REG - Caledonia Mining Crp - Steve Curtis To Step Down as CEO

Caledonia MiningAnnouncement

21/12/2021 07:00

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RNS Number : 2579W  Caledonia Mining Corporation PLC  21 December 2021

Caledonia Mining Corporation Plc

Steve Curtis To Step Down as CEO

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

 

St Helier, December 21, 2021: Caledonia Mining Corporation Plc ("Caledonia"
or the "Company") announces that Steve Curtis, aged 65, has notified the board
of directors of his intention to retire from his role as CEO with effect from
June 30, 2022. He will be succeeded as CEO by Mark Learmonth, Caledonia's
current CFO. Mr Curtis will continue to serve as a director of Caledonia,
transitioning from an executive to a non-executive role by the end of 2022.
He will also act as a consultant to the Company until the end of 2023.

 

Leigh Wilson, Chairman, commented:

"On behalf of Caledonia's board of directors, I thank Steve for his
outstanding contribution to the Company.  Under his calm and steady
leadership since November 2014, Caledonia's production has almost doubled and
its market capitalisation has increased over four-fold.  Steve has also laid
the foundations for the next phase of Caledonia's growth.

 

"The Central Shaft project at Blanket Mine has been the defining feature of
Steve's tenure as Caledonia's CEO.  This project commenced in February 2015
and the shaft was successfully commissioned in March 2021.  The new shaft is
expected to result in production increasing to 80,000 ounces of gold per annum
from 2022 onwards 1  - almost double the level of production we achieved in
2014; Central Shaft is also expected to result in lower operating costs and
capital expenditure, thereby enhancing earnings and cash generation
respectively as well as allowing a resumption of deep-level exploration which,
if successful, will extend Blanket's mine life.

 

"Completion of the Central Shaft and the anticipated increase in cash
generation is an excellent foundation for Caledonia's growth.  Under Steve's
stewardship, the strength and depth of Caledonia's management team has
increased so that it has the capacity to take on new projects.  In recent
years, under Steve's leadership, Caledonia has also improved its relevance to
international capital markets, which has resulted in a substantial increase in
Caledonia's share price since 2014 and a significant increase in the liquidity
of its shares which now trade on AIM, NYSE American and the VFEX in Zimbabwe.

 

"The process of recruiting Steve's successor was carried out independently by
Spencer Stuart, a leading global executive search and leadership consulting
firm.  We were pleased that Mark Learmonth accepted the position as CEO as
the board believes him to be the right leader to take the Company forward to
its next stage of development. Mark joined Caledonia in 2008, having spent
over 17 years in corporate finance and investment banking, mostly in Africa.
 Mark has been Caledonia's CFO since November 2014 and is therefore
experienced in the complexities and opportunities that arise from operating in
Zimbabwe.

 

"I am delighted that Steve will remain with Caledonia in a non-executive role
and look forward to his invaluable guidance in the future, which I am certain
will continue to be a major asset to the Company."

 

For further information please contact:

 

 Caledonia Mining Corporation Plc

 Mark Learmonth                      Tel: +44 1534 679 802

 Camilla Horsfall                    Tel: +44 7817 841793
 WH Ireland

 Adrian Hadden/ Andrew De Andrade    Tel: +44 20 7220 1751
 Blytheweigh Financial PR

 Tim Blythe/Megan Ray                Tel: +44 207 138 3204
 3PPB

 Patrick Chidley                     Tel: +1 917 991 7701

 Paul Durham                         Tel: +1 203 940 2538

 Curate Public Relations (Zimbabwe)  Tel: +263 77802131

 Debra Tatenda

 

 

 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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