Financial Data and Key Metrics Changes - The net profit attributable to shareholders increased by 800%, from approximately $2.6 million to $23.3 million, largely due to foreign exchange gains [17][18] - The average realized gold price remained stable, with a slight premium from the gold stabilization price mechanism introduced by the Zimbabwe government [16] - Cash from operating activities was strong, totaling $2 million for the quarter and $8.4 million for the half year, with cash at the end of the quarter just under $8 million [20][31] Business Line Data and Key Metrics Changes - Gold production in the quarter was slightly lower than expected, primarily due to lower grades and tonnage, but the production guidance for the full year was not significantly affected [12][34] - The all-in sustaining cost per ounce decreased by about 25%, from over $700 to $534, reflecting reduced operating costs and efficiencies [13][19] Market Data and Key Metrics Changes - The royalty rate for gold producers was adjusted to a tiered basis, with a 5% rate if gold prices are above $1,200, and 3% if below, which is a positive development for investment in the sector [22] - The Zimbabwe dollar's devaluation led to significant foreign exchange gains, impacting the financial results positively [18][25] Company Strategy and Development Direction - The medium-term strategy aims to complete the Central Shaft project by mid-2020 and ramp up production to 80,000 ounces of gold per annum by 2022, which is expected to significantly increase cash flows [3][4] - The company is exploring opportunities to expand its footprint as a gold producer in Zimbabwe, focusing on brownfield properties that have been largely ignored for the past 20 years [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational environment in Zimbabwe, noting improvements in monetary and economic policies [38] - There are concerns regarding electricity supply stability, which has affected production, but efforts are being made to secure a more reliable power source [56][57] Other Important Information - The company plans to review its dividend policy as cash generation increases post-Central Shaft completion, with a current yield of about 4.6% [36] - The company has made significant investments in safety and operational efficiency initiatives, which are expected to enhance productivity [58][62] Q&A Session Summary Question: What are the expectations for production in the second half of the year? - Management indicated that production guidance was adjusted downwards due to severe interruptions in electricity supply and ongoing grade issues, but there is hope for improvement if conditions stabilize [34][42] Question: How is the company addressing safety and operational challenges? - The company has implemented a culture initiative focused on safe production, which has been positively received and is expected to improve morale and productivity [58][61]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.20549 FORM 20-F ANNUAL REPORT [ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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 ...

Caledonia Mining Corporation Plc (NYSE:CMCL) Q4 2018 Earnings Conference Call March 21, 2019 11:00 AM ET Company Participants Steve Curtis - CEO Mark Learmonth - CFO Dana Roets - COO Conference Call Participants Operator Hello and welcome to the Caledonia Mining Full Year Results. My name is Shawn and I’ll be your coordinator for today’s event. Please note, that this call is being recorded. For the duration of the duration of the call your lines will be on listen-only. [Operator instructions] I will now han ...