St Helier, January 18, 2021 - Caledonia Mining Corporation Plc ("Caledonia" or the "Company") announces quarterly and annual gold production from the Blanket Mine in Zimbabwe ("Blanket") for the quarter ended 31 December 2020 ("Q4 2020" or the "Quarter"). All production numbers are expressed on a 100 per cent basis and are based on mine production data and are, therefore, subject to adjustment following final assay at the refiners.

Highlights

· Record total gold production during 2020 was 57,899 ounces, the top end of the Company's revised increased guidance.

· Approximately 15,012 ounces of gold was produced during the Quarter.

· Gold production for 2021 is expected to be between 61,000 - 67,000 ounces.

Commenting on the announcement, Steve Curtis, Chief Executive Officer, said:

"I am delighted by Blanket Mine's continued strong operating performance in the Quarter and that we were able to hit the top end of our revised annual production guidance.

"Despite the challenges of the Covid-19 pandemic, 2020 was a record year for Caledonia operationally, and we are on track for commissioning of Central Shaft to be completed in the first quarter of 2021. In December we also announced that we had entered into option agreements on two properties in Zimbabwe, delivering on our strategy of organic growth, while increasing the dividend for the fourth time at the start of January to 11 cents a share, creating genuine value and returns for our shareholders."

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Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, is the Company's qualified person as defined by Canada's National Instrument 43-101 and has approved any scientific or technical information contained in this news release.