REG - Caledonia Mining Crp - Caledonia declares quarterly dividend

Caledonia MiningAnnouncement

03/10/2022 07:00

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RNS Number : 4212B  Caledonia Mining Corporation PLC  03 October 2022

Caledonia Mining Corporation Plc

Caledonia declares quarterly dividend

 

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

 

St Helier, October 3, 2022 - Caledonia Mining Corporation Plc ("Caledonia" or
the "Company") is pleased to announce that the Board of Directors has declared
a quarterly dividend of 14 United States cents (US$0.14) on each of the
Company's shares.

 

Highlights

·   Company on track to hit target production of 73,000 to 80,000 ounces of
gold in 2022. 1 

·   On 21 July 2022, Caledonia announced that it had signed an agreement to
purchase Bilboes Gold Limited.

·   Caledonia will restart the oxides operation at Bilboes under the terms
of a tribute arrangement with a view to creating a cash-generative operation
within approximately six months.

·   The Company's strategy is focused on becoming a multi-asset gold
producer.

·   Caledonia continues to evaluate investment opportunities in Zimbabwe.

 

 

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

 

"Gold production so far this year has been strong, exceeding our expectations,
and we are on track to hit the top end of our guidance range of 73,000 to
80,000 ounces.

 

"In July, Caledonia announced that it had signed an agreement to
purchase Bilboes Gold Limited, which is the holding company for a large,
high-grade, open-pittable gold resource. The completion of the transaction is
subject to several conditions, which we are currently working on, but once
achieved we can prepare a feasibility study to identify the most judicious way
to commercialise the project with regard to the availability of funding on
acceptable terms.

 

"Three years ago the Company was paying less than half the current quarterly
dividend and at the current share price, the annualised dividend equates to a
yield of approximately 6%. The dividend continues to be a central part of our
strategy, as we continue to manage returning money to shareholders with
production growth and de-risking the business from being a single asset
producer.

 

"I would like to thank the team for their continued hard work; this is an
exciting time for the business as we pivot the Company towards our long-term
vision of becoming a multi asset gold producer."

 

The relevant dates relating to the dividend are as follows:

 

• Ex-dividend date VFEX: October 12, 2022

• Ex-dividend date AIM and NYSE: October 13, 2022

• Record date: October 14, 2022

• Payment date: October 28, 2022

Shareholders with a registered address in the UK will be paid in Sterling.

 

Caledonia's Dividend Policy

Caledonia's strategy to maximise shareholder value includes a quarterly
dividend policy which the Board adopted in 2014. The Board will consider
future increases in the dividend as appropriate in line with its prudent
approach to risk management.

 

 

 

Enquiries:

 Caledonia Mining Corporation Plc

 Mark Learmonth                                             Tel: +44 1534 679 800

 Camilla Horsfall                                           Tel: +44 7817 841 793
 Cenkos Securities plc (Nomad and Joint Broker)

 Adrian Hadden                                              Tel: +44 207 397 1965

 Neil McDonald                                              Tel: +44 131 220 9771

 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)                         Tel: +1 917 991 7701

 Patrick Chidley                                            Tel: +1 203 940 2538

 Paul Durham
 Curate Public Relations (Zimbabwe)                         Tel: +263 77802131

 Debra Tatenda
 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)  Tel: +263 (242) 745 119/33/39

 Lloyd Mlotshwa

( )( 1 ) Refer to the technical report entitled "Caledonia Mining Corporation
Plc NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" dated May
17, 2021 prepared by Minxcon (Pty) Ltd and filed by the Company on SEDAR on
May 26, 2021. Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief
Operating Officer, is the Company's qualified person as defined by Canada's
National Instrument 43-101 and has approved any scientific or technical
information contained in this news release.

 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 guidance, estimates of
future/targeted production rates, and our plans and timing regarding further
exploration and drilling and development.  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.

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