Caledonia Mining Corporation Plc Production Update and Record

ST HELIER, Jersey, Jan. 18, 2022 (GLOBE NEWSWIRE) — Caledonia Mining Corporation Plc (NYSE AMERICAN, AIM & VFEX: CMCL) (“Caledonia” or the “Company”) announces quarterly and annual gold production from the Blanket Mine in Zimbabwe (“Blanket”) for the quarter ended December 31, 2021 (“Q4 2021” or the “Quarter”). All production figures are expressed on a 100% basis and are based on the final dosage to the refiners.

Strong points

  • More than 2.4 million shifts without fatalities since 2018
  • Record total gold production in 2021 was 67,476 ounces, beating the company’s upwardly revised guidance and a 17% increase over 2020 annual production
  • Quarterly production of 18,604 ounces of gold; a 24% increase from 15,012 ounces in the fourth quarter of 2020
  • Gold production for 2022 is expected to be between 73,000 and 80,000 ounces

Commenting on the announcement, Steve Curtis, President and CEO, said:

“It was an outstanding performance and great teamwork. I would like to thank all of our employees for their hard work in achieving this result and for being able to exceed our revised annual production forecast.

“The commissioning of the center shaft, record gold production, and an ongoing commitment to safety, all in one year, is an outstanding achievement and a testament to the quality of Caledonia’s engineering team.

“Now that the central pit is complete, the company will also focus on other areas of its growth strategy, as we continue to assess investment opportunities, with a vision to become a multi-asset gold producer. .”

Requests:

Caledonia Mining Corporation Plc
Marc Learmonth
Camilla Horsfall
Tel: +44 1534 679 802
Tel: +44 7817 841793
WH Ireland
Adrian Hadden/Andrew De Andrade
Tel: +44 20 7220 1751
Blytheweigh Financial Public Relations
Tim Blythe/Megan Ray
Tel: +44 207 138 3204
3PPB
Patrick Chidley
Paul Durham
Tel: +1 917 991 7701
Tel: +1 203 940 2538
Pastor of Public Relations (Zimbabwe)
Debra Tatenda
Tel: +263 772802131


1 Refer to the technical report entitled “Caledonia Mining Corporation Plc NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe” dated May 17, 2021 prepared by Minxcon (Pty) Ltd and filed by the Company on SEDAR on May 26, 2021. M Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, is the Company’s Qualified Person as defined by NI 43-101 and has approved all scientific or technical information contained in this press release.

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No 596/2014 (“TUE”) as it forms part of UK national law under the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the company’s obligations under section 17 of MAR.

Caution Regarding Forward-Looking Information
Information and statements contained in this press release that are not historical facts are “forward-looking information” within the meaning of applicable securities laws that involve risks and uncertainties related to, 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”, “objective”, “plan”, “target”, “intend”, “estimate”. “, “could”, “should”, “may” and “will” or the negative form of these terms or similar words suggesting future results, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements regarding future events or performance. Examples of forward-looking information contained in this press release include: production forecasts, estimates of future/target production rates, and our plans and schedule for continued exploration, drilling and development. Such forward-looking information is based, in part, on assumptions and factors which may change or prove to be incorrect, causing actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking information. These factors and assumptions include, but are not limited to: the inability to establish estimated resources and reserves, the grade and recovery of mined ore varying from estimates, the success of future exploration and drilling programs , the reliability of the drilling, sampling and analysis data, the assumptions concerning the representativeness of the mineralization being inaccurate, the success of the metallurgical tests planned, the investment and operating costs varying considerably from the estimates, delays in obtaining or failure to obtain governmental, environmental or other approvals required for the project, inflation, currency exchange rate fluctuations, commodity price fluctuations, delays in project development and other factors.

Securityholders, potential securityholders and other potential investors should be aware that such 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. These factors include, but are not limited to: risks associated with mineral reserve and mineral resource estimates proving inaccurate, fluctuations in the price of gold, risks and hazards associated with exploration, mining development and operations, credit risks, creditworthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance or inability to obtain insurance to cover such risks and hazards, employee relations; relations with local communities and indigenous peoples and their claims; Political risk; risks related to natural disasters, terrorism, civil unrest, public health issues (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); the availability and increasing costs associated with mining inputs and labor; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining the necessary licenses and permits, the reduction in the quantities or grades of mineral reserves as exploitation progresses; global financial condition, actual results of ongoing exploration activities, changes in conclusions of economic assessments and changes in project parameters to address unforeseen economic or other factors, risks of increased costs of investment and operating risks, environmental, safety or regulatory risks, expropriation, the Company’s title to the properties, including ownership thereof, increased competition in the mining industry for the properties , equipment, qualified personnel and their costs, risks relating to the uncertainty of the timing of events, including the targeted increase in the rate of production and currency fluctuations. Securityholders, potential securityholders and other potential 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, which contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to publicly update or otherwise revise any forward-looking information, whether as a result of new information, future events or other factors that affect such information, except as required by law. .

This press release does not constitute an offer of Caledonia shares for sale in the United States or elsewhere. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of shares of Caledonia, in any province, state or jurisdiction where such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of such province, state or jurisdiction.