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|                                                           | Country of incorporation | Legal  shareholding                                            |
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|                                                           |                     | 2015                                                                | 2014 |
| Subsidiaries within the Caledonia Mining Corporation Plc Group |                     |            % | % |
| Caledonia Holdings Zimbabwe (Private) Limited (1)              | Zimbabwe                 | 100                                                                 | 100 |
| Caledonia Mining Services Limited (2)                          | Zimbabwe                 | 100                                                                 | 100 |
| Caledonia Kadola Limited                                       | Zambia                   | -                                                                   | 100 |
| Caledonia Mining (Zambia) Limited                              | Zambia                   | -                                                                   | 100 |
| Caledonia Nama Limited                                         | Zambia                   | -                                                                   | 100 |
| Caledonia Western Limited                                      | Zambia                   | -                                                                   | 100 |
| Mulonga Mining Limited                                         | Zambia                   | -                                                                   | 100 |
| Eersteling Gold Mining Corporation Limited                     | South Africa             | 100                                                                 | 100 |
| Fintona Investments Proprietary Limited                        | South Africa             | 100                                                                 | 100 |
| Caledonia Mining South Africa Proprietary Limited              | South Africa             | 100                                                                 | 100 |
| Greenstone Management Services Limited (3)                     | United Kingdom           | 100                                                                 | 100 |
| Maid O' Mist Proprietary Limited                               | South Africa             | 100                                                                 | 100 |
| Mapochs Exploration Proprietary Limited                        | South Africa             | 100                                                                 | 100 |
| Caledonia Holdings (Africa) Limited                            | Barbados                 | 100                                                                 | 100 |
| Blanket (Barbados) Holdings Limited (4)                        | Barbados                 | 100                                                                 | 100 |
| Blanket Mine (1983) (Private) Limited(5)                       | Zimbabwe                 | (2)49                                                               | 49 |

|  | (1) | Direct subsidiary of Greensotne Management Services Limited (United Kingdom) |
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|  | (2) | Direct subsidiary of Caledonia Holdings Zimbabwe (Private) Limited |
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|  | (3) | Direct subsidiary of  Blanket (Barbados) Holdings Limited |
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|  | (4) | Direct subsidiary of  Caledonia Holdings (Africa) Limited |
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|  | (5) | Direct subsidiary of Caledonia Holdings Zimbabwe (Private) Limited |
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