Update on the Monetary Environment in Zimbabwe

Caledonia Mining Corporation Plc

Update on the Monetary Environment in Zimbabwe

(NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL)

St Helier, November 6, 2018 - Caledonia notes recent media reports which refer to certain Zimbabwean gold miners having suspended production due to the lack of foreign exchange to purchase key inputs. Caledonia confirms that, although the availability of foreign exchange in Zimbabwe appears to have reduced in recent weeks, production at the Blanket Mine has continued without interruption. The monetary situation in Zimbabwe is receiving the highest levels of attention from Zimbabwean monetary and government authorities with whom Caledonia are actively and constructively engaged on a regular and ongoing basis.

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