Caledonia Mining Corporation Plc has announced results from its surface exploration programme at the Blanket mine in Zimbabwe, revealing the presence of significant near-surface gold mineralisation in a previously unrecognised mineralised horizon. The discovery, centred on the K-Pits target area, has identified both oxide and sulphide mineralisation that has not been exploited by the existing underground mine operations.

Key Programme Highlights

The surface exploration programme delivered a range of significant findings across the K-Pits target area. The following summarises the key programme outcomes:

• Surface drilling confirms continuity of gold mineralisation below surface over the K-Pits target area
• Both oxide and sulphide mineralisation have been identified, supporting near-term and longer-term development opportunities
• Metallurgical test work is underway to evaluate the amenability of the oxide mineralisation to conventional heap leaching, with encouraging preliminary results
• Work is well advanced on an updated Blanket resource statement, expected to be published in August 2026
• Follow-up drilling is planned from both surface and underground platforms to test potential extensions of the mineralisation at depth

Selected Drilling Highlights

The following table presents selected drilling highlights from the Blanket surface programme. All intersections are downhole; estimated true widths are provided in the full appendix tables.

Overview of the Surface Exploration Programme

The Blanket surface exploration programme commenced in 2024 with geological mapping, geophysical surveys, trenching, and historical data collation. During 2025, a total of 2,304.1m of trenching from 13 trenches and a total of 7,063m of shallow RC drilling was completed at the K-Pit target, focused primarily on examining the area for oxide gold mineralisation amenable to low-cost surface heap leaching operations. The programme targeted the Banded Iron Formation (BIF) trending north-northwest, which has historically been mined at the nearby Vubachikwe and old Sabiwa mines.

Trenching at K-Pits comprised 13 trenches to a maximum depth of 1.50 meters, totalling 2,304.1 meters in length. All trenches were mapped for lithology and structure and sampled at 1.0-meter intervals along the sidewalls. On the strength of anomalous assay results, a grid on an approximate spacing of 25 meters x 25 meters was drilled utilising RC drilling. A total of 155 drillholes totalling 7,063 meters of drilling was completed, with all drillholes inclined at approximately 60 degrees to the west to an inclined depth of 45 meters, resulting in an approximate 40 meters vertical depth.

Significance of the Discovery

Geological interpretation suggests the K-Pits mineralisation may represent a separate mineralised system located approximately 200 metres east of the nearest projected underground orebody, raising the possibility that it constitutes a previously unrecognised mineralised horizon not exploited by historic underground mining activities. Analysis and interpretation of the results shows that the mineralisation is related to strong shearing and silicification on the contacts of the talc chlorite schist and the surrounding metabasalts.

The presence of near-surface oxide mineralisation is particularly significant because it may be amenable to conventional heap leach processing, potentially offering a lower-cost route to extracting gold compared to underground mining. Chief Executive Officer Mark Learmonth commented: "This is an exciting development at Blanket and further demonstrates the significant exploration potential that exists within the mining area. We have commenced metallurgical test work on the oxide material at Blanket to evaluate its amenability for conventional heap leaching and the preliminary results are encouraging. If the conclusion of the test work shows an acceptable recovery, we intend to commence a trial heap leach operation on an initial sample of 10,000 tonnes of material during the second half of 2026."

Next Steps and Resource Update

Further drilling is planned from both surface and underground platforms — including from 9 level underground — to probe the potential extension of the K-Pits mineralised zone at depth. The Company expects to publish an updated Blanket resource statement in August 2026, which will reflect the results of surface and underground exploration at Blanket alongside the exploration programme at Motapa, where encouraging initial drilling results were recently announced. The scientific and technical information in the announcement has been reviewed and approved by Craig James Harvey, MGSSA, MAIG, Vice President, Technical Services at Caledonia, who is a Qualified Person as defined under NI 43-101 and sub-part 1300 of Regulation S-K of the U.S. Securities Act.

Caledonia Mining Corporation Plc will host a Capital Markets Day on Wednesday, September 16, 2026, in New York, USA. The event aims to provide a detailed insight into the company's long-term growth strategy, operating performance, and the broader mining environment in Zimbabwe. Stakeholders can attend in person or online.

Key Presentation Topics

The Capital Markets Day will feature presentations covering several critical areas of the company's operations:

• An update on production performance and operational efficiencies at Blanket Mine
• Strategic development and funding strategy of the Bilboes gold project
• Medium- to long-term growth pipeline, including exploration and expansion opportunities
• Capital allocation priorities and financial outlook
• Perspectives on Zimbabwe's mining policy environment and investment climate

Event Details

Registration for the event is available online. Presentation materials will be made available on the company's website in advance, and a webcast replay will be accessible on its social media channels following the event.