Caledonia Mining (CMCL) Registration Filing summary

Company overview and business model

• Incorporated in Jersey, Channel Islands, with principal operations in Zimbabwe focused on gold mining and exploration, primarily at Blanket Mine and Bilboes Project.

• Acquired Bilboes Gold Limited in January 2023, expanding its portfolio with a large, high-grade gold deposit.

• Owns additional exploration projects, Motapa and Maligreen, acquired in 2022 and 2021, respectively.

• Blanket Mine is majority-owned (64%) following the repurchase of a 15% stake from Fremiro in 2020.

Financial performance and metrics

• Total gold production at Blanket Mine for 2023 was 75,416 oz, down from 80,775 oz in 2022.

• As of December 31, 2023, Bilboes Project net assets were $73.6 million.

• Consolidated total equity as of December 31, 2023, was $264.2 million, with total liabilities of $64.1 million.

• No material changes in capitalization or indebtedness since December 31, 2023.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including working capital, acquisitions, and capital expenditures.

• Specific use of proceeds for each offering will be detailed in the relevant prospectus supplement.