St Helier, April 4, 2022 - Caledonia Mining Corporation Plc ("Caledonia" or the "Company") is pleased to announce that the Board of Directors has declared a quarterly dividend of 14 United States cents (US$0.14) on each of the Company's shares.

Highlights
· The total dividends paid in 2021 were 50 cents per share - almost 50 per cent higher than in 2020
· Target production of 73,000 to 80,000 ounces of gold in 2022[1]
· The Company's strategy is focused on becoming a multi-asset gold producer
· Caledonia continues to evaluate investment opportunities in Zimbabwe and elsewhere

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

"Our dividend continues to be a central part of our strategy as we seek to grow the business and de-risk it from being a single asset producer.

"We continue to evaluate investment opportunities while balancing returning money to shareholders and investing in the Company's growth."

The relevant dates relating to the dividend are as follows:
• Ex-dividend date: April 14, 2022
• Record date: April 19, 2022
• Payment date: April 29, 2022

Shareholders with a registered address in the UK will be paid in Sterling.

Caledonia's Dividend Policy

Caledonia's strategy to maximise shareholder value includes a quarterly dividend policy which the Board adopted in 2014. The Board will consider future increases in the dividend as appropriate in line with its prudent approach to risk management.
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