Canadian Business Journal Updates Marigreen Mineral Resources and Technical Report

ST. HELIA, JERSEY, November 7, 2022 (GLOBE NEWSWIRE) — Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) announces to NI 43-101 Compliant Mineral Resources Statement, our 100% owned Marigreens Project in the Midlands of Zimbabwe (“Marigreens”) and the issuance of an updated technical report with an effective date of September 30, 2022 (“2022 Technical Report”) ) )¹The 2022 Technical Report replaces the previous Technical Report submitted to SEDAR in November 2021 as the current Technical Report for the Marigreen Project. Since he acquired Marigreen’s claim in November 2021, Caledonia has focused on reviewing the geological work done at the facility with the aim of upgrading its mineral resources in 2022.

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• Measured and labeled 8.03 million tons of mineral resources with a grade of 1.71g/t including approximately 442,000 ounces of gold²
• An inferred mineral resource of 6.17 million tons at a grade of 2.12g/t containing approximately 420,000 ounces of gold²

Mineral resource table

Mineral Resource Effective Date	August 31, 20213			September 30, 2022
	tons (Mountain)	School year (grams/tonnes)	contains gold	tons (Mountain)	School year (grams/tonnes)	contains gold
measurement	–	–	–	1.65	2.37	125.5
indicated	–	–	–	6.37	1.55	316.8
Total measurement & display	–	–	–	8.03	1.71	442.3
Estimate	15.59	1.88	940	6.17	2.12	420.3

Caledonia has a view to developing projects within the context of the Company’s project pipeline, given its strategic priorities, in particular the recently announced Bilbos project located in the Midlands of Zimbabwe. We will continue to evaluate the possibilities of Mari Green. business.

Commenting on the announcement, CEO Mark Learmonth said:

“I am pleased to announce the Mineral Resource Upgrades at Marigreen. Today’s announcement, which improves the geological confidence of nearly half of the Mineral Resources, from Inferred Mineral Resources to Measured and Displayed Mineral Resources, is an important milestone for the project and its geology.” Continues project evaluation work in line with other strategic and capital priorities for future business to build an attractive project and exploration pipeline in Zimbabwe intend to do something”

This news release complies with Canada’s National Instrument 43-101 – Standards of Minerals Project Disclosure (“NI 43-101”). Uwe Engelmann, Minxcon (Pty) Ltd, BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. I verified the data. , analysis and test data that inform mineral resource estimates by reviewing methodology, results and all procedures performed in a manner consistent with industry practice, and all matters are subject to his professional judgment. It was consistent and accurate, according to the company.

Caledonia Mining Corporation Plc Mark Liarmans Camilla Horsfall	Phone: +44 1534 679 802 Phone: +44 7817 841793
Cenkos Securities plc (nomadic and co-broker) Adrian Hadden Neil Macdonald pearl kelly	Phone: +44 207 397 1965 Phone: +44 131 220 9771 Phone: +44 131 220 9775
Liberum Capital Limited (Joint Broker) Scott Matheson/Kane Collings	Phone: +44 20 3100 2000
Bryce Leigh Finance PR Tim Bryce/Megan Ray	Phone: +44 207 138 3204
3PPB Patrick Chidley Paul Durham	Phone: +1 917 991 7701 Phone: +1 203 940 2538
Curated PR (Zimbabwe) Debra Tatenda	Phone: +263 77802131
IH Securities (Private) Limited (VFEX Sponsor – Zimbabwe) Zika Dana Lloyd Moroshwa	Phone: +263 (242) 745 119/33/39

Note: The information contained in this announcement is deemed to constitute inside information under Market Abuse Regulation (EU) No. 596/2014. (“March”) to form part of UK domestic law under the European Union (Withdrawal) Act 2018 Disclosed pursuant to our obligations under Section 17 of the MAR.

Cautionary Note Regarding Forward-Looking Statements
Information and statements contained in this news release that are not historical facts are subject to risks and uncertainties associated with Caledonia’s current expectations, intentions, plans and beliefs, including, but not limited to, applicable securities laws. is “forward-looking information” in the sense of Forward-looking information is often expressed as “predict”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, ” It can be identified by forward-looking language such as “may.” , “should,” “could,” “will,” or any negative form of these terms, or similar words implying future results, or other expectations, beliefs regarding future events or performance; A plan, purpose, assumption, intention, or statement. Forward-looking information contained in this news release is based, in part, on assumptions and factors that are subject to change or may prove to be inaccurate and may not be true. Results, performance or achievements may differ materially from those expressed or implied by forward-looking statements. information. Such factors and assumptions include, but are not limited to: probable resource and reserve establishment, grades and recoveries of minerals mined that differ from estimates, and future exploration. and drilling program success, drilling reliability, sampling and analytical data, accuracy of representativeness of mineralization, success of planned metallurgical test work, availability of capital and accuracy of estimated operating costs, Obtaining necessary governmental, environmental or other project approvals, inflation, exchange rate changes, commodity price fluctuations, development delays Caledonian experience in developing projects in Zimbabwe and other factors.

To the extent any forward-looking information contained herein constitutes financial prospects or forward-looking financial information,
Such statements are made as of the date hereof and are included herein to provide prospective investors with an understanding of our plans and assumptions. SECURITIES HOLDERS, POTENTIAL SECURITIES HOLDERS AND OTHER FUTURE INVESTORS ARE WARNED THAT THESE STATEMENTS REPRESENT KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND ACTUAL RESULTS implied by the forward-looking statements. It should be noted that it is influenced by other factors that can vary greatly. Such factors include risks associated with mineral reserves and mineral resource estimates that have proven to be inaccurate; gold price fluctuations; risks and hazards associated with mineral exploration, development and mining operations; including, but not limited to, risks associated with the value or financial condition of our suppliers, refiners and other parties with whom we do business; Insufficient insurance, or inability to obtain insurance, to cover these risks and hazards and employee relationships. Relationships and claims with local communities and indigenous peoples. political risks; risks associated with natural disasters, terrorism, civil unrest and public health concerns (including health epidemics or outbreaks of communicable diseases such as coronavirus (COVID-19)); Increased availability and costs associated. The speculative nature of mineral exploration and development. This includes the risk of obtaining or maintaining the necessary licenses and permits, and the risk of declining mineral reserves and grades as mining takes place. the global financial condition, the actual results of current exploration activities, changes in economic evaluation conclusions, changes in project parameters to address unforeseen economic or other factors, risks of increased capital and operating costs; environmental, safety or regulatory risks, expropriation, our ownership of assets, including title; increased competition for assets, equipment, qualified personnel and costs in mining; target production rate increases and currencies; risk associated with uncertainty in the timing of events, including fluctuations in Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves a number of general and specific assumptions, inherent risks and uncertainties that contribute to forecasts, forecasts, predictions and the likelihood that various future events will not occur. includes gender. Caledonia undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or other factors affecting this information, except as required by law. Hmm.

National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) is the regulation of the Canadian Securities Administrators and the standard for all disclosures of scientific and technical information relating to mineral projects by issuers. is defined. Unless otherwise stated, all reserve and resource estimates contained in this press release are made in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification Systems. These standards differ from the requirements of the U.S. Securities and Exchange Commission (“SEC”), and reserves and resource information contained in this press release may not be comparable to similar information disclosed by U.S. companies. NI 43-101’s requirements for identification of reserves and resources are also not the same as the SEC’s requirements, and reserves or resources reported pursuant to NI 43-101 are not considered “reserves” or “resources” under the SEC. may not be considered standard. Accordingly, mineral reserves and resources information contained herein may not be comparable to information published by companies reporting to US standards.

This news release is not an offer to sell Caledonian shares in the United States or anywhere else. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor does it constitute an offer, solicitation or sale of Caledonian shares in any state, state or jurisdiction where such offer, solicitation or sale was previously illegal. It is not for sale. Registration or qualification under the securities laws of such state, state or jurisdiction.

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¹ “Caledonia Mining Corporation Plc Updated NI 43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe, dated November 3, 2022, prepared by Minxcon (Pty) Ltd and submitted to SEDAR (www.sedar.com) today.

² The following assumptions were applied in estimating Mineral Resources:
1 – 1,800 USD/oz gold price used to determine the cut-off
2 – Mineral resources are depleted due to open pit mining that has occurred
3 – A Mineral Resource Cutoff of 0.4g/t Au for open pit mining (<220m below surface) and 1.5g/t Au for underground (>220m below surface) was applied.
4 – The densities used were 2.57 t/m³ for oxide and transition materials and 2.65 t/m³ for sulfide materials.
5 – A geological loss of 5% to measured Mineral Resources, 10% to Indicated Mineral Resources, and 15% to inferred Mineral Resources is applied.
6 – Mineral Resources are reported as Total Mineral Resources and are not attributed
7 – All tonnages are reported in metric tons and gold content conversion calculations are based on the conversion of 1 kg = 32.15076 ounces

³ “Caledonia Mining Corporation Plc NI 43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe dated 2nd November 2021 Technical Report prepared by Minxcon (Pty) Ltd and submitted to SEDAR (www.sedar.com) November 4, 2021.

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