TIDMCMCL
RNS Number : 2183T
Caledonia Mining Corporation PLC
21 July 2022
Caledonia Mining Corporation Plc
Transaction to acquire the Bilboes gold project in Zimbabwe
(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)
St Helier, July 21, 2022 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") is pleased to announce that it has
signed an agreement to purchase Bilboes Gold Limited, the parent
company which owns, through its Zimbabwe subsidiary, Bilboes
Holdings (Private) Limited ("Bilboes Holdings"), the Bilboes g old
p roject in Zimbabwe ("Bilboes" or the "Project") for a total
consideration of 5,123,044 Caledonia shares representing
approximately 28.5 per cent of Caledonia's fully diluted equity,
and a 1 per cent net smelter royalty ("NSR") on the Project's
revenues (the "Transaction"). Based on yesterday's closing share
price on NYSE American of $10.40 per share, the value of the new
shares that will be issued as consideration is currently
$53,279,658. Completion of the Transaction will be subject to
several conditions set out below.
Highlights
-- Bilboes is a large, high grade gold deposit located
approximately 75 km north of Bulawayo, Zimbabwe. Historically, it
has been subject to a limited amount of open pit mining.
-- The Project has NI43-101 compliant proven and probable
mineral reserves of 1.96 million ounces of gold at a grade of 2.29
g/t and measured and indicated mineral resources of 2.56 million
ounces of gold at a grade of 2.26 g/t and inferred mineral
resources of 577,000 ounces of gold at a grade of 1.89 g/t. The
Project has produced approximately 288,000 ounces of gold since
1989.
-- A feasibility study prepared by the vendors (the "DRA
Feasibility Study") indicates the potential for an open-pit gold
mine producing an average of 168,000 ounces per year over a 10-year
life of mine.
-- Caledonia will conduct its own feasibility study to identify
the most judicious way to commercialise the Project to optimize
shareholder returns. One approach that will be considered is a
phased development which would minimise the initial capital
investment and reduce the need for third party funding.
-- Prior to completion of the Transaction, Caledonia will enter
a tribute arrangement with Bilboes Holdings so that oxide
operations can be re-started with the expectation that Bilboes
Holdings will return to profitable operations within 6 months. This
also has the benefit of an element of pre-stripping for the main
development of the Project.
-- The Transaction is subject to several conditions including:
-- that Bilboes Holdings receives confirmation from the Zimbabwe
authorities that it will, for the life of the mine, be able to
export gold directly and to retain 100 per cent of the sale
proceeds in US dollars with no requirement to convert US dollar
gold revenues into domestic currency; and
-- an arrangement with or confirmation from the Zimbabwe
authorities and/or an independent power producer regarding the
future availability of a sufficiently reliable and affordable
electricity supply to the Project.
-- Caledonia will, subject to satisfaction of conditions and any
customary adjustments to the purchase price to account for any
extraordinary liabilities incurred before completion, purchase
Bilboes Gold Limited ("Bilboes Gold") for a consideration to be
settled by the issue to the sellers of 5,123,044 new shares in
Caledonia and a 1 per cent NSR on the Project's revenues. B ased on
yesterday's closing share price on NYSE American of $10.40 per
share, the value of the new shares that will be issued as
consideration is currently $53,279,658.
Commenting on the announcement, Mark Learmonth, Chief Executive
Officer, said:
"We are delighted to have signed an agreement for the purchase
of Bilboes, the premier gold development project in Zimbabwe, and
indeed one of the best gold development projects in Africa .
"This is a transformational asset for Caledonia, as we embark on
the next step in our journey to become a multi-asset, mid-tier gold
producer. Once in full production (which will be subject to
financing of the capex) Caledonia's management believes that
Bilboes could produce three times our current 64 per cent
attributable share of gold production from Blanket, resulting in
production from the enlarged Caledonia group being potentially four
times its current size.
"The acquisition of Bilboes will build on the recent acquisition
of the Maligreen claims which host NI 43-101 compliant inferred
mineral resources of 940,000 ounces of gold in 15.6 million tonnes
at a grade of 1.88g/t[1]. We continue our work at Maligreen which
is focused on increasing the confidence level of the resource
base.
"We have followed the progress of Bilboes for several years and
today's announcement marks the culmination of many years of hard
work on the part of both the Caledonia and Bilboes management
teams.
"The proposed acquisition of Bilboes is well timed following the
completion of the Central Shaft project at Blanket in 2021 as we
look to reinvest some of our surplus cash flow in this exciting new
growth opportunity.
"I look forward to updating shareholders as we review the
investment plan for Bilboes and as we continue work at
Maligreen."
About Bilboes
Bilboes was formerly owned and explored by Anglo American
Corporation Zimbabwe Limited prior to its exit from the Zimbabwean
gold sector in 2003. The project is approximately 75km north of
Bulawayo with a total land package comprising mining claims
covering 6,870 hectares and exclusive prospecting orders totaling
approximately 92,000 hectares. Bilboes Gold is owned by the
following:
-- Toziyana Resources Limited ("Toziyana") (50 per cent) - a
private Mauritius company wholly owned by GAT Investments (Private)
Limited, a Zimbabwe company which is controlled by Mr. Victor
Gapare, a prominent Zimbabwean mining entrepreneur. Mr Gapare was
previously the Operations Director for the gold and pyrites
business of Anglo American Corporation Zimbabwe Limited when
Bilboes was part of its portfolio, prior to a management buyout in
which he was involved, and is a former President of the Chamber of
Mines Zimbabwe. Following the successful completion of the
Transaction, Mr Gapare will be appointed as an executive director
of Caledonia;
-- Baker Steel Resources Trust Limited ("BSRT") (24 per cent) -
a London-listed investment trust managed by Baker Steel Capital;
and
-- Infinite Treasure Limited ("Infinite Treasure") (26 per cent)
- a British Virgin Islands registered subsidiary of Shining Capital
Holdings LP. II, a Cayman Islands registered investment fund.
The Project has produced a total of approximately 288,000 ounces
of gold since 1989 of which approximately 90,000 ounces were
produced by the current owners. Bilboes has also completed a total
of 93,400 meters of drilling over a total strike length of 7.4km.
Approximately 60 per cent of this drilling was diamond core
drilling.
Bilboes Gold had an unaudited loss before tax for the year ended
31 December 2021 of $1.5m and unaudited net assets at 31 May 2022
of $23m. The audit process is progressing and audited results for
the year ended 31 December 2021 are expected to be completed prior
to the Transaction completing. Investors should note that the
historic financial performance of the business relates primarily to
the legacy oxide mining operations and not the larger scale
sulphide project.
Bilboes Holdings engaged DRA Projects (Pty) Ltd ("DRA") to
complete the DRA Feasibility Study with an effective date of 15
December 2021 for the Project, a copy of which is being filed on
SEDAR today[2]. The mineral resources and reserves set out in the
report are summarised below:
Mineral Resources (Cut off grade 0.9g/t)
Category Tonnes (Mt) Grade (g/t) Ounces (koz)
Measured 6.128 2.51 495
Indicated 29.052 2.21 2,061
Total M&I 35.180 2.26 2,555
Inferred 9.475 1.89 577
In Situ Mineral Reserves
Category Tonnes (Mt) Grade (g/t) Ounces (koz)
Proven 5.858 2.42 456
Probable 20.785 2.26 1,509
Total Proven & Probable 26.644 2.29 1,964
1. Mineral resources are inclusive of m ineral reserves.
2. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
3. Mineral resources have been assessed using a long term gold
price of $2,400/oz and mineral reserves have been assessed using a
long term gold price of $1,500/oz
4. CIM definitions (May 10, 2014) observed for classification of mineral resources.
5. Block bulk density interpolated from specific gravity measurements taken from core samples.
6. Resources are constrained by a Lerchs-Grossman (LG) optimized
pit shell using Whittle software.
7. Mineral resources are not mineral reserves and have no
demonstrated economic viability. The estimate of mineral
resources may be materially affected by mining, processing,
metallurgical, infrastructure, economic, marketing, legal,
environmental, social and governmental factors ("Modifying
Factors").
8. Numbers may not add due to rounding.
9. Effective date of resource estimate is 25th of October 2021.
10. DRA is confident that enough geological work has been
undertaken, and sufficient geological understanding gained, to
enable the construction of an ore body model suitable for the
derivation of mineral resource and mineral reserve estimates. DRA
considers that both the modelling and the grade interpolation have
been carried out in an unbiased manner and that the resulting grade
and tonnage estimates should be reliable within the context of the
classification applied. In addition, DRA is not aware of any
metallurgical, infrastructural, environmental, legal, title,
taxation, socio-economic, or marketing issues that would impact on
the mineral resource, or reserve statements as presented in the DRA
Feasibility Study.
Feasibility studies
Caledonia will conduct its own feasibility study to identify the
most judicious way to commercialise the Project to optimise
shareholder returns, having regard to the availability of debt and
equity on acceptable terms to augment the cash that is expected to
be generated from Caledonia's existing gold operation in Zimbabwe,
the Blanket Mine. One approach that will be considered is a phased
development which would minimise the initial capital investment and
reduce the need for third party funding.
For information purposes only, the DRA Feasibility Study
indicates the potential for an open-pit gold mine producing an
average of 168,000 ounces per year over a 10-year life of mine.
Specifically, the DRA Feasibility Study has the following
highlights :
Life of Mine 10 Years
Planned Production Rates Isabella & McCays 2.88Mtpa
Bubi 2.160Mtpa
----------------------------------
Life of Mine Gold Production 1.673 million ounces
(Oz)
----------------------------------
Average Annual Nine Year Steady 168koz per year
state LOM Production (koz)
----------------------------------
Peak Production (koz) 208koz per year
----------------------------------
LOM C1 Cash Cost ($/oz) $719/oz
----------------------------------
Peak Funding Requirement ($m) $250m
----------------------------------
Economic Analysis as at 15(th)
December 2021
----------------------------------
Gold Price ($/oz) $1,350/oz $1,500/oz $1,650/oz
---------- ---------- ----------
Post Tax NPV (10%) ($m) $126.9m $225.2m $323.3m
---------- ---------- ----------
Post Tax IRR (%) 20.5% 27.3% 33.4%
---------- ---------- ----------
AISC ($/oz) $811/oz $818/oz $826/oz
---------- ---------- ----------
The ore at the Bilboes deposits is refractory and will require
specialised metallurgical processing. DRA has conducted work on the
metallurgical processing which concludes that approximately 84 per
cent of the gold contained can be recovered using Biox technology
in conjunction with gravity and carbon-in-leach processing. DRA's
work has been reviewed by Caledonia's internal team and technical
consultants during the due diligence process.
As indicated above, Caledonia believes the development plan
outlined in the DRA Feasibility Study can be modified to a phased
approach with lower initial production and a lower peak funding
requirement. Based on Caledonia's assessment of the existing
capital intensity of the Project and Caledonia's experience of
project development in Zimbabwe, Caledonia estimates that the peak
up-front capital investment could be reduced to less than $100m for
the construction of a mine with an initial production capacity of
approximately 60,000 ounces per year before increasing the
operation in subsequent phases to achieve an operation of similar
scale to that described in the DRA Feasibility Study, being
approximately 168,000 ounces per year. Caledonia intends to spend
approximately 12 months following completion of the Transaction
further reviewing the DRA Feasibility Study with a view to
formulating a project development plan that takes into account
Caledonia's future cash generation profile from the Blanket Mine
and the oxide mining and processing operations at Bilboes
(described further below), the availability of additional funding
on acceptable terms and Caledonia's experience of developing
large-scale mining projects in Zimbabwe over the past 6 years (e.g.
the Central Shaft project). Accordingly, readers should treat the
foregoing economic highlights as indicative only and as subject to
change following the finalisation of Caledonia's revised
development plan. Caledonia will update the market when the results
of its own feasibility study review are complete.
The Transaction
Subject to the satisfaction of various conditions precedent,
Caledonia will purchase Bilboes Gold for a total consideration
comprising 5,123,044 Caledonia shares and a 1 per cent NSR from the
Project at completion (the "Consideration"). Subject to receipt of
the necessary regulatory approvals, the Consideration will be split
amongst the current Bilboes Gold shareholders as follows:
-- 2,863,336 new shares in Caledonia will be issued to Toziyana
of which approximately 441,000 Caledonia shares will be withheld by
Caledonia and will be issued to Infinite Treasure in settlement of
a separate commercial arrangement between Toziyana's holding
company and Infinite Treasure. The issue of the withheld shares to
Infinite Treasure is subject to Reserve Bank of Zimbabwe approval
for the commercial arrangement between Toziyana's holding company
and Infinite Treasure
-- 800,000 new shares in Caledonia and the 1% NSR will be issued to BSRT; and
-- 1,459,708 new shares in Caledonia will be issued to Infinite
Treasure. As noted above, Infinite Treasure will also receive a
further approximately 441,000 Caledonia shares from Toziyana's
allocation of Consideration shares in settlement of their separate
commercial arrangement.
The Consideration shares shall be subject to sale restrictions
for a 6-month period following completion of the Transaction. The
NSR is perpetual but will be capped at a figure to be agreed
between the parties but is currently indicated to be a theoretical
maximum of $75million (which would require the Project to produce
revenues of $7.5billion).
Toziyana, as the largest new holder of shares and Caledonia will
enter into a relationship agreement with customary terms upon the
new Consideration shares being issued.
Caledonia currently has 12,833,126 shares in issue. The issue of
an additional 5,123,044 new shares (on the basis that all shares
are issued and there is no adjustment to the consideration) would
result in the total number of shares in issue increasing to
17,956,170, giving the current owners of Bilboes Gold Limited an
aggregate of 28.5 per cent of the post Transaction shares in
issue.
The Transaction will be subject to several conditions precedent
including but not limited to:
-- An arrangement with the Zimbabwe authorities which allows inter alia:
o that Bilboes Holdings will, for the life of the mine, be able
to export gold directly and to retain 100 per cent of the sale
proceeds in US dollars; and
o that there will be no requirement for Bilboes Holdings to
convert US dollar gold revenues into domestic currency;
-- an arrangement with the Zimbabwe authorities, or an
independent power producer regarding the future availability and
cost of a sufficiently reliable electricity supply to the Bilboes
mining and processing operations;
-- Zimbabwean regulatory approvals from the Zimbabwe Competition
and Tariff Commission, the Zimbabwe Revenue Authority and the
Reserve Bank of Zimbabwe; and
-- approvals for the listing of the Consideration shares from applicable securities exchanges.
Under the terms of the Transaction, Caledonia will take on the
working capital obligations of the Bilboes group at the time of
completion. The Bilboes group is estimated to have a current net
working capital liability of approximately $6 million.
On completion of the acquisition, Mr Gapare is expected to be
appointed as an executive director with specific responsibility for
government relations in Zimbabwe, the implementation of Caledonia's
environmental and sustainability strategy and participation in
investor relations, with a salary of US$470,000 and short and
long-term incentives that are offered to other senior executives.
His extensive experience of both the Project and mining in Zimbabwe
will be an invaluable addition to the Board.
Tribute arrangement to generate short-term cashflow
Bilboes currently has a functional oxide mining and
metallurgical plant at the Project site which has historically
produced up to 20,000 ounces of gold per annum but is currently on
care and maintenance. Caledonia will enter into a tribute agreement
with Bilboes Holdings to mine the oxide and transitional ore. This
tribute agreement will commence as soon as it has been registered
with the relevant authorities and will continue until completion of
the Transaction. The objective of the tribute arrangement is to
create short term cash flow and allow Bilboes Holdings to maintain
its operational integrity in the period up to completion of the
Transaction and the commencement of sulphide mining operations.
Under the terms of the tribute agreement, Caledonia will fund the
necessary capital and operational costs and will receive 100 per
cent of the revenue from the mining operation while paying a 5 per
cent royalty to Bilboes Holdings which it will apply to its working
capital liabilities. The cumulative maximum funding cost to restart
the oxides is
expected to be in the range of $3 million to $5 million and the
oxide mining operation is expected to take approximately 6 months
to restart and repay the initial funding costs. On completion of
the Transaction or if the Transaction fails to complete and
Caledonia has recouped its investment at an adequate internal rate
of return, the tribute agreement will be terminated. On completion
of the Transaction, Caledonia expects to continue to mine and
process the oxides and transitional ore and to use the proceeds to
contribute towards funding the capital cost of the larger scale
sulphide project.
Rothschild & Co acted as financial advisor to Caledonia.
Hannam & Partners acted as financial advisor to Bilboes.
Caledonia's Chairman, Leigh Wilson, also commented on the
announcement, saying:
"It gives me great satisfaction to sign an agreement for the
purchase of Bilboes, a transformational asset for our business.
Today's announcement represents the culmination of many months of
hard work on behalf of both parties for which I extend my and the
board's sincere appreciation.
"I would like to extend a welcome to Bilboes' existing
shareholders as they become significant shareholders in Caledonia
on completion and I look forward to their long-term support as we
continue to grow the business. I would also like to extend a warm
welcome to all the employees of Bilboes as we look forward to them
becoming our colleagues.
"As with many deals of this nature there remain several
significant conditions precedent which I am confident that both
parties will continue to work to resolve. Pending the successful
resolution of these matters and the subsequent completion of the
Transaction, I look forward to working with Victor as a fellow
director.
"Lastly, I would like to take this opportunity to thank our
existing shareholders, many of whom have been investors in
Caledonia for over a decade. Their patience has been rewarded as we
have delivered on our strategy over the last decade, and I look
forward to their continued support as we embark on the next phase
of growth."
Conference Call Details
Management will host a conference call / webinar at 2pm British
Summer Time on July 28, 2022.
Details for the call are as follows:
When: July 28, 2022 at 02:00 PM London
Topic: Webinar for Caledonia Shareholders
Register in advance for this webinar:
https://caledoniamining.zoom.us/webinar/register/WN_iuYwxS76Q8yNMNhPC94Dgw
After registering, you will receive a confirmation email
containing information about joining the webinar.
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 802
Camilla Horsfall Tel: +44 7817 841793
Cenkos Securities plc (Nomad and Joint
Broker) Tel: +44 207 397 1965
Adrian Hadden Tel: +44 131 220 9771
Neil McDonald Tel: +44 131 220 9775
Pearl Kellie
Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings Tel: +44 20 3100 2000
BlytheRay Financial PR
Tim Blythe/Megan Ray Tel: +44 207 138 3204
3PPB
Patrick Chidley Tel: +1 917 991 7701
Paul Durham Tel: +1 203 940 2538
Curate Public Relations (Zimbabwe)
Debra Tatenda Tel: +263 77802131
Rothschild & Co (Financial Advisor to
Caledonia)
Giles Douglas Tel: +27 11 428 3700
Muhammad Jaffer Tel: +44 20 7280 5000
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 Information
Information 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, the completion of the sale and purchase
agreement, the satisfaction of all conditions precedent in
connection with the acquisition, the completion of the acquisition
and the issuance of the acquisition consideration, our plans
regarding a modified development plan with a phased approach with
lower initial production and a lower peak funding requirement and
our plans and timing regarding further exploration and drilling and
development. 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 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, the assessment of
the existing capital intensity of the Bilboes gold project and
Caledonia's experience of project development in Zimbabwe 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 the completion of the
acquisition, 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.
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") is a rule of the Canadian Securities
Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. Unless otherwise indicated, all
reserves and resource estimates contained in this press release
have been prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification
System. These standards differ from the requirements of the U.S.
Securities and Exchange Commission (the "SEC"), and reserve and
resource information contained in this press release may not be
comparable to similar information disclosed by U.S. companies. The
requirements of NI 43-101 for identification of reserves and
resources are also not the same as those of the SEC, and any
reserves or resources reported in compliance with NI 43-101 may not
qualify as "reserves" or "resources" under SEC standards.
Accordingly, the
mineral reserve and resource information set forth herein may
not be comparable to information made public by companies that
report in accordance with United States standards.
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 technical report entitled "Caledonia Mining
Corporation Plc NI 43-101 Mineral Resource Report on the Maligreen
Gold Project, Zimbabwe" by Minxcon (Pty) Ltd dated November 2, 2021
and filed on SEDAR (www.sedar.com) on November 3, 2021.
[2] Refer to the technical report entitled "BILBOES GOLD PROJECT
FEASIBILITY STUDY" with effective date 15 December 2021 prepared by
DRA Projects (Pty) Ltd which is being filed by the Company on SEDAR
(www.sedar.com) today. This news release has been approved by Mr
Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief
Operating Officer, the Company's qualified person as defined by
Canada's National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101"). Mr. James Gemmell of DRA Projects
(Pty) Ltd, the qualified person responsible for the report, has
also approved this news release. Mr. Sivanesan (Desmond) Subramani
has verified the data disclosed herein, including sampling,
analytical and test data informing the mineral resource and Mr.
David Alan Thompson has reviewed the reserve estimate by reviewing
the methodologies, results and all procedures undertaken in a
manner consistent with industry practice, and all matters were
consistent and accurate according to his professional judgement.
There were no limitations on the verification process.
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