Caledonia Mining Plc(US:CMCL)2024-11-12 13:45Revenue and Profitability - Revenue for the three months ended September 30, 2024, was $46,868 thousand, an increase of 13.5% compared to $41,187 thousand for the same period in 2023[10] - Total revenue for the nine months ended September 30, 2024, was $135,503,000, an increase from $107,653,000 in the same period of 2023, representing a growth of approximately 25.9%[114] - Profit for the period for the nine months ended September 30, 2024, was $16,452 thousand, compared to $1,693 thousand for the same period in 2023, representing a significant increase[10] - The operating profit for the period ended September 30, 2024, was $31.1 million, compared to $12.6 million in 2023, representing a year-over-year increase of 147.5%[113] Expenses and Costs - Gross profit for the nine months ended September 30, 2024, was $56,061 thousand, up 81.5% from $30,926 thousand in the same period of 2023[10] - Administrative expenses for the three months ended September 30, 2024, increased to $3,954 thousand from $2,889 thousand in the same period of 2023[10] - The company reported administrative expenses of $10,229,000 for the nine months ended September 30, 2024, compared to $11,890,000 in the same period of 2023, reflecting improved cost management[114] - Production costs at Blanket Mine increased to $58,020,000 in 2024 from $50,170,000 in 2023, with notable rises in salaries and wages by 10.6% and consumable materials by 14.9%[45] - The company reported production costs of $60,505,000 for the nine months ended September 30, 2024, compared to $61,028,000 in the same period of 2023, showing a slight reduction in costs[114] Cash Flow and Financial Position - Net cash inflow from operating activities for the three months ended September 30, 2024, was $4,591,000, a decrease of 68.3% compared to $14,495,000 for the same period in 2023[26] - The net cash and cash equivalents at the end of the period decreased to $7,635,000 as of September 30, 2024, compared to $3,192,000 at the end of the same period in 2023[26] - Cash and cash equivalents stood at $7,204,000 as of September 30, 2024, compared to $6,708,000 at December 31, 2023, indicating an increase of approximately 7.4%[91] - The net cash inflow from operations for the nine months ended September 30, 2024, was $28,564,000, significantly higher than $11,393,000 for the same period in 2023, marking an increase of 151.5%[26] Assets and Equity - Total assets as of September 30, 2024, were $339,660 thousand, an increase from $328,303 thousand as of December 31, 2023[16] - Total equity as of September 30, 2024, was $271,864 thousand, compared to $264,192 thousand as of December 31, 2023, reflecting a growth in shareholder value[16] - As of September 30, 2024, total property, plant, and equipment increased to $264,205,000 from $248,124,000 at December 31, 2023, reflecting a growth of approximately 6.5%[82] Foreign Exchange and Financial Risks - The company reported a net foreign exchange loss of $9,282 thousand for the nine months ended September 30, 2024, compared to a loss of $2,334 thousand for the same period in 2023[10] - The official exchange rate of the new Zimbabwe Gold (ZiG) weakened from ZiG13.99:US$1 to ZiG24.88:US$1 between September 27 and September 30, 2024, leading to substantial foreign exchange losses[48] - A sensitivity analysis indicated that a 45% strengthening of the ZiG against the US Dollar could result in foreign exchange gains of $2,980,000[52] Shareholder Returns - Dividends paid increased to $3,430,000 for the three months ended September 30, 2024, up from $2,801,000 in the same period of 2023, representing a rise of 22.4%[26] - Dividends declared for the nine months ended September 30, 2024, totaled $10,330,000, compared to $10,264,000 in 2023, showing a slight increase of 1%[122] - Dividends of $2.7 million were declared in November 2024, scheduled for payment in December 2024[124] Operational Developments - The company has initiated a marketing process to sell the solar plant, with negotiations ongoing with a reputable global renewable energy operator[95] - The life of mine (LoM) estimate for Blanket Mine has been extended to 2041, which includes inferred resources based on the latest drilling results[99] - The company has implemented a new sales mechanism that allows for debt funding secured against offshore gold sales, reducing risks associated with single refining sources in Zimbabwe[118]