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REG - Caledonia Mining Crp - Results for the year ended December 31, 2024

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RNS Number : 8640C  Caledonia Mining Corporation PLC  31 March 2025

 

Caledonia Mining Corporation Plc

 

Results for the year ended December 31, 2024

Restated previous financial statements and non-reliance to the extent set out
in this announcement

Details of investor and analyst presentation

Record Profit, Stable Production and Exploration Success

 

St Helier: March 31, 2025

Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces its
operating and financial results for the year ended December 31, 2024 (the
"Year").  Caledonia also announces the restatement of previous financial
statements due to an error that was identified in the accounting
interpretation related to the calculation of deferred tax liabilities of
Blanket Mine ("Blanket").

The restatement has no effect on historic reported cash or cashflow statements
and has no effect on historic income tax calculations or submissions to the
tax authorities.

Further information on the financial and operating results for the Year and
the quarter ended December 31, 2024 (the "Quarter" or "Q4"), as well as the
restatement, can be found in the Management Discussion and Analysis
("MD&A"), and the Consolidated Audited Financial Statements ("Financial
Statements"), which are available on the Company's website and are being filed
on SEDAR+ and EDGAR.

Financial Highlights

 

·    Gross revenue of $183.0 million, up from $146.3 million in 2023,
reflecting higher gold prices.

·    Record gross profit of $77.0 million, up 86% from 2023 driven by a
combination of higher gold prices and lower production costs at the Bilboes
oxide mine (2023: $41.5 million).

·    Net attributable profit of $17.9 million (2023: net loss of $7.9
million).

·    Substantially stronger operating cash flow of $42.0 million compared
to $14.8 million in 2023.

·    Basic IFRS earnings per share ("EPS") of 91.2 cents (2023: loss per
share of 43.6 cents).

·    Adjusted EPS(1) of 125.2 cents (2023: loss per share of 10.3 cents).

·    Net cash and cash equivalents improved to negative $8.7 million (31
December 2023: negative $11.0 million).

·    As set out in news releases issued on March 24 and 28, 2025,
Caledonia has declared a quarterly dividend of 14 cents per share, payable on
April 17, 2025.

 

Operating Highlights

 

·    Blanket performed well with gold production of 76,656 ounces (2023:
75,416 ounces), within guidance.

·    Bilboes oxide mine gold production of 1,645 ounces (2023: 3,050
ounces), reflecting the decision to place the mine on care and maintenance
from September 30, 2023.

·    Consolidated average realised gold price per ounce(2) of $2,347
(2023: $1,910).

·    On-mine cost per ounce(2) of $1,073 (2023: $1,097).

·    All-in sustaining cost (AISC)(2) per ounce of $1,506 (2023: $1,499).

·    In May 2024, the Company announced a 63% increase in measured and
indicated mineral resources and a 26% increase in inferred mineral resources
at Blanket.

·    Encouraging results announced in November 2024 from the initial
exploration programme at Motapa with more exploration work planned at the site
in 2025.

 

Update on Bilboes Feasibility Study

 

As announced on March 27, 2025, Caledonia, with the support of DRA Projects
(Pty) Ltd and other technical consultants, has been making good progress on
the Feasibility Study ("FS") for the Bilboes project.

While the FS was initially targeted for completion in Q1 2025, the Company has
decided to extend the timeline to fully explore several material optimisation
opportunities that have the potential to enhance project economics and reduce
upfront capital requirements.

Key areas of optimisation currently under review include:

 

·   Engaging with the authorities to explore the potential sale of
concentrate, which could significantly reduce upfront capital expenditures by
deferring the capital expenditure on a BIOX processing circuit, at least in
the first few years of production;

·   Evaluating the potential relocation of the Tailings Storage Facility
to a more efficient site, including on Caledonia's Motapa property adjacent to
Bilboes, where the topography could lead to lower initial construction costs;
and

·    Incorporating near-term opportunities at Motapa into the FS,
following encouraging exploration results in 2024 and the additional
exploration and development work planned at Motapa this year.

 

In addition, Caledonia continues to assess near-term revenue opportunities
across its portfolio. In particular, high-grade mineralisation recently
identified at Blanket could make a meaningful contribution to the initial
capital requirements for Bilboes, providing further flexibility around
funding.

 

The board remains fully committed to maximising shareholder value: this means
ensuring that Bilboes is optimised both technically and financially, while
continuing discussions with funding partners and relevant authorities in
Zimbabwe. The optimisation work is advancing well, and the Company will
provide a further update on the expected timing of the FS in due course.

 

Board and Management Changes

 

·   On February 14, 2025, Mr. Stefan Buys and Ms. Lesley Goldwasser joined
the board as independent non-executive directors.

·    As previously announced on February 19, 2025 and March 21, 2025, Mr.
Chester Goodburn steps down as CFO today and is succeeded by Mr. Ross Jerrard.

·    Mr. Johan Holtzhausen is not putting himself forward for
reappointment as a director at the next annual general meeting in May 2025.
Ms. Tariro Gadzikwa will take over as chair of the Audit Committee provided
she is reappointed as a director at the annual general meeting.

Strategy and Outlook

 

·   Capital investment for 2025 is budgeted at $41.0 million, with $34.1
million allocated to Blanket and $6.3 million for the Bilboes and Motapa
projects.

·    Strong start to 2025 with 11,782 ounces produced at the end of
February.

·    Caledonia's strategic focus remains on:

o Maintaining stable production at Blanket while investing in modernising
operations to improve efficiency;

o Continuing to optimise Bilboes to maximise net present value per share;

o Continued exploration activities at Blanket and Motapa; and

o Becoming a multi-asset, Zimbabwe-focused gold producer.

Mark Learmonth, Chief Executive Officer, commented:

 

"2024 was a year of significant progress for Caledonia, both financially and
operationally. We delivered solid gold production at Blanket, achieving 76,656
ounces, towards the upper end of our guidance. Our financial performance
benefited from a higher gold price environment, which resulted in a
significant increase in gross profit and operating cashflows.

"Bilboes remains a highly attractive project, and we are confident that we
will find the optimal development method

to maximise returns for shareholders. We continue to refine the feasibility
study, exploring ways to enhance project

economics and reduce upfront capital requirements. We are confident that by
taking a disciplined approach we can

develop the project in a way that creates long term value while maintaining
financial prudence.

"Our strategic vision remains to become a multi-asset, Zimbabwe-focused gold
producer that delivers sustainable value for shareholders and respective
stakeholders. I would like to thank our team and shareholders for your
continued support, and I look forward to another year of progress and growth."

 

Restated previous financial statements

 

In preparation of the Financial Statements, an error was identified in the
accounting interpretation related to the calculation of deferred tax
liabilities at Blanket. The restatement has no effect on historic reported
cash or cashflow statements and has no effect on historic income tax
calculations or submissions to the tax authorities.

 

The restatement of financial statements due to this error is summarised below
and is qualified in its entirety by the more comprehensive disclosure relating
to the restatement in Caledonia's MD&A.

 

In October 2018, the local Zimbabwe currency known as RTGS$ was introduced in
Zimbabwe at 1:1 to the USD. The RTGS$ was deemed the only legal tender in
Zimbabwe, and all liabilities held previously were to be denominated in RTGS$.
In 2019, Practice Note 26 (as described in note 3.1.5 of the Financial
Statements) required all income tax returns to be calculated in RTGS$ for
transactions occurring prior to introducing the multi-currency regime in 2023.

 

Blanket's deferred tax liabilities were incorrectly calculated in RTGS$ and
accounted for as a monetary item where RTGS$ deferred tax temporary
differences were translated to the USD functional currency. Gains related to
the devaluation of the deferred tax liabilities were realised in profit or
loss. Transactions from 2019 to 2022 affected the deferred tax liability
calculation and continued to be denominated in RTGS$ in accordance with the
legislated tax regime after the multi-currency regime was introduced. The
accounting for the deferred tax liabilities in RTGS$ with the translation to
USD remained consistent in all previous consolidated financial statements, yet
the carrying value of the deferred tax liabilities should have been
denominated in USD rather than RTGS$. The error, stemming from January 1,
2019, was corrected from the earliest period presented in the Financial
Statements, as presented in the table below.

 

 Consolidated statements of profit or loss and other comprehensive income
 ($'000's)             December 31, 2023                                                       December 31, 2022
                                             As previously reported  Adjust-ment  As restated  As previously reported  Adjust-ment  As restated
 Net foreign exchange (loss) profit          (2,550)                 (4,222)      (6,772)      4,411                   (10,088)     (5,677)
 Tax expense                                 (12,810)                -            (12,810)     (16,770)                2,411        (14,359)
 (Loss) profit for the year                  (618)                   (4,222)      (4,840)      22,866                  (7,677)      15,189
 Total comprehensive income for the year     (1,240)                 (4,222)      (5,462)      22,404                  (7,677)      14,727
 Non-controlling interests                   3,580                   (558)        3,022        4,963                   (1,013)      3,950
 Basic (loss) earnings per share ($)         (0.24)                  (0.20)       (0.44)       1.36                    (0.51)       0.85
 Diluted (loss) earnings per share ($)       (0.24)                  (0.20)       (0.44)       1.35                    (0.50)       0.85

 

 Consolidated statements of financial position ($'000's)
                            December 31, 2023                                 January 1, 2023
                            As previously reported  Adjust-ment  As restated  As previously reported  Adjust-ment  As restated
 Retained loss              63,172                  33,971       97,143       50,222                  30,307       80,529
 Non-controlling interests  24,477                  (6,021)      18,456       22,409                  (5,463)      16,946
 Deferred tax liabilities   6,131                   39,992       46,123       5,123                   35,770       40,893

 

Remediation efforts are ongoing and are expected to be completed in the second
quarter of 2025. Going forward, management plans to reconsider critical
accounting interpretations every 3 years.

 

The remediation efforts to-date have included engaging and consulting with the
external accounting advisors, considering authoritative and non-authoritative
guidance available in the accounting literature, and conducting a detailed
analysis of deferred tax accounting rules. The management team, including the
Chief Executive Officer and Chief Financial Officer, have reaffirmed and
re-emphasized the importance of internal control, control consciousness and a
strong control environment.

 

Should these remedial measures be insufficient to address the material
weakness described above, or additional deficiencies arise in the future,
material misstatements in our interim or annual financial statements may occur
in the future.

 

Material weakness and non-reliance on previous financial statements

 

In the preparation of the Financial Statements, management identified the
prior period error and determined that the restatement of financial
information presented was necessary. As a result, management has determined
that the control over accounting for deferred tax liabilities did not operate
effectively and constitutes a material weakness for the annual and interim
filings for the period January 1, 2019 to December 31, 2024. Based on the
foregoing, each of the previously filed annual and interim financial
statements for the annual and interim periods between January 1, 2019 and
September 30, 2024 should not be relied upon in respect of the items set out
in the tables above.

 

Commentary

 

Financial Performance

 

In 2024, Caledonia achieved a significant financial turnaround, reporting a
net attributable profit of $17.9 million, an improvement from the net loss of
$7.9 million in 2023. This positive shift was driven by a 23% increase in the
average realised gold price, rising to $2,347 per ounce from $1,910 per ounce
in 2023 and cost improvements. Gross profit for the year reached $77.0
million, up from $41.5 million in the previous year, reflecting both the
higher gold prices and effective cost management.

 

Operating cash flow also saw an increase to $42.0 million compared to $14.8
million in 2023. This improvement in cash generation has strengthened the
company's financial position, with net cash and cash equivalents improving to
negative $8.7 million from negative $11.0 million in the prior year.

 

Outlook for 2025

 

Looking ahead, Blanket's production guidance for 2025 is between 73,500 and
77,500 ounces of gold. On-mine cost per ounce is expected to be between $1,050
and $1,150, reflecting anticipated increases in labour and operating expenses.
All-in sustaining cost per ounce is expected to be between $1,690 to $1,790
due to a high level of sustaining capital expenditure as Caledonia continues
to invest in Blanket's future.

 

Capital investment for 2025 is budgeted at $41.0 million, with $34.1 million
allocated to Blanket and $6.3 million designated for the Bilboes and Motapa
projects. These investments aim to enhance operational efficiency and support
the Company's growth objectives.

 

Details of Investor and Analyst Presentation

 

A presentation for investors and analysts will be held as follows:

 

When: March 31, 2025 at 2:00pm London time

Topic: Full Year and Q4 2024 Results Call for Investors

Register in advance for this webinar:

https://brrmedia.news/CMCL_Q4 (https://brrmedia.news/CMCL_Q4)

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

 Pearl Kellie                                                Tel: +44 207 397 1965

                                                             Tel: +44 131 220 9775
 Liberum Panmure (Joint Broker)

 Scott Mathieson                                             Tel: +44 20 3100 2000

 Ailsa MacMaster
 Camarco, Financial PR/ IR (UK)

 Gordon Poole                                                Tel: +44 20 3757 4980

 Elfie Kent

 Fergus Young
 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

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 guidance, our plans and
timing regarding further exploration and drilling and development, future
costs, the development of Bilboes and Motapa, our strategic vision, the
potential sale of concentrate, the potential relocation of the Tailings
Storage Facility, the high-grade mineralisation at Blanket, the publication of
the Bilboes feasibility study, the timing and ability to remediate the
deficiency in control over accounting for deferred tax liabilities and the
potential of being unable to prevent misstatements from occurring in the
future.  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, risks related to potentially being unable
to remedy the deficiency in control over accounting for deferred tax
liabilities and risks related to potentially being unable to prevent financial
statements misstatements in the future.  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.

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.

 

 Condensed Consolidated Statements of profit or loss and Other comprehensive
 income
 ($'000's)                                                            3 months ended         12 months ended
                                                                                December 31            Dec
                                                                                                       emb
                                                                                                       er
                                                                                                       31
                                                                      2024      2023         2024      2023         2022
 ( )                                                                  ( )       (*Restated)  ( )       (*Restated)  (*Restated)
 Revenue                                                              47,515    38,661       183,018   146,314      142,082
 Royalty                                                              (2,432)   (1,987)      (9,263)   (7,637)      (7,124)
 Production costs                                                     (20,239)  (21,681)     (80,744)  (82,709)     (62,998)
 Depreciation                                                         (3,915)   (4,437)      (16,021)  (14,486)     (10,141)
 Gross profit                                                         20,929    10,556       76,990    41,482       61,819
 Other income                                                         725       136          1,090     263          60
 Other expenses                                                       (2,862)   (1,567)      (6,940)   (4,367)      (11,782)
 Administrative expenses                                              (5,429)   (5,539)      (15,658)  (17,429)     (11,941)
 Cash-settled share-based expense                                     278       (165)        (201)     (463)        (609)
 Equity-settled share-based expense                                   (269)     (76)         (1,054)   (640)        (484)
 Net foreign exchange profit (loss)                                   474       (494)        (9,722)   (6,772)      (5,677)
 Net derivative financial instrument expense                          (335)     (529)        (831)     (1,119)      (1,198)
 Operating profit                                                     13,511    2,322        43,674    10,955       30,188
 Net finance cost                                                     (787)     (653)        (3,131)   (2,985)      (640)
 Profit before tax                                                    12,724    1,669        40,543    7,970        29,548
 Tax expense                                                          (5,208)   (4,258)      (17,489)  (12,810)     (14,359)
 Profit (loss) for the year                                           7,516     (2,589)      23,054    (4,840)      15,189
 Other comprehensive income
 Items that are or may be reclassified to profit or loss
 Exchange differences on translation of foreign operations            (779)     156          (116)     (622)        (462)
 Total comprehensive income (loss) for the year                       6,737     (2,433)      22,938    (5,462)      14,727

 Profit (loss) attributable to:
 Owners of the Company                                                5,865     (3,402)      17,899    (7,862)      11,239
 Non-controlling interests                                            1,651     813          5,155     3,022        3,950
 Profit (loss) for the year                                           7,516     (2,589)      23,054    (4,840)      15,189

 Total comprehensive income (loss) attributable to:
 Owners of the Company                                                5,086     (3,246)      17,783    (8,484)      10,777
 Non-controlling interests                                            1,651     813          5,155     3,022        3,950
 Total comprehensive income for the year                              6,737     (2,433)      22,938    (5,462)      14,727

 Earnings (loss) per share (cents)
 Basic earnings (loss) per share                                      29.7      (18.7)       91.2      (43.6)       84.8
 Diluted earnings (loss) per share                                    29.7      (18.7)       91.2      (43.6)       84.7
 Adjusted earnings per share (cents)
 Basic                                                                44.3      2.1          125.2     (10.3)       217.7
 Dividends paid per share (cents)                                     14.0      14.0         56.0      70.0         50.0
 (* Refer to) (section 10 (#_10._RESTATEMENT_OF) ) (and) (section 11  ( )       ( )          ( )       ( )          ( )
 (#_11._INTERNAL_CONTROLS) ) (of the MD&A.)

 ( )

 

 Summarised Consolidated Statements of Financial Position ($'000's)
 As at                                             Dec 31   Dec 31       Dec 31
                                                   2024     2023         2022
                                                            (*Restated)  (*Restated)
 Total non-current assets                          287,046  274,074      196,764
 Income tax receivable                             355      1,120        40
 Inventories                                       23,768   20,304       18,334
 Derivative financial assets                       -        88           440
 Trade and other receivables                       12,675   9,952        9,185
 Prepayments                                       6,748    2,538        3,693
 Cash and cash equivalents                         4,260    6,708        6,735
 Assets held for sale                              13,512   13,519       -
 Total assets                                      348,364  328,303      235,191
 Total non-current liabilities                     68,505   63,970       45,061
 Cash-settled share-based payment                  634      920          1,188
 Income tax payable                                2,958    10           1,324
 Lease liabilities                                 95       167          132
 Loans and borrowings                              1,174    -            -
 Loan note instruments                             855      665          7,104
 Trade and other payables                          26,647   20,503       17,454
 Derivative Financial Liabilities                  -        -            -
 Overdrafts                                        12,928   17,740       5,239
 Liabilities associated with assets held for sale  104      128          -
 Total liabilities                                 113,900  104,103      77,502
 Total equity                                      234,464  224,200      157,689
 Total equity and liabilities                      348,364  328,303      235,191

(* Refer to) (section 10) (and) (section 11) (of the MD&A.)

 

 

 Condensed Consolidated Statements of Cash Flows
 ($`000)                                                            2024      2023      2022

 Cash inflow from operations                                        55,438    26,398    49,657
 Interest received                                                  26        39        17
 Finance costs paid                                                 (2,864)   (2,462)   (192)
 Tax paid                                                           (10,645)  (9,206)   (6,866)
 Net cash inflow from operating activities                          41,955    14,769    42,616

 Cash flows used in investing activities
 Acquisition of property, plant and equipment                       (27,477)  (28,556)  (41,495)
 Acquisition of exploration and evaluation assets                   (3,835)   (1,837)   (2,596)
 Proceeds from derivative financial instruments                     -         178       -
 Acquisition of Put options                                         (743)     (946)     (478)
 Proceeds from call options                                         -         -         416
 Acquisition of call options                                        -         -         (176)
 Net cash used in investing activities                              (32,055)  (31,161)  (44,329)

 Cash flows from financing activities
 Dividends paid                                                     (12,302)  (11,099)  (8,906)
 Payment of lease liabilities                                       (182)     (184)     (150)
 Shares issued - equity raise (net of transaction cost)             -         15,569    -
 Proceeds from loans and borrowings                                 3,000     -         -
 Repayments of loans and borrowings                                 (326)     -         -
 Loan notes - Motapa payment                                        -         (7,250)   -
 Loan notes - solar bond issue receipts (net of transaction cost)   1,970     6,895     -
 Repayment of gold loan                                             -         -         (3,698)
 Proceeds from share options exercised                              37        -         -
 Net cash (used in) / from financing activities                     (7,803)   3,931     (12,754)

 Net increase / (decrease) in cash and cash equivalents             2,097     (12,461)  (14,467)
 Effect of exchange rate fluctuations on cash and cash equivalents  267       (67)      (302)
 Net cash and cash equivalents at the beginning of the year         (11,032)  1,496     16,265
 Net cash and cash equivalents at the end of the year               (8,668)   (11,032)  1,496

 

 1  Adjusted EPS excludes net foreign exchange movements (including the
deferred tax effect and the non-controlling interest thereon) and deferred
tax.  A reconciliation of IFRS EPS to Adjusted EPS is set out in section 8 of
the MD&A

 2  Non-IFRS measures such as "On-mine cost per ounce", "All-in sustaining
cost per ounce", "average realised gold price per ounce" and "adjusted EPS"
are used throughout this announcement. Refer to section 3.2 of the MD&A
for a discussion of non-IFRS measures.

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