REG - Caledonia Mining Crp - Chief Operating Officer to step down

Caledonia MiningAnnouncement

17/11/2023 07:00

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RNS Number : 8168T  Caledonia Mining Corporation PLC  17 November 2023

Caledonia Mining Corporation Plc

Chief Operating Officer to step down

(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)

 

St Helier, November 17, 2023 - Caledonia Mining Corporation Plc ("Caledonia"
or the "Company") announces that Mr. Dana Roets (61) will step down from his
role as Chief Operating Officer ("COO") with effect from February 29, 2024.
Mr. Roets will remain a director of the Company and various subsidiaries until
February 29, whereupon he will also step down from those roles.

 

Mr Roets joined Caledonia as COO in 2013 and he has been instrumental in the
development of the business over the following decade. During his tenure,
production increased from 45,000 ounces to over 80,000 ounces in 2022; in the
most recent quarter ended September 30, 2023, Blanket Mine achieved record
quarterly production of almost 21,800 ounces. Over the same ten-year period,
group all-in sustaining costs reduced from $978 per ounce to $878 per ounce.

 

The key element in Caledonia's success over the last ten years is the
successful implementation of the Central Shaft project which involved the
sinking of a six-meter diameter shaft from surface to 1,204 meters. This
project was accomplished under Mr. Roets' direction, using internal financial
and technical resources, and was completed and commissioned without any
fatality. When the work on the revised investment plan started in 2014 (the
main component of which was the Central Shaft project), the expected life of
mine was up to 2019. As a result of the Central Shaft project, Blanket's
mine-life has been significantly extended. The resumption of deep level
exploration at Blanket in early 2023 has resulted in encouraging results (as
reported in a news release published on July 10, 2023), which, in due course,
are hoped to further extend Blanket's mine life.

 

A process has already commenced to identify a suitable replacement as COO.

 

Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:

 

"Dana has made an outstanding contribution to Caledonia over the last ten
years - as evidenced by the increased production, reduced costs and
exploration success which we believe will, in due course, extend Blanket's
life of mine. This was achieved against the backdrop of a challenging
operating environment and the COVID-19 pandemic which introduced a new set of
unanticipated operational challenges.

 

"Dana is leaving the business not only having seen Blanket Mine hit its
long-term target of 80,000 ounces (in 2022), but also with an operational
solar plant providing around a quarter of Blanket Mine's daily electricity
requirements, thereby reducing our dependence on diesel generators. More
recently, he has overseen the construction of the first phase of a new
tailings storage facility which, when fully built, is expected to serve the
mine for at least the next fourteen years at the current production rate.

 

"Along with the board and his colleagues, I would like to thank Dana for his
contribution and we wish him well in his future endeavours."

 

 

Enquiries:

 

 Caledonia Mining Corporation Plc

 Mark Learmonth                                              Tel: +44 1534 679 800

 Camilla Horsfall                                            Tel: +44 7817 841 793
 Cavendish Capital Markets Limited (Nomad and Joint Broker)

 Adrian Hadden                                               Tel: +44 207 397 1965

 Pearl Kellie                                                Tel: +44 131 220 9775
 Liberum Capital Limited (Joint Broker)

 Scott Mathieson/Kane Collings                               Tel: +44 20 3100 2000
 BlytheRay Financial PR (UK)

 Tim Blythe/Megan Ray                                        Tel: +44 207 138 3204
 3PPB (Financial PR, North America)

 Patrick Chidley                                             Tel: +1 917 991 7701

 Paul Durham                                                 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

 

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. 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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