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[NYBob]

Caledonia Mining Corporation Plc Caledonia declares quarterly dividend of 6.875 cents per share
(NYSE AMERICAN: CMCL; AIM: CMCL; TSX: CAL)
St Helier, January 2, 2019:

Caledonia Mining Corporation Plc (“Caledonia” or the “Company”)
today announces that its board of directors has declared a dividend of
six and seven eighths United States cents (US$0.06875) on each of the
Company's common shares.

The relevant dates relating to the dividend are as follows:
• Ex-dividend date: January 10, 2019
• Record date: January 11, 2019
• Dividend cheque mailing date: January 25, 2019
Shareholders and depositary interest holders in Canada and the UK will
be paid in Canadian Dollars and Sterling respectively.

The Canadian Dollar and Sterling dividend payments will be
calculated using the relevant Bank of Canada exchange rates on the
record date.

Caledonia’s Dividend Policy
Caledonia’s strategy to maximise shareholder value includes a quarterly dividend policy which the
board of directors adopted in 2014. It is expected that the current dividend of twenty-seven and a
half United States cents per annum, paid in equal quarterly instalments, will be maintained.

About Caledonia Mining
Caledonia’s primary asset is a 49% interest in an operating gold mine
in Zimbabwe (“Blanket Mine”).
In November 2018, Caledonia announced that it had signed a legally
binding sale agreement to
increase its holding in Blanket Mine to 64%, subject to receipt of,
amongst other things, regulatory
approvals.

Caledonia’s shares are listed on the NYSE American (symbol: CMCL) and
on the Toronto Stock Exchange (symbol: CAL) and
depositary interests representing the shares are traded
on London’s AIM (symbol: CMCL).

As at September 30, 2018, Caledonia had cash of
approximately US$5.9m.

Blanket Mine plans to increase production from 56,136 ounces of gold
in 2017 to approximately 80,000 ounces by 2021;
Blanket Mine’s target production for 2018 is 54,000 to 56,000 ounces.

Caledonia expects to publish its results for the quarter to
December 31, 2018 on or around March 14, 2019.

For further information please contact:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: [phone]
Maurice Mason Tel: [phone]

http://www.caledoniamining.com/pdfs/Press%20Release%20-%20Dividend%20-%20January%202019.pdf

http://www.caledoniamining.com/index.php/investors/press-releases

http://www.caledoniamining.com/pdfs/Press%20Release%20-%20Dividend%20-%20July%202018.pdf

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God Bless