Core Viewpoint - Caledonia Mining Corporation Plc has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] Group 1 - The Annual Report is accessible on the SEC's website and the Company's official website [1]

Financial Performance and Capital Expenditure - Caledonia Mining Corporation raised gross proceeds of $10.8 million by issuing 781,749 depository interests and $5.9 million by issuing 425,765 depository receipts in the first two quarters of 2023[145]. - The anticipated cost of the new Tailings Storage Facility (TSF) is $25.1 million, to be incurred over three years (2024: $11.4 million, 2025: $5.4 million, 2026: $8.3 million)[158]. - Total capital expenditure at Blanket for 2024 amounted to $27.9 million, compared to a planned expenditure of $30.8 million, with $2.9 million moved to 2025[160]. - The 2025 capital expenditure program totals $41.0 million, with $34.1 million allocated to Blanket and $6.3 million at Bilboes and Motapa[161]. - Caledonia issued solar bonds valued at $12.0 million with a 9.5% interest rate, of which $11.5 million have been issued to Zimbabwean commercial entities[168]. Production and Mining Operations - Total gold production at Blanket Mine for 2024 was 76,656 oz, an increase from 75,416 oz in 2023, but a decrease from 80,775 oz in 2022[176]. - The underground drilling program in 2024 totaled 14,593 meters, a 9.9% increase from 13,280 meters in 2023, indicating improved exploration capabilities[177]. - The metallurgical plant at Blanket Mine achieved a recovery rate of 93.6% in 2024, slightly down from 93.8% in 2023, with a record milling of 797,479 tonnes of ore[203][204]. - The company aims to increase gold production to 80,000 oz from 2024 onward through its investment plan at Blanket Mine[175]. - The mine employs two mining methods: long-hole stoping for wider deposits and underhand stoping for narrower deposits[251]. Safety and Environmental Management - Safety statistics showed a decrease in the Total Injury Frequency Rate to 0.88 in 2024 from 0.96 in 2023, reflecting improved safety management practices[208]. - The mine has completed an Environmental Impact Assessment (EIA) for its solar plant and holds EIA certificates for both old and new tailings storage facilities[286]. Community Engagement and Social Responsibility - The company reported total payments to the Zimbabwe government and community initiatives amounting to $23.745 million in 2024, an increase from $21.228 million in 2023[214]. - The community and social responsibility (CSR) investment for 2024 was $1.291 million, compared to $1.491 million in 2023[214]. - The completion of renovations for the Sitezi Secondary School's science laboratory and the maternity clinic is expected to enhance local educational and health facilities[215]. - The company drilled four boreholes in 2023, which were connected to the national electricity grid in early 2024 to ensure stable water supply for community irrigation[215]. Mineral Resources and Reserves - The Blanket Mine's mineral resources are estimated using a cut-off grade of 1.5 g/t based on a long-term gold price of $2,150/oz[236]. - Total Measured and Indicated Mineral Resources at Blanket Mine amount to 46.77 million tonnes with an average grade of 2.30 g/t, containing 3,457 koz of gold[239]. - The total Proven and Probable Mineral Reserves at Blanket Mine are 4.37 million tonnes with an average grade of 3.3 g/t, containing 457 koz of gold[242]. - The total mineral reserves as of December 31, 2024, are 4,368 Kt at an average grade of 3.29 g/t, containing approximately 456 Koz of gold, which is an 11% decrease in tonnes and a 12% decrease in ounces from December 31, 2023[316][318]. Acquisitions and Strategic Developments - The company completed the acquisition of Bilboes Gold Limited on January 6, 2023, enhancing its asset portfolio[145]. - The company has acquired the Bilboes Project for $65.7 million, with net assets valued at $74.9 million as of December 31, 2024[326]. - The Bilboes oxide mine was placed on care and maintenance as of September 30, 2023, while leaching activities will continue as long as they remain cash positive[335]. Infrastructure and Technological Advancements - The installation of a new conveyor and crushing system at Blanket Mine was completed in November 2022, enhancing operational efficiency[205]. - A solar power plant supplying 12 MW AC was installed and commissioned by February 2023 to supplement the existing power supply[275]. - The mine's water extraction rate is authorized at USD $0.17/m3 under a contract with the Zimbabwe National Water Authority[282].

Financial Data and Key Metrics Changes - Gold revenue for Q1 2025 was $56 million, up 46% compared to the same quarter last year, driven by strong production and a higher average realized gold price of just under $2,900 per ounce, which was up 42% [14][15] - Production increased to 19,000 ounces of gold, a 9% rise from the previous year’s quarter [14] - Gross profit reached a record $26.9 million, up 95% year-over-year [15][16] - Net cash from operating activities more than doubled to $13.3 million compared to $4.9 million in the comparative quarter [25][26] - The net cash position improved to negative $4.6 million from negative $14.2 million in the previous year [26][28] Business Line Data and Key Metrics Changes - The operational performance was strong, with a focus on health and safety, leading to record production levels [30] - The company implemented initiatives to decouple mining from processing, which contributed to improved production consistency [31][32] - The average grade of gold produced improved from 2.78 grams per tonne to 3.3 grams per tonne by the end of the quarter [34][36] Market Data and Key Metrics Changes - The company benefited from a higher gold price environment, which positively impacted revenue and profit margins [14][15] - Increased royalty payments were noted due to higher gold prices, which rose by 47% [15] Company Strategy and Development Direction - The company is focused on disciplined growth, maintaining production levels, and exploring new opportunities [82] - There is an emphasis on optimizing project economics and minimizing equity dilution for future developments, particularly regarding the Billbows project [52][54] - The exploration budget for Matapa is set at just under $3 million, with plans for significant drilling to increase resources [70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and the potential for continued growth, particularly in Zimbabwe, which is viewed as a favorable mining jurisdiction [11][12] - The management team highlighted the importance of cost control measures and ongoing initiatives to improve operational efficiency [39][42] Other Important Information - The company has made changes to its board and management team to strengthen its leadership [6][8] - Safety initiatives have been a key focus, with a reduction in incidents reported [49] Q&A Session Summary Question: Inquiry about longer-term mine development aspects - Management was asked about the status of longer-term mine development, including declines and other work being done [89]

Financial Data and Key Metrics Changes - Gold revenue for Q1 2025 was $56 million, up 46% compared to the same quarter last year, driven by strong production and a higher average realized gold price of just under $2,900 per ounce, which was up 42% [16][29] - Gross profit reached a record $26.9 million, representing a 95% increase year-over-year [18][29] - Net cash from operating activities more than doubled to $13.3 million compared to $4.9 million in the comparative quarter [28][29] - The net cash position improved to negative $4.6 million at the end of the quarter, compared to negative $14.2 million in the same period last year [29] Business Line Data and Key Metrics Changes - Production increased to 19,000 ounces of gold, up from 17,500 ounces in the comparable quarter, reflecting a strong operational performance [5][16] - Production costs rose to $22.6 million, up 19% year-over-year, primarily due to higher labor, power, and consumables costs [18][29] Market Data and Key Metrics Changes - The company realized an average gold price of just under $2,900 per ounce, which significantly contributed to revenue growth [16][18] - Higher royalty payments were noted, increasing by 47% due to the rise in gold prices [16] Company Strategy and Development Direction - The company is focused on disciplined growth, maintaining production levels, and exploring new opportunities to extend the life of the Blanket mine [87][88] - There is an emphasis on optimizing project economics and minimizing equity dilution for the Billbows project, with ongoing feasibility studies to identify cost-saving opportunities [56][61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and the potential for continued growth, citing a strong cash position following the sale of the solar plant [31] - The management team highlighted the importance of cost control initiatives and the positive impact of recent strategic decisions on production and safety [44][51] Other Important Information - The company has made significant changes to its board and management team to strengthen its leadership [6][7] - Safety initiatives have been prioritized, resulting in a reduction of incidents and a commitment to a proactive safety culture [51][53] Q&A Session Summary Question: Long-term aspects of mine development - The management was asked about the longer-term aspects of mine development, including declines and other work being done [92][94]

Financial Performance - Declared a dividend of 14 cents[13] - Gross profit increased by 95% to $26.926 million in Q1 2025, compared to $13.815 million in Q1 2024[13, 17] - Average gold price increased by 42% to $2,896 per ounce in Q1 2025, compared to $2,040 per ounce in Q1 2024[13, 17] - Revenue increased by 46% to $56.178 million in Q1 2025, compared to $38.528 million in Q1 2024[17] - Net profit attributable to shareholders increased by 500% to $8.915 million in Q1 2025, compared to $1.486 million in Q1 2024[17] - Adjusted earnings per share increased by 503% to 58.5 cents in Q1 2025, compared to 9.7 cents in Q1 2024[17] Operational Performance - Gold production increased by 9% to 19,106 ounces in Q1 2025, compared to 17,476 ounces in Q1 2024[17] - Blanket TIFR decreased by 33% from 0.9 to 0.6[17] - The mining team achieved 111% of budget for tonnes broken and 107% for tonnes hoisted in Q1[40] Projects and Exploration - Proceeds from the sale of solar plant amounted to $22.35 million[14] - Focus on defining sulphide mineral resource >250Koz at Motapa North[60]

Core Viewpoint - Caledonia Mining Corporation reported strong Q1 2025 results, driven by increased gold production and higher gold prices, demonstrating operational resilience and strategic growth potential [2][5][11]. Financial Highlights - Revenue for Q1 2025 was $56.2 million, a 46% increase from $38.5 million in Q1 2024, attributed to higher sales and a 42% rise in average realized gold price to $2,896 per ounce [8][11]. - Gross profit nearly doubled to $26.9 million, resulting in a gross margin of 48% compared to 36% in Q1 2024 [11]. - Net profit attributable to shareholders surged to $8.9 million, a 493% increase from $1.5 million in Q1 2024, with adjusted EPS rising to 58.5 cents from 9.7 cents [8][12]. Operational Highlights - Gold production reached 19,106 ounces, a 9.3% increase from 17,476 ounces in Q1 2024, with Blanket Mine producing 18,671 ounces [8][15]. - The on-mine cost per ounce increased by 12.9% to $1,202, while the all-in sustaining cost (AISC) rose to $1,797 per ounce, reflecting higher production costs [13][8]. - Continued progress on the Bilboes feasibility study and a $2.8 million exploration program launched at Motapa [8][17]. Cash Flow and Financial Position - Net cash from operating activities more than doubled to $13.3 million, improving the net cash position to negative $4.6 million from negative $14.2 million in Q1 2024 [14][8]. - Following the solar plant sale, the pro forma net cash position improved to $18.6 million, enhancing financial flexibility for growth initiatives [6][14]. Strategic Focus - The company is focused on maximizing profitable production at Blanket, optimizing the Bilboes project economics, and unlocking exploration potential at Motapa [6][19]. - Capital expenditure for 2025 is forecasted at $41.0 million, fully funded from existing cash reserves and operating cash flow [20].

Core Viewpoint - Caledonia Mining Corporation Plc is set to release its operating and financial results for Q1 2025 on May 12, 2025, with a remote presentation for analysts and investors scheduled for the same day at 2:00pm London time [1]. Group 1 - The results presentation will be accessible on Caledonia's official website [2]. - A registration link for the Q1 2025 Results Call for Investors is provided, indicating a structured approach to investor engagement [3].

Core Viewpoint - Caledonia Mining Corporation has reported a record gold production of over 18,500 ounces for Q1 2025, marking a strong start to the year despite traditionally being the weakest quarter [3][7]. Production Performance - The quarterly gold production reached 18,671 ounces, surpassing the 17,050 ounces produced in Q1 2024 [7]. - This production figure sets a new first-quarter record, exceeding the previous high of 18,515 ounces achieved in Q1 2022 [7]. - Tonnes milled during the quarter were 201,755 tonnes, which is 23,793 tonnes (13.4%) above expectations [7]. - The surface stockpile increased significantly to approximately 15,000 tonnes, indicating that run-of-mine production is exceeding milling capacity [7]. Future Outlook - The company remains on track to achieve its gold production guidance of 74,000-78,000 ounces for the year [7]. - The strong performance in Q1 2025 is attributed to operational improvements and a strong gold price, positioning the company to generate healthy cash flows and continue investing in growth projects [4].

Core Viewpoint - Caledonia Mining Corporation has achieved a record gold production of over 18,500 ounces in Q1 2025, setting a strong foundation for the year ahead, particularly in light of traditionally weaker first-quarter performance [3][7]. Production Highlights - Q1 2025 gold production reached 18,671 ounces, surpassing the previous year's Q1 production of 17,050 ounces and exceeding the prior record of 18,515 ounces set in Q1 2022 [7]. - The tonnes milled during the quarter were 201,755 tonnes, which is 23,793 tonnes (13.4%) above expectations [7]. - The surface stockpile increased significantly to approximately 15,000 tonnes, indicating that run-of-mine production is exceeding milling capacity [7]. Financial Outlook - The company is well-positioned to generate healthy cash flows due to a strong gold price and plans to continue investing in growth projects [4]. - Caledonia remains on track to achieve its annual gold production guidance of 74,000-78,000 ounces for the year [7].

Core Viewpoint - Caledonia Mining Corporation has successfully completed the sale of its solar plant in Zimbabwe for $22.35 million, allowing the company to strengthen its cash position and focus on its core gold mining operations [1][5][6]. Financial Summary - The sale of the solar plant was finalized on April 11, 2025, with a pre-tax cash consideration of $22.35 million [1]. - Prior to the sale, Caledonia's consolidated net debt was $3.8 million, down from $8.7 million at the end of 2024. After the sale, the pro forma consolidated net cash balance is projected to be $18.6 million [4]. Operational Impact - The solar plant, which has been operational since February 2023, has generated over 57,722 MWh of power and will continue to supply energy to Blanket Mine under an exclusive power purchase agreement [3][6]. - The sale aligns with Caledonia's strategy to focus on gold mining while ensuring that Blanket Mine retains access to renewable energy, meeting approximately 20% of its daily electricity needs [2][6]. Strategic Context - The decision to sell the solar plant was made following a competitive bidding process, allowing Caledonia to reallocate capital towards growth initiatives in its core business [2]. - The construction of the solar plant was initially financed through a share offering that raised $13 million in 2020 [3].