Management has prepared the information and representations in this report. The consolidated financial statements of
Caledonia Mining Corporation Plc and its subsidiaries (the “Group”) have been prepared in accordance with International
Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) 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 consolidated financial statements are presented
fairly, in all material respects.
Our independent auditor has the responsibility of auditing the consolidated financial statements and expressing an opinion
on these financial statements.
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 December 31, 2022 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 fulfills its
responsibilities for financial reporting and internal control. The Audit Committee is composed of three independent nonexecutive directors. This Committee meets periodically with management, the external auditor and internal auditor to
review accounting, auditing, internal control and financial reporting matters.
The consolidated financial statements as at and for the year ended December 31, 2022, 2021 and 2020 have been audited
by the Group’s independent auditor, BDO South Africa Incorporated. The independent auditor’s report outlines the scope
of their examination and their opinion on the consolidated financial statements.
The consolidated financial statements for the year ended December 31, 2022 were approved by the Board of Directors
and signed on its behalf on March 24 2023.

(Signed) J.M. Learmonth (Signed) C.O. Goodburn
Chief Executive Officer Chief Financial Officer

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CALEDONIA MINING CORPORATION PLC March 24, 2023
Management’s Discussion and Analysis
This management’s discussion and analysis (“MD&A”) of the consolidated operating results and financial position of Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) is for the quarter ended
December 31, 2022 (“Q4 2022” or the “Quarter”) and the year ended December 31, 2022 (the “Year”). It should be read in conjunction with the Consolidated Financial Statements of Caledonia for the Year (the “Consolidated Financial Statements”) which are available from the System for Electronic Data Analysis and Retrieval at www.sedar.com or from Caledonia’s website at www.caledoniamining.com. The Consolidated
Financial Statements and related notes have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. In this MD&A, the terms “Caledonia”, the “Company”, the “Group”, “we”, “our” and “us” refer to the consolidated operations of Caledonia Mining Corporation Plc and its subsidiaries unless otherwise specifically noted or the context requires otherwise.
Note that all currency references in this document are in thousands of US Dollars, unless stated otherwise.