Caledonia Mining Corporation Plc (“Caledonia” or the
“Company”) (NYSE AMERICAN: CMCL; AIM: CMCL) is pleased to
announce that the Board of Directors has declared an increased
quarterly dividend of 14 United States cents (US$0.14) on each of
the Company's shares.
Highlights
- Eight per cent increase from the
previous quarterly dividend of 13 cents that was paid in July
2021
- 104 per cent increase from the
level of 6.875 cents since October 2019
- Seventh increase in the quarterly
dividend since October 2019
- Central Shaft now operating
- Target production of 61,000 to
67,000 ounces of gold in 2021 and 80,000 ounces of gold per annum
from 20221
- Scheduled ramp up in production,
the current gold price and good cost control give the Board
confidence that the business can sustain a higher level of
dividend
Commenting on the announcement, Steve Curtis,
Chief Executive Officer, said:
“We are pleased to announce an additional eight
per cent increase in our quarterly dividend, the seventh increase
in the past two years, which reflects our continued confidence in
the outlook for our business. This dividend represents a 104 per
cent rise since October 2019.
“The anticipated increase in production
following the successful commissioning of the Central Shaft earlier
in 2021 gives us confidence to further increase the dividend
payment in addition to providing funding for investment in new
projects, including the exploration prospects at Maligreen and
Connemara North, as announced last month and at the end of 2020
respectively.
“The Board will continue to review the Company’s
future dividend distributions as appropriate, while balancing the
importance of returning money to shareholders and investing in the
Company’s growth.”
The relevant dates relating to the dividend are
as follows:
- Ex-dividend date: October 14, 2021
- Record date: October 15, 2021
- Payment date: October 29, 2021
Shareholders with a registered address in the UK
will be paid in Sterling.
Caledonia's Dividend
PolicyCaledonia's strategy to maximise shareholder value
includes a quarterly dividend policy which the Board adopted in
2014. The Board will consider future increases in the dividend as
appropriate in line with its prudent approach to risk
management.
For further information please contact:
Caledonia Mining Corporation PlcMark
LearmonthCamilla Horsfall |
Tel: +44 1534 679 802Tel: +44 7817 841793 |
|
|
WH IrelandAdrian
Hadden |
Tel: +44 20 7220 1751 |
|
|
BlytheweighTim
Blythe/Megan Ray |
Tel: +44 207 138 3204 |
|
|
3PPBPatrick
ChidleyPaul Durham |
Tel: +1 917 991 7701Tel: +1 203
940 2538 |
Note: This announcement contains inside
information which is disclosed in accordance with the Market Abuse
Regulation (EU) No. 596/2014.
Cautionary Note Concerning
Forward-Looking InformationInformation and statements
contained in this news release that are not historical facts are
“forward-looking information” 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 information can
often be identified by forward-looking words such as “anticipate”,
“believe”, “expect”, “goal”, “plan”, “target”, “intend”,
“estimate”, “could”, “should”, “may” and “will” 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 information in this news release include:
production guidance, estimates of future/targeted production rates,
and our plans and timing regarding further exploration and drilling
and development. This forward-looking information is 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 information. Such factors and assumptions include,
but are not limited to: failure to establish estimated resources
and reserves, the grade and recovery of ore which is mined varying
from estimates, success of future exploration and drilling
programs, reliability of drilling, sampling and assay data,
assumptions regarding the representativeness of mineralization
being inaccurate, success of planned metallurgical test-work,
capital and operating costs varying significantly from estimates,
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the
development of projects and other factors.
Security holders, potential security holders and
other prospective investors should be aware that these 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, risks and hazards associated with the
business of mineral exploration, development and mining, risks
relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company 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
Company’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. Security holders,
potential security holders and other prospective investors are
cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves
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 undertakes no obligation to update publicly or
otherwise revise any forward-looking information whether as a
result of new information, future events or other such factors
which affect this information, except as required by law.
This news release is not an offer of the shares
of Caledonia for sale in the United States or elsewhere. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the shares of
Caledonia, in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such province, state
or jurisdiction.
_________________________1 Refer to the
technical report entitled “Caledonia Mining Corporation Plc NI
43-101 Technical Report on the Blanket Gold Mine, Zimbabwe” dated
May 17, 2021 prepared by Minxcon (Pty) Ltd and filed by the Company
on SEDAR on May 26, 2021. Mr Dana Roets (B Eng (Min.), MBA,
Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, is the Company's
qualified person as defined by Canada's National Instrument 43-101
and has approved any scientific or technical information contained
in this news release.
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