TIDMCMCL
RNS Number : 4620Z
Caledonia Mining Corporation PLC
12 January 2024
Caledonia Mining Corporation Plc
Blanket Mine Q4 and FY 2023 Production and 2024 Guidance
Stable production at Blanket with continued focus on
expansion
(NYSE AMERICAN, AIM and VFEX: CMCL)
St Helier, January 12, 2024 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") announces Blanket Mine ("Blanket")
production for the quarter and year ended December 31, 2023. The
Company also provides guidance for the year to December 31, 2024 in
respect of production, costs and capital expenditure. All
production numbers are expressed on a 100 per cent basis and based
on final assays from the refiner.
Mark Learmonth, Chief Executive Officer, said:
"I am pleased that, after a challenging first half, we
successfully met production guidance for the year, producing 75,416
gold ounces. Our 2024 guidance of 74,000 to 78,000 ounces assumes
that Blanket will broadly maintain the production rate achieved in
2023 and reflects the prudent decision to suspend mining in lower
margin areas which include lower grades and volumes, and higher
costs.
"Our significant investment in Blanket over the past seven years
and completion of the Central Shaft has nearly doubled production,
extended the mine life and allowed the restart of underground
exploration in 2023; in July we announced that the Eroica zone
persists to depth and grades are significantly higher than
previously thought. We continue to progress with the underground
exploration programme and we expect to publish further exploration
results in the first quarter of 2024 and a revised resource
statement in the following quarter.
"Our wider capital expenditure programme continues to focus on
unlocking value and delivering our multi-asset growth pipeline in
Zimbabwe with Motapa and Bilboes, whilst maintaining a disciplined
focus on cost and capital allocation. We continue to progress our
feasibility studies for the Bilboes sulphide project with a view to
determining the best option for Caledonia stakeholders, and I look
forward to providing an update in due course."
Production Summary and 2024 Guidance
-- Annual g old production at Blanket of 75,416 oz in 202 3, in line with guidance
-- Quarterly gold production at Blanket of 20,172 oz in Q4 2023
-- 2024 gold production guidance at Blanket of 74,000 to 78,000oz [1]
-- Budgeted capital expenditure for the group in 2024 is $34.4m,
which includes planned exploration at Motapa and further work on
the Bilboes feasibility studies
-- On-mine cost guidance at Blanket of between $870 and $970/oz
-- All-in sustaining cost guidance of between $1,370 and $1,470/oz
Anticipated group capital expenditure of $34.4m includes
approximately $20m of sustaining investment (which is included in
all-in sustaining cost guidance) and $14.4m of expansion
expenditure, which includes investment in a new tailings storage
facility with a life of approximately 12 years and further
underground development. Expansion expenditure also includes $2m on
preliminary exploration at Motapa and $3.5m on further work on the
Bilboes feasibility studies.
On-mine costs are expected to be consistent with costs incurred
in 2023.
Caledonia continues to work on the feasibility studies in
respect of the Bilboes sulphide project to determine the optimal
implementation strategy for the project. This work includes
updating the existing feasibility study for a project producing
approximately 170,000oz of gold per annum and work on an
alternative phased approach to the project.
Craig James Harvey, MGSSA, MAIG, Caledonia Vice President,
Technical Services, has reviewed and approved the scientific and
technical information contained in this news release. Craig James
Harvey is a "Qualified Person" as defined by each of (i) the
Canadian Securities Administrators' National Instrument 43-101 -
Standards of Disclosure for Mineral Projects and (ii) sub-part 1300
of Regulation S-K of the U.S. Securities Act.
Enquiries:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 800
Camilla Horsfall Tel: +44 7817 841 793
Cavendish Capital Markets Limited
(Nomad and Joint Broker) Tel: +44 207 397 1965
Adrian Hadden Tel: +44 131 220 9775
Pearl Kellie
Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings Tel: +44 20 3100 2000
Camarco, Financial PR (UK)
Gordon Poole Tel: +44 20 3757 4980
Julia Tilley
Elfie Kent
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) Tel: +263 (242) 745
Lloyd Mlotshwa 119/33/39
________
[1] Refer to the technical report entitled "NI 43-101 Technical
Report on the Blanket Gold Mine, Zimbabwe" with effective date
September 1, 2022 prepared by Minxcon (Pty) Ltd filed by the
Company on SEDAR (www.sedar.com) on March 13, 2023
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 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. The forward-looking information contained in this news
release 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: the successful
implementation of mine plans, the establishment of estimated
resources and reserves, the grade and recovery of minerals which
are mined varying from estimates, success of future exploration and
drilling programs, reliability of drilling, sampling and assay
data, the representativeness of mineralization being accurate,
success of planned metallurgical test-work, capital availability
and accuracy of estimated operating costs, obtaining required
governmental, environmental or other project approvals, inflation,
changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects and Caledonia's experience of
project development in Zimbabwe and other factors.
To the extent any forward-looking information herein constitutes
a financial outlook or future oriented financial information, any
such statement is made as of the date hereof and included herein to
provide prospective investors with an understanding of the
Company's plans and assumptions. 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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