Caledonia Mining Corporation plc releases escrow shares for purchase of Bilboes gold project in Zimbabwe.

Following the previous update made by Caledonia Mining Corporation Plc (listed on NYSE AMERICAN: CMCL, AIM: CMCL, and VFEX: CMCL), the company has shared news about the issuance of Escrow Shares (as referred below). The announcement is related to the recent acquisition of Bilboes Gold Limited by Caledonia Mining Corporation Plc.

Just a quick reminder, Caledonia held back 441,095 shares from the Transaction that were meant to be given to Toziyana Resources Limited (called the "Escrow Shares"). Instead, they will be given to Shining Capital Holdings II LP (known as "Shining Capital") as part of a different business deal between Toziyana's parent company and Shining Capital's subsidiary, called Infinite Treasure Limited. Before giving the Escrow Shares to Shining Capital, they needed approval from The Reserve Bank of Zimbabwe for the Toziyana and Infinite Treasure Limited business arrangement. Now that they got the approval, both Toziyana and Shining Capital have asked Caledonia to give the Escrow Shares to Shining Capital.

After the Transaction, Shining Capital now has 1,386,723 shares, which makes up 7.68% of the Company's shares when considering the Placing Shares that will be traded on AIM starting today. Once the Escrow Shares are issued, they will have 1,827,818 shares or 9.88% of the Company's fully diluted share capital.

Once the Escrow Shares are distributed on April 4, 2023, Caledonia will possess 18,506,156 common shares that do not have any designated value and they all come with the power to vote. It's important to note that this doesn't take into account any additional shares that might be released through the Zimbabwe Placing (as previously mentioned in the March 24, 2023 announcement). We'll provide an update on this matter on March 31, 2023.

Caledonia has requested to register depositary interests that represent the Escrow Shares for trading on AIM. It is expected that these securities will be available for trading starting from April 4, 2023.

To remind you, in line with the transaction, 5% of the shares (256,152 shares known as 'Deferred Shares') will still be kept by Caledonia. This is to ensure that any potential extra expenses or problems that may arise before the Transaction is complete can be accounted for in the purchase price. The exact amount will be calculated soon and more shares will be distributed accordingly.

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