |
Additions on evaluation and exploration assets |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 430 |  |  |  | – |  |  |  | – |  |  |  | 430 |
Additions on property, plant and equipment |  |  | 3,641 |  |  |  | 108 |  |  |  | – |  |  |  | – |  |  |  | (151 | ) |  |  | – |  |  |  | 3,598 |
Assets held for sale |  |  | 13,486 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 13,486 |
Intercompany balances |  |  | 47,378 |  |  |  | 16,893 |  |  |  | (90 | ) |  |  | – |  |  |  | (149,135 | ) |  |  | 84,954 |  |  |  | – |
Segment liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current (excluding intercompany) |  |  | (30,207 | ) |  |  | (1,857 | ) |  |  | – |  |  |  | (2,030 | ) |  |  | – |  |  |  | (4,056 | ) |  |  | (38,150 | )
Non-current (excluding intercompany) |  |  | *(56,947 | ) |  |  | – |  |  |  | – |  |  |  | (5,932 | ) |  |  | 4 |  |  |  | (471 | ) |  |  | *(63,346 | )
Intercompany balances |  |  | (21,275 | ) |  |  | (35,458 | ) |  |  | – |  |  |  | (6,342 | ) |  |  | 149,135 |  |  |  | (86,060 | ) |  |  | – |

*Refer to note 27.

For the three months ended March 31, 2023 |  |  | Blanket |  |  |  | South Africa |  |  |  | Bilboes oxide mine |  |  |  | Inter-group eliminations adjustments |  |  |  | Corporate and other reconciling amounts |  |  |  | Total |
Revenue |  |  | 29,263 |  |  |  | – |  |  |  | 172 |  |  |  | – |  |  |  | – |  |  |  | 29,435 |
Inter-segmental revenue |  |  | – |  |  |  | 2,109 |  |  |  | – |  |  |  | (2,109 | ) |  |  | – |  |  |  | – |
Royalty |  |  | (1,471 | ) |  |  | – |  |  |  | (9 | ) |  |  | – |  |  |  | – |  |  |  | (1,480 | )
Production costs |  |  | (16,079 | ) |  |  | (2,111 | ) |  |  | (3,346 | ) |  |  | 1,686 |  |  |  | – |  |  |  | (19,850 | )
Depreciation |  |  | (2,794 | ) |  |  | (36 | ) |  |  | – |  |  |  | 585 |  |  |  | (10 | ) |  |  | (2,255 | )
Net foreign exchange (loss) gain |  |  | *(638 | ) |  |  | (65 | ) |  |  | (4 | ) |  |  | 354 |  |  |  | 389 |  |  |  | *36 |
Administrative expenses |  |  | (39 | ) |  |  | (676 | ) |  |  | (216 | ) |  |  | – |  |  |  | (5,007 | ) |  |  | (5,938 | )
Management fee |  |  | (560 | ) |  |  | 560 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Fair value loss on derivative liabilities |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (434 | ) |  |  | (434 | )
Equity-settled share-based expense |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (110 | ) |  |  | (110 | )
Cash-settled share-based expense |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 394 |  |  |  | (674 | ) |  |  | (280 | )
Other expenses |  |  | (638 | ) |  |  | – |  |  |  | (2 | ) |  |  | – |  |  |  | – |  |  |  | (640 | )
Other income |  |  | 5 |  |  |  | 13 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 18 |
Finance income |  |  | – |  |  |  | 5 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5 |
Finance cost |  |  | (518 | ) |  |  | 112 |  |  |  | (1 | ) |  |  | – |  |  |  | (365 | ) |  |  | (772 | )
Profit (loss) before tax |  |  | 6,531 |  |  |  | (89 | ) |  |  | (3,406 | ) |  |  | 910 |  |  |  | (6,211 | ) |  |  | (2,265 | )
Tax expense |  |  | *(1,870 | ) |  |  | (73 | ) |  |  | – |  |  |  | (137 | ) |  |  | (300 | ) |  |  | *(2,380 | )
Profit (loss) after tax |  |  | 4,661 |  |  |  | (162 | ) |  |  | (3,406 | ) |  |  | 773 |  |  |  | (6,511 | ) |  |  | (4,645 | )

*Refer to note 27.

31

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

25 | Operating segments (continued)

As at January 1, 2024 |  |  | Zimbabwe |  |  |  | South Africa |  |  |  | Bilboes oxide mine |  |  |  | E&E projects |  |  |  | Inter-group eliminations adjustments |  |  |  | Corporate and other reconciling amounts |  |  |  | Total |
Segment assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current (excluding intercompany) |  |  | 188,426 |  |  |  | 697 |  |  |  | – |  |  |  | 92,664 |  |  |  | (5,294 | ) |  |  | (2,419 | ) |  |  | 274,074 |
Current (excluding intercompany, including assets held for sale) |  |  | 51,236 |  |  |  | 2,363 |  |  |  | – |  |  |  | 401 |  |  |  | (1,757 | ) |  |  | 1,986 |  |  |  | 54,229 |
Additions on evaluation and exploration assets |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 76,693 |  |  |  | – |  |  |  | – |  |  |  | 76,693 |
Additions on property, plant and equipment |  |  | 43,496 |  |  |  | 120 |  |  |  | – |  |  |  | – |  |  |  | (2,570 | ) |  |  | (11,440 | ) |  |  | 29,606 |
Assets held for sale |  |  | 13,519 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 13,519 |
Intercompany balances |  |  | 44,452 |  |  |  | 16,844 |  |  |  | (214 | ) |  |  | – |  |  |  | (145,523 | ) |  |  | 84,441 |  |  |  | – |
Segment liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current (excluding intercompany) |  |  | *(57,626 | ) |  |  | – |  |  |  | – |  |  |  | (5,932 | ) |  |  | 4 |  |  |  | (416 | ) |  |  | *(63,970 | )
Current (excluding intercompany) |  |  | (31,747 | ) |  |  | (4,421 | ) |  |  | – |  |  |  | (1,755 | ) |  |  | – |  |  |  | (2,210 | ) |  |  | (40,133 | )
Intercompany balances |  |  | (24,412 | ) |  |  | (34,193 | ) |  |  | – |  |  |  | (5,691 | ) |  |  | 145,523 |  |  |  | (81,227 | ) |  |  | – |

*Refer to note 27.

Major customer

Revenues from Fidelity amounted to $20,464 (2024: $7,012; 2023: $29,435) for the twelve months ended March 31, 2025 representing ounces 6,659 ounces (2024: 4,189 ounces, 2023: 15,797 ounces).

The Group has made $15,639 (2024: $31,516, 2023: $Nil) of sales to AEG and $20,075 (2024: $Nil, 2023: $Nil) to Stonex Financial Limited up to March 31, 2025, representing 5,547 ounces (2024: 14,687 ounces, 2023: Nil ounces) and 7,182 ounces (2024: Nil ounces, 2023: Nil ounces) respectively. Management believes this new sales mechanism reduces the risk associated with selling and receiving payment from a single refining source in Zimbabwe. It also creates the opportunity to use more competitive offshore refiners and it may allow for the Company to raise debt funding secured against offshore gold sales.

32

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

26 | Supplemental disclosure of cash flow items

Finance cost paid |  |  | 2025 |  |  |  | 2024 |
Finance cost (note 11) |  |  | 900 |  |  |  | 732 |
Non cash - loan note interest (note 22) |  |  | (93 | ) |  |  | 42 |
Non cash - Unwinding of rehabilitation provision (note 20) |  |  | (255 | ) |  |  | (198 | )
Non cash - Finance cost on leases |  |  | (9 | ) |  |  | (3 | )
|  |  | 543 |  |  |  | 573 |

Tax paid |  |  | 2025 |  |  |  | 2024 |
Net income tax payable (receivable) at January 1 |  |  | 2,603 |  |  |  | (1,110 | )
Current tax expense |  |  | 6,698 |  |  |  | 2,599 |
Acquisition of Bilboes Gold tax liability |  |  | – |  |  |  | 10 |
Foreign currency movement |  |  | (323 | ) |  |  | (396 | )
Net income tax payable March 31, |  |  | (4,147 | ) |  |  | (22 | )
|  |  | 4,831 |  |  |  | 1,081 |

Acquisition of property, plant and equipment |  |  | 2025 |  |  |  | 2024 |
Additions |  |  | 6,530 |  |  |  | 3,598 |
Net property, plant and equipment included in prepayments |  |  | 812 |  |  |  | 6 |
Net property, plant and equipment included in trade and other payables |  |  | 473 |  |  |  | (651 | )
Right of use asset recognition (note 13) |  |  | – |  |  |  | 788 |
Change in estimate for decommissioning asset - adjustment capitalised in property, plant and equipment (note 20) |  |  | (565 | ) |  |  | – |
|  |  | 7,250 |  |  |  | 3,741 |

Dividends paid |  |  | 2025 |  |  |  | 2024 |
Opening balance dividends due |  |  | 2,522 |  |  |  | 1,048 |
Dividends declared |  |  | 2,701 |  |  |  | 6,129 |
Closing balance dividends due |  |  | (3,836 | ) |  |  | (4,457 | )
|  |  | 1,387 |  |  |  | 2,720 |

33

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

27 | Prior year error – restatement of comparative information

In preparation of the consolidated financial statements for the year ended December 31, 2024, an error was identified in the accounting interpretation related to the calculation of deferred tax liabilities at Blanket. The non-cash restatement does not affect income tax calculations or submissions.

In October 2018, the RTGS$ was introduced in Zimbabwe at 1:1 to the USD. The RTGS$ was deemed the only legal tender in Zimbabwe, and all liabilities held previously were to be denominated in RTGS$. In 2019, Practice Note 26 required all income tax returns to be calculated in RTGS$ for transactions occurring prior to introducing the multi-currency regime in 2023.

Blanket’s deferred tax liabilities were incorrectly calculated in RTGS$ and accounted for as a monetary item where RTGS$ deferred tax temporary differences were translated to the USD functional currency. Gains related to the devaluation of the deferred tax liabilities were realised in profit or loss. Transactions from 2019 to 2022 affected the deferred tax liability calculation and continued to be denominated in RTGS$ in accordance with the legislated tax regime after the multi-currency regime was introduced. The accounting for the deferred tax liabilities in RTGS$ with the translation to USD remained consistent in all previous consolidated financial statements, yet the carrying value of the deferred tax liabilities should have been denominated in USD rather than RTGS$. The error, stemming from January 1, 2019, was corrected from the earliest period presented in these condensed consolidated interim financial statements, as presented in the table below.

Consolidated statements of profit or loss and other comprehensive income

For the periods ended |  | March 31, 2024 |  | March 31, 2023
|  |  | As previously reported |  |  |  | Adjustment |  |  |  | As restated |  |  |  | As previously reported |  |  |  | Adjustment |  |  |  | As restated |
Net foreign exchange (loss) profit |  |  | (4,139 | ) |  |  | (743 | ) |  |  | (4,882 | ) |  |  | 1,533 |  |  |  | (1,497 | ) |  |  | 36 |
Tax expense |  |  | (2,530 | ) |  |  | – |  |  |  | (2,530 | ) |  |  | (3,502 | ) |  |  | 1,122 |  |  |  | (2,380 | )
Profit (loss) profit for the period |  |  | 2,817 |  |  |  | (743 | ) |  |  | 2,074 |  |  |  | (4,270 | ) |  |  | (375 | ) |  |  | (4,645 | )
Total comprehensive income for the period |  |  | 2,673 |  |  |  | (743 | ) |  |  | 1,930 |  |  |  | (4,639 | ) |  |  | (375 | ) |  |  | (5,014 | )
Non-controlling interests |  |  | 686 |  |  |  | (98 | ) |  |  | 588 |  |  |  | 760 |  |  |  | (49 | ) |  |  | 711 |
Basic (loss) earnings per share ($) |  |  | 0.10 |  |  |  | (0.03 | ) |  |  | 0.07 |  |  |  | (0.30 | ) |  |  | (0.02 | ) |  |  | (0.32 | )
Diluted (loss) earnings per share ($) |  |  | 0.10 |  |  |  | (0.03 | ) |  |  | 0.07 |  |  |  | (0.30 | ) |  |  | (0.02 | ) |  |  | (0.32 | )

Consolidated statements of financial position

As at |  | January 1, 2024
|  |  | As previously reported |  |  |  | Adjustment |  |  |  | As restated |
Retained loss |  |  | (63,172 | ) |  |  | (33,971 | ) |  |  | (97,143 | )
Non-controlling interests |  |  | 24,477 |  |  |  | (6,021 | ) |  |  | 18,456 |
Deferred tax liabilities |  |  | 6,131 |  |  |  | 39,992 |  |  |  | 46,123 |

Further information on the material weakness identified as a result of the error is disclosed in section 12 of the MD&A.

28 | Contingencies

The Group may be subject to various claims that arise in the normal course of business. Management believes there are no contingent liabilities to report.

34

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

28 | Subsequent events

There were no significant subsequent events between March 31, 2025 and the date of issue of these financial statements other than included in the preceding notes, or below, to the condensed consolidated interim financial statements.

28.1 | Asset-base financing

Potential asset-based financing of $1.6 million for vehicles is being finalised with Nedbank.

35

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

DIRECTORS AND OFFICERS at May 12, 2025

BOARD OF DIRECTORS | OFFICERS
J. L. Kelly (2) (3) (5) (7) | M. Learmonth (4) (5) (6) (7)
Non-executive Director | Chief Executive Officer
Connecticut, United States of America | Jersey, Channel Islands
M. Learmonth (4) (5) (6) (7) | R. Jerrard (5) (6)
Chief Executive Officer | Chief Financial Officer (From April 1, 2025)
Jersey, Channel Islands | Jersey, Channel Islands
N. Clarke (3) (4) (5) (7) | A. Chester (6) (7)
Non-executive Director | General Counsel, Company Secretary and Head of
Cornwall, United Kingdom | Risk and Compliance
| Jersey, Channel Islands
G. Wildschutt (1) (3) (5) (7) |
Non-executive Director | J. Mufara (4) (5) (6) (7)
Johannesburg, South Africa | Chief Operating Officer
| Johannesburg, South Africa
G. Wylie (1) (2) (3) (4) (5) |
Non-executive Director | BOARD COMMITTEES
Tas-Silema, Malta | (1) Audit Committee
| (2) Compensation Committee
V. Gapare (4) (5) (7) | (3) Nomination and Corporate Governance
Executive Director | Committee
Harare, Zimbabwe | (4) Technical Committee
| (5) Strategic Planning Committee
T. Gadzikwa (1) (2) (3) (5) | (6) Disclosure Committee
Chair Audit Committee Non-executive Director | (7) ESG Committee
Johannesburg, South Africa |
S. Buys (3) (4) (5) (7)
Non-executive Director |
Surrey, United Kingdom |
L. Goldwasser (1) (2) (3) (5) |
Non-executive Director |
Florida, United States of America |

36

Caledonia Mining Corporation Plc

Notes to the Condensed Consolidated Interim Financial Statements

For the period ended March 31, 2025, 2024 and 2023

(in thousands of United States Dollars, unless indicated otherwise)

CORPORATE DIRECTORY as at May 12, 2025

CORPORATE OFFICES |  | BANKER |  | BROKER |  | SOLICITORS (continued)
Jersey |  | Barclays |  | Liberum |  | Dorsey & Whitney LLP (US)
Head and Registered Office |  | Level 11 |  | Ropemaker Place, Level 12 |  | TD Canada Trust Tower
Caledonia Mining Corporation Plc |  | 1 Churchill Place |  | 25 Ropemaker Street |  | Brookfield Place
B006 Millais House |  | Canary Wharf |  | London |  | 161 Bay Street
Castle Quay |  | London E14 5HP |  | EC2Y 9LY |  | Suite 4310
St Helier |  |  |  |  |  | Toronto, Ontario
Jersey, Channel Islands JE2 3NF |  | NOMINATED ADVISOR |  |  |  | M5J 2S1
|  | Cavendish Securities PLC |  | REGISTRAR AND TRANSFER AGENT |  | Canada
South Africa |  | One Bartholomew Close |  | Computershare |  |
Caledonia Mining South Africa Proprietary Limited |  | London |  | 150 Royall Street, |  | Gill, Godlonton and Gerrans (Zimbabwe)
No. 1 Quadrum Office Park |  | EC1A 7BL |  | Canton, |  | Beverley Court
Constantia Boulevard |  | Tel: +44 20 7220 0500 |  | Massachusetts, 02021 |  | 100 Nelson Mandela Avenue
Floracliffe |  |  |  | Tel: +1 800 736 3001 or +1 781 575 3100 |  | Harare, Zimbabwe
South Africa |  | MEDIA AND INVESTOR RELATIONS |  |  |  |
|  | Capital Market Communication Limited (“Camarco”) |  | SOLICITORS |  |
Zimbabwe |  | APCO Worldwide |  | Mourant (Jersey) |  | Bowman Gilfillan Inc (South Africa)
Caledonia Holdings Zimbabwe (Private) Limited |  | Floor 5, 40 Strand |  | 22 Grenville Street |  | 11 Alice Lane
P.O. Box CY1277 |  | London WC2N 5RW |  | St Helier |  | Sandton
Causeway, Harare |  | Tel: +44 20 3757 4980 |  | Jersey JE4 8PX |  | Johannesburg
Zimbabwe |  |  |  | Channel Islands |  | 2196
|  |  |  |  |  | South Africa
Capitalisation (May 12, 2025) |  | SHARE TRADING SYMBOLS |  | Borden Ladner Gervais LLP (Canada) |  |
Authorised: | Unlimited |  | NYSE American - Symbol “CMCL” |  | Bay Adelaide Cantre, East Tower |  | AUDITOR
|  | AIM - Symbol “CMCL” |  | 22 Adelaide Street West |  | BDO South Africa Incorporated
Shares, Warrants and Options Issued: |  | VFEX - Symbol “CMCL” |  | Suite 3400 |  | Wanderers Office Park
Shares: | 19,294,784 |  |  |  | Toronto, ON, Canada |  | 52 Corlett Drive
Options: | 10,000 |  |  |  | M5H 4E3 |  | Illovo 2196
|  |  |  |  |  | South Africa
|  |  |  |  |  | Tel: +27(0)10 590 7200

37