REG - Caledonia Mining Crp - Blanket Mine 1Q26 Production & Operating Update

Caledonia MiningAnnouncement

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RNS Number : 0926B  Caledonia Mining Corporation PLC  20 April 2026

Caledonia Mining Corporation Plc

Blanket Mine Q1 2026 Production and Operating Update

 

 

(NYSE AMERICAN, AIM and VFEX: CMCL)

St Helier, 20 April 2026 - Caledonia Mining Corporation Plc ("Caledonia" or
"the Company") announces Blanket Mine ("Blanket") gold production for the
quarter ended March 31, 2026 ("Q1 2026" or the "Quarter").

 

Summary

 

·   Quarterly gold production of 14,767 ounces, compared with 18,671 ounces
produced in the first quarter of 2025 ("Q1 2025").

·  A lower quarter was anticipated reflecting mining sequence and
anticipated access constraints to higher grade, higher volume areas.
Production during the Quarter was also impacted by equipment availability
issues and challenging ground conditions.

·  A new mine shift system in process of being implemented which will
increase mine production from six to seven days per week.

·    Appointment of a contractor to accelerate access to higher grade ore
sources.

·    Increase in milling capacity following the commissioning of an
additional ball mill in the second quarter of 2026.

·    Caledonia remains comfortable with Blanket's full‑year production
guidance of 72,000 to 76,500 ounces 1 , with Blanket's gold production
expected to be weighted towards the second half of the year as stated in its
announcement of March 23, 2026 containing the abridged, preliminary and
unaudited quarterly and full year results for 2025, as the initiatives
outlined above take effect.

 

Commenting on the production performance and operational improvements, Mark
Learmonth, Chief Executive Officer, said:

 

"Gold production in Q1 2026 was below our expectations, reflecting the lower
grades mined during the Quarter; however, this is consistent with our guidance
of production being weighted towards the second half of the year. Pleasingly,
plant performance remained strong, with 202,217 tonnes milled and good
operational availability across the processing circuit. This is an important
reflection of our continued investment into the future of the processing
facility.

 

"The Quarter also included several typical operating challenges associated
with deep, mature mining assets, including sequencing considerations,
equipment downtime and difficult ground conditions in certain areas. These
factors temporarily constrained access to some planned ore sources.

 

"We are actively addressing these challenges through several practical
measures, including the acceleration of mine development, supported by the
appointment of a contractor, to improve access to planned ore sources.

 

"Importantly, we will be introducing a revised shift system later in the year,
moving the operation to a seven‑day working week (up from six), which we
expect will both reduce worker fatigue and support increased ore production.

 

"Alongside these mining initiatives, we are progressing further plant
improvements, including an increase in milling capacity following the
commissioning of an additional ball mill. Taken together, these actions are
expected to support a stronger production profile in the second half of the
year and into 2027.

 

"The challenges experienced in the first quarter do not reflect the underlying
quality of the orebody or the long‑term fundamentals of the operation.
Blanket remains a resilient, cash‑generative asset, supported by a capable
and committed workforce and a processing plant that continues to perform
reliably and where we are growing capacity. Management's focus is on
stabilising mining areas, improving equipment availability and restoring
access to planned ore sources as we progress through the year."

 

 

Qualified Person

 

Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services,
has reviewed and approved the scientific and technical information contained
in this news release. Craig James Harvey is a "Qualified Person" as defined by
each of (i) the Canadian Securities Administrators' National Instrument 43-101
- Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of
Regulation S-K of the U.S. Securities Act.

 

Enquiries

 Caledonia Mining Corporation Plc

 Mark Learmonth                                              Tel: +44 1534 679 800

 Camilla Horsfall                                            Tel: +44 7817 841 793
 Cavendish Capital Markets Limited (Nomad and Joint Broker)

 Adrian Hadden                                               Tel: +44 207 397 1965

 Pearl Kellie                                                Tel: +44 131 220 9775
 Camarco, Financial PR (UK)

 Gordon Poole                                                Tel: +44 20 3757 4980

 Elfie Kent
 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

Note: The information contained within this announcement is deemed by the
Company to constitute inside information under the Market Abuse Regulation
(EU) No. 596/2014 ("MAR") as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 and is disclosed in accordance with the
Company's obligations under Article 17 of MAR.

 

Cautionary Note Concerning Forward-Looking Information

 

Information and statements contained in this news release that are not
historical facts are "forward-looking information" within the meaning of
applicable securities legislation that involve risks and uncertainties
relating, but not limited, to Caledonia's current expectations, intentions,
plans, and beliefs.  Forward-looking information can often be identified by
forward-looking words such as "anticipate", "believe", "expect", "goal",
"plan", "target", "intend", "estimate", "could", "should", "may" and "will" or
the negative of these terms or similar words suggesting future outcomes, or
other expectations, beliefs, plans, objectives, assumptions, intentions or
statements about future events or performance. Examples of forward-looking
information in this news release include: the Company's full year gold
production guidance for 2026; expectations that production will be weighted
towards the second half of the year; the anticipated impact of operational
initiatives including the introduction of a revised mine shift system; the
expected benefits of the appointment of a contractor to accelerate access to
higher grade ore sources; the anticipated increase in milling capacity
following the commissioning of an additional ball mill; and expectations
regarding improved operational performance..  This forward-looking
information is based, in part, on assumptions and factors that may change or
prove to be incorrect, thus causing actual results, performance or
achievements to be materially different from those expressed or implied by
forward-looking information.  Such factors and assumptions include, but are
not limited to: the successful and timely implementation of planned
operational initiatives; equipment availability and reliability; mine
sequencing; ground conditions; labour availability and productivity; plant
performance; the timely commissioning of planned processing plant
improvements; failure to establish estimated resources and reserves, the grade
and recovery of ore which is mined varying from estimates, success of future
exploration and drilling programs, reliability of drilling, sampling and assay
data, assumptions regarding the representativeness of mineralization being
inaccurate, success of planned metallurgical test-work, capital and operating
costs varying significantly from estimates, delays in obtaining or failures to
obtain required governmental, environmental or other project approvals,
inflation, changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects and other factors.

 

Security holders, potential security holders and other prospective investors
should be aware that these statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from those suggested by the forward-looking statements.  Such
factors include, but are not limited to: risks relating to estimates of
mineral reserves and mineral resources proving to be inaccurate, fluctuations
in gold price, risks and hazards associated with the business of mineral
exploration, development and mining, risks relating to the credit worthiness
or financial condition of suppliers, refiners and other parties with whom the
Company does business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards, employee relations; relationships with and
claims by local communities and indigenous populations; political risk; risks
related to natural disasters, terrorism, civil unrest, public health concerns
(including health epidemics or outbreaks of communicable diseases such as the
coronavirus (COVID-19)); availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral exploration and
development, including the risks of obtaining or maintaining necessary
licenses and permits, diminishing quantities or grades of mineral reserves as
mining occurs; global financial condition, the actual results of current
exploration activities, changes to conclusions of economic evaluations, and
changes in project parameters to deal with unanticipated economic or other
factors, risks of increased capital and operating costs, environmental, safety
or regulatory risks, expropriation, the Company's title to properties
including ownership thereof, increased competition in the mining industry for
properties, equipment, qualified personnel and their costs, risks relating to
the uncertainty of timing of events including targeted production rate
increase and currency fluctuations.  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 numerous assumptions, inherent risks and uncertainties,
both general and specific, that contribute to the possibility that the
predictions, forecasts, projections and various future events will not
occur.  Caledonia undertakes no obligation to update publicly or otherwise
revise any forward-looking information whether as a result of new information,
future events or other such factors which affect this information, except as
required by law.

 

For a more detailed discussion of such risks and other factors that may affect
the Company's ability to achieve the expectations set forth in the
forward-looking statements contained in this news release, see the Company's
latest 20-F and Management's Discussion and Analysis, each under the heading
"Risk Factors", available on the SEDAR website at www.sedar.com
(http://www.sedar.com) or on EDGAR at www.sec.gov (http://www.sec.gov) . The
foregoing should be reviewed in conjunction with the information and risk
factors and assumptions found in this news release.

 

This news release is not an offer of the shares of Caledonia for sale in the
United States or elsewhere. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale of
the shares of Caledonia, in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such province, state or
jurisdiction.

 

 

 

 

 1  Refer to "S-K 1300 Technical Report Summary on the Blanket Gold Mine,
Zimbabwe" with effective date December 31, 2023 prepared by Caledonia and
filed by the Company on EDGAR as an exhibit to its annual report on Form 20-F
on May 15, 2024; and "NI 43-101 Technical Report on the Blanket Gold Mine,
Zimbabwe" with effective date December 31, 2023 prepared by Caledonia and
filed by the Company on SEDAR+ on May 15, 2024

 

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