St Helier - Caledonia Mining Corporation Plc (the 'Company' or 'Caledonia') announces that following the maturing of long term incentive plan awards on January 11, 2022 which were made under the 2015 Omnibus Equity Incentive Compensation Plan of the Company (the 'Plan'), a total of 76,520 common shares of no par value in the Company are being issued to members of staff within the Company's group, including in the form of depositary interests and Zimbabwe depositary receipts in respect of such shares, on or before January 14, 2022.

Application has been made by Caledonia for the admission of depositary interests representing all the issued shares to trading on AIM and it is anticipated that trading in such securities will commence on January 17, 2022. Following issue of all the shares, the Company will have a total number of shares in issue of 12,833,126 common shares of no par value each. Caledonia has no shares in treasury; therefore, this figure may be used by holders of securities in the Company as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company.

Contact:

Caledonia Mining Corporation Plc

Mark Learmonth

Tel: +44 1534 679 802

Camilla Horsfall

Tel: +44 7817 841793

WH Ireland

Adrian Hadden

Andrew De Andrade

Tel: +44 20 7220 1751

Blytheweigh Financial PR

Tim Blythe

Megan Ray

Tel: +44 207 138 3204

3PPB

Patrick Chidley

Tel: +1 917 991 7701

Paul Durham

Tel: +1 203 940 2538

Curate Public

Zimbabwe

Debra Tatenda

Tel: +263 77802131

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 ('MAR') as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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