Caledonia Mining Corporation PLC has announced the issuance of 335 common shares to staff members as part of the long-term incentive plan awards (LTIPs) under the 2015 Omnibus Equity Incentive Compensation Plan. The LTIPs aim to align management's performance with shareholders' expectations and enhance employee incentivization and retention. The company has applied for the admission of depositary interests representing the shares to trading on AIM, with trading expected to commence on or about April 12, 2024.

Following the issuance of shares pursuant to the vesting LTIPs, the company will have a total of 19,194,860 common shares in issue. Additionally, new LTIPs have been granted to 100 staff members, with the LTIPs being in the form of Performance Units ("PUs") as defined in the Plan. The vesting date for the PUs awarded to PDMRs (Persons Discharging Managerial Responsibility) shall be the first business day in April 2027, while LTIPs for non-executives vest in tranches of a third each year in April.

The number of PUs awarded will be adjusted to reflect the actual performance of the company in terms of various operating metrics, subject to certain minimum and maximum thresholds. Each PU that vests entitles the PDMR to receive one Caledonia common share on the maturity of the award. Shares issued to PDMRs pursuant to vesting PUs are subject to a minimum holding period of one year in case vested awards become subject to forfeiture, reduction, or cancellation.

In addition, Mr. Mufara, the new Chief Operating Officer, will receive Restricted Share Units (RSUs) with a value of 5 million South African Rands to compensate him for foregoing long-term incentive plan awards granted by his previous employer. The RSUs have no performance requirement other than continued employment and will vest on September 30, 2024. Dividends paid during the vesting period will be reinvested in additional RSUs.

For further information, interested parties can contact Caledonia Mining Corporation Plc.