Caledonia Mining Corporation Plc (CMCL) Analyst/Investor Day Transcript

Mark Learmonth
CEO & Non-Independent Director

Okay. Let’s start. It’s half past 9:00. So good morning, and welcome to this Caledonia Mining Capital Markets Day. So in addition to the people in the room here today in New York, I believe we’ve got about 250 people joining us online from other parts of the world, primarily the U.K. and Zimbabwe.

Today, we will show you how a proven Zimbabwe gold producer that intends to grow from approximately 75,000 ounces of gold a year to more than 270,000 ounces of gold in 2029, while maintaining the operating and financial discipline that has defined our business.

I’m Mark Learmonth, Chief Executive Officer. I’ve been with Caledonia since 2008, following a career in investment banking in Johannesburg and London. I became CEO in June 2022, having previously served as the company’s CFO since 2014.

I draw your attention to the disclaimer, which contains important information regarding forward-looking statements, and you should read it in conjunction with today’s presentations.

So Caledonia is built on high-quality gold projects, all located in Zimbabwe. Blanket Mine, our current cornerstone asset, which produced 76,000 ounces of gold in 2025 and made about $85 million of profit after tax. Bilboes is our immediate development project. It will produce 1.5 million ounces of gold over a life of mine of nearly 11 years with first production expected at the end of 2028.

It has a funding need of about $600 million and