REG - Caledonia Mining Crp - Publication of Annual Report

Caledonia MiningAnnouncement

28/04/2023 07:00

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RNS Number : 7872X  Caledonia Mining Corporation PLC  28 April 2023

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, April 28, 2023 - 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, 2022 (the "Annual Report"). As per
last year, 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 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,
2022), 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 other 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 S-K 1300.  It does not include a TRS in respect of the Bilboes Gold
Project because the acquisition by Caledonia of Bilboes Gold Limited took
place after the end of the reporting year. Caledonia's current technical
reports under NI 43-101 are unchanged, and remain as follows:

 

1.  Technical report entitled "NI 43-101 Technical Report on the Blanket
Gold Mine, Zimbabwe" dated March 13, 2023 prepared by Caledonia and Minxcon
(Pty) Ltd and filed on SEDAR (www.sedar.com) on March 13, 2023 ("Blanket NI
43-101 Report"); and

 

2.  Technical report entitled "Caledonia Mining Corporation Plc Updated NI
43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe" dated
November 3, 2022 prepared by Minxcon (Pty) Ltd and filed on SEDAR on November
7, 2022 ("Maligreen NI 43-101 Report").

 

Similarly to the announcement made by the Company on May 17, 2022 regarding
the annual report for 2021, shareholders are reminded 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, 2022,
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 are as set out above i.e. 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 since the effective date of
the Blanket NI 43-101 Report of September 1, 2022 to the effective date of the
Annual Report of December 31, 2022, and that the Annual Report presents
mineral resources exclusive of mineral reserves.

 

In terms of the differences in the mineral resources and reserves estimates
between the Blanket NI 43-101 Report and the Annual Report/Blanket TRS, these
are insignificant if the 1300 S-K methodology (i.e. applying 64% attributable,
mineral resources exclusive of reserves and taking into account 3 months'
mining depletion) is applied to the estimates in the Blanket NI 43-101 Report.

 

As extracted from the Annual Report, a comparison of the 1300 S-K measured,
indicated and inferred mineral resource estimates as at December 31, 2022 with
those of December 31, 2021 at the Blanket Gold Mine are shown below.

 

                                  December 31, 2022       December 31, 2021       % Variance
 Mineral Resource Classification  Tonnes  Au      Ounces  Tonnes  Au      Ounces  Tonnes  Au    Ounces
                                  kt      g/t     koz     kt      g/t     koz     kt      g/t   koz
 Measured Total                   1,855   3.10    185     554     2.80    48      235%    11%   282%
 Indicated Total                  2,363   2.89    220     1,585   2.78    142     49%     4%    55%
 M&I Total                        4,218   2.98    405     2,139   2.77    190     97%     8%    113%
 Inferred Total                   5,748   2.92    539     5,419   3.17    552     6%      -8%   -2%
 Grand total                      9,967   1.69    944     7,558   2.27    743     32%     -25%  27%

 

As extracted from the Annual Report, a comparison of the 1300 S-K mineral
reserves estimates as at December 31, 2022 with those of December 31, 2021 at
the Blanket Gold Mine are shown below.

 

                                 December 31, 2022               December 31, 2021               % Variance
 Mineral Reserve Classification  Tonnes  Grade  Au Content       Tonnes  Grade  Au Content       Tonnes  Grade  Au Content
                                 kt      g/t    kg      oz       kt      g/t    kg      oz       kt      g/t    kg      oz
 Proven                          1,191   3.23   3,842   123,534  656     3.11   2,042   65,651   82%     4%     88%     88%
 Probable                        1,300   2.92   3,801   122,205  1,751   3.30   5,774   185,652  -26%    -12%   -34%    -34%
 Total                           2,491   3.07   7,643   245,739  2,408   3.25   7,816   251,304  3%      -6%    -2%     -2%

 

As extracted from the Annual Report, a comparison of the 1300 S-K measured,
indicated and inferred mineral resource estimates as at December 31, 2022 with
those of December 31, 2021 at the Maligreen Gold Project are shown below.

 

                                   December 31, 2022                                          December 31, 2021                                    % Variance
 Mineral Resource Category         Tonnes (Less Geological Losses)  Gold Grade  Gold Content  Tonnes                     Gold Grade  Gold Content  Tonnes                     Gold Grade  Gold Content

                                                                                              (Less Geological Losses)                             (Less Geological Losses)
                  Mt               g/t                              koz         Mt            g/t                        koz         Mt            g/t                        koz
 Total Measured                    1.65                             2.37        126           -                          -           -             -                          -           -
 Total Indicated                   6.37                             1.55        317           -                          -           -             -                          -           -
 Total Measured and Indicated      8.03                             1.71        442           -                          -           -             -                          -           -
 Total Inferred                    6.17                             2.12        420           15.59                      1.88        940           -60%                       13%         -55%
 Grand total                       14.20                            1.89        863           15.59                      1.88        940           -9%                        1%          -8%

 

 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)

 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

 

 

 

 

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