Caledonia Mining Corporation Plc (“Caledonia” or the “Company”)
(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) announces quarterly
gold production from the Blanket Mine (“Blanket”) and from the
Bilboes Oxide Project (“Bilboes Oxides”) in Zimbabwe for the
quarter ended June 30, 2023 (the “Quarter”) and the half year ended
June 30, 2023. All production numbers are expressed on a 100 per
cent basis and are based on final assays from the refiner.
|
Q2 2022(Comparable quarter) |
Q1 2023(Prior Quarter) |
Q2 2023(Recently Completed
Quarter) |
H1 2022 |
H1 2023 |
Change (H1 2022 to H1 2023) |
Blanket |
20,091 |
16,036 |
17,436 |
38,606 |
33,472 |
-13.3% |
Bilboes Oxides |
- |
105 |
1,076 |
- |
1,181 |
n/a |
Total |
20,091 |
16,141 |
18,512 |
38,606 |
34,653 |
-10.2% |
Blanket
Production at Blanket in the Quarter was 17,436
ounces, representing an 8.7 per cent increase on the 16,036 ounces
produced in the first quarter of 2023. Gold produced at Blanket in
the first six months of 2023 was 33,472 ounces, compared to 38,606
ounces produced in the first half year of 2022.
Production at Blanket in the Quarter, although
improved from the previous quarter, was still below expectations.
This was due to several factors which impacted the implementation
of the mine plan in certain mining areas. These factors included a
high level of missed blasts and errors in blasting accuracy which
contributed to inadequate face advances. Management has focused
intensively on these problem areas and production in late June and
in July has shown a marked improvement.
Production for the first six months of 2023 was
lower than the first six months of 2022 due to the issues arising
in the Quarter (as noted above) in addition to difficulties
encountered in the prior quarter which, as previously advised,
included several mechanical breakdowns.
In light of the improved performance in late
June and early July, management re-iterates production guidance for
Blanket for the year to December 31, 2023 of between 75,000 and
80,000 ounces1.
Bilboes
1,076 ounces of gold were produced from the
Bilboes Oxides in the Quarter, showing an increase from the 105
ounces produced in the first quarter of 2023. There was no
production at the Bilboes Oxides in 2022.
The Bilboes Oxides was intended as a
small-scale, low-margin, short-term project which was primarily
justified by the benefits of pre-stripping in anticipation of the
development of the larger sulphide project.
The Company has previously withdrawn guidance
for the Bilboes Oxides and, in the absence of a reasonable prospect
of it making an overall cash contribution, the project will be
returned to care and maintenance with effect from October 1,
2023.
Mining and metallurgical processing will
continue at Bilboes Oxides until the end of September; thereafter
leaching of material that has already been deposited on the leach
pad will continue. Oxide mining and processing will resume when the
stripping of the waste for the sulphide project commences.
Commenting on the announcement, Mark
Learmonth, Chief Executive Officer, said:
“After an encouraging start to the second
quarter at Blanket, production was below expectations in May and
the first half of June.
“Management interventions to identify and
address the problems appear to have been successful and production
improved substantially in late June and early July. Production in
the first week of July was at a record level and was almost 400
ounces better than planned. Whilst we have much work to do to make
up for the production shortfall from the first six months, we are
confident that we will do so and we therefore re-iterate our
production guidance for 2023 of between 75,000 and 80,000 ounces of
gold.
“The outlook for the Bilboes Oxides is
insufficiently certain unless it is done in conjunction with the
waste stripping for the sulphide project. Accordingly, we have
decided to return this project to care and maintenance until the
work commences on the larger sulphide project when the remaining
oxide material will be mined and processed alongside the sulphide
ore. This outcome has no bearing on the quality of the much larger
sulphide project which was the sole reason for acquiring
Bilboes.”
This news release has
been approved by Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM,
AMMSA), Chief Operating Officer, the Company's qualified person as
defined by Canada's National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101").
Caledonia Mining Corporation PlcMark
LearmonthCamilla Horsfall |
Tel: +44 1534 679 802Tel: +44
7817 841793 |
Cenkos Securities plc (Nomad and Joint
Broker)Adrian HaddenNeil McDonaldPearl Kellie |
Tel: +44 207 397 1965Tel: +44 131
220 9771Tel: +44 131 220 9775 |
Liberum Capital Limited
(Joint Broker)Scott Mathieson/Kane Collings |
Tel: +44 20 3100 2000 |
BlytheRay Financial
PRTim Blythe/Megan Ray |
Tel: +44 207 138 3204 |
3PPBPatrick
ChidleyPaul Durham |
Tel: +1 917 991 7701Tel: +1 203
940 2538 |
Curate Public Relations
(Zimbabwe)Debra Tatenda |
Tel: +263 77802131 |
IH Securities (Private)
Limited (VFEX Sponsor - Zimbabwe)Dzika DhanaLloyd
Mlotshwa |
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 InformationInformation 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.
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
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