REG - Caledonia Mining Crp - Blanket Mine Q1 2024 Production

Caledonia MiningAnnouncement

10/04/2024 07:00

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RNS Number : 9335J  Caledonia Mining Corporation PLC  10 April 2024

Caledonia Mining Corporation Plc

Blanket Mine Q1 2024 Production

Robust production and increased gold sales at Blanket Mine

(NYSE AMERICAN, AIM and VFEX: CMCL)

St Helier, April 10, 2024 - Caledonia Mining Corporation Plc ("Caledonia" or
"the Company") 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. (#_ftn1) 1

 

 

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 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/Matt Hogg                                   Tel: +44 20 3100 2000
 Camarco, Financial PR (UK)

 Gordon Poole                                                Tel: +44 20 3757 4980

 Julia Tilley

 Elfie Kent
 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

 

 

________
(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 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.

 

 

 

(#_ftnref1) (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.

 

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