Welcome to Caledonia Mining's third quarter results presentation. I'd like to pass over to Mark Learmonth for CEO to start the presentation. Mark, over to you.

Thank you Scott and welcome to this results presentation for Caledonia's third quarter. Can we open the presentation please? Okay, let's move on to the disclaimer. which I trust you will consider and digest. Let's move on. So, as I've said, I'm Mark Learmonth, Caledonia's Chief Executive. I'm joined by Ross Jerrard, who's our CFO, by Victor Gapare, who's another Executive Director, and he is primarily responsible for the Bilbo's project. Craig Harvey is our Vice President, Technical Services. He's going to talk to us about exploration, and Maurice Mason is also in attendance. He does corporate development and investor relations. Could we move on, please? All right, just highlighting half a dozen things that come out of the quarter. The thing that's not on this slide is that actually it was an excellent safety quarter, which we'll talk about in a moment. The gold price was good. We realized over $4,100 an ounce, which was 20% up on the comparable period. Production, as we've previously indicated, was somewhat disappointing at just over 17,000 ounces for the quarter. We'll go into that in more detail, but that was relating to production problems arising from a lack of compressed air compounded by some problems in the metallurgical plant. The operating financial performance was quite strong. EBITDA was $28 million for the quarter. and for the nine months that puts us nearly 108 million dollars. Russell talked in a lot more detail about that but it's fair to say that below EBITDA there was an awful lot of very complex financial accounting largely relating to the financial accounting for some derivatives which went a long way to unpicking the reasonably solid financial performance. At the end of the or after the end of the quarter or I'm delighted to announce that we've secured the third leg of our funding package for Bilbo's which is a 150 million dollar interim funding facility but again Ross will talk about that in more detail Craig will talk to us a bit more about this but we were also very pleased to announced a significant increase in the measured and indicated resources at a blanket, up 22%, and that includes quite an exciting short-term opportunity in respect of some oxides, which Craig will talk about, and then also a maiden resource at the Matarpa property. just under 400,000 ounces there and that's immediately adjacent to Bilbo's and we believe will in due course give rise to some exciting potential there. And then finally it's worth just noting that we've declared another quarterly dividend of 14 US cents a share which will be paid I think at the end of this month. Shall we move on? Okay let's just talk a little bit more about production I've already indicated that for the quarter it was just over 17,000 ounces just over 49,000 ounces for the nine months and that was somewhat less than we'd expected so on the back of that we did revise the guidance for 2026 down to a level of 69,000 to 72,500 Thank you for joining us. We had seen this coming and we'd ordered four extra compressors to give us the additional compressed air capacity. Two of them arrived, two of them unfortunately were held up at the port in Baira, Mozambique due to congestion there. We'll talk a little bit more about what happened after the end of the quarter but what it meant is that particularly towards the end of the third quarter we just weren't able to get the tons we'd planned from the deeper higher grade areas. Then the other difficulty we faced in the There were two mutually reinforcing issues in the metallurgical plant. The first related to some changes that we'd made to the gravity gold circuit, which meant that more free gold was reporting into the CIL plant. and that was compounded by a historic lack of efficiency and lack of capacity in the elution circuit which meant that we weren't able to recover that increased loading in the CIL capacity in the CIL process so two mutually Our focus for 2026 and into 2027 is to increase the compressor capacity to support mining in the high-grade areas on 30 and 34 levels. It is to add the elution capacity, first of all stop the gravity circuit decanting into the CIL which we've done and then add elution capacity to recover the retained gold and then also move on to recover the gold in the activated carbon that we've got sitting there. Also we're focused on increasing production at the Little Lima metallurgical plant which we've recommissioned in the course of the third quarter. It made a very modest contribution in the third quarter but we're ramping up production there and that should add more ounces in the fourth quarter and also we're now beginning to reap the benefit of the accelerated development that we commenced earlier in the year to give us improved access to higher grade mining areas and also to improve our operating flexibility to protect us from any unforeseen eventualities. So that's an overview of production in the quarter, shall we just move on? And given the sort of dynamic situation we're in, we thought it appropriate to give an immediate update as to what's happened after the end of the quarter. So that was in October. In October, Blanket produced just under 7,000 ounces of gold. So that's a significant improvement from the run rate in the previous months. And you can see that was largely driven by an increase in grade. So the grade we achieved in October was 3.07. It's fair to say that pending the new compressors, the replacement compressors were commissioned right at the end of October, but prior to that In October we had refocused what compressed air capacity we had to make sure that we delivered the planned tons from the high-grade areas and so that reduced the rate at which we were filling the plant with low-grade material. and then we also commissioned the new Elution vessel on the 16th of October and that's allowed us to make some inroads now into the 11,000 ounces of gold that was locked in inventory at the end of September. We do smelting about once a week and so the most recent smelt for which I've got full results was done on the 7th of November and at the 7th of November we'd recovered about 750 ounces out of the 1100 that were trapped. We'd expect the remaining ounces to be recovered maybe in the next smelt and then once those trapped ounces have been recovered we can then use the increased elution capacity to address the 1300 ounces of gold that are contained in I think about 60 tons of Stockpiled Activated Carbon. So that's production at Blanket. And then also, which you'll see coming towards the end of the quarter and then into next year, is the work that we're doing on the K-PITs, that's Oxide Mining and Processing at Blanket. we've loaded or we're currently loading the test heap bleach pads with about 10 000 tons of material that should be completed by the end of this week and then we'll start irrigating on Monday and then we'd expect to start seeing gold production by the end of November into December then depending on the outcome let's face it this is still a a testy bleach depending on the outcome of that process we've received the EIA approval which means that we should be able to move pretty much immediately into the full-scale oxide mining and processing activity where we're targeting a throughput of about 40 000 tons a month so that's that's that's looking very encouraging so that's what's happened since the end of the quarter should we proceed please So just a little bit more detail about the operations in the quarter. Next slide. It was, as I said, a very strong quarter in terms of health and safety. We had no lost time injuries, and we now got a record of over 500 days without an LTI. So that's an excellent outcome, but long may it continue. Could we move to the next slide, please? This is a graph that we've used before, but it helps to just focus on the main components that drive production. The top graph shows a grade and tons. You can see the top line shows that tons were stable, but you can see the grade, even in Q3, only recovered to a level of about 2.7. Yes, it was higher than we'd experienced in the first quarter, but not as high as we'd expected it to be. So in the first quarter and a little bit of the second quarter, our ability to access high-grade areas was constrained by just lack of physical access. In the third quarter, we could get the access, but we couldn't actually go mining there as we planned. because we had as I said the shortage of compressed air if you look at the second the lower graph the bars show the ounces but the the line shows the recovery and you can see the recovery took a bit of a hit in the third quarter and that reflects both the slightly disappointing grade but also more importantly the fact that the gold was being locked up In the CIL circuit and therefore we weren't getting the recoveries and so a combination of lower than expected grades plus lower recovery contributed to a somewhat disappointing gold production in the quarter. Shall we move on? So that's a quick overview of what's happened in the quarter and what's happened after the end of the quarter. With that I'll hand over to Ross who will run us through in more detail the financial results for the third quarter.

Thank you Mark and good afternoon everyone. I'm delighted to talk you through the results if we turn to the next page and talk through the summary. I guess my overarching comments on our financial results for the quarter whilst it was a challenging quarter in terms of top line gold ounces produced and sold and also some results in terms of working capital tie up as Mark has articulated but also this fair value adjustment that's gone through for the quarter we do see the results coming through in terms of a solid blanket performance and we're excited about The reset and the close out of the year in the Q4 and importantly as we go into 2027. So the activities and the expenditures and all our initiatives are coming through and bearing fruit. But very briefly in terms of summary you'll see on the slide our gold ounces produced were down some 11% and Mark's already talked us through the compressed air shortages and some of the gold retained in the plant. We did have a higher online cost where you jump to an online cost that's up some 23% based on some higher volume movement but also those lower answers produced and sold which affect that metric. I think the key thing is really looking at our online cost per ton milled where that's gone up some 9% but importantly for the year is only up 4% so it's very much in line with our So in terms of absolute costs, the teams have done well in terms of controlling their activities and their costs and making sure that they flow through. We did benefit from the gold price up some 20% at $4,134 per ounce, which went some way in terms of offsetting the lower answers, but did increase our royalties. So you'll see in our oil and sustaining costs, that have gone up some 21% in terms of ounces sold metric. That average realized price of 20% increase in terms of gold price has affected that and dropped through in terms of our ASIC number. Overall our EBITDA is down for the quarter, down some 16% driven by those activities and I'm just going to dive into a bit more detail in our P&L and we can talk through some of those specifics. So if we can turn to the next slide please. Just quickly walking through the profit and loss statement, you'll see our top line revenue was up some 10%, which was that combination of the higher gold price and some lower sales volumes. The flow on impact in terms of the royalty that I've discussed shows the royalty charge going and increasing some 15% on the comparative quarter. Production costs broadly in line with our expectations, albeit they're up some 6%, but well controlled and happy with those activities. And then gross profit up 14% driven by those improved margins and because of the gold price. So we've benefited at the top line. Going below the gross profit line, most of those line items are in line and there have been movements, some reductions, but the key one is that 12.9 million derivative loss with a movement in the fair value on the derivative. I would highlight that this is a non-cash movement, and it's driven in terms of the various valuation models. I would also highlight that we've booked gains in the first and second quarter. So if you look in the nine-month period, we're actually still up $2.5 million on that accounting. But it is non-cash, and it all gets booked at corporate. That has significantly impacted our performance in the challenging quarter. and if you drop down a little bit lower to the profit for the period and importantly what that means for the NCI, whilst Blanket had a solid performance even with the challenges and produced cash and distributed and made a profit, those deployment of funds both to Blanket but also the corporate adjustments that have gone on three that I've mentioned did mean that there was a lower NCI or a higher NCI versus profit attributable to the company, which ended up being just a shade under $3 million for the quarter. We move to the next slide, please. Talking a little bit through cash flows, top line cash inflow from operations was up some 19% at $31 million for the quarter. We've had our first finance cost charge come through in terms of the finance costs on the convertible bond of $4.3 million. and ultimately the net cash flow from operating activities of $13.6 million was largely deployed against our capital expenditure profile but is in line with our expectation for the year and I'll talk a little bit more about CapEx expenditure in a minute but very much on track and in line with what we've previously guided. and then outside of that there were not many other movements within cash flows apart from our dividend payment of 9.2 million. So basically the cash that was generated was deployed to CapEx and equally we had our dividend distributions which meant that the cash balance went down by just a shade under $10 million for the quarter and we ended the period with cash and cash equivalents of $158 million. If you move to the next slide, please. What that has meant for our liquidity position is shown in this table, and you'll see the cash on hand is now sitting at $161 million. We had a larger build up in terms of bullion on hand and our gold sales receivables. So there was 3,700 gold ounces sitting on bullion on hand at the end of the period, and also 1,600 ounces of gold sales receivables. Together with our normal facilities, which sit at around $20 million, with the drawing amount at just under $4 million, giving us total liquidity of $196 million across those various categories. We were delighted with our interim financing facility. So as announced in November, we've now delivered on that strategy. So post period end, we're now sitting with just under $350 million worth of pro forma liquidity that's available to us. Move to the next slide, please. Just a quick reminder in terms of our updated cost guidance. And this is all as previously announced. We updated our guidance in line with the blanket gold production. I would say and comment on the CapEx profile. So whilst we had reassessed the CapEx with the re-guidance, This wasn't about delaying expenditures or deferring any deployment of funds. This is all around execution in terms of being able to make sure that those projects are delivered. There are some significant projects that are in the pipeline and there's a lot of deployment of funds that are scheduled. So whilst we currently look as though we're behind our capex spend, there is a large amount that is likely to drop or we're expecting it to drop before year end. But it is at risk and it is about execution in terms of making sure that all those projects come in and are delivered. So whilst we've maintained our CAPEX profiles, I just wanted to highlight that it is very much around execution and delivery rather than a deliberate attempt to delay any expenditures on our CAPEX. If we move to the next slide, please. And I'll hand over to Victor to talk through our Bill Bowers project.

Thank you, Ross. Can you move to the next slide, please? As a recap, BillBoss is our flagship development project with 1.75 million ounces of proved and probable reserves. At peak, it will produce 200,000 ounces of gold per year. At a gold price of 4,156 US dollars per ounce, it has an NPV of 1.5 billion and a post-tax IRR of 58%. Can we move to the next slide, please? We've started work at Billboss, so what I will go through is what we have done so far and what is next. We signed the EPCM contract with DRA and they commenced the front end engineering designs otherwise known as the feed phase in March 2026. The feed phase is at an advanced stage with designs for the long lead items already completed. The housing strategy for contractors and employees was finalized and is being implemented. The Earthworks contract was signed and the contractor started work in October. The clearing and grabbing of the plant site is completed. Excavation of the plant terraces has commenced. I'll be able to show you some pictures towards the end of my presentation. The quantity surveying and site surveying services contract was signed and the contractor has started work. Given that we've started the Earthworks contract. The BIOTS license with METSO was signed. The mine planning is at an advanced stage with mining block models and mine designs having been completed. Mine scheduling is underway and is due to be completed by the end of this month. The process plant area configuration and layout has also been completed. The orders for the long lead items have been placed and these include the mills, the cyclones, and then the flotation sales contract is near signing and order placing is imminent. Again, this shows that the project is actually moving ahead. Next slide, please. You've gone one ahead. Go back one slide. Sorry, I think there's a slide which has gone. somewhere, or maybe you're just skipping it. Anyway, what is next? What are the items we are working on at the moment? The biox equipment supply contract is being finalized and is expected to be in place by the end of this month. The crushers, screens, feeders, and samplers packages are under evaluation with contract signing targeted before the end of the year. The construction power contract is to be in place by the end of this month. As you know, we have to bring power from Shangani and we are going to have to construct a 132 KV overhead line. The environmental and social impact assessment study is underway and is expected to be completed by the end of this month. Soon after completion of that S-year study, we expect to award the contract for the construction of the overhead line itself. The mining contract scope of work for tendering is expected to be completed by the end of January. That work is well underway. And once that's completed, we expect to award the contracts by May 27, May next year. The water supply study was completed and there is enough water on site. The water storage and reticulation strategy is now what we are working on and we've made some progress on that. We also expect to complete that early next year. The strategy for structural mechanical piping and plate work is to be completed by the end of December, which means next month. This is actually a big contract. So it should be completed by the end of December and then awarded sometime next year. And finally, the tailing storage facility, otherwise known as the TSF. The designs for this TSF are to be completed by the end of this month with tendering for construction expected to be done in February next year. Can you move to the next slide? Here we're just showing some pictures of the work which has taken place. So if you look at the first picture starting on the right there, you've got the aerial view of the earthworks contractor accommodation and workshop. Then the contractors workshops in the middle. and the last picture on the top right and then below we're showing the work which has already started the clearing and the grabbing the bulk earthworks underway and actually the equipment of the contractor already working on the site so at least you can those are the visuals which we can show you today in terms of the work which is being carried out and uh That is the presentation from me. Maybe you can move to the next slide, Ross. You can talk about the financing.

Thank you, Victor. Very exciting to see those activities. And importantly, from an update on the funding strategy. So as previously laid out to you, we've articulated a four-pillar approach in terms of our funding strategy, in terms of gold price hedging, convertible notes, the interim facility, and wider project finance. As we've discussed and announced, we have now finalized the third pillar of the strategy. So we completed our $150 million interim facility and that's across the syndicate of eight Zimbabwean banks. So we're delighted with the outcome. We'd like to thank our co-leader ranges in Stanbeck Standard and CBZ Capital and also the syndicate banks in terms of their participation. The facility is made up of two parts. So there's term facility of $100 million and then also a revolving credit facility of $50 million. Importantly, the interim facility was very much that in terms of interim. It was designed to Thank you for joining us today. We're looking to close that out early in the new year, but this interim facility really supports our strategy to allow us time to navigate that process. but equally make sure that we've got enough funding in place to make sure that we can deploy the funds against Bilbo. So overall a fantastic result and I think we've moved forward very nicely in terms of the overall funding strategy to match the activities that Victor had articulated. So if we turn to the next slide, we just provide the update in terms of the normal slide in terms of our use of funds and source of funds. And again, if you look at the right hand slide, you'll see that the makeup of circa $600 million of funding requirement across both capital costs, working capital and some capitalized interest. And then the makeup of those source of funds at both our hedge price of $3,500,000 pounds and also the $4,000 odds mark. And it really points to that middle bar of senior debt and other facilities of being somewhere in the order of $317 million to a lower amount of $277 million. and in our discussions and our work streams with that pillar four, we're certainly very confident that we can get that delivered and make sure that that can all get rolled out early next year. So with that update, I'll hand across to Craig to talk to us about exploration.

Thanks, Ross. If we can move on to the next section there. Thank you. So on the next slides, if you can go to the next one. So during the quarter four blanket, we have had some good news. We've announced an update to our mineral resource estimate for blanket, both for underground and as you've heard, we now have a small at surface mineral resource. So for underground, measure indicated mineral resources have increased by 22%. Up to just under 2.2 million ounces of gold sitting within 17.7 million tons of ore at an average grade of just on 3.8 grams per ton. The total mineral resource has only increased three percent from 2.85 to 2.92 and there's kind of some reasons behind that so What this mineral resource actually represents is an improvement or Yeah, an improvement in our resource categorization, our confidence levels. And it's really driven by on-reef development. So on-reef development, typically closed space samples, levels 15 meters apart. It drives the measured resource category. And then, of course, we've got the Thank you for joining us. engineering type things that are taking place because we would like to take advantage of it so a revised life of mine plan which then offers the conversion into a mineral reserve will follow shortly so as we said in addition to the underground we've now got a Yeah, small but quite a valuable surface mineral resource at the moment. There's approximately 22,000 ounces of indicated oxide and transitional material with a further 8,000 ounces in sulfide. Of note, and everybody must bear in mind that the drilling that we did was Thank you for joining us. at depth on 18 level at Blanket Mine. It's about 500 meters below surface. Assays are still pending. It's all independent laboratories, and that will be made public in due course. So what do we do with it? Looking ahead, as we have heard, we've constructed a trial leach-leach pad. All of the approvals are in place for if the trial is successful, we can move ahead and kind of execute on this. So on the next slide, we'll see what the activities are. If we can just move to the next one, please. So this is kind of the activities that are taking place at what we call the K-PITS heap leach pad or heap leach surface operation. So there's approximately 10,000 tons loaded, which is the intention for our trial. We need to confirm what all of our column testing has been telling us in terms of actual recovery from a proper pad, test the metrics of the various reagents and concentrations that we trialed in the column testing. and you can see there's the heap leach we've you know we've got all the requisite pregnant ponds, barren ponds, overflow ponds, emergency ponds, ponds coming out our ears and then down at the bottom you can see where the open pit is situated the whole road distance it's approximately it's slightly over one kilometers away from the heap leach so it's kind of close and you know the exploration opportunity for surface you can just see to yourself we're actually looking north there but all of those structures continue north now whether or not they actually have gold in economic quantities that's what we need to have a look at so if you can go on to the next slide and we can talk a little bit about the tarpa so again During the quarter, we managed to publish a maiden mineral resource form topper, 379,000 ounces of measured and indicated, 7.8 million tons at a grade of 1.51, with a further inferred mineral resource of 131,000 ounces, 2.7 million tons at just under 1.5. What is important about this is that You know, 500,000 ounces is not small. I mean, it's actually quite good. The majority of this mineral resource is reported out of Matapa North. Even in the Matapa North area, there are still mineralized shears that we have not got enough intersections on to actually do mineral resource evaluation and make a grade estimation on it. So, This represents Exploration 2024 and 2025. So what the 2026 Exploration Program has been focusing on is infill drilling at Matapa North, gaining more intersections to one, bring more resources in, and two, to actually up the confidence in what we currently see here now. In 2027, we are going to actively move into the top of Central and the top of South. So if we get so if we go on to the next slide, one of the core takeaways and is being mentioned, just for everybody's Thank you very much. Thank you very much.

Okay, thank you. Can we move on to the next slide please? Okay, so we've got four clear focuses as we move forward. The first is to restore blanket to some sort of production consistency and the key elements to that have already been implemented in terms of increasing the compressed air capacity and increasing the elution capacity. the second is to continue with the fundraising for Bilbo's with the objective of delivering first gold at the end of 2028 with 2029 being the first full year of production continue our exploration activities at Matapa to build on that maiden resource and in due course evaluate how potentially Matapa could be folded into a bigger project at Bilbo's And then the final thing is to continue exploration and another activity at Blanket to extend Blanket's mine life, potentially increase production beyond where we are at the moment, and unlock the oxides that we've got there. So I think the outlook is looking particularly rosy. So that's the end of the presentation. We can open it to questions.

Mark, thank you very much for the presentation today. If you would like to ask a question, please do press the raise hands button, which is the bottom of your screen. So we'll just wait a few moments whilst people get the opportunity to raise their hands before we put you through. So we've got our first question from Nick Dinham. Nick, please go ahead.

Hi everybody, I just wanted to ask a little bit about the capex on billboards which has fallen the estimate which fell from 132 million then to 43 million in this year and now down at about 38 what's left so that's all going to be spent in this quarter. Has there been any sense from you about what the underlying Escalation in capex could be. I see you're referring to the previous study, the feasibility study, but do you have a sense that some of the costs may be rising quicker or in line with what you had expected?

Who's going to do with that, Ross or Victor? I would point out that we are We are currently in the middle towards the end of the actual procurement process, which is giving us visibility. So Ross, Victor, do you want to engage with that?

But Victor, I think you've been on the course as well.

Yeah, sure. We are in the middle of procuring the different packages as I have indicated in the presentation. What we actually have left are the packages which have gone to tender, which we haven't received the final figures. So we actually know about that the final figure towards the end of January next year. Once we receive for the TSF, then the mining will come later.

That's when we'll be able to give you a clear indication. Are we seeing anything that's particularly alarming at this stage?

Nothing alarming at this stage.

Okay. It's the best we can give you, Nick.

Okay.

Thank you. So something about June next year, you're expecting to have your metallurgical plant up and running at full capacity and also the Lima plant up and running at full capacity. So part of the strategy that you originally developed for that was to have a large stockpile ahead of all of those Plant Expansions. Is that is that still the plan and how much do you think the stockpiles will be at the end of June?

Yeah well we need a stockpile to do some work on the central shaft. We're converting the central shaft winder from AC operation to DC operation to improve the For safety reasons and also to reduce the operating cost that will require the central shaft to suspend operation for about 15 days and so we need a stockpile to see us through that. That stockpile would need to be about 30,000-35,000 tons. because obviously we'll continue to hoist some material at number four shaft. Thereafter, the only need for the stockpile after that is to provide a buffer for future production. So the need for the stockpile is really only, the only real need for the stockpile is to provide us that sort of leeway during the ACDC conversion.

OK, thanks. My last question, Mark, is that you have put a lot more people underground. And I know you have been prevented from seeing the full benefit of that because of the lack of access that you talked about and the lack of equipment that you talked about. Have you seen any material benefit of those people yet and in what way?

Yeah, because we've got a stockpile. If you remember, we'd run the stockpile down to pretty much zero in the middle of the year before we initiated the new seven-day working system. At the moment, we've got a stockpile of about 18,000 tons. So yes, we are seeing a benefit in terms of run of mine production. And we're also seeing a benefit which will come through in the second half of the fourth quarter in terms of increased mining activity and therefore increased overall grade as we're doing more more mining from the deeper higher grade areas so yes we are seeing that benefit okay thank you thanks very much for your questions Nick if I could remind people if you'd like to ask a question please raise your hand we'll pause for a moment to see if we've got any further questions one moment

We don't have any further questions at the present time so maybe if I could hand back to you Mark for any closing remarks.

I'd like to thank you for your participation.

Actually sorry Mark, we do have one further question if you'd like to take it. Jonathan has actually just put his hand down.

We can take another question.

He's actually taken his hand down so I will pass back to you. You are good to do your closing remarks Mark.

Okay good well it's a challenging third quarter and we've set ourselves up for a fairly high target for the fourth quarter which I'm confident will deliver and as I say the outlook both at Blanket and elsewhere in the group for a strong 2028 is looking is looking very attractive sorry strong 2027 is looking very attractive so thank you for your participation.