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Dividends

Caledonia paid its initial dividend in February 2012 of 6 Canadian cents. On April 4, 2013 Caledonia announced an annual dividend in respect of the year to December 31, 2012 also of 6 Canadian cents. On November 25, 2013 Caledonia announced that in 2014 it intended to pay an annual aggregate dividend of 6 Canadian cents per common share, payable on a quarterly basis. The first quarterly dividend of 1.5 Canadian cents per common share was paid at the end of January 2014 and further quarterly dividends were subsequently paid at the end of April, July, October in each year. In December 2015, Caledonia announced that with effect from the results for the year to December 31, 2015 (which will be released at the end of March 2016), it will report its financial results in United States dollars, instead of Canadian dollars. Accordingly all dividends will also be declared in United States dollars. In January 2016, Caledonia announced that the dividend payable at the end of January 2016 will be 1.125 US cents. A quarterly dividend of 1.125 US cents is therefore the Revised Dividend Policy. The Caledonia Board will continue to review dividends which will depend on the performance of the company and its capital investment requirements.

Caledonia advises shareholders that following the re-domicile of the company from Canada to Jersey, Channel Islands with effect from 21 March 2016, dividends paid after this date will no longer be designated "Eligible Dividends" for Canadian income tax purposes.