Good afternoon, and welcome to this management conference call. If we could move to the the first slide of the presentation, please?

Just go to the disclaimer. That's the standard disclaimer.

If we could move on to the next slide, please? Presenting team, there's me, Mark Learmonth, Caledonia's Chief Executive.

We're also joined by Ross Jerrard, who will run us through the financial performance for the year. Victor Gapare, who will talk to us about what's happening at Bilboes, and Craig Harvey will give us an update on the various exploration initiatives.

If we could move on to the next slide, please? Just in terms of the summary of the results, it was very strong financial performance underpinned by a higher gold price and some consistent operating delivery.

Revenue up by 46% to $267 million. Gross profit up by 78% to $137 million.

EBITDA up by 100% from just less than $60 million to just over $125 million. The profit after tax up by 200% from $23 million to $67 million.

There's some quite big, quite big numbers there. Ross will unpack those numbers in more detail in a moment.

Should we move on to the next slide, please? Before we go much further, can we just just briefly discuss Caledonia's value creation proposition?

From one angle, what we see here is looking at this from the perspective of our distributions in country to government by way of taxes and royalties and also to our local shareholders. Over the course of the last nine years, we've distributed just over a quarter of a billion dollars.

We're making a very, very substantial contribution, and you can see quite how that increased in 2025 as a result of higher taxes due to higher profitability, higher royalties due to the higher gold price, but also an increase in local dividend payments to our local minority shareholders as a result of the strong financial performance and the unwinding of certain local ownership initiatives. That's very pleasing to see.

Moving on to the next slide, as well as paying a quarter of a billion dollars out to local, local stakeholders, we've also delivered a very significant return to our shareholders. The top line shows Caledonia's share price over 10 years with dividend with dividends, and we've we've given a return of just over 1,000%.

Over the same period, GDXJ is increased by 464% and gold up by 300%. As well as making significant contributions locally, we're also delivering a very, very healthy return for our shareholders.

Should we move on to the next slide? Right, let's just quickly focus on the operating results.

Clearly, we had a very unfortunate fatality in September as a result of a a secondary blasting incident. As a result of that, we we initiated a comprehensive review of our safety practices, our safety procedures, our operating controls, and our training programs across the across the entire business with the objective of improving our risk management and making sure that we operate as safely as it's possible to do in a very hostile underground environment.

That includes instilling operational discipline, a proactive forward-looking approach to identifying hazards and and avoiding such hazards, and embedding a a zero-harm culture across the organization. Should we move on to the next slide?

What we see here is the usual the usual graph. The top graph shows our tonnes milled and grade.

The bottom graph, the bars show the ounces, and the the line the line shows the recovery. What's notable really in the top graph is that the the tonnes milled has been stable.

We're pretty much operating the the plant, the metallurgical plant, that's the crushing and crushing and milling in the CIL plant, pretty much operating that at maximum capacity of about 820-odd-thousand tonnes a year. That's been very stable, largely because we've been able to make use of the stockpile to draw down from the stockpile on those rare occasions when the mine hasn't been delivering the tonnes.

Also what's clear from the the the the lower line is the extent to which the grade is lower in quarter four and quarter three than it has been historically. Part of that is due to the fact that temporarily we're mining lower-grade areas as we're developing into high-grade areas.

That will, we expect, reverse into the second quarter of 2026. In the first, January, February, we're still mining relatively low-grade areas, that has improved in March, and also to some extent as we've been drawing down from the from the stockpile, the the stockpile itself is relatively low grade.

The bottom the bottom chart clearly shows the ounces, but it shows the the the drop in recovery, and that is largely due to the lower feed grade. The tail grade that we deposit on the onto the tailings facility, pretty much it's 0.2 grams a tonne, we're not going to get much better than that, inevitably that means that the difference being that the the recovery goes down.

Can we move on to the next slide? Craig will talk in a lot more detail about exploration towards the end of the presentation.

Our exploration activities at Blanket are really targeted with replacing what we're depleting, we're effectively standing still. Nevertheless, we've actually done rather rather better than that.

Over the over the course of the year, over the course of the quarter, which is quarter four, you can see that we we added quite substantially more tonnes than we depleted. As James as Craig will explain later on, that will give, in due course, result in a revised reserve and resource statement for for Blanket.

Should we move on? Right, I'll now ask Ross if he could run us through the financial results.

Ross, could you do that?

Thank you, Mark, and good afternoon, everyone. Before we dive into the financial results, I just wanted to draw your attention to the format of the reporting.

As previously advised, Caledonia is now classified as a foreign private issuer under Canadian rules. The standard filing requirements in Canada that you've historically seen has changed.

We will be filing our full financial statements under the SEC rules, included in our 20-F, which is scheduled to be filed in April. You'll see the full financial statements and controls attestation, and that's all going to be done in April.

I'm delighted to talk you through the financial results today, and you can see on the summary slide in front of you, we've had a fantastic year. The performance was really driven by the benefit of a higher gold price environment, but also delivering the ounces.

Blanket Mine produced 76,000 ounces of gold in 2025 and sold 77,000 ounces. The Bilboes oxide operation produced and sold 1,683 ounces of gold.

Together, they total that 79,000 ounces on the top right end of the chart. Importantly to highlight, our on-mine costs were up some 19%, and the unit costs were marginally above those cost guidance ranges that we had guided the market.

This was really a reflection of the restriction of access to some of the higher-grade areas, but also some inflationary pressures and our continued investment in development to ensure long-term operational reliability and safety, but also that grade profile. With grade coming through slightly lower than we had originally anticipated, that did have a flow-on impact on our unit costs just slightly above what we had guided.

The overall result, though, is a very pleasing financial result with EBITDA up 109% at $125.3 million, which was a significant improvement. After our capital expenditure, which was largely on track to guidance when you take into account some commitments that will roll over year-end, we delivered on our CapEx profile, and all resulting in a healthy free cash flow of $62 million, which was up some 483% on the prior year.

After our distributions, resulted in an earnings per share, which was at $2.83, which, again, was up over 200% for the year. Very pleasing set of financial results.

Just diving into a little bit more on production costs, if we can turn to the next slide, please. You can see on the bottom right-hand pie chart the makeup of our production cost categories, which is largely driven by labor, consumables, and power, indicated with the blue, orange, and green slices, and then a little bit 10% across admin.

You'll see in the figures, our overall production costs went up 25% across the group. 19% was an increase in Blanket.

Really, those were driven by those three buckets of labor, consumables, and power. Our labor costs were up this year, again, due to higher overtime payments that were made during the year and production bonuses, together with some wage inflation.

Really, the delivery of the ounces was a result of more volume being moved and hoisted to compensate for that lower grade, and as a result, we had to pay that overtime and the various bonuses that came through the system. Our consumables were up some 14% for the year.

This was driven by some of the inflationary impacts on consumables, reagents, and the like. There is a ZiG premium in terms of local procurement.

There's been a big push this year in terms of deploying our local ZiG component back into the market. With that, there is a slight difference with the ZiG versus US dollar differential in terms of the local market.

I would highlight that it's been a very pleasing year in terms of foreign currency. The differential between the ZiG and the US is very close now.

We're not seeing the high differentials that we've seen in the past. It has meant that as we've taken a strategic decision to deploy into the local procurement market using ZiG, we have incurred an additional premium in terms of that ZiG to US dollar differential.

We'll talk a little bit more about overall Forex loss when we talk through the cash flows, but that has been a driver in terms of our consumables. Our power costs, there have been grid and genset power overruns, which has been really driven by supporting that additional output.

We're obviously mining in deeper areas within the mine, driving higher power usage and requirements and obviously incurring more power. We do have initiatives in place that we will address these three buckets as part of our ongoing costs initiatives to ensure that we can reduce or at least maintain our cost profiles in those significant buckets.

Moving on to the next slide, please. You'll see the results as we work our way through the profit and loss.

Top-line revenue, up at $267 million, driven by those ounces and the higher gold price that I'd spoken to. Our royalty this year was up at $13.5 million.

That is driven by the higher revenue number. I would draw your attention to the change in the royalty rates.

As we deliver ounces at over $5,000 an ounce, they do attract an additional 5% royalty charge. Our production costs, as already indicated, are up some 25%, and depreciation charges were largely unchanged.

We were very pleased with our gross profit that was generated, up some 78% for the year, driven by those improved margins and thanks to the gold price. You'll see the net foreign exchange losses was down from $9.7 million down to $3.3 million this year.

Again, that was a very pleasing result in terms of the exchange differential that we had historically seen. We're very pleased with the ability to access the willing-buyer-willing-seller market.

The $8.5 million is the profit on our solar plant. I won't talk to that.

We've gone through that in previous results presentations. It was pleasing in terms of being able to sell that asset, generate proceeds that we could then deploy across the group.

I would draw your attention to the administration costs at $20.48 million. That is higher than a historical run rate and general trending that we see going forward.

This year, we have incurred some quite significant one-off fees, predominantly around our advisory fees related to the convertible, some additional employee costs that have gone through the system, and some other transaction costs that we don't see ongoing. We think that run rate will come off by some 10%, 12%, more closer to a $17 million-type number on a per annum basis.

We've incurred a fair value loss on our derivative financial instruments. Those are the hedging instruments that we put in place to protect our side on mine and the gold price at a $3,500 gold price.

Those hedging instruments are really put through the P&L. We don't do any hedge accounting or anything that is nuanced to that extent, everything goes through the profit and loss.

We were delighted with the ultimate profit before tax of $106 million, up 162%. The tax expense was higher off this great result, but also included the capital gains tax on the solar plant sale, which pushed up that tax expense a bit more than a normal run rate.

Delighted with our P&L result with the overall profit for the period of $67.5 million. If we can move on to the next slide, please.

We'll just quickly touch on some of those aspects from a cash flow perspective. Our cash flow from operations was up at $105 million, up 90 90%.

I've spoken to interest and tax payments, which included that solar sale. Our CapEx was on track in terms of what we had guided the market in terms of expenditures.

The proceeds from the sale, the gross proceeds from the solar sale were able to be deployed into our Treasury options, where we deployed those into various fixed-term deposits during the year and were able to allocate central Treasury and start our Treasury function as we look to Bilboes and beyond. Ultimately, our net cash used in investing activities was able to then be deployed across some dividends paid.

The $19.9 million was a result of dividends paid both to our CMC shareholders of $10.8 million, but also to Gwatanyer and NIEFs, our various partners at the Blanket Mine level in terms of deployment. They got $5.5 and $3.6 million respectively.

Ultimately, a very pleasing close to the period with a net increase in cash and cash equivalents of $32 million for the year, which was a great result. If we move to the next slide, you'll see our overall liquidity and what it means.

It's that we exited the year with cash on hand of $35.7 million. If you add in our bullion on hand at year-end plus some gold sales receivables and our fixed-term deposits, we, before utilization of facilities, we had almost $60 million available to us and a total liquidity of just under $55 million.

Very pleasing result and a very solid position in terms of our performance for the year. On top of that, in early 2026, we were able to successfully complete $150 million convertible note offering, where, after inputting a capped call structure, we received a net $130 million.

Post-year-end, we are in a very healthy cash position as we look to further development of Blanket, but importantly, as we start our deployment and our spend on our Bilboes project, which I'll talk to in a couple of minutes. Moving on, I'd mentioned that CapEx was largely on track, and you'll see our various expenditures that were aligned with guidance, nothing that stood out in terms of where we spent the money.

Ongoing sustaining capital expenditure was really about underground mine development, where we spent 22% of the CapEx budget. That was really development and looking at new mining areas and underground developments targeting additional reserves and resources.

31% of the spend was sitting in the engineering department, and that covered a whole bouquet of electrical, mechanical, and central shaft upgrading and engineering. Then there was 27% that went across the other mining departments in terms mines, milling, and the MRM department.

Our only non-sustaining CapEx project was the tailings storage facility, and that accounted for 20 20% of the CapEx spend. Turning to the next slide, you'll see the slice of where those various spends occurred in terms of sustaining and non-sustaining split.

We were pleased that we were able to deliver those CapEx projects and then continue to invest in the mine for the future with some solid cash flow generation. If we move to the next slide, please.

Closing off on CapEx, you will see in the announcement that there's been some additional CapEx approvals by the board. Our total group capital expenditure for this financial year, 2026, is projected to be $178.9 million.

The two key projects that were approved last week by the board was a $14.2 million construction of a $34 million power line connecting to the 132kV backbone and a $2.2 million allocation against a central winder for the central shaft converting it from AC to DC. Both projects are great projects with quick payback periods and really underwriting some solid reliability in terms of power usage at the mine and also some imperative upgrades in terms of the underground mine.

We're looking to the future, investing in the future, and making sure that some of these critical projects are delivered. Over and above that sustaining CapEx, we have $136 million allocated primarily against Bilboes, where $132 million is anticipated to be spent against both the FEED phase, but also some early deployment of expenditures against the Bilboes project, and then just shy of $4 million, which is further exploration at Motapa project.

If we can move to the next slide, please. We delighted that the results of 2025 have delivered a solid performance, and we're continuing looking at that balance of our capital allocation in terms of both growth projects and shareholder returns.

As you can see in the CapEx that we've both delivered and plan to deliver, we're looking at growth for the future and investing in that future for the long term, but equally conscious about shareholder returns. We're delighted to have another dividend, a quarterly dividend of 14 cents per share.

Dividends have been paid since 2012, we continue with that continued payment of dividends and balancing both growth and shareholder returns. I'll just draw your attention to the key dates in terms of that dividend payment.

If we can switch to the next slide, please. I'll now take the opportunity to hand it across to Victor to talk a little bit more about Bilboes.

Thank you, Ross. Can we move to the next slide?

With regards to Bilboes, we've previously announced that the board approved this project implementation in November last year. Basically, all the parameters which are in there, we've announced them before, an IRR of 32.5% at a gold price of $2,548.

Obviously, the returns are materially higher at prevailing spot gold prices. Can we move on to the next slide?

Basically, what we've shown here are really the economics at three different prices: the consensus forecast of 2,548 US dollars per ounce, the three-year trailing average price of 2,350 US dollars price, and the price which was on 10 March 2026, which was 5,177 US dollars per ounce. Obviously, there's been some volatility in the price of gold, those figures at the end there, you can put any price you want and you can come up with different margins.

Clearly, you will see that the economics changes quite significantly if we apply the current economics. That's all we're showing.

Effectively, what we've done is we've started implementing the project following approval. As Ross has said, we've raised some money, and we've appointed an EPCM contractor and that work has started.

The plan is to have the first gold pour towards the end of 2028, and our first year of full production will be 2029, which would be at just about 200,000 ounces per year. That's peak production.

Can we move to the next slide? Ross will cover the funding aspects, what we have done and what we're planning to do.

Ross, over to you.

Thank you, Victor. Our funding strategy for Bilboes covered four funding pillars, and we're delighted with our progress in terms of how we're tracking against that strategy.

The first phase was underwriting our Blanket production and securing a series of put options at a price of $3,500 per ounce that covered a three-year period from January '26 to December '28, effectively the construction period. The key elements of that hedging strategy was really to provide a floor to the cash flows that were generated.

It wasn't giving up any upside in terms of gold price above $3,500, but it did enable us to basically earmark the best part of $200 million from our own operations that we could deploy against the Bilboes project. At prices closer to $5,000 an ounce, that $200 million escalates to closer to $300 million.

It's a cornerstone strategy in terms of using our current asset on the portfolio to underwrite this strategy. It also helped us in terms of our pricing discussions with the various banks and financial institutions in terms of how we'd sort of take on our various debt facilities.

The second step, as you've seen and previously mentioned, is the raising of some funds from a convertible note offering. It was a $150 million raise that was upsized from $100 million due to some amazing demand out of the US, and we were delighted with the result that we were able to receive those funds in short order.

We were able to also allocate some of those funds against a capped call structure, which effectively increased the conversion price to $56 a share up from the $40 a share. Those two steps, steps one and two, have been completed and has enabled us to be able to move forward in short order in terms of the remaining funding facilities.

The first one is an interim funding facility, we're currently in negotiations with a consortium of both Zimbabwean and South African banks to raise a $150 million facility. You would have seen the announcement in terms of appointing Stanbic and CBZ as co-lead arrangers for that facility, and we targeting the middle of this year to get that facility in place.

The cornerstone of that is again, the Blanket Mine cash flows. In parallel with that, the fourth arm is really the project finance facility, a longer burn rate in terms of getting that facility in place.

That formal process has commenced, and we're expecting that to be delivered in the next 12 months with the various due diligence procedures. We're very pleased around where we're positioned with that, what we've done to date in terms of underwriting that financing strategy, and we're on track in terms of the discussions with the various banks and financial institutions.

If we turn to the next slide, where this illustrates, I guess, our thought process and the overview in terms of our sources of uses and actually how we believe that this funding requirement will be met. I'll refer you to the right-hand side of the slide in the first instance in terms of the use of funds.

You'll see our capital cost is basically 405 $485 million. When you add in our capitalized interest and some working capital, the ask is closer to $600 million in terms of a package.

On the left-hand side, you'll see the column at $3,500 an ounce, and you can see together with our cash and our net proceeds from the convertible bond and our forecast future cash flows, the ask from a senior debt and other facilities is just over $300 million in terms of delivery of those funds. If we move that pricing deck up to $5,000 an ounce, you'll see that senior debt and other facilities reduces down to closer to $170 million, and we're well on track in terms of getting that funding in place between both the interim and the wider project finance facilities.

We're really pleased in terms of the status of the financing workstream. Importantly, we've got some big spend that is coming up, we need to deploy the best part of $130 million in the third and fourth quarters of this year as we start the more significant spend on the Bilboes project.

We're excited about that, well on track with that, and I think it's all coming together very nicely. With that, I'll hand it across to Craig Harvey.

Thank you, Ross. I'll just give you a I'll give you a overview of the exploration activities that have been taking place at Motapa and Blanket in the past year.

If you could go onto the next slide, please. So 2024 and 2025, Caledonia has put quite a lot of money into Motapa.

We have drilled surface drill holes totally just under 30,000 meters. It's a very strategic asset.

As you can see on the map on the screen, it's located directly to the south of the Bilboes project, which you have just heard about. The kind of scale from Motapa North to Bilboes is between 200 to 400 meters away.

I think we can all draw, draw our own conclusions as to the synergies between Bilboes and Motapa. Bearing in mind it's it's basically hosted in the same shear zone.

Mineralogy, metallurgy is expected to be quite similar. Going forward for 2026, we have had a further allocation of $3.8 million exploration.

We will continue looking at Mopuzi, and we're going to focus on Motapa South for the year. Clearly, there is potential for a sulfide resource below the historic open pits, but at the same time, there's a strong potential for oxides to the east.

We have put in two drill holes to have a look. Results were encouraging.

Things to look out for at Motapa during Q2 2026, the company will be publishing a maiden resource estimate, or probably be publishing a maiden resource estimate. We are just waiting for some of the final QA/QC checks of the data and geological interpretations to be complete, but in all likelihood, during Q2 of 2026, we'll see what the drilling activities have actually given us.

If you can move on to the next slide, please. During 2025, there's been the continued deep-hole or long-hole exploration program at Blanket.

Just to give you an overview of the areas that we are drilling, on the so on the northern side of the property, which is to the left of the image, there where you can see Lima, it's the Lima and Eroica ore bodies. To the south, on the right of the image, that's the mainstay of the mine, it's the Blanket and the Blanket quartz reef ore bodies.

I'll zoom into a bit more detail on each of these areas. If you could move on to the next slide, please.

On the Blanket side, where we've got essentially a whole bunch of ore bodies that come together, AR South, the Blanket quartz reef, and the Blanket ore bodies. In the Blanket ore bodies, are Blanket 1 through to Blanket 6, of course we've also got Blanket 7 now.

What is important to note here, I've got a grade legend on the side of the map there, and really what you want to be looking for is the little purple stripes that you see coming off from those drill hole traces. Anything that is purple there is five is 5 gram a tonne plus.

Now, in the next month or two, again, we're just finalizing some QA/QC checking from the lab, but we will be putting out a press release regarding the drilling results that we've done at Blanket, and that will give us or it will give people insight into the widths that we encountering these grades. Very, very exciting.

So 34 level is the base of the Blanket Mine currently, and we are putting a a decline, as you can see there, from 34 to 36 level. It's on 36 level at the moment.

We are starting with the 36 level in- in- infrastructure development. What is key to note, 34 level, 1,110 meters below surface.

The deepest hole there that we have represented with those little blue ugh, those little purple stripes is 277 meters below 34 level. Now, 277 meters below 34 level equates to a depth of approximately 1,350 meters, which equates to a 42 level.

The kind of main levels are set up 34 to 38, 120-meter lifts apart. We are quite clearly looking at, all things being equal, there's another two main lifts at Blanket that we are going to have a look at.

Very, very encouraging. We carry on doing the work.

Just to give a bit of reference, if you had to move to the south to the to the right of the image, we will be putting in another hanging wall drill drill cubby to create another fan of drill holes in due course adjacent to these holes. This is kind of at the limit of our inferred resources, clearly with this drilling coming in, we will be looking at upgrading inferred to indicated as Mark, the CEO, has indicated, and with a view to upgrading mineral resources and mineral reserves in due course.

If we can move on to the next slide, which then focuses on the northern portion of Blanket Mine. On the very left, the very northern portion, the little bit of colorful goods that you see there, stopes, is the Lima ore body, and in the middle is the Eroica ore body.

Now, Eroica has been a mainstay. Why you only see a couple of drill holes there is the majority of this area was drilled during 2023 and 2024.

You can already see some of the development that's accessing these areas. The majority of this area is now indicated re- a indicated resource.

You can also see that there's a long hole that's also maybe 60 meters below 34 level, currently on a 36 level-type horizon. Clearly, as we advance, 34 level will will have a hanging wall cubby put in place, and we will continue drilling on the Eroica ore body from 34 level down to 42 level.

On the left-hand side with Lima, again, you can see some of those little purple stripes, which represents five 5 gram a tonne plus. One hole, on purpose, we push down to around the to around the 34 level mark to test the depth to see that we're not wasting our money.

We we did pick up the Lima ore body, but Lima itself is not one single ore body, it's made up of six ore bodies. There's a lot of scope to continue doing this.

The lowest level of mining on Lima is at 750 meters below surface. You can just work out for yourself if we take it down another 250 to 300 meters, we, we talking 22 level to 34 level of mineral resources that may be exploited.

Again, below 22 level, it's inferred resources on Lima. With the with the with the drilling coming in, we will be looking at including that and seeing if we can upgrade some of the inferred resources into an indicated resource or better.

In a nutshell, Blanket keeps on going, the grades still looking good, the grades, the widths. We obviously model what we are expecting to find with our drilling, and it continues to return similar, if not better, results at at depth.

Thank you for that. With that, I'll hand back to Mark to give some closing comments.

Good. Thank you, Craig.

We're kind of running out of time, I just want to draw your attention to an event that we hosted on the fringes of the Cape Town Mining Indaba in February. Ours, along with five or six other foreign-owned Zimbabwean mining companies, hosted a briefing event where we invited representatives from the Zimbabwean government, Minister of Mines, Ministry of Finance, and the Reserve Bank, the objective was to try and dispel some of the pervasive continued misunderstandings of what it's like to operate in Zimbabwe.

It was very well attended, and the way the representatives of the Zimbabwean authorities engaged in a very transparent, constructive way with the audience, hopefully is a first step, a first step of many, to trying to overturn some of these misunderstandings about Zimbabwe. That was very good.

Can we move on to the next slide? Just to finish and move on to questions.

Clearly, our strategic focus after the fatality last year is to continue commitment to the safety of our people, objective to maintain reliable and operations at Blanket, which, let's face it, is going to be an important generator of capital for the construction of Bilboes. As you've heard from Craig, has very significant long-term extension plans in its own right.

Leverage the strong gold price to invest in Blanket's projects to create operating resilience and to mitigate further input cost pressures. Moving along with Bilboes as quickly as we can in terms with the financing and development plan, and to continue to explore at Motapa, which in due course we think will be a very exciting project.

All of those together really mean that we're continuing to execute our strategy to become a multi-asset, Zimbabwe-focused gold producer. I think that's the end of the presentation.

Can we open it up to questions, please?

Can you hear me now?

Yep.

What is the maturity of the convertible bond? I have another question, too.

I think it's seven, is it seven years, Ross? It's slightly longer dated maturity than most convertibles, and that was specifically so that it matures outside the timing of the scheduled repayment of the project finance.

Ross, is it seven or is it slightly longer?

Seven years.

Seven years.

So

'33? Yeah.

Next question, Howie?

Yeah. I thought the solar plant was in the Jersey Island, it would be [laughter]

That would be a big mistake, because it's often not very sunny here. [laughter]

No, I thought the ownership was there and it was tax-free. What's the capital gains rate on that?

Ross, could you help?

That ended up being $2 million. There was a combination of some of it was on a total capital gain, and there was a profit element, but it was $2 million.

Oh. What is the tax rate on the loss on the derivative?

Was that at regular tax rate or something different?

No, all the derivatives are held outside, they are all held here in corporate. It's 0% for the derivatives, because they sitting in Jersey.

I think for practical purposes, it would be very difficult, practically impossible, to structure derivative holdings through Zimbabwe. I think having to go through the various RBZ approval processes would just fly in the face of being able to when you decide to do these things, you do them very quickly, and to have to pause for RBZ approval would just make it impossible.

The effective tax rate on the derivative pre-tax and post-tax is the same, right? Zero taxes.

Zero.

That's right.

Yeah. Finally, I'm going to say this is pretty thorough financial accounting.

Nice job.

Thanks,

Howie.

You're welcome.

Yes. Great presentation.

You anticipated some of my questions, this will simplify things a bit. Only thing I really had left to ask has to do with power costs.

The solar plant, of course, was intended to keep those contained. With the recent conflict in the Middle East, right, there's some temporary increases in fuel and energy prices.

Depending on how long this goes on and maybe just with the higher operating cash flow you're enjoying on the mine, would further investment in solar plant facilities at Blanket become a higher priority as you're looking at these, or is this something

that's

been

considered now? No, it wouldn't.

Let's just deal with our exposure to fuel. Blanket uses about 2 million liters of fuel a year.

Approximately half of that is diesel generators, the other half is used on diesel equipment in the business. At last year's diesel price, that represents about 3% of our OPEX, we're not particularly exposed to diesel in our operating costs.

In terms of supply, we've got just over six months of supply either on the property or on consignment stock, we're not particularly exposed there. The problem with solar is that when the sun doesn't shine, you don't get solar.

The particular issue we face right now is that the 130 the way electricity gets through the grid to Blanket means that the last sort of 30-odd kilometers goes through a pretty poorly maintained 33kV line, which typically has bigger reliability problems when it's rainy. You've got the combined effect of rain, which means that you've got a higher chance of power interruptions from the grid, and also it means that the solar plant's not working very well.

The two issues kind of compound each other. What we're doing is we're putting in a 132kV line, which we expect will reduce the average incidence of power outages from say 30 hours a month to an average of say 3 hours a month, and that will reduce our reliance on diesel.

Once you're connected to the 132kV line, that gives you much more flexibility to access power both in Zim and in the region, where there is no shortage of power. Frankly, solar kind of compounds the problem, doesn't solve the problem.

The simple answer to your question was no, I'm afraid.

Okay. I appreciate the detail.

I'm sure investors will appreciate it as well. Thank you.

Good afternoon, guys. You hear me okay?

Yep.

Great. Two questions from me.

First one, sustaining capital for this year looks like it increased from $27 million to $43 million, and you did a good job explaining where that money's going. I didn't flag any change to the 2026 all-in sustaining cost guidance that you guys set a couple months ago.

I think between $2,100 and $2,300 an ounce. Are you going to stick with that range, or can I

No, that's clearly fallen between the gap in that we got the board approval a couple of days ago for the extra CapEx, and clearly, I guess that should flow through into all-in sustaining costs. Is that correct, Ross?

That's right. We're just looking at timing, Mike, in terms of when some of that will actually drop.

While the projects have been approved, you've just got to see when they're scheduled to be paid.

Got it. Thanks for that.

Then my second one, if I back out from your earlier quarterly results from last year, I should say, it looks like Q4, you recorded a derivative loss of around $4.8 million, I think. Is all of that related to the put options you guys bought in December, or is there something else going on there?

That's all to do with the puts, yeah.

Got it.

Let's be clear, the point of the puts, even with this current volatility, the gold price is much higher than the put price. The point of the puts, as I think Ross outlined just to reinforce the point is, it creates a floor price for the purposes of the Zim banks in terms of putting together the interim funding facility.

It is still strategically important to us.

Oh, yeah, for sure. For my own numbers, I want to know what to adjust out for and what to expect in future quarters.

I just wanted some clarity on that. Appreciate it, guys.

Thank you.

Good, thank you, Mike.

Hi, everybody. Usually, I'd like to spread around the questions.

The first is for Craig, I think. Craig, it does look encouraging what you're doing, but coming back to Blanket Mine, are the recons between what you're actually getting out of the mine at the moment adhering to what you would have expected from your ore reserve models?

Hi, Nick. Yes, they are.

Q4 was affected by a couple of force moves that we had to make. We could not access the areas as quickly as we would have liked.

We were forced into maintaining production out of kind of some lower-grade, some medium-grade areas. As we all know, in mining, trouble always hits your higher-grade areas, as people see it.

Yes, it's maintaining what we are expecting.

Excellent. I think the next question is for Ross, a set of questions.

Ross, it's the usual one. Have you repaid your facilitation loans to your non-controlling interests?

The second question with that, I'll have a few more, but the second question with that is how many dividends did you distribute from Blanket eventually? You gave some numbers here, it wasn't quite clear the total for the year.

Nick, we're the other way around. There was $60 million of dividends that were declared in 2025 from Blanket.

Not all of that equated to actually cash moved. There was an opening balance and the timing of the payments per period, but it was $60 million, and there's a $5 million rollover with $44 million paid during this year.

High level, $60 million, but there were some timing differences in terms of the cash flows. BETS repaid its facilitation loans in Q4 2025.

Just to be clear, that's the employee trust.

That's employee trust, sorry. [laughter] And NIEFs has got about half a million dollars left on that to be repaid.

NIEFs is the government beneficial shareholder, yeah.

Yeah. Okay.

It's all over for that.

From now on, they'll be securing their share of the dividends from now on.

That's right, yeah. I saw

one of the questions about the loss on the derivatives that you're recording, and obviously, this is a moving feast because you're marking it to a price at the end of the period. Do you have a sense of what that number would be if you were to take today's price?

What sort of loss would you be recording?

I haven't looked at it today that range and the actual valuations ranged quite considerably as we do the pricing, because it's a delivery of a put option each month for the next three years. It's not a prima facie.

Under the $3,500, they're all written off on day one. There is a value that goes up.

No, I don't have the price for you today, especially after today's gold price.

No, I thought you might have an idea of sensitivity. The last question is you've started to accumulate some cash and near cash equivalents, and you've got some deposits being made here.

What do you think you need in terms of keeping Blanket solvent and keeping the rest of the business lubricated with cash? What do you think is a minimum residual cash that you should have on hand at any one time or cash equivalents on any one time?

Hi, Nick. Selfishly from a CFO perspective, I'd rather have a little bit more in the back pocket than normal, but anywhere between $30 to $50 million, I think, would be a healthy position, particularly on the projects that are coming through the system.

We've got a large amount now. It will be deployed, but I think having that sort of quantum on balance sheet, this gives us some protection in terms of where we're going.

Ross, do you mean cash or do you mean liquidity? That's not quite

Liquidity in terms of facilities, yeah.

Yeah.

Yeah.

Then just on the operational side, there was a discussion previously about a build-up of ore stocks. Now you've run them down again to meet the requirements at the end of this last period.

Is your strategy still to rebuild those stockpiles?

Yes. Yes, one of the things that will be introducing in the middle of the year is a new shift system at Blanket.

It'll do two things. It'll introduce seven-day working at the mine as a standard, and that's pretty common now across the mining industry in Zimbabwe.

The mine drilling and blasting only currently takes place six days a week, so that should result in an extra day of drilling and blasting. If we can get the stuff trammed and hoisted in the ordinary course of events, that should give rise to an extra 100,000 tonnes a year.

In the short term, we'll be using that to accumulate a stockpile to see us through the hiatus relating to the AC/DC conversion. Currently, the central shaft winder works AC, we'll be converting that to DC for safety reasons and also for cost reasons, but that will result in the central shaft not being able to hoist for a period of two to three weeks, and so we do need to make sure that we've got a healthy stockpile at the end of the year to see us through that.

Very much there is the intention over the course of this year to build stockpiles, and then once we're confident that the shift system is working and we've got adequate stockpiles, then clearly, we'll be looking at what we need to do to address and use the extra production, increase our milling capacity. That's a work in progress.

At this stage, I can't tell you what the costs of increasing that milling capacity would be and what the effect on OPEX would be. Let's just focus on getting the shift system in, delivering the ounces, delivering the extra tonnes, building the stockpile to see us through the AC/DC conversion, and then for next year, there will be the hoof of the story about how we're going to convert that into increased ounces.

It's premature to say that at this stage.

Excellent. Thank you.

Then the final question for Victor here. At the end of this year, this time next year, sorry, at the end of in in 12 months' time, you will have spent circa $130 million on on Bilboes.

What will you have in place by the end of the period? What is what is your project going to look like on the ground?

Okay. Thank you, Nick.

What we are really doing is placing orders, long-lead items is what we're basically doing most of this year towards the end of this year. That's really what we'll be doing.

We'll probably have some contractors moving in at the end of the year, but really, most of the money we are spending this year, it's on orders on the long-lead items.

That means very little physically to see.

Very little to see. The only thing you'll see there are contractors moving in and starting to do some work.

This will be in the form of prepayments then really, will it?

Prepayments and deposits, yeah. Yeah.

Okay. Excellent, thank you very much.

Okay.

Hi, can you hear me?

Yep. ]:

All right. I just have three questions.

The first one, can you explain more about the consortium facility as in which banks in South Africa you are courting and what is their level of interest in supporting the company given the 15% non-resident tax which resumed this year? Could you explain that as my first question?

The 15% non-resident tax, Ross, are you able to answer that?

No, well, not specifically for the banks, but we've got two two South African banks and then the Zimbabwean banks that are participating, half a dozen banks that we talking to for the interim facility. Yes, we've been pleased with the I guess the appetite to participate in such a facility with those banks, no, we haven't had any negative connotations or discussions from that perspective.

Then our PF facility is the African banks in terms of AFC

in the ring

of who we're talking to in a similar. I was just giving feedback.

]:

Okay. My second question is, PGM companies have reported substantial amounts of their ZiG portion of the export proceeds are being trapped at the RBZ.

I think there was complaints from Zimplats and Mimosa, and I wanted to find out if Caledonia is facing such a problem with their ZiG portion of the export proceeds being trapped at RBZ.

No. Absolutely not.

]:

All right. Then my final question is has your outlook changed in terms of the gold prices which you're expecting for the year given the geopolitical tensions happening in the Middle East right now?

Are you is that do you mean are we going to adjust our you're asking if we're going to adjust our production level? Is that is that the question?

]:

Considering that the commodity market has become volatile owing to those geopolitical

No. No, the mine the mine plan is pretty much set.

We we can't just just arbitrarily increase and reduce production. The objective is to to mine to optimize operate operating efficiency and keep the mills full.

What you could do, what you could do is you may you could adjust your cutoff grade, if if you thought the gold price was going to be much higher, you might cut the cut reduce the cut cutoff grade so you can perhaps mine more material that's less would be less attractive in a lower gold price environment. No, the within the the current gyrations aren't aren't giving us any thoughts about changing our overall approach to the mine plan and our mining schedule.

]:

All right. Thank you.

Can you hear me?

Yes.

Okay. Nice presentation and nice performance as well, great performance.

My question is how much of this year's performance is genuinely operational? I'm talking about the year under the period under review.

How much of its performance is genuinely operational, and how much is simply gold price leverage? I I concur that its production at Blanket was broadly flat and while gold prices surged by a staggering 44%.

From that, I could argue that your earnings were largely price-led rather than execution-led. What concrete evidence can you give that the business can protect margins and sustain cash generation if the gold price normalizes?

What one of the things that should we we perhaps didn't make clear enough is you're you're quite right, in 2025, a lot of the good performance was driven by the higher gold price. One of the things that we are doing, and we have seen quite significant increases in costs at Blanket.

If you if you look back over a five-year period, in 2020, Blanket's on-mine cost was $784 an ounce. Last year, it was $1,280.

People need to understand that Blanket now is a very different mine from what it was in 2020. We're hoisting significantly more material from much, much, much deeper.

In 2020, we were hoisting most of our all of our material from 750 meters below surface. Now we're hoisting most of our material from 1,200 meters below surface.

Inevitably, that means that you're going to be using more electricity even before you start taking account of the incremental need to use electricity for improved ventilation. In terms of in terms of employees, if you look at the pointy end of the business, so that's the people involved in the in the mining, the underground tramming, the hoisting, the people involved in the milling, we're actually handling more material, more tonnes per person now than we were five years ago.

The other it but our costs have gone up, and that's if you look at our if you look at our consumable costs, we're pretty much using less in the way of inputs like grinding media, cyanide, drill steels, we're using fewer kilos of that per tonne milled, but every year, year on year, we've seen our costs such as the the costs of steel balls, which we use in the in the in the steel mill in the ball mills, they've gone up on average 10% per annum over each of the last five years. The cost the cost profile has gone up.

What we're doing now is we're focused on trying to reduce dollar costs. In particular, the first three initiatives are targeted at electricity.

The 132kV line, the AC/DC conversion, they will they they are expected to give rise to significant cost reductions over the course of the coming three years. In addition to that, we're trying to use electricity more intelligently, we're trying to reduce our overall power consumption by just being clever more clever about that way we use electricity.

The shift system that I referred to earlier on is is got two aims. The first is to reduce worker fatigue by reducing the the overtime.

A reduced overtime will clearly then reduce the some of our labor costs, because overtime is clearly at a premium rate. The other thing, a lot of those cost reductions, I expect, may well be given given away in terms of further increases in costs that we know we're going to experience over the next three years or so, particularly in terms of providing better, better quality housing for the for the workers.

The the only way I can see that we can get sustainably reduced costs at Blanket is to increase production. As I've mentioned, we are we we would expect as a result of the shift system, by introducing seven-day week working weeks instead of a six-day instead of a six-day working weeks, is to harvest more tonnes, which should give give rise to more ounces, which should mean that our costs are spread over, over more ounces and therefore get the cost down.

That's not going to happen quickly, but over the next three years, I would be hopeful that as a result of the of the combination of those packages, we can begin to get the cost down. Don't for a minute think that Blanket is going to go back to being a low-cost producer at $784 an ounce, it's not.

The only way for a deep-level, relatively low-grade mine like Blanket to be sustainable, and we Blanket is 126 120 years old this year, and we want we want to keep it As you've heard from Craig, there's plenty of potential to extend Blanket's lot mine life by going deeper, and the only way we can do that is continuing to invest to improve resilience and and lock in economies. That that's a long answer to a fairly short question.

Which I hope addresses which I hope answers your question.

Yes, thank you. I've been answered.

I'm Tinashe from Equity Axis, by the way. Thank you, that is enough for me.

Okay. Let's be clear, the phrase I use is escaping forwards.

Pretty much any mine in Zimbabwe which is facing a rising cost pressures, the only way to counter that is to escape forwards through growth, and that's what we're looking for over the course of the next three years. Okay.

Any further questions?

Clearly, it was a good year financially, as we've identified, largely driven by the gold price. We're focused very much on Bilboes, turning that to account.

That will be a game changer, not just for Caledonia, but also for Zimbabwe. We're not neglecting Blanket, and as I think the comments at the end of that Q&A session made very clear, we are focused on using this high gold price to invest in Blanket, both to try and tickle up the gold production, but also to lock in resilience and efficiencies.

That's going to be a three-year exercise, it's not going to be a quick turnaround, but clearly we'll keep stakeholders informed as we move along. Thank you very much for your attendance, and we'll be putting out our Q1 results [laughter] in about six weeks' time at the middle of May.

Okay. Thank you all very much.