Caledonia Mining Corporation Plc

Good afternoon and welcome to the Q3 2025 results presentation for Caledonia Mining. Today we're joined by Mark Lehman, who's the CEO, and he's going to introduce the webinar and start his presentation. Mark, over to you.

Thank you. Thank you very much, Tilly. Shall we open the slide deck? I can't see the page. Move on to the forum. page, next page, there you go. And then the presenting team. So, yeah, I'm Mark Limmel, Casadania's Chief Executive, joined by Ross Gerrard, the CFO, who will run us through the financial numbers. James Mofara, the Chief Operating Officer, will talk to us about operations. Victor will say a few words about Bill Bowers, and Craig Harvey will talk to us about some of our exploration Can we just move to the next page? Okay, the first thing I'll point out is that, as you probably noticed, we no longer publish the standard sort of management discussion and analysis and the detailed financial statements. So I'm caught will produce what we've done this morning, which is like a truncated version. But I think that that's more than adequate for conveying the substance of what we're doing. But as we get into the presentation, first of all, we must recognise that we had a fatality during the quarter and we extend our condolences to the family and the congregation. lost his life. James will talk to us more about what we've done in the aftermath of that to comprehensively review our safety procedures and safety practices and what we're doing to strengthen our risk management and workforce protection. So James will go into that in some more detail. It was a solid process. blanket was just over 19,000 ounces and we sold just over 20,000 ounces and that was clearly we've clearly been helped by the rising gold price so the gold price is up 40% quarter on quarter comparable quarter to this quarter to just over three thousand four hundred dollars of profitability. So revenue up 52% to $71 million and EBITDA up 162% to $33 million. Ross will clearly provide more information on the financials. With respect to Bilbo's, as we say in the RNS, we expect to give an update as to where we are and where we're going with that imminently. So Victor is on hand to say something, but frankly, until we've imminently said something, there's not a great deal we can say at this stage. And then Craig will run us through the exploration programs at Blanket and Matapa, which we're advancing and which show addition to these results, we've this morning declared another quarterly dividend of 14 cents per share. So with that, can I hand over to James to run us through the operating results. James, over to you.

Thank you very much, Mark. Good day to you all. It is Very sad that, I mean, in this quarter, we actually have to report a loss of life incident that occurred at our blanket mine. In this very quarter, one of the things that why it's not this tragic is we had seen quite a serious improvement in terms of our health and safety, you know, parameters, and that's in terms of, you know, lost time injuries, in terms of environmental conditions underground, ventilation conditions underground. We had seen an all-around improvement in accident-free days. We had seen quite a serious improvement. However, we still suffered this loss of life in which a gang leader who was in the process of conducting secondary blasting actually had a premature detonation and he lost his life. Secondary blasting operation is an operation where we break some of the bigger rocks that could have been generated during the time of primary blasting so that you can send them through into our hall passes and be in a position to take them out to surface. Immediately after this accident, we embarked on an investigation, thorough investigation and extensive investigation to determine the root causes of this accident. We had also reported, we reported also this to the government, who also actually conducted a thorough investigation on their own to determine these root causes and possible areas where we can see improvements. The investigation is complete now and action plans that we found out are currently being implemented to avoid any possible recurrence of these significant unwanted events. So one of the key issues that we still need to deal with is the issue of our employees and the higher risk appetite that we see within the operations. if you can just go to the next slide please and the next one in terms of the slides that are now showing i mean you will see that this depicted consistent delivery that we are now witnessing at blanket mine from the third quarter of 2024 to now you can see that the delivery has almost reached almost delivering at the same level. This is, you know, the recipe to good production and actually consistency. That's what the plant wants. The plant wants consistent delivery. This is what we're beginning to see. This has been brought about mainly by three issues, but there is obviously a lot more other issues behind this. And the first one is the introduction of the short interval control system that we see on the mining and the metallurgical side, where production is managed on a short interval control basis. have seen is that there's been a consistent tonnage throughput because now the plant can feed from the stockpile, and we are in a position to see consistent throughputs due to feeding from the stockpile. The third reason for this consistent performance that we see with the tonnage and steady-state performance is because with the improvement in development that we embarked on starting at the end of last year, and even carrying on with this year, we are seeing an improvement with regards to flexibility as we are opening up better and more areas for production underground. However, on the same top graph, you see that there is an unfavorable drop in the orange line, which is the grid line. The reason for the drop in the grid line is linked to the loss of life accident that we had on the 22nd of September, where were actually going on. You will see that this year also a negative impact in terms of our recovery which is on the graph below on the line on the graph below where the graph shows that the recovery also took a negative dip because of the grade that actually went down. The good news however is that the recovery for the year to date is still on plan and If you may, just turn to the next graph. The next, the table shows how our mining matrices were above plan for the quarter, which is actually showing a healthy production throughput throughout the whole quarter in terms of our turns broken, trimmed, hoisted, and most importantly, in terms of our development to generate new areas where we'll mine from. You will see that we work green in these areas, and it's very important to be healthy in all these areas. This is consistent production all around. Achieving development will also help us to make sure that our flexibility going forward is going to be better, and this will actually positively impact in terms of employee productivity. Color which is not green is the gray color, which we have already explained that some of the higher-grade areas, we had to stop them after the loss-of-life accident that we unfortunately suffered on the 22nd. And because of that, we actually see that the grade was at 3.04 grams per ton. However, if you can just carry on to the next table, we see that as blanket, we are on course to meet the increased guidance. uh... on these uh... you know Preservation, you will see that the tans milled are still about 7% ahead of our desired run rate for the year to date. Of importance, however, also is the issue with regards to the tail grade, which remains at 0.2 grams per tan, which is our plan, consistently very, very low, which is showing that our recovery within the plant has remained consistently very, very high. The ounces for the year to date is still, even in the end of the quarter, still 3,000 ounces ahead, clearly showing that blanket is on course to meeting the increased production guidance is given out to the market. If we can just go to the next graph, which shows that we are still securing the future. This production has not just been to meet today's need, but it's also securing the needs of tomorrow. You can see that in terms of our reserve generation, which was positive for the quarter, we have met today's production, but without destroying our ability to meet production targets within the future. So although our set-out goal at the beginning was simply not to deplete reserves, we, because of better production, better development, actually added reserve ounces as well in the quota due to better production. This is a healthy state to be in. If you can just go to the last one, which talks about our focus on productivity. You will see that blanket being a mine that has been in operation from 1904. Some of the areas are further and further from the shaft barrel and deeper as well. There is need for us to improve productivity and introduce technology within our mining space. We have seen that ourselves as mining, I mean we are price takers and the only area in which we can actually improve our competitiveness is if we can improve productivity. We have thus embarked on implementing technology in the mine so that we can better position ourselves to be more productive going forward. In this example, I've just given three of the areas that we have chosen to embark on, which is engineering areas, and one of them being introducing main carriages for man riding. This has got, you know, the improved impact in terms of face time so that people are on the face in good time and also so that people have got energy when they arrive on the face. So we have started to implement this within our working areas as a way of increasing productivity and dealing with increased costs that invariably come with an aging operation. And most importantly is the technology that we're improving. We are doing a lot of the work in-house. As a result, it's costing us less to actually implement this technology. We intend to continue to increase and implement this technology to both increase productivity