Caledonia Mining : Bilboes Gold Project Technical Report Summary

BILBOES GOLD PROJECT

TECHNICAL REPORT SUMMARY

Effective Date: December 31, 2023

Issue Date: May 15, 2024

Qualified Persons:

DRA Projects (Pty) Ltd

Document Number: GZWEBR7537-STU-REP-015

Revision: A

// Technical Report Summary

DATE AND SIGNATURE PAGE

This technical report summary titled "Bilboes Gold Project Technical Report Summary" was prepared for Caledonia Mining Corporation Plc, in accordance with Subpart 1300 and Item 601(b)(96) of Regulation S-K, as adopted by the United States Securities and Exchange Commission. Its effective date is 31 December 2023.

The Qualified Person ("QP") responsible for this Report is DRA Projects (Pty) Ltd.

DRA PROJECTS (PTY) LTD

Name: [ ]

Title: [ ]

Signature Date: [ ], 2024

Document Number: GZWEBR7537-STU-REP-015 - Rev. A

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		// Technical Report Summary
	ABBREVIATIONS, TERMS AND DEFINITIONS
	Abbreviations/Terms	Definition
	°C	Degrees
	AACE	American Association of Cost Engineers
	AMIS	African Mineral Standards
	amsl	above mean sea level
	AMZIM	Anglo American Corporation of Zimbabwe Ltd
	Archean	Bubi Greenstone Belt
	Au	Native Gold
	Baker Steel	Baker Steel Resources Limited
	BBWi	Bond Ball Work Index
	BFS	Basic Ferric Sulphate
	Bilboes	Bilboes Gold Limited
	BIOX	Biological Oxidation
	BoQ	Bill of Quantities
	Caledonia	Caledonia Mining Corporation Plc
	CCD	Counter Current Decantation
	CCE	Capital Cost Estimate
	CIL	Carbon in Leach
	CIM	Canadian Institute of Mining
	CMCL	AIM of the London Stock Exchange plc
	COS	Crushed Ore Stockpile
	CRM's	Certified Reference Materials
	CSR	Corporate Social Responsibility
	Datamine	Datamine Studio™
	DD	Diamond Drilling
	DEM	Digital Elevation Model
	DRA	DRA Projects (Pty) Ltd
	EC&I	Electrical, Control and Instrumentation
	EHS	Environmental, Health and Safety
	EIA	Environmental Impact Assessment
	EMA	Environmental Management Agency
	EMC	Eurus Mineral Consultants
	EMP	Environmental Management Plans
	EPCM	Engineering, Procurement, Construction Management
	EPO	Exclusive Prospecting Orders
	ESIA	Environmental and Social Impact Assessment
	ESMP	Environmental and Social Management Plan

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	Abbreviations/Terms	Definition
	ESSMS	Environmental, Social and Safety Management System
	FEED	Front End Engineering Design
	FGR	Fidelity Gold Refinery
	GEV	Generalized Extreme Value
	IFC	International Finance Commission
	ILO	International Labor Organization
	IMTT	Intermediated Money Transfer Tax
	Infinite Treasure	Infinite Treasure Limited
	IRR	Internal Rate of Return
	ISBN	Isabella North
	ISBS	Isabella South
	LBMA	London Bullion Market Association
	LCR	Lab Coarse Duplicates
	LG	Lerchs-Grossman
	LoM	Life of Mine
	LPR	Lab Pulp Duplicates
	LRP	Livelihoods Restoration Plan
	ma	mega annum
	mamsl	Meter above mean sea level
	MAP	Mean Annual Precipitation
	MCC	Motor Control Centre
	MEL	Mechanical Equipment List
	MRE	Mineral Resource Estimate
	MSD-Z	Meteorological Services Department of Zimbabwe
	NPV	Net Present Value
	OPEX	Operating Expenditure
	P&G	Preliminary and General
	PDC	Process Design Criteria
	PERC	percussion Reverse Circulation
	PFD	Process Flow Diagram
	PFS	Pre-Feasibility Study
	PGM	Platinum Group Metals
	PLZ	Performance Laboratories Zimbabwe Limited
	POX	Pressure Oxidation
	PSD	Particle Size Distribution
	PV	Prospecting Ventures
	QA/QC	Quality Assurance / Quality Control

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	Abbreviations/Terms	Definition
	QP	Qualified Person as defined in S-K 1300
	RC	Reverse Circulation
	RFQ	Rock Quality Designation
	RMR	Rock Mass Rating
	RoM	Run of Mine
	RoR	Rate of Rise
	RWD	Return Water Dam
	SANAS	South African National Accreditation System
	SEX	Sodium Ethyl Xanthate
	SIB	Stay in Business
	S-K 1300	Subpart 1300 and Item 601(b)(96) of Regulation S-K
	SLR	SLR Consulting (Africa) (Pty) Ltd
	TRS	Technical Report Summary within the meaning of S-K 1300
	TSF	Tailings Storage Facility
	US$	United States Dollar
	VAT	Value Added Tax
	WGC	World Gold Council
	WRD	Waste Rock Dumps
	ZETDC	Zimbabwe Electricity Transmission and Distribution Company
	ZINWA	Zimbabwe National Water Authority

SYSTEM OF UNITS

The international metric system of units (SI) will be used throughout the design in all documentation, specifications, drawings, reports, and all other documents associated.

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1	EXECUTIVE SUMMARY	17
	1.1	Introduction	17
	1.2	Report Purpose	17
	1.3	Project Location	17
	1.4	Permits	17
	1.5	History	18
	1.6	Geology and Resource Estimate	18
	1.7	Exploration	18
	1.8	Sample Preparation, Analysis and Security	19
	1.9	Mineral Resource Estimate	21
	1.10	Mineral Reserve	23
	1.11	Mining Strategy	24
	1.12	Mine Production Schedules	25
	1.13	Tailings Storage Facility	26
	1.14	Infrastructure and Site Layout	26
	1.15	Environmental	28
	1.16	Project Permitting	29
	1.17	Social and Community Related Requirements and Plans	29
	1.18	Mine Closure	30
	1.19	Process Plant	30
	1.20	Capital Costs	31
	1.21	Operating Costs	32
	1.22	Market Studies	33
	1.23	Economic Outcomes	33
	1.24	Project Development	34
	1.25	Conclusions	34
	1.26	Recommendations	36
2	INTRODUCTION	37
	2.1	Report Purpose	37
	2.2	Sources of Information	37
	2.3	Personal Inspections / Site Visits	37
	2.4	QP Responsibilities and Relationships	38
3	PROPERTY DESCRIPTION	39
	3.1	Project Location	39
	3.2	Property Area	39
	3.3	Mineral Tenure and Title	40

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// Technical Report Summary

	3.4	Royalties	41
	3.5	Permits	41
	3.6	Political Risks	42
	3.7	Indigenization and Economic Empowerment	42
4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY	44
	4.1	Access	44
	4.2	Physiography	44
	4.3	Climate	44
	4.4	Local Resources and Infrastructure	44
	4.5	Personnel	45
	4.6	Supplies	45
5	HISTORY	46
	5.1	Holdings	46
	5.2	Historical Sulfide Mineral Resource Estimates	46
	5.3	Production	49
6 GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT	51
	6.1	Regional Geology	51
	6.2	Regional Geology as it Relates to the Bilboes Properties	55
	6.3	Stratigraphy	56
	6.4	Deposit Types	57
7	EXPLORATION	59
	7.1	Geological Mapping	59
	7.2	Trenching	60
	7.3	Ground Geophysical Surveying	60
	7.4	Prospecting and Sampling	61
	7.5	Drilling	61
	7.6	Hydrology and Hydrological Drilling	65
	7.7	Geotechnical Drilling	66
8 SAMPLE PREPARATION, ANALYSES AND SECURITY	67
	8.1	Sampling	67
	8.2	Analysis	67
	8.3	Sample Security	68
	8.4	Quality Control	68
	8.5	QP Commentary	70

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9 DATA VERIFICATION	71
9.1	Historical Data	71
9.2	2017/2018 Drilling Campaign	71
9.3	QP Commentary	71

10 MINERAL PROCESSING AND METALLURGICAL TESTING	72
10.1	Test Work Programme Overview	72
10.2	Discussion of the Results	72
10.3	Process Route Identification	74
10.4	Variability Testing	75
10.5	Pilot Plant Test Work	75
10.6	Pilot Plant Results	76
	........................................................................................................................	78
10.8	QP Commentary	80

11	MINERAL RESOURCE ESTIMATES	81
	11.1	Topography	81
	11.2	Geological Database	81
	11.3	Bulk Density	81
	11.4	Geological Model	82
	11.5	Weathering and Oxidation	84
	11.6	Compositing	85
	11.7	Variography	85
	11.8	Top Capping	86
	11.9	Grade Estimation	86
	11.10	Model Validations	88
	11.11	Reconciliation	89
	11.12	Resource Classification	89
	11.13	Declaration	91
	11.14	QP Commentary	93
12	MINERAL RESERVE ESTIMATES	94
	12.1	Basis of Mineral Reserve Estimate	94
	12.2	Mineral Reserve Declaration	95
	12.3	Risk Assessment	96
13	MINING METHODS	97
	13.1	Hydrological and Geotechnical Investigation	97
	13.2	Rock Mass Classification	98
	13.3	Geotechnical Conclusions and Recommendations	98
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	13.4	Mining Pit Locations	100
	13.5	Mining Strategy	101
	13.6	Mine Design	105
	13.7	Mine Production	105
	13.8	Operating Assumptions	106
	13.9	Fleet Requirements	107
	13.10	Mining Personnel	108
14 PROCESSING AND RECOVERY METHODS	111
	14.1	Process Test work Results	111
	14.2	Process Flow Description	112
	14.3	Plant Water Requirements	118
	14.4	Reagent Services	118
15	INFRASTRUCTURE	120
	15.1	Geotechnical Investigation and Design	121
	15.2	Tailings Storage Facility	123
	15.3	Civil Engineering and Earthworks	127
	15.4	Mechanical Engineering	128
	15.5	Electrical Power Supply and Reticulation (including Communications)	129
	15.6	General Infrastructure	130
	15.7	Water Management Infrastructure	131
	15.8	Sewage Management	132
	15.9	Project Execution	132
16	MARKET STUDIES	134
	16.1	Historical Supply and Demand	134
	16.2	Gold Sales in Zimbabwe	137
	16.3	Gold Price Predictions	138
17 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR
AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS	139
	17.1	Environmental Issues	139
	17.2	Waste, Tailings, Monitoring and Water Management	140
	17.3	Water Management	143
	17.4	Project Permitting	143
	17.5	Social and Community Related Requirements and Plans	144
	17.6	Social / Community Issues	145
	17.7	Mine Closure	145
	17.8	Estimated Environmental Costs for Closure	147
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	17.9	QP Commentary	147
18 CAPITAL AND OPERATING COSTS	148
	18.2	Operating Cost Estimate	152
19	ECONOMIC ANALYSIS	156
	19.1	Introduction	156
	19.2	Method	156
	19.3	Sources of Information	157
	19.4	Base Date	157
	19.5	Production Profile	157
	19.6	Capital Expenditure and Phasing	158
	19.7	Stay in Business Capital	158
	19.8	Operating Expenditure	158
	19.9	Gold Recovery	159
	19.10	Gold Pricing	159
	19.11	Salvage Value	159
	19.12	Working Capital	159
	19.13	Sunk and On-going Capital	159
	19.14	Reclamation and Closure	159
	19.15	Royalty Tax	160
	19.16	Corporate Income Tax	160
	19.17	Discount Rate	160
	19.18	Economic Outcomes	161
	19.19	Cash Flow Model	161
	19.20	Sensitivity Analysis	165
20	ADJACENT PROPERTIES	167
21 OTHER RELEVANT DATA AND INFORMATION	169
	21.1	Royalties, Taxes and Economic Climate in Zimbabwe	169
	21.2	Mining Legislation	174
22	INTERPRETATION AND CONCLUSIONS	175
	22.1	Mineral Resource Estimate	175
	22.2	Mineral Reserves Estimate	176
	22.3	Economic Outcomes	176
	22.4	Risk Assessment	177
23	RECOMMENDATIONS	180
	23.1	Project Feasibility / Pre Project Execution / Implementation	180

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