Caledonia Mining Corporation Plc ("Caledonia" or "the
Company") (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)
announces gold production from the Blanket Mine in Zimbabwe
("Blanket") for the quarter ended March 31, 2024 ("Q1 2024" or "the
Quarter"). All production numbers are expressed on a 100 per cent
basis and are based on the final assay at the refiners. The
increased Q1 2024 production was derived from 8 fewer production
days (9.3% less) compared to quarter 1 in 2023 (“Q1 2023”). This
was due to production cut-off for gold delivery set to March 21,
2024.
Production Summary
- Q1 2024 gold production at Blanket
was 17,050 ounces, a 6% increase on Q1 2023.
- In Q1 2024 Blanket sold 18,450
ounces. This represented a 17% increase from Q1 2023, when 15,797
ounces were sold.
- Ounces sold in Q1 2024 include
3,057 ounces of gold work in progress classified as inventory at
the end of 2023 (Q1 2024: 1,657 ounces).
- Caledonia reiterates 2024 gold
production guidance at Blanket of 74,000 to 78,000 ounces.1
1 Craig James Harvey, MGSSA, MAIG, Caledonia
Vice President, Technical Services, has reviewed and approved the
scientific and technical information contained in this news
release. Craig James Harvey is a "Qualified Person" as defined by
each of (i) the Canadian Securities Administrators' National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities
Act.
Mark Learmonth, Chief Executive
Officer, said:
“I am pleased that 2024 production at Blanket
has got off to a strong start with over 17,000 ounces produced in
the Quarter which, considering we had 8 fewer production days
compared to Q1 2023, is an excellent result. With the current high
gold prices, it was good to see our gold sales ounces increase by
17% in Q1 2024 versus Q1 2023.
“Our significant investment in Blanket over the
past seven years and completion of the Central Shaft has nearly
doubled production, extended the mine life and allowed the restart
of underground exploration in 2023. We continue to see Blanket as
the solid foundation for growth as we pursue our strategy to become
a multi-asset gold producer.”
Enquiries:
Caledonia Mining Corporation PlcMark
LearmonthCamilla Horsfall |
Tel: +44 1534 679 800Tel:
+44 7817 841 793 |
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Cavendish Capital Markets
Limited (Nomad and Joint Broker)Adrian Hadden Pearl
Kellie |
Tel: +44 207 397 1965Tel:
+44 131 220 9775 |
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Liberum Capital Limited
(Joint Broker)Scott Mathieson/Matt Hogg |
Tel: +44 20 3100 2000 |
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Camarco, Financial PR
(UK)Gordon PooleJulia TilleyElfie Kent |
Tel: +44 20 3757 4980 |
3PPB (Financial PR, North
America)Patrick ChidleyPaul Durham |
Tel: +1 917 991 7701Tel: +1
203 940 2538 |
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Curate Public Relations
(Zimbabwe)Debra Tatenda |
Tel: +263 77802131 |
|
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IH Securities (Private)
Limited (VFEX Sponsor - Zimbabwe)Lloyd Mlotshwa |
Tel: +263 (242) 745
119/33/39 |
________ 1 Refer to
the technical report entitled "NI 43-101 Technical Report on the
Blanket Gold Mine, Zimbabwe" with effective date September 1, 2022
prepared by Minxcon (Pty) Ltd filed by the Company on SEDAR
(www.sedar.com) on March 13, 2023.
Note: The information contained within
this announcement is deemed by the Company to constitute inside
information under the Market Abuse Regulation (EU) No.
596/2014 (“MAR”) as it forms part
of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 and is disclosed in accordance with the
Company's obligations under Article 17 of MAR.
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. The
forward-looking information contained in this news release 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: the successful
implementation of mine plans, the establishment of estimated
resources and reserves, the grade and recovery of minerals which
are mined varying from estimates, success of future exploration and
drilling programs, reliability of drilling, sampling and assay
data, the representativeness of mineralization being accurate,
success of planned metallurgical test-work, capital availability
and accuracy of estimated operating costs, obtaining required
governmental, environmental or other project approvals, inflation,
changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects and Caledonia’s experience of
project development in Zimbabwe and other factors.
To the extent any
forward-looking information herein constitutes a financial outlook
or future oriented financial information, any such statement is
made as of the date hereof and included herein to provide
prospective investors with an understanding of the Company's plans
and assumptions. 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.
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