<p>澤西島聖赫利爾，2025 年 12 月 19 日（全球新聞通訊社）——2025 年 12 月 1 日，加勒多尼亞礦業公司（Caledonia Mining Corporation Plc）（“加勒多尼亞” 或 “公司”）（紐約證券交易所 AMERICAN，AIM 和 VFEX：CMCL）發佈了一項公告，涉及對津巴布韋 2026 年國家預算中適用於黃金礦工的特許權使用費和税收制度的擬議變更。擬議的變更涉及特許權使用費和資本支出的税收可扣除性等內容。</p>
<p>加勒多尼亞指出，2025 年 12 月 17 日，津巴布韋財政部長在津巴布韋議會對 2026 年國家預算的第二次審議中宣佈了對這些提案的某些變更，具體如下；</p>
<ul>
<li>當黃金價格超過每盎司 2500 美元時，提議將特許權使用費率從 5% 提高到 10% 的提案，現在僅在黃金價格超過每盎司 5000 美元時適用。</li>
<li>提議對資本支出的税收處理進行變更，即當前 100% 的前期扣除將改為在項目生命週期內分攤，影響時機，但不影響應繳税款的總額，已被撤回。</li>
<li>對離岸貸款利息徵收 15% 的預扣税的提議已被撤回。雖然這一條款對加勒多尼亞現有的運營影響不大，但對加勒多尼亞目前預計將以大量離岸債務融資的比爾博斯黃金項目將產生不利影響。</li>
</ul>
<p>這些修訂後的提案尚未得到議會的批准，但預計將在年底前生效，前提是黃金價格保持在每盎司 5000 美元以下，這將不會改變加勒多尼亞在津巴布韋資產組合的財務前景。</p>
<p><strong>加勒多尼亞首席執行官馬克·利爾蒙特評論道：</strong></p>
<p><em>“津巴布韋 2026 年國家預算尚未成為法律。然而，我們歡迎本週宣佈的修訂條款，我們相信這表明了津巴布韋政府對礦業部門及未來礦業項目發展的支持。”</em></p>
<p><strong>諮詢：</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>加勒多尼亞礦業公司</strong></td>
<td></td>
</tr>
<tr>
<td>馬克·利爾蒙特</td>
<td></td>
</tr>
<tr>
<td>卡米拉·霍斯法爾</td>
<td>電話：+44 1534 679 800</td>
</tr>
<tr>
<td>電話：+44 7817 841 793</td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>卡文迪什資本市場有限公司（提名顧問和經紀人）</strong></td>
<td></td>
</tr>
<tr>
<td>阿德里安·哈登</td>
<td></td>
</tr>
<tr>
<td>珀爾·凱利</td>
<td>電話：+44 207 397 1965</td>
</tr>
<tr>
<td>電話：+44 131 220 9775</td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>卡馬爾科，金融公關（英國）</strong></td>
<td></td>
</tr>
<tr>
<td>戈登·普爾</td>
<td></td>
</tr>
<tr>
<td>埃爾菲·肯特</td>
<td>電話：+44 20 3757 4980</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>庫拉特公共關係（津巴布韋）</strong></td>
<td></td>
</tr>
<tr>
<td>德布拉·塔滕達</td>
<td>電話：+263 77802131</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>IH 證券（私人）有限公司（VFEX 贊助商 - 津巴布韋）</strong></td>
<td></td>
</tr>
<tr>
<td>勞埃德·姆洛茨瓦</td>
<td>電話：+263 (242) 745 119/33/39</td>
</tr>
</tbody>
</table>
<p><strong>關於前瞻性聲明的警示説明</strong></p>
<p>本文件中包含的信息和聲明不是歷史事實，而是適用證券立法意義上的 “前瞻性信息” 或 “前瞻性聲明”（統稱 “前瞻性聲明”），涉及與加勒多尼亞當前的期望、意圖、計劃和信念相關的風險和不確定性，但不限於此。前瞻性聲明通常可以通過諸如 “預期”、“相信”、“期望”、“目標”、“計劃”、“目標”、“打算”、“估計”、“可能”、“應該”、“可以” 和 “將” 或這些術語的否定形式或類似詞彙來識別，暗示未來結果或其他期望、信念、計劃、目標、假設、意圖或關於未來事件或表現的聲明。本文件中的前瞻性聲明示例包括：我們預計對特許權使用費和税收制度的擬議變更將如本文件所述生效；因此，我們預計加勒多尼亞在津巴布韋的資產組合的財務前景不會發生變化。這些前瞻性聲明部分基於可能會發生變化或被證明不正確的假設和因素，從而導致實際結果、表現或成就與前瞻性聲明所表達或暗示的內容存在重大差異。</p>
<p>證券持有人、潛在證券持有人和投資者應意識到，前瞻性陳述受到已知和未知風險、不確定性以及其他因素的影響，這些因素可能導致實際結果與前瞻性陳述所暗示的結果存在重大差異。這些因素包括但不限於：與礦產儲量和礦產資源估計不準確相關的風險、黃金價格和銷售黃金的付款條款波動、與礦產勘探、開發和採礦業務相關的風險和危害（包括環境危害、工業事故、異常或意外的地質或結構形成、壓力、停電、火災、爆炸、滑坡、塌方和洪水）、與供應商、精煉商及其他與集團開展業務的各方的信用狀況或財務狀況相關的風險、保險不足或無法獲得保險以覆蓋這些風險和危害、員工關係、與當地社區和土著居民的關係及其索賠、政治風險、與自然災害、恐怖主義、社會動盪、公共健康問題（包括健康流行病或傳染病爆發，如冠狀病毒（COVID-19））相關的風險、與採礦投入和勞動力相關的可用性和成本上升、礦產勘探和開發的投機性質，包括獲得或維持必要許可證和許可的風險、隨着採礦進行礦產儲量的數量或品位減少、全球金融狀況、當前勘探活動的實際結果、經濟評估結論的變化，以及為應對意外經濟或其他因素而調整項目參數的變化、資本和運營成本上升的風險、環境、安全或監管風險、徵用、集團對財產的所有權，包括所有權、採礦行業在財產、設備、合格人員及其成本方面的競爭加劇、與事件發生時間的不確定性相關的風險，包括目標生產率的提高和貨幣波動，以及在 Caledonia 最近的 20-F 表格年度報告和其他向美國證券交易委員會提交的文件中討論的其他風險。證券持有人、潛在證券持有人和投資者被提醒不要過度依賴前瞻性陳述。由於其性質，前瞻性陳述涉及眾多假設、固有風險和不確定性，包括一般性和特定性，這些因素可能導致預測、預報、計劃和各種未來事件未能發生。Caledonia 在準備每次公告時會審查前瞻性陳述；然而，Caledonia 沒有義務公開或以其他方式修訂任何前瞻性陳述，無論是由於新信息、未來事件或其他影響這些陳述的因素，除非法律要求。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZd05Ea3lOU00zTXpNd01ERTJJekl3T1RNNE16RT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://www.globenewswire.com/newsroom/ti/query-bmY9T1RZd05Ea3lOU00zTXpNd01ERTJJekl3T1RNNE16RT0"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/MzQ1ZWJlYTctYTk1YS00OTMxLWI5YWEtNjdkN2ViNGM3ZGEzLTExMDU0MDItMjAyNS0xMi0xOS1lbg==/tiny/Caledonia-Mining-Corporation-P.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://ml.globenewswire.com/media/MzQ1ZWJlYTctYTk1YS00OTMxLWI5YWEtNjdkN2ViNGM3ZGEzLTExMDU0MDItMjAyNS0xMi0xOS1lbg==/tiny/Caledonia-Mining-Corporation-P.png"/></p>

CMCL

<p>Caledonia Mining Corporation Plc 宣佈了對津巴布韋擬定的 2026 年特許權使用費和税收制度的變更。特許權使用費率的提高僅在黃金價格超過每盎司 5,000 美元時適用，而對資本支出税處理和離岸貸款利息預扣税的變更已被撤回。這些修訂預計將維持 Caledonia 的財務前景，待議會批准。首席執行官 Mark Learmonth 歡迎政府對礦業部門的支持</p>

<p>ST HELIER, Jersey, Dec. 19, 2025 (GLOBE NEWSWIRE) -- On December 1, 2025 Caledonia Mining Corporation Plc (“Caledonia” or “the Company”) (NYSE AMERICAN, AIM and VFEX: CMCL) issued an announcement regarding proposed changes to the royalty and tax regimes, as they apply to gold miners, in the Republic of Zimbabwe’s 2026 National Budget. The proposed changes related <em>inter alia</em> to royalties and tax deductibility of capital expenditure.</p>
<div class="lb-trans"><p>澤西島聖赫利爾，2025 年 12 月 19 日（全球新聞通訊社）——2025 年 12 月 1 日，加勒多尼亞礦業公司（Caledonia Mining Corporation Plc）（“加勒多尼亞” 或 “公司”）（紐約證券交易所 AMERICAN，AIM 和 VFEX：CMCL）發佈了一項公告，涉及對津巴布韋 2026 年國家預算中適用於黃金礦工的特許權使用費和税收制度的擬議變更。擬議的變更涉及特許權使用費和資本支出的税收可扣除性等內容。</p>
</div><p>Caledonia notes that, on December 17, 2025, the Zimbabwe Minister of Finance announced certain changes to these proposals in the second reading of the 2026 National Budget to the Zimbabwe parliament, specifically;</p>
<div class="lb-trans"><p>加勒多尼亞指出，2025 年 12 月 17 日，津巴布韋財政部長在津巴布韋議會對 2026 年國家預算的第二次審議中宣佈了對這些提案的某些變更，具體如下；</p>
</div><ul>
<li>The proposal to increase the royalty rate from 5% to 10% when the gold price exceeds US$2,500 per ounce will now only apply should the gold price exceed $5,000 per ounce.</li>
<li>The proposed change to the tax treatment of capital expenditure whereby the current 100% upfront deduction would instead be spread over the life of the project, affecting the timing, but not the total amount of tax payable, has been withdrawn.</li>
<li>The proposed change to levy withholding tax at 15% on interest payable on offshore loans has been withdrawn. Whilst this provision would have had little effect on Caledonia’s existing operations, it would have had an adverse effect on the Bilboes Gold Project, which Caledonia currently expects to fund with a large proportion of offshore debt.</li>
</ul>
<div class="lb-trans"><ul>
<li>當黃金價格超過每盎司 2500 美元時，提議將特許權使用費率從 5% 提高到 10% 的提案，現在僅在黃金價格超過每盎司 5000 美元時適用。</li>
<li>提議對資本支出的税收處理進行變更，即當前 100% 的前期扣除將改為在項目生命週期內分攤，影響時機，但不影響應繳税款的總額，已被撤回。</li>
<li>對離岸貸款利息徵收 15% 的預扣税的提議已被撤回。雖然這一條款對加勒多尼亞現有的運營影響不大，但對加勒多尼亞目前預計將以大量離岸債務融資的比爾博斯黃金項目將產生不利影響。</li>
</ul>
</div><p>The revised proposals, which have not yet been ratified by parliament, but are expected to be enacted before the end of the year, should result in no change in the financial outlook for Caledonia’s portfolio of assets in Zimbabwe provided the gold price remains below $5,000 per ounce.</p>
<div class="lb-trans"><p>這些修訂後的提案尚未得到議會的批准，但預計將在年底前生效，前提是黃金價格保持在每盎司 5000 美元以下，這將不會改變加勒多尼亞在津巴布韋資產組合的財務前景。</p>
</div><p><strong>Mark Learmonth, Chief Executive Officer of Caledonia, commented:</strong></p>
<div class="lb-trans"><p><strong>加勒多尼亞首席執行官馬克·利爾蒙特評論道：</strong></p>
</div><p><em>“The 2026 National Budget of Zimbabwe is yet to be enacted into law. However, we welcome the revised provisions announced this week which we believe demonstrate the Government of Zimbabwe’s support for the mining sector and the development of future mining projects in the country.”</em></p>
<div class="lb-trans"><p><em>“津巴布韋 2026 年國家預算尚未成為法律。然而，我們歡迎本週宣佈的修訂條款，我們相信這表明了津巴布韋政府對礦業部門及未來礦業項目發展的支持。”</em></p>
</div><p><strong>Enquiries:</strong></p>
<div class="lb-trans"><p><strong>諮詢：</strong></p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Caledonia Mining Corporation Plc</strong><br/>Mark Learmonth<br/>Camilla Horsfall</td>
<td>Tel: +44 1534 679 800<br/>Tel: +44 7817 841 793</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>Cavendish Capital Markets Limited (Nomad and Broker)</strong><br/>Adrian Hadden<br/>Pearl Kellie</td>
<td>Tel: +44 207 397 1965<br/>Tel: +44 131 220 9775</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>Camarco, Financial PR (UK)</strong><br/>Gordon Poole<br/>Elfie Kent</td>
<td>Tel: +44 20 3757 4980</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>Curate Public Relations (Zimbabwe)</strong><br/>Debra Tatenda</td>
<td>Tel: +263 77802131</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)</strong><br/>Lloyd Mlotshwa</td>
<td>Tel: +263 (242) 745 119/33/39</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>加勒多尼亞礦業公司</strong></td>
<td></td>
</tr>
<tr>
<td>馬克·利爾蒙特</td>
<td></td>
</tr>
<tr>
<td>卡米拉·霍斯法爾</td>
<td>電話：+44 1534 679 800</td>
</tr>
<tr>
<td>電話：+44 7817 841 793</td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>卡文迪什資本市場有限公司（提名顧問和經紀人）</strong></td>
<td></td>
</tr>
<tr>
<td>阿德里安·哈登</td>
<td></td>
</tr>
<tr>
<td>珀爾·凱利</td>
<td>電話：+44 207 397 1965</td>
</tr>
<tr>
<td>電話：+44 131 220 9775</td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>卡馬爾科，金融公關（英國）</strong></td>
<td></td>
</tr>
<tr>
<td>戈登·普爾</td>
<td></td>
</tr>
<tr>
<td>埃爾菲·肯特</td>
<td>電話：+44 20 3757 4980</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>庫拉特公共關係（津巴布韋）</strong></td>
<td></td>
</tr>
<tr>
<td>德布拉·塔滕達</td>
<td>電話：+263 77802131</td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<td><strong>IH 證券（私人）有限公司（VFEX 贊助商 - 津巴布韋）</strong></td>
<td></td>
</tr>
<tr>
<td>勞埃德·姆洛茨瓦</td>
<td>電話：+263 (242) 745 119/33/39</td>
</tr>
</tbody>
</table>
</div><p><strong>CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS</strong></p>
<div class="lb-trans"><p><strong>關於前瞻性聲明的警示説明</strong></p>
</div><p>Information and statements contained in this document that are not historical facts are &#34;forward-looking information&#34; or &#34;forward-looking statements&#34; (collectively, &#34;forward-looking statements&#34;) within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Caledonia's current expectations, intentions, plans, and beliefs. Forward-looking statements can often be identified by forward-looking words such as &#34;anticipate&#34;, &#34;believe&#34;, &#34;expect&#34;, &#34;goal&#34;, &#34;plan&#34;, &#34;target&#34;, &#34;intend&#34;, &#34;estimate&#34;, &#34;could&#34;, &#34;should&#34;, &#34;may&#34; and &#34;will&#34; or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking statements in this document include: our expectation that the proposed changes to the royalty and tax regimes will be enacted as set out in this document; and that, as a result, we expect no change to the financial outlook for Caledonia’s portfolio of assets in Zimbabwe. These forward-looking statements are based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements.</p>
<div class="lb-trans"><p>本文件中包含的信息和聲明不是歷史事實，而是適用證券立法意義上的 “前瞻性信息” 或 “前瞻性聲明”（統稱 “前瞻性聲明”），涉及與加勒多尼亞當前的期望、意圖、計劃和信念相關的風險和不確定性，但不限於此。前瞻性聲明通常可以通過諸如 “預期”、“相信”、“期望”、“目標”、“計劃”、“目標”、“打算”、“估計”、“可能”、“應該”、“可以” 和 “將” 或這些術語的否定形式或類似詞彙來識別，暗示未來結果或其他期望、信念、計劃、目標、假設、意圖或關於未來事件或表現的聲明。本文件中的前瞻性聲明示例包括：我們預計對特許權使用費和税收制度的擬議變更將如本文件所述生效；因此，我們預計加勒多尼亞在津巴布韋的資產組合的財務前景不會發生變化。這些前瞻性聲明部分基於可能會發生變化或被證明不正確的假設和因素，從而導致實際結果、表現或成就與前瞻性聲明所表達或暗示的內容存在重大差異。</p>
</div><p>Security holders, potential security holders and prospective investors should be aware that forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price and payment terms for gold sold, risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological or structural formations, pressures, power outages, fire, explosions, landslides, cave-ins and flooding), risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the group does business, inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations, relationships with and claims by local communities and indigenous populations, political risk, risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)), availability and increasing costs associated with mining inputs and labour, the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs, global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Group's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations, and the other risks discussed in Caledonia's most recent Form 20-F annual report and other filings made with the U.S. Securities and Exchange Commission. Security holders, potential security holders and prospective investors are cautioned not to place undue reliance on forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia reviews forward-looking statements for the purposes of preparing each announcement; however, Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information, future events or other such factors which affect these statements, except as required by law.</p>
<div class="lb-trans"><p>證券持有人、潛在證券持有人和投資者應意識到，前瞻性陳述受到已知和未知風險、不確定性以及其他因素的影響，這些因素可能導致實際結果與前瞻性陳述所暗示的結果存在重大差異。這些因素包括但不限於：與礦產儲量和礦產資源估計不準確相關的風險、黃金價格和銷售黃金的付款條款波動、與礦產勘探、開發和採礦業務相關的風險和危害（包括環境危害、工業事故、異常或意外的地質或結構形成、壓力、停電、火災、爆炸、滑坡、塌方和洪水）、與供應商、精煉商及其他與集團開展業務的各方的信用狀況或財務狀況相關的風險、保險不足或無法獲得保險以覆蓋這些風險和危害、員工關係、與當地社區和土著居民的關係及其索賠、政治風險、與自然災害、恐怖主義、社會動盪、公共健康問題（包括健康流行病或傳染病爆發，如冠狀病毒（COVID-19））相關的風險、與採礦投入和勞動力相關的可用性和成本上升、礦產勘探和開發的投機性質，包括獲得或維持必要許可證和許可的風險、隨着採礦進行礦產儲量的數量或品位減少、全球金融狀況、當前勘探活動的實際結果、經濟評估結論的變化，以及為應對意外經濟或其他因素而調整項目參數的變化、資本和運營成本上升的風險、環境、安全或監管風險、徵用、集團對財產的所有權，包括所有權、採礦行業在財產、設備、合格人員及其成本方面的競爭加劇、與事件發生時間的不確定性相關的風險，包括目標生產率的提高和貨幣波動，以及在 Caledonia 最近的 20-F 表格年度報告和其他向美國證券交易委員會提交的文件中討論的其他風險。證券持有人、潛在證券持有人和投資者被提醒不要過度依賴前瞻性陳述。由於其性質，前瞻性陳述涉及眾多假設、固有風險和不確定性，包括一般性和特定性，這些因素可能導致預測、預報、計劃和各種未來事件未能發生。Caledonia 在準備每次公告時會審查前瞻性陳述；然而，Caledonia 沒有義務公開或以其他方式修訂任何前瞻性陳述，無論是由於新信息、未來事件或其他影響這些陳述的因素，除非法律要求。</p>
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Caledonia Mining Corporation Plc：津巴布韋政府對特許權使用費和税收制度的擬議變更進行了修改 | CMCL 股票新聞