REG - Caledonia Mining Crp - Retirement of Chairman

Caledonia MiningAnnouncement

05/05/2023 07:00

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RNS Number : 4938Y  Caledonia Mining Corporation PLC  05 May 2023

Caledonia Mining Corporation Plc

Leigh Wilson Retires as Director and Non-Executive Chairman

(NYSE AMERICAN, AIM and VFEX: CMCL)

 

St Helier, May 5, 2023 - Caledonia Mining Corporation Plc ("Caledonia" or the
"Company") announces that yesterday Leigh Wilson retired from his role as
Director and Non-Executive Chairman of the Company. His successor as Chairman
will be announced after the upcoming annual general meeting to be held on May
9, 2023, with John Kelly, Non-Executive Director, acting as interim Chairman
in the intervening period.

 

 Commenting on Leigh Wilson's retirement, Mark Learmonth Chief Executive
Officer, said:

 

"On behalf of Caledonia's Board of Directors, I thank Leigh for his
contribution to Caledonia. Leigh became Chairman in May 2013, after a
successful career in international business and financial services having
served in senior executive and management positions with Union Bank of
Switzerland in London, and with Paribas Group in Paris and New York, where he
served as CEO of Paribas North America.

 

"Caledonia was a very different company when Leigh became Chairman and, over
this time, he has made many contributions to its success. Under his
leadership, Caledonia has increased production from approximately 45,000
ounces in 2013 to just over 80,000 ounces in 2022.  A key component of this
growth was the completion of the Central Shaft project which has established a
solid foundation for its growth.

 

"Over the last 18 months, Caledonia has acquired an attractive portfolio of
high-quality exploration and development assets in Zimbabwe.  We now have a
clear pathway to build on the success at Blanket Mine with the objective of
creating a multi-asset, mid-tier, Zimbabwe-focused gold producer over the
course of the next 5 to 7 years.

 

"Achievements such as this require strong leadership: management and the Board
are extremely grateful to Leigh, where his strength, skills and experience
proved invaluable over this period.

 

"Caledonia has also improved its relevance to international capital
markets, with Caledonia shares now traded on the NYSE American, AIM in London
and the Victoria Falls Stock Exchange in Zimbabwe. Caledonia's share price
has been one of the top performers in its peer group: since January 2013,
Caledonia's market capitalisation has increased from $56 million to $278
million; over the same period, we have paid almost $30 million in dividends to
Caledonia shareholders and total shareholder return over the period has been
670 per cent.  An outstanding performance by any criteria.

 

"On behalf of the Board of Directors, the management team and our
shareholders, I thank Leigh and wish him all the best in the future."

 

Commenting on his retirement, Leigh Wilson said:

 

"It has been a privilege to serve Caledonia and its shareholders as a Director
and Non-Executive Chairman over the last ten years. During this period, the
business has been transformed from a junior gold miner with one producing
asset to a company that has now laid the foundation to realise its vision of
becoming a multi-asset, mid-tier, Zimbabwe-focused gold producer.

 

"The Directors, Executive Management of both Caledonia and Blanket Mine, and
staff have worked hard to build and expand the business. It has been an honour
to help guide them on this journey. As a shareholder, I will remain closely
interested in Caledonia's future and I have no doubt that the excellent team
at Caledonia, Blanket and now Bilboes will continue to deliver on this
strategy."

 

 

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)

 Lloyd Mlotshwa                                             Tel: +263 (242) 745 119/33/39

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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