REG - Caledonia Mining Crp - Publication of Annual Report on Form 20-F

Caledonia MiningAnnouncement

17/05/2022 07:00

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RNS Number : 6881L  Caledonia Mining Corporation PLC  17 May 2022

Caledonia Mining Corporation Plc

 

Publication of Annual Report on Form 20-F exhibiting Technical Report
Summaries

 

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

 

St Helier, May 17, 2022 - Caledonia Mining Corporation Plc ("Caledonia" or the
"Company") announces that it is today filing with the U.S. Securities and
Exchange Commission (the "SEC") on EDGAR the Company's Annual Report on Form
20-F for the fiscal year ended December 31, 2021 (the "Annual Report").  The
Annual Report was prepared in compliance with the SEC's technical disclosure
requirements for mining companies under new subpart 1300 of Regulation S-K
("1300 S-K").

 

In accordance with 1300 S-K, the Annual Report now includes estimates of
mineral resources in addition to the mineral reserves for each of the
Company's mineral projects as at the end of the reporting period (i.e.
December 31, 2021), on an attributable basis (i.e. on the basis of ownership),
with mineral resources presented exclusive of mineral reserves. This method of
presentation differs from the Company's previous method of presentation under
Canada's National Instrument 43-101 ("NI 43-101").

 

The Annual Report also includes a technical report summary ("TRS") for each of
the Blanket Gold Mine and the Maligreen Gold Project, prepared in accordance
with new S-K 1300.  Caledonia's current technical reports under NI 43-101 are
unchanged, and remain as follows:

 

1.      Technical report entitled "Caledonia Mining Corporation Plc NI
43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" dated May 17, 2021
prepared by Uwe Engelmann and Daan van Heerden, and filed by the Company on
SEDAR (www.sedar.com) on May 26, 2021 ("Blanket NI 43-101 Report"); and

 

2.      Technical report entitled "Caledonia Mining Corporation Plc NI
43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe" by Uwe
Engelmann dated November 2, 2021 and filed on SEDAR on November 3, 2021
("Maligreen NI 43-101 Report").

 

Shareholders are advised to take note that, as stated above, the mineral
resources and mineral reserves estimates in the Annual Report are reported on
an attributable basis, as at December 31, 2021 and, in the case of the Blanket
Gold Mine which has mineral reserves, the mineral resources estimate is
exclusive of mineral reserves.  Therefore, while the mineral resources
estimate stated in the Annual Report in respect of the Maligreen Gold Project
is unchanged from that which is stated in the Maligreen NI 43-101 Report
(given that Caledonia owns 100% of the Maligreen Gold Project, the project has
no mineral reserves and there has been no mining depletion in the period since
the effective date of that report because it is an exploration project), the
mineral resources and mineral reserves estimates in the Annual Report in
respect of the Blanket Gold Mine do differ from that which is stated in the
Blanket NI 43-101 Report. The reasons for this difference is due to mineral
 resources and mineral reserves estimates declared on the basis of
Caledonia's 64% attributable ownership of Blanket Gold Mine (versus the
Blanket NI 43-101 Report prepared on a 100% consolidated basis), mining
depletion during the two year period from the effective date of the Blanket NI
43-101 Report of January 1, 2020 to the effective date of the Annual Report of
December 31, 2021, and that the Annual Report presents mineral resources
exclusive of mineral reserves. Caledonia is in the process of generating an
updated NI 43-101 technical report for Blanket Gold Mine, expected in the
third or fourth quarter of 2022, with a revised mineral resources and mineral
reserves statement to take account of depletions as well as generation and
conversion due to geological data collated since January 1, 2020.

 

In terms of the difference in the mineral resources and reserves estimate
between the Blanket NI 43-101 Report and the Annual Report/Blanket TRS, these
are extracted from the reports as follows:

 

 Blanket NI 43-101 Report (100% basis, mineral resources inclusive of mineral
 reserves and with an effective date of January 1, 2020)
 Mineral Resources (including Mineral Reserves)
 Mineral Resources Category   Tonnes (Mt)  Grade (g/t)  Contained Gold (koz)
 Measured (M)                 2.73         3.32         292
 Indicated (I)                5.79         3.27         610
 Total M&I                    8.53         3.29         902
 Inferred                     8.49         3.17         866
 Mineral Reserves
 Mineral Reserves Category    Tonnes (Mt)  Grade (g/t)  Contained Gold (koz)
 Proven                       1.7          3.34         183
 Probable                     3.16         3.39         345
 Total Proven & Probable      4.86         3.38         528

 Annual Report/Blanket TRS (64% attributable basis, mineral resources exclusive
 of mineral reserves and with an effective date of December 31, 2021)
 Mineral Resources (excluding Mineral Reserves)
 Mineral Resources Category   Tonnes (Mt)  Grade (g/t)  Contained Gold (koz)
 Measured (M)                 0.55         2.80         48
 Indicated (I)                1.59         2.78         142
 Total M&I                    2.14         2.77         190
 Inferred                     5.42         3.17         552
 Mineral Reserves
 Mineral Reserves Category    Tonnes (Mt)  Grade (g/t)  Contained Gold (koz)
 Proven                       0.66         3.11         66
 Probable                     1.75         3.30         186
 Total Proven & Probable      2.41         3.25         251

 

 Enquiries:

 Caledonia Mining Corporation Plc                           Tel: +44 1534 679 800

 Mark Learmonth                                             Tel: +44 7817 841 793

 Camilla Horsfall
 Cenkos Securities plc (Nomad and Joint Broker)

 Neil McDonald

 Pearl Kelie                                                Tel: +44 131 220 9771

                                                            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)

 Dzika Danha

                                                            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 Statements

Information and statements contained in this news release that are not
historical facts are "forward-looking statements" or "forward-looking
information" (collectively, "forward-looking statements") 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 statements 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
statements in this news release include statements regarding the planned
updated NI 43-101 report on the Blanket Gold Mine.  Estimates of mineral
resources and mineral reserves are also forward-looking statements because
they incorporate estimates of mineralization and economic factors that will be
encountered in the future.  The forward-looking statements contained in this
news release are 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 statements.  Such factors and assumptions include, but are
not limited to, those stated in the Annual Report and the applicable technical
reports and TRSs.

 

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 (including environmental hazards,
industrial accidents, unusual or unexpected geological or structural
formations, pressures, power outages, explosions, landslides, cave-ins and
flooding), 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
international conflicts and other geopolitical tensions and events (including
the extent and duration of the current Russia-Ukraine conflict and related
international action); 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 statements.  By their nature, forward-looking statements
involve 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 statements whether as a result of new information, future
events or other such factors which affect this information, except as required
by law.

 

NI 43-101 is a rule of the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of scientific
and technical information concerning mineral projects.  Unless otherwise
indicated, all reserves and resources estimates contained in this press
release have been prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification System.  These
standards differ from the requirements of the SEC under S-K 1300, and mineral
reserves and resources information presented in this press release under NI
43-101 standards may not be comparable to similar information disclosed by
U.S. companies.

 

 

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