RNS Number : 5009PCaledonia Mining Corporation PLC10 February 2023

Caledonia Mining Corporation Plc

Update on the operation of the new Solar Plant and electricity supply to Blanket Mine

(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)

St Helier, February 10, 2023- Caledonia Mining Corporation Plc ("Caledonia" or the "Company") is pleased to announce that its 12MWac solar project, which was connected to the Blanket electrical grid in November 2022, is operating better than expected and is generating slightly more power than was anticipated; it currently provides approximately 27 per cent of Blanket's average daily electricity demand.  

In recent months there has also been a substantial improvement in the supply of power from the Zimbabwe grid which has substantially reduced the amount of diesel consumed and has reduced the frequency of interruptions to production.

Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:

"The completion of the solar project coincides with an improvement in the supply of power from the Zimbabwe grid which has substantially reduced the amount of diesel consumed. As an initial early-stage indicator, in January 2023, Blanket consumed 18,000 litres of diesel, which compares to approximately 120,000 litres per month for the whole of 2022. Whilst we can't be certain that this quantum of improvement will be fully maintained as the year progresses, we are confident that we will continue to see an ongoing meaningful reduction to our diesel usage month on month, fully justifying our investment in solar power and delivering on our ESG strategy."

Enquiries:

Caledonia Mining Corporation Plc

Mark Learmonth

Camilla Horsfall

Tel: +44 1534 679 800

Tel: +44 7817 841 793

Cenkos Securities plc (Nomad and Joint Broker)

Adrian Hadden

Neil McDonald

Pearl Kellie

Tel: +44 207 397 1965

Tel: +44 131 220 9771

Tel: +44 131 220 9775

Liberum Capital Limited (Joint Broker)

Scott Mathieson/Kane Collings

Tel: +44 20 3100 2000

BlytheRay Financial PR (UK)

Tim Blythe/Megan Ray

Tel: +44 207 138 3204

3PPB (Financial PR, North America)

Patrick Chidley

Paul Durham

Tel: +1 917 991 7701

Tel: +1 203 940 2538

Curate Public Relations (Zimbabwe)

Debra Tatenda

Tel: +263 77802131

IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)

Lloyd Mlotshwa

Tel: +263 (242) 745 119/33/39

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