Caledonia Maintains 2025 Gold Production Guidance At 75,500–79,500 Oz With Revised AISC Range Of $1,850–$1,950/Oz And Total Capex Set At $41M Including $34.1M For Blanket

2025 Production, cost and capital expenditure guidance

• Gold production guidance range for 2025 maintained at 75,500 to 79,500 oz[1]
• 2025 cost guidance for Blanket:
  • On-mine cost guidance range of US$1,150 to US$1,250/oz sold
  • AISC guidance range of US$1,850 to US$1,950/oz sold
• Capex guidance for 2025 is US$41.0m, including:
  • US$34.1m allocated to Blanket (US$29.3m sustaining and US$4.8m non-sustaining capex)
  • Exploration spend US$5.8m, allocated to Bilboes and Motapa projects
  • Group IT and other initiatives US$1.1m

The on-mine cost per ounce at Blanket in the Quarter was $1,203/oz, which is above the guidance range of $1,050 to $1,150/oz for 2025. Due to the higher cost per ounce incurred in the first 9 months of the year, it is expected that the on-mine cost per ounce at Blanket will be in the range of $1,150 to $1,250/oz for the 12 months of 2025.

AISC guidance of $1,690 to $1,790/oz has been revised to $1,850 to $1,950/oz, due to the higher on-mine cost guidance, higher administration costs and the impact of higher royalties due to higher gold price.