Issue of Long Term Incentive Awards

Caledonia Mining Corporation Plc

(NYSE American: CMCL; AIM: CMCL)

Issue of Long Term Incentive Awards

St Helier, January 12, 2021:  Caledonia Mining Corporation Plc (the "Company" or "Caledonia") announces that it has made new long term incentive plan awards under the Company's 2015 Omnibus Equity Incentive Compensation Plan (the "Plan").  Awards that have been made to "Persons Discharging Managerial Responsibility" within the meaning of the Market Abuse Regulation (EU) No. 596/2014 are as follows:

The awards are in the form of Performance Units ("PUs") as defined in the Plan. The vesting date for the PUs shall be the third anniversary of the date of the award, being January 11, 2024.

The number of PUs awarded is equal to the monetary value of the award divided by the "Fair Market Value" (as defined in the Plan) of the Company's shares, being, in this case, the greater of (i) the closing price of Caledonia's shares on the NYSE American on the trading day preceding the date of the award or (ii) the volume-weighted average closing price of Caledonia's shares on the NYSE American for the five days preceding the date of the award, which resulted in a price of USD17.71.        

The final number of PUs which vest on maturity of the awards will be adjusted to reflect the actual performance of the Company in terms of targeted gold production. If actual performance is less than 70% of target, no PUs will vest; if actual performance is greater than 70% of target, the number of vesting PUs will be adjusted pro rata on a linear basis, subject to a maximum of 200% of the initial target PUs. Each PU entitles the participant to receive the cash equivalent of the Fair Market Value of one Caledonia common share on the maturity of the award or alternatively to elect to receive some or all of the PUs in the form of securities in the Company.

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Note:  This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014.