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Caledonia Mining Corporation Plc

Yield

Caledonia’s 10-year+ performance since 1 January, 2016 is +1175%
(Total return including dividends)

Growth

Organic growth opportunities within Blanket; Bilboes development and
active exploration at Motapa.

Value

Yield funds growth; growth compounds value. Significant opportunity to re-rate.

The Cavendish View

Caledonia (Buy) is an established gold miner in Zimbabwe with a long history of clockwork-like dividends and compelling medium-term production growth at the transformational Bilboes project. This is an opportunity to obtain an update regarding the development and funding of Bilboes, and to hear about low-hanging opportunities at Blanket mine and the Motapa project.

YUEN LOW

Director, Research

Focused on becoming a multi-asset gold producer in Zimbabwe

Caledonia is a Zimbabwe focused gold mining company.

Attending from Caledonia Mining Corporation Plc

Ross Jerrard

Chief Financial Officer

Company descriptions are drawn from information published by each company and have not been independently verified by Cavendish. They are for information only, are not investment research, advice or a recommendation, and do not constitute an offer or invitation to buy or sell any security. Information is correct as at 10th September 2026 and will not be updated. Investors should refer to each company's own published announcements and accounts. Cavendish acts as adviser or broker to certain of the companies featured.

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Cavendish is a full service investment bank and trusted advisor to ambitious companies. The Company provides a range of services to both public and private companies, from equity raising in capital markets, to M&A, debt advisory and private growth capital.

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Company Reg No: 06198898

Our Offices

1 Bartholomew Close

London EC1A 7BL

6th Floor, 125 Princes Street
Edinburgh EH2 4AD

Gilbanks, No 1 St Michael’s
36 Jackson’s Row, Manchester M2 5WD

Five St Philips Place

Birmingham B3 2PW

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