St Helier, October 3, 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
· Company on track to hit target production of 73,000 to 80,000 ounces of gold in 2022.[1]

· On 21 July 2022, Caledonia announced that it had signed an agreement to purchase Bilboes Gold Limited.

· Caledonia will restart the oxides operation at Bilboes under the terms of a tribute arrangement with a view to creating a cash-generative operation within approximately six months.

· The Company's strategy is focused on becoming a multi-asset gold producer.

· Caledonia continues to evaluate investment opportunities in Zimbabwe.

Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:
"Gold production so far this year has been strong, exceeding our expectations, and we are on track to hit the top end of our guidance range of 73,000 to 80,000 ounces

"In July, Caledonia announced that it had signed an agreement to purchase Bilboes Gold Limited, which is the holding company for a large, high-grade, open-pittable gold resource. The completion of the transaction is subject to several conditions, which we are currently working on, but once achieved we can prepare a feasibility study to identify the most judicious way to commercialise the project with regard to the availability of funding on acceptable terms.

"Three years ago the Company was paying less than half the current quarterly dividend and at the current share price, the annualised dividend equates to a yield of approximately 6%. The dividend continues to be a central part of our strategy, as we continue to manage returning money to shareholders with production growth and de-risking the business from being a single asset producer.

"I would like to thank the team for their continued hard work; this is an exciting time for the business as we pivot the Company towards our long-term vision of becoming a multi asset gold producer."

The relevant dates relating to the dividend are as follows:
• Ex-dividend date VFEX: October 12, 2022
• Ex-dividend date AIM and NYSE: October 13, 2022
• Record date: October 14, 2022
• Payment date: October 28, 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.

Enquiries:
Caledonia Mining Corporation Plc
Mark Learmonth
Camilla Horsfall