Caledonia Mining Plc(CMCL)

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Caledonia Mining Plc(CMCL) - 2022 Q3 - Quarterly Report
2022-11-09 16:00
Exhibit 99.1 1 Caledonia Mining Corporation Plc MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL INFORMATION To the Shareholders of Caledonia Mining Corporation Plc: Management has prepared the information and representations in this interim report. The unaudited condensed consolidated interim financial statements of Caledonia Mining Corporation Plc and its subsidiaries (the "Group") have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting ...
Caledonia Mining Plc(CMCL) - 2022 Q2 - Quarterly Report
2022-08-10 16:00
Exhibit 99.1 Caledonia Mining Corporation Plc MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL INFORMATION To the Shareholders of Caledonia Mining Corporation Plc: Management has prepared the information and representations in this interim report. The unaudited condensed consolidated interim financial statements of Caledonia Mining Corporation Plc and its subsidiaries (the "Group") have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting S ...
Caledonia Mining Plc(CMCL) - 2021 Q4 - Annual Report
2022-05-17 20:57
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 Date of e ...
Caledonia Mining Plc(CMCL) - 2022 Q1 - Earnings Call Transcript
2022-05-16 17:21
Caledonia Mining Corporation Plc. (NYSE:CMCL) Q1 2022 Earnings Conference Call May 16, 2022 10:00 AM ET Company Participants Steve Curtis – Chief Executive Officer Dana Roets – Chief Operating Officer Mark Learmonth – Chief Financial Officer Maurice Mason – Vice President, Corporate Development Camilla Horsfall – Vice President, Investor Relations Conference Call Participants Camilla Horsfall Welcome to our Q1 results [Indiscernible] Caledonia. You've got Steve Curtis our CEO, Mark Learmonth our CFO, Dana R ...
Caledonia Mining Plc(CMCL) - 2021 Q4 - Annual Report
2022-05-16 16:00
EXHIBIT 99.1 Caledonia Mining Corporation Plc Publication of Annual Report on Form 20-F exhibiting Technical Report Summaries ST HELIER, Jersey, May 17, 2022 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or the "Company") (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) 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, 2021 (the "Annual Report"). The Annual Re ...
Caledonia Mining Plc(CMCL) - 2021 Q4 - Earnings Call Transcript
2022-03-21 19:34
Caledonia Mining Corporation Plc (NYSE:CMCL) Q4 2021 Results Conference Call March 21, 2022 11:00 AM ET Company Participants Camilla Horsfall - VP, IR Steve Curtis - CEO Mark Learmonth - CFO Maurice Mason - VP, Corporate Development Conference Call Participants Camilla Horsfall Right. It’s 3:00 pm UK. So, I think we can go ahead and start. Hello everyone. Welcome to our Q4 Results Call for Shareholders. So, on the call from Caledonia, you have Steve Curtis, our CEO; Mark Learmonth, our CFO; Maurice Mason, o ...
Caledonia Mining Plc(CMCL) - 2022 Q1 - Quarterly Report
2022-03-16 16:00
[Management's Responsibility and Auditor's Report](index=1&type=section&id=Management's%20Responsibility%20and%20Auditor's%20Report) [Management's Responsibility for Financial Information](index=1&type=section&id=Management's%20Responsibility%20for%20Financial%20Information) Management confirms its responsibility for IFRS-compliant financial statements and effective internal controls overseen by the Audit Committee - Management has prepared the consolidated financial statements in accordance with **International Financial Reporting Standards (IFRS)**[2](index=2&type=chunk) - As of December 31, 2021, management concluded that the Group's **Internal Controls over Financial Reporting (ICOFR) were effective**[7](index=7&type=chunk) - The Audit Committee, comprising three independent non-executive directors, oversees management's financial reporting and internal control responsibilities[8](index=8&type=chunk) [Independent Auditor's Report](index=2&type=section&id=Independent%20Auditor's%20Report) The auditor issued an unqualified opinion on the IFRS-compliant financial statements, identifying the site restoration provision as a key audit matter - The auditor issued an **unqualified opinion**, confirming the financial statements present a fair view in accordance with IFRS[12](index=12&type=chunk) - The **site restoration provision**, with a carrying value of **$3.3 million**, was identified as a Key Audit Matter due to significant management judgment and estimation[15](index=15&type=chunk) - Audit procedures for the site restoration provision included using their own experts, performing sensitivity analysis, and challenging management's key assumptions[15](index=15&type=chunk)[16](index=16&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) [Consolidated statements of profit or loss and other comprehensive income](index=7&type=section&id=Consolidated%20statements%20of%20profit%20or%20loss%20and%20other%20comprehensive%20income) The Group's 2021 revenue grew 21.3% to $121.3 million, though net profit declined to $23.1 million due to higher operating expenses Key Profit & Loss Figures (in thousands of USD) | Metric | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Revenue** | 121,329 | 100,002 | 75,826 | | **Gross Profit** | 54,074 | 46,656 | 31,138 | | **Operating Profit** | 38,360 | 40,735 | 60,889 | | **Profit for the year** | 23,142 | 25,257 | 50,401 | | **Basic EPS ($)** | 1.49 | 1.73 | 3.82 | | **Diluted EPS ($)** | 1.48 | 1.73 | 3.81 | [Consolidated statements of financial position](index=8&type=section&id=Consolidated%20statements%20of%20financial%20position) Total assets grew to $210.9 million and total equity increased to $180.6 million, reflecting retained profits and asset growth Key Balance Sheet Figures (in thousands of USD) | Metric | As at Dec 31, 2021 | As at Dec 31, 2020 | | :--- | :--- | :--- | | **Total Non-Current Assets** | 157,944 | 133,334 | | **Total Current Assets** | 52,933 | 44,586 | | **Total Assets** | **210,877** | **177,920** | | **Total Equity** | **180,556** | **158,043** | | **Total Non-Current Liabilities** | 12,633 | 9,913 | | **Total Current Liabilities** | 17,688 | 9,964 | | **Total Liabilities** | **30,321** | **19,877** | | **Total Equity and Liabilities** | **210,877** | **177,920** | [Consolidated statements of changes in equity](index=9&type=section&id=Consolidated%20statements%20of%20changes%20in%20equity) Total equity grew to $180.6 million, driven by net profit and share issuances, partially offset by dividend payments Equity Movement for 2021 (in thousands of USD) | Description | Amount | | :--- | :--- | | **Balance at Dec 31, 2020** | **158,043** | | Profit for the year | 23,142 | | Other comprehensive income | (531) | | Dividends declared | (8,069) | | Shares issued (Options & Equity Raise) | 7,971 | | **Balance at Dec 31, 2021** | **180,556** | [Consolidated statements of cash flows](index=11&type=section&id=Consolidated%20statements%20of%20cash%20flows) Operating cash flow remained stable, while increased investing activities led to a net cash decrease of $2.6 million Key Cash Flow Figures (in thousands of USD) | Metric | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Net cash from operating activities** | 30,903 | 30,962 | 18,060 | | **Net cash used in investing activities** | (35,923) | (27,998) | (19,024) | | **Net cash from (used in) financing activities** | 2,372 | 7,334 | (1,225) | | **Net (decrease) / increase in cash** | (2,648) | 10,298 | (2,189) | | **Net cash and cash equivalents at year end** | 16,265 | 19,092 | 8,893 | [Notes to the Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Note 4: Significant accounting policies](index=17&type=section&id=Note%204%20Significant%20accounting%20policies) The Group's key accounting policies under IFRS include USD functional currency, unit-of-production depreciation, and specific revenue recognition criteria - The functional currency for the Company and most subsidiaries is the **US Dollar**, while the South African subsidiary uses the South African Rand (ZAR)[86](index=86&type=chunk) - Depreciation of mine development and infrastructure is calculated using the **unit-of-production method** based on the Life-of-Mine Plan (LoMP)[119](index=119&type=chunk) - Revenue from precious metals sales is recognized when the **metal is accepted at the refinery**[152](index=152&type=chunk) [Note 5: Blanket Zimbabwe Indigenisation Transaction](index=32&type=section&id=Note%205%20Blanket%20Zimbabwe%20Indigenisation%20Transaction) The Group consolidates Blanket Mine despite 51% indigenous ownership, with its direct stake now at 64% after a 2020 repurchase - In 2012, indigenous Zimbabweans acquired a **51% ownership in Blanket Mine** for $30.09 million, with the Group vendor-funding the transaction[174](index=174&type=chunk) - On January 20, 2020, the Company completed the purchase of Fremiro's 15% shareholding in Blanket Mine, **increasing its stake to 64%**[179](index=179&type=chunk) Facilitation Loan Balances (in thousands of USD) | | 2021 | 2020 | | :--- | :--- | :--- | | **Balance at January 1** | 19,175 | 30,974 | | Cancellation of Fremiro loan | – | (11,458) | | Finance cost accrued | 1,313 | 1,396 | | Dividends used to repay loan | (3,776) | (1,737) | | **Balance at December 31** | **16,712** | **19,175** | [Note 7: Revenue and Production](index=35&type=section&id=Note%207%20Revenue) Revenue reached $121.3 million in 2021, driven by increased gold production of 67,476 ounces and a higher realized price Revenue and Production Metrics | Metric | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Revenue ($'000)** | 121,329 | 100,002 | 75,826 | | **Gold produced (oz)** | 67,476 | 57,899 | 55,182 | | **Realised gold price ($/oz)** | 1,766 | 1,749 | 1,382 | | **Tonnes milled** | 665,628 | 597,962 | 556,331 | | **Grade (g/t)** | 3.36 | 3.21 | 3.31 | [Note 10: Other expenses](index=36&type=section&id=Note%2010%20Other%20expenses) Other expenses rose to $7.1 million in 2021, primarily due to a $3.8 million impairment of exploration and evaluation assets - An **impairment of exploration and evaluation assets of $3.8 million** was recognized in 2021, compared to $2.9 million in 2020[193](index=193&type=chunk) - An **expected credit loss of $761,000** was recorded on the deferred consideration from the disposal of a subsidiary[193](index=193&type=chunk) - **COVID-19 related donations decreased significantly** to $74,000 in 2021 from $1.3 million in 2020[193](index=193&type=chunk) [Note 14: Derivative financial instruments](index=40&type=section&id=Note%2014%20Derivative%20financial%20instruments) The Group entered new derivative agreements, including a gold loan and call options, resulting in a $3.1 million liability at year-end - On December 13, 2021, the Company entered into a **gold loan agreement, receiving $3 million**, and granted call options on 6,000 ounces of gold[225](index=225&type=chunk)[226](index=226&type=chunk) - The gold loan requires two deliveries of 925 ounces each in May and June 2022, while the call options have a **strike price of $2,000/oz**[226](index=226&type=chunk) Derivative Financial Liabilities at Dec 31, 2021 (in thousands of USD) | Derivative Liability | Fair Value | | :--- | :--- | | Gold loan | 2,866 | | Call option | 229 | | **Total** | **3,095** | [Note 18: Property, plant and equipment](index=48&type=section&id=Note%2018%20Property%2C%20plant%20and%20equipment) PP&E increased to $149.1 million, reflecting $31.3 million in additions for mine development, a solar plant, and Central Shaft commissioning - Total additions to PP&E in 2021 were **$31.3 million**, with $19.4 million relating to capital work in progress (CWIP)[243](index=243&type=chunk) - The company is constructing a **12MWac solar plant**, with costs of $1.6 million added in 2021 and completion expected in Q2 2022[243](index=243&type=chunk) - **$18.5 million related to the Central Shaft** was reallocated from assets under construction to other PP&E classes upon its commissioning[243](index=243&type=chunk) [Note 19: Exploration and evaluation assets](index=51&type=section&id=Note%2019%20Exploration%20and%20evaluation%20assets) E&E assets increased to $8.6 million, driven by the $4 million Maligreen acquisition and offset by a $3.8 million Glen Hume impairment - Acquired the **Maligreen project for $4 million**, which has an estimated NI 43-101 compliant inferred mineral resource of approximately **940,000 ounces of gold**[251](index=251&type=chunk)[253](index=253&type=chunk) - **Impaired the Glen Hume property for $3.8 million** after exploration work indicated it would not meet the company's requirements for size, grade, and width[251](index=251&type=chunk)[261](index=261&type=chunk) - The company holds an option to purchase the **Connemara North property**, exercisable until May 2022, and is conducting exploratory work[256](index=256&type=chunk) [Note 25: Share capital](index=56&type=section&id=Note%2025%20Share%20capital) Share capital increased to $82.7 million following a $7.8 million equity raise on the Victoria Falls Stock Exchange (VFEX) - Raised gross proceeds of **$7.8 million** by issuing 619,783 depository receipts on the **Victoria Falls Stock Exchange (VFEX)** in December 2021[278](index=278&type=chunk) Share Capital Movement 2021 | Description | Number of Shares | Amount ($'000) | | :--- | :--- | :--- | | **Balance at Dec 31, 2020** | **12,118,823** | **74,696** | | Options exercised | 18,000 | 165 | | Equity raise (VFEX) | 619,783 | 7,806 | | **Balance at Dec 31, 2021** | **12,756,606** | **82,667** | [Note 33: Financial Instruments and risk management](index=61&type=section&id=Note%2033%20Financial%20Instruments%20and%20risk%20management) The Group manages credit, liquidity, currency, and market risks, with key exposures to a single gold buyer and ZAR fluctuations - Credit risk is primarily from gold sales to a **single customer, Fidelity Printers and Refiners Limited**, in Zimbabwe[306](index=306&type=chunk) - The Group is exposed to **currency risk**, particularly from ZAR-denominated assets and liabilities held by its South African subsidiary[315](index=315&type=chunk)[318](index=318&type=chunk) - **Market risk from gold price fluctuations** is managed through hedging, with a 5% price change affecting derivative liabilities by approximately $0.15 million[324](index=324&type=chunk)[327](index=327&type=chunk) [Note 34: Dividends](index=66&type=section&id=Note%2034%20Dividends) The company continued its policy of increasing quarterly dividends, paying a total of $6.1 million to its owners in 2021 Quarterly Dividend per Share History (2021) | Declaration Date | Cents per Share | | :--- | :--- | | January 14, 2021 | 11.00 | | April 15, 2021 | 12.00 | | July 15, 2021 | 13.00 | | October 14, 2021 | 14.00 | - Total dividends paid to owners of the Company in 2021 were **$6,068,000**, up from $3,887,000 in 2020[329](index=329&type=chunk) [Note 38: Operating Segments](index=68&type=section&id=Note%2038%20Operating%20Segments) The Zimbabwe segment generates all external revenue ($121.3 million) and the majority of profit, with all sales to a single customer 2021 Segment Performance (in thousands of USD) | Metric | Zimbabwe | South Africa | Total | | :--- | :--- | :--- | :--- | | **Revenue** | 121,329 | – | 121,329 | | **Profit before tax** | 47,119 | 1,307 | 37,999 | | **Segment Assets (Current)** | 34,440 | 2,457 | 52,933 | | **Segment Assets (Non-Current)** | 159,612 | 2,315 | 157,944 | - **All revenue from operations is generated in Zimbabwe**[343](index=343&type=chunk) - Revenue from the **single major customer, Fidelity**, amounted to **$121.3 million** for the year ended December 31, 2021[347](index=347&type=chunk) [Note 40: COVID-19](index=71&type=section&id=Note%2040%20COVID-19) COVID-19 delayed the Central Shaft project, impacting 2021 production, but the 2022 target of 80,000 ounces remains intact - The **Central Shaft project was delayed** due to COVID-19 restrictions, with commissioning moved from Q4 2020 to Q1 2021[353](index=353&type=chunk) - The delay impacted 2021 production but the target of **80,000 ounces of production from 2022 is maintained**[353](index=353&type=chunk) - Management believes the Group's supply chain and inventory levels are adequate and the pandemic **does not affect the going concern assumption**[351](index=351&type=chunk) [Note 41: Subsequent events](index=72&type=section&id=Note%2041%20Subsequent%20events) Post year-end, the company entered a new gold hedge and will recognize a $463,000 impairment on the Connemara North claims - On February 17, 2022, the Company entered into a **zero-cost cap and collar hedge** for 4,000 ounces of gold per month from March to July 2022[356](index=356&type=chunk) - The company decided **not to exercise its option over the Connemara North claims** after exploration results did not meet strategic objectives[358](index=358&type=chunk) - The decision on Connemara North will lead to an **impairment of the Exploration and Evaluation asset by $463,000** in Q1 2022[358](index=358&type=chunk)
Caledonia Mining Plc(CMCL) - 2021 Q3 - Quarterly Report
2021-11-11 16:00
Exhibit 99.2 CALEDONIA MINING CORPORATION PLC November 11, 2021 Management's Discussion and Analysis This management's discussion and analysis ("MD&A") of the consolidated operating results and financial position of Caledonia Mining Corporation Plc ("Caledonia" or the "Company") is for quarter ended September 30, 2021 ("Q3 2021" or the "Quarter"). It should be read in conjunction with the Unaudited Interim Financial Statements of Caledonia for the Quarter (the "Unaudited Interim Financial Statements") which ...
Caledonia Mining Plc(CMCL) - 2021 Q2 - Earnings Call Transcript
2021-08-14 02:22
Caledonia Mining Corporation Plc (NYSE:CMCL) Q2 2021 Earnings Conference Call August 12, 2021 1:30 PM ET Company Participants Camilla Horsfall - Vice President of Investor Relations Steven Curtis - Chief Executive Officer Mark Learmonth - Chief Financial Officer Maurice Mason - Vice President of Corporate Development Dana Roets - Chief Operating Officer Conference Call Participants Operator Camilla Horsfall Hello, everybody. Welcome to our Q2 results Call for shareholders. So, on the call from Caledonia, yo ...
Caledonia Mining Plc(CMCL) - 2021 Q2 - Quarterly Report
2021-06-29 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 Of the Securities Exchange Act of 1934 For the month of June 2021 Commission File Number: 001-38164 CALEDONIA MINING CORPORATION PLC (Translation of registrant's name into English) B006 Millais House Castle Quay St Helier Jersey JE2 3EF (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under c ...