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Caledonia Mining Corporation Plc Results For The Quarter Ended June 30, 2024; Details Of Investor Presentation
| Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall | Tel: +44 1534 679 800 Tel: +44 7817 841 793 |
| Cavendish Capital Markets Limited (Nomad and Joint Broker) Adrian Hadden Pearl Kellie | Tel: +44 207 397 1965 Tel: +44 131 220 9775 |
| Panmure Liberum Limited (Joint Broker) Scott Mathieson Matt Hogg | Tel: +44 20 3100 2000 |
| Camarco, Financial PR (UK) Gordon Poole Julia Tilley Elfie Kent | Tel: +44 20 3757 4980 |
| 3PPB (Financial PR, North America) Patrick Chidley Paul Durham | Tel: +1 917 991 7701 Tel: +1 203 940 2538 |
| Curate Public Relations (Zimbabwe) Debra Tatenda | Tel: +263 77802131 |
| IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd Mlotshwa | Tel: +263 (242) 745 119/33/39 |
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.
Note:
This announcement contains inside information which is disclosed in accordance with 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 and cost guidance, estimates of future/targeted production rates, our plans and timing regarding further exploration and drilling and development, the development of the Bilboes Sulphide Project and the results of the PEA, and the continuation of dividend payments. 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.
| Condensed Consolidated Statements of profit or loss and other comprehensive income (Unaudited) | |||||||||||||
| ($'000's) | |||||||||||||
| 3 Months ended June 30 | 6 Months ended June 30 | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Revenue | 50,107 | 37,031 | 88,635 | 66,466 | |||||||||
| Royalty | (2,475 ) | (1,963) | (4,409 ) | (3,443) | |||||||||
| Production costs | (20,460 ) | (20,726) | (39,420 ) | (40,576) | |||||||||
| Depreciation | (4,239 ) | (3,409) | (8,058 ) | (5,664) | |||||||||
| Gross profit | 22,933 | 10,933 | 36,748 | 16,783 | |||||||||
| Net foreign exchange loss | (2,014 ) | (3,610) | (6,153 ) | (2,077) | |||||||||
| Administrative expenses | (3,664 ) | (3,183) | (6,275 ) | (9,122) | |||||||||
| Net derivative financial instrument expenses | (174 ) | (54) | (476 ) | (488) | |||||||||
| Equity-settled share-based expense | (305 ) | (221) | (506 ) | (331) | |||||||||
| Cash-settled share-based expense | (4 ) | 9 | (57 ) | (271) | |||||||||
| Other expenses | (664 ) | (1,461) | (1,264 ) | (2,099) | |||||||||
| Other income | 185 | 168 | 349 | 186 | |||||||||
| Operating profit | 16,293 | 2,581 | 22,366 | 2,581 | |||||||||
| Net finance costs | (794 ) | (1,057) | (1,520 ) | (1,824) | |||||||||
| Profit before tax | 15,499 | 1,524 | 20,846 | 757 | |||||||||
| Tax expense | (5,151 ) | (1,273) | (7,681 ) | (4,775) | |||||||||
| Profit (loss) for the period | 10,348 | 251 | 13,165 | (4,018) | |||||||||
| Other comprehensive income | |||||||||||||
| Items that are or may be reclassified to profit or loss | |||||||||||||
| Exchange differences on translation of foreign operations | 178 | (330) | 34 | (699) | |||||||||
| Total comprehensive income for the period | 10,526 | (79) | 13,199 | (4,717) | |||||||||
| Profit (loss) attributable to: | |||||||||||||
| Owners of the Company | 8,429 | (513) | 10,560 | (5,542) | |||||||||
| Non-controlling interests | 1,919 | 764 | 2,605 | 1,524 | |||||||||
| Profit (loss) for the period | 10,348 | 251 | 13,165 | (4,018) | |||||||||
| Total comprehensive income attributable to: | |||||||||||||
| Owners of the Company | 8,607 | (843) | 10,594 | (6,241) | |||||||||
| Non-controlling interests | 1,919 | 764 | 2,605 | 1,524 | |||||||||
| Total comprehensive income for the period | 10,526 | (79) | 13,199 | (4,717) | |||||||||
| Earnings (loss) per share ($) | |||||||||||||
| Basic earnings (loss) per share | 0.43 | (0.01) | 0.53 | (0.31) | |||||||||
| Diluted earnings (loss) per share | 0.43 | (0.01) | 0.53 | (0.31) | |||||||||
| Adjusted earnings (loss) per share ($) | |||||||||||||
| Basic | 0.51 | 0.10 | 0.78 | (0.17) | |||||||||
| Dividends paid per share ($) | 0.14 | 0.14 | 0.28 | 0.28 | |||||||||
| Condensed Consolidated Statements of Financial Position (Unaudited) | |||||||||||||
| ($'000's) | As at | Jun 30 2024 | Dec 31 2023 | ||||||||||
| Total non-current assets | 275,743 | 274,074 | |||||||||||
| Income tax receivable | 274 | 1,120 | |||||||||||
| Inventories | 20,401 | 20,304 | |||||||||||
| Derivative financial assets | 20 | 88 | |||||||||||
| Trade and other receivables | 7,882 | 9,952 | |||||||||||
| Prepayments | 5,287 | 2,538 | |||||||||||
| Cash and cash equivalents | 15,412 | 6,708 | |||||||||||
| Assets held for sale | 13,484 | 13,519 | |||||||||||
| Total assets | 338,503 | 328,303 | |||||||||||
| Total non-current liabilities | 25,280 | 23,978 | |||||||||||
| Cash-settled share-based payments – short term portion | 454 | 920 | |||||||||||
| Income tax payable | 4,152 | 10 | |||||||||||
| Lease liabilities – short term portion | 114 | 167 | |||||||||||
| Loan note instruments – short term portion | 855 | 665 | |||||||||||
| Trade and other payables | 18,803 | 20,503 | |||||||||||
| Overdraft and term loans | 16,778 | 17,740 | |||||||||||
| Liabilities associated with assets held for sale | 93 | 128 | |||||||||||
| Total liabilities | 66,529 | 64,111 | |||||||||||
| Total equity | 271,974 | 264,192 | |||||||||||
| Total equity and liabilities | 338,503 | 328,303 |
| Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| ($'000's) | ||||||||
| 3 months ended June 30 | 6 months ended June 30 | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Cash inflow from operations | 20,988 | 2 | 27,523 | 666 | ||||
| Interest received | 3 | 4 | 9 | 9 | ||||
| Finance costs paid | (710 ) | (1,231) | (1,283 ) | (1,431) | ||||
| Tax paid | (1,195 ) | (1,001) | (2,276 ) | (2,346) | ||||
| Net cash inflow (outflow) from operating activities | 19,086 | (2,226) | 23,973 | (3,102) | ||||
| Cash flows used in investing activities | ||||||||
| Acquisition of property, plant and equipment | (6,897 ) | (6,009) | (10,638 ) | (10,602) | ||||
| Acquisition of exploration and evaluation assets | (733 ) | (139) | (1,163 ) | (283) | ||||
| Acquisition of put options | (168 ) | (811) | (408 ) | (811) | ||||
| Net cash used in investing activities | (7,798 ) | (6,959) | (12,209 ) | (11,696) | ||||
| Cash flows from financing activities | ||||||||
| Dividends paid | (2,912 ) | (2,893) | (5,632 ) | (5,317) | ||||
| Payment of lease liabilities | (38 ) | (35) | (75 ) | (72) | ||||
| Shares issued – equity raise (net of transaction cost) | - | 4,834 | - | 15,658 | ||||
| Proceeds from loans and borrowings | 2,032 | - | 2,032 | - | ||||
| Loan note instrument – Motapa payment | - | (1,288) | - | (6,687) | ||||
| Loan note instrument – solar bond issue receipts (net of transaction cost) | 1,939 | 2,500 | 1,939 | 7,000 | ||||
| Net cash from (used in) financing activities | 1,021 | 3,118 | (1,736 ) | 10,582 | ||||
| Net increase (decrease) in cash and cash equivalents | 12,309 | (6,067) | 10,028 | (4,216) | ||||
| Effect of exchange rate fluctuations on cash and cash equivalents | 485 | (30) | (362 ) | (187) | ||||
| Net cash and cash equivalents at beginning of the period | (14,160 ) | 3,190 | (11,032 ) | 1,496 | ||||
| Net cash and cash equivalents at end of the period | (1,366 ) | (2,907) | (1,366 ) | (2,907) |
1 EBITDA $22.5 million (2023: 9.6 million): Operating profit $16.3 million (2023: $2.6 million) + Depreciation $4.2 million (2023: $3.4 million) + Net foreign exchange loss $2 million (2023: $3.6 million).
2 Refer to technical report“NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe” with effective date December 31, 2023 prepared by Caledonia Mining Corporation Plc and filed by the Company on SEDAR+ () on May 15, 2024
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