Caledonia Mining Corporation Plc
Results for the Fourth Quarter and Year ended December 31, 2017
St Helier, 21 March, 2018: Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) announces its operating and financial results for the fourth quarter (“Q4” or the “Quarter”) and the year ended December 31, 2017 (the “Year”). Caledonia’s primary asset is a 49 per cent legal ownership in the Blanket Mine (“Blanket”)
in Zimbabwe. Caledonia continues to consolidate Blanket and the operational and financial information set out below is on a 100 per cent basis unless indicated otherwise.

months ended December 31 12 months ended December 31 Comment
2016 2017 2016 2017
Gold produced
(oz) 13,591 16,425 50,351 56,133 Increased gold production due to higher
tonnes milled and higher grade On-mine cost
($/oz)1 614 556 636 633
On-mine costs are stable for the year but 9%
lower in the Quarter compared to Q4 2016
due to the higher production in the Quarter
which meant that fixed costs were spread
over more production ounces
All-in sustaining cost ($/oz)
(“AISC”)1 843 901 912 847
Q4 2016 AISC was low due to the
recognition of the entire 2016 export
incentive credit in the quarter. Lower yearon-
year AISC reflects lower administrative
expenses and higher export incentive credit
and sales ounces
Average realised
gold price ($/oz)1 1,187 1,256 1,232 1,243 The average realised gold price reflects
changes in the price of gold
Gross profit 2 6,888 8,411 23,492 26,321 Higher gross profit reflects increased sales
ounces and a higher realised gold price
Net profit
attributable to
shareholders
3,258 3,232 8,526 9,384 Increased net profit reflects increased gross
profit and reduced administrative costs
Adjusted basic
earnings per
share (“EPS”)3
(cents)
41.4 48.6 98.6 135.4
Higher adjusted EPS reflects increased net
profit in the Year and the elimination from
adjusted EPS in 2016 of the profit arising on the sale of treasury bills
1 Non-IFRS measures such as “On-mine cost per ounce”, “AISC” and “average realised gold price” are used throughout this document. Refer to
Section 10 of this MD&A for a discussion of non-IFRS measures.
2 Gross profit is after deducting royalties, production costs and depreciation but before administrative expenses, other income, interest and finance
charges and taxation.
3 Adjusted EPS is a non-IFRS measure which aims to reflect Caledonia’s ordinary trading performance. Refer to Section 10 of this MD&A for a
discussion of non-IFRS measures. Per share data for current and prior periods has been adjusted to reflect the effective 1-for-5 share consolidation
which was effected on June 26, 2017.

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