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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Caledonia Mining Corporation Plc | AMEX:CMCL | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.20 | 2.05% | 9.97 | 10.11 | 9.78 | 9.84 | 35,202 | 21:15:06 |
Financial Highlights for the Quarter ended June 30, 2022
Operating Highlights
Other highlights – Transaction to acquire the Bilboes gold project
Outlook
Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:
“This has been a terrific quarter and, indeed, half year with second quarter production of just over 20,000 ounces which set a record for any quarter. The first half of 2022 exceeded our expectations and we have now achieved our quarterly production target. Excellent production, along with a higher gold price and good cost control, has contributed to a 321% increase in IFRS earnings per share and a 31% increase in net cash from operating activities over the comparable quarter in 2021.
“In July, Caledonia announced that it had signed an agreement to purchase Bilboes Gold Limited, which is the holding company for a large, high-grade, open-pittable gold resource. We have followed the progress of the project for several years and believe that Bilboes is the premier gold development project in Zimbabwe, and indeed one of the best gold development projects in Africa.
“The completion of the transaction is subject to several conditions, but once achieved we can prepare a feasibility study to identify the most judicious way to commercialise the project with regard to the availability of funding on acceptable terms. Caledonia also intends to re-start the oxides operation at Bilboes under a tribute arrangement before completion of the transaction with a view to creating a cash-generative operation within approximately six months.
“Our immediate strategic focus continues to be on Blanket and we are on track to meet our target production of between 73-80,000 ounces of gold for this year, with first half production of 38,605 ounces of gold. We will also continue to reduce our operating costs and increase the flexibility to undertake further development and exploration, thereby safeguarding and enhancing Blanket’s long-term future.
“The proposed acquisition of Bilboes also builds on the recent acquisition of the Maligreen claims, where we continue to evaluate the existing geological information and are focused on increasing the confidence of the resource base. Caledonia will also consider other investment opportunities in the Zimbabwe gold sector within the constraints of its financing and management capacity.
“2022 has been an outstanding year so far and I would like to thank the team for their continued hard work.”
Caledonia will host an online presentation and Q&A session open to all investors on 12 August 2022 at 14:00 London Time
The Zoom details for this call are set out below.
Topic: Q2 2022 Results Call for Shareholders.
Please click the link below to join the webinar:https://caledoniamining.zoom.us/j/95386976088?pwd=NDV4OFFaU2syMnNzeG42Y2FUcGswUT09
Webinar ID: 953 8697 6088Passcode: 147538
International numbers available: https://caledoniamining.zoom.us/u/afzb3xKSY
Enquiries:
Caledonia Mining Corporation PlcMark LearmonthCamilla Horsfall | Tel: +44 1534 679 800Tel: +44 7817 841 793 |
Cenkos Securities plc (Nomad and Joint Broker)Adrian HaddenNeil McDonaldPearl Kellie | Tel: +44 207 397 1965Tel: +44 131 220 9771Tel: +44 131 220 9775 |
Liberum Capital Limited (Joint Broker)Scott Mathieson/Kane Collings | Tel: +44 20 3100 2000 |
BlytheRay Financial PR (UK)Tim Blythe/Megan Ray | Tel: +44 207 138 3204 |
3PPB (Financial PR, North America)Patrick ChidleyPaul Durham | Tel: +1 917 991 7701Tel: +1 203 940 2538 |
Curate Public Relations (Zimbabwe)Debra Tatenda | Tel: +263 77802131 |
IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)Lloyd Mlotshwa | Tel: +263 (242) 745 119/33/39 |
Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Cautionary Note Concerning Forward-Looking InformationInformation and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, 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”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, and our plans and timing regarding further exploration and drilling and development. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.
Security holders, potential security holders and other prospective investors should be aware that these 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. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations. Security holders, potential security holders and other prospective 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, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction.
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (unaudited) | ||||||||||
3 months ended | 6 months ended | |||||||||
($’000’s) | June 30 | June 30 | ||||||||
2021 | 2022 | 2021 | 2022 | |||||||
Revenue | 29,977 | 36,992 | 55,697 | 72,064 | ||||||
Royalty | (1,503 | ) | (1,854 | ) | (2,792 | ) | (3,612 | ) | ||
Production costs | (12,362 | ) | (14,502 | ) | (25,219 | ) | (28,861 | ) | ||
Depreciation | (2,199 | ) | (2,639 | ) | (3,392 | ) | (4,702 | ) | ||
Gross profit | 13,913 | 17,997 | 24,294 | 34,889 | ||||||
Other income | 7 | 1 | 30 | 3 | ||||||
Other expenses | (3,883 | ) | (490 | ) | (4,141 | ) | (1,283 | ) | ||
Administrative expenses | (1,745 | ) | (2,908 | ) | (3,355 | ) | (5,279 | ) | ||
Net foreign exchange (loss)/gain | (345 | ) | 4,172 | (72 | ) | 5,081 | ||||
Cash-settled share-based expense | (31 | ) | 57 | (183 | ) | (310 | ) | |||
Equity-settled share-based expense | - | - | - | (82 | ) | |||||
Derivative financial instrument gain/(expense) | 7 | 41 | (107 | ) | (1,697 | ) | ||||
Operating profit | 7,923 | 18,870 | 16,466 | 31,322 | ||||||
Net finance costs | (223 | ) | (175 | ) | (341 | ) | (291 | ) | ||
Profit before tax | 7,700 | 18,695 | 16,125 | 31,031 | ||||||
Tax expense | (3,893 | ) | (5,314 | ) | (6,895 | ) | (10,033 | ) | ||
Profit for the period | 3,807 | 13,381 | 9,230 | 20,998 | ||||||
Other comprehensive income | ||||||||||
Items that are or may be reclassified to profit or loss | ||||||||||
Exchange differences on translation of foreign operations | 383 | (852 | ) | 181 | (159 | ) | ||||
Total comprehensive income for the period | 4,190 | 12,529 | 9,411 | 20,839 | ||||||
Profit attributable to: | ||||||||||
Owners of the Company | 2,694 | 11,378 | 7,244 | 17,318 | ||||||
Non-controlling interests | 1,113 | 2,003 | 1,986 | 3,680 | ||||||
Profit for the period | 3,807 | 13,381 | 9,230 | 20,998 | ||||||
Total comprehensive income attributable to: | ||||||||||
Owners of the Company | 3,077 | 10,526 | 7,425 | 17,159 | ||||||
Non-controlling interests | 1,113 | 2,003 | 1,986 | 3,680 | ||||||
Total comprehensive income for the period | 4,190 | 12,529 | 9,411 | 20,839 | ||||||
Earnings per share (cents) | ||||||||||
Basic | 21.1 | 87.7 | 58.4 | 132.3 | ||||||
Diluted | 21.1 | 87.7 | 58.4 | 132.3 | ||||||
Adjusted earnings per share (cents) | ||||||||||
Basic | 62.6 | 56.2 | 114.2 | 118.8 | ||||||
Dividends declared per share (cents) | 12.0 | 14.0 | 23.0 | 28.0 |
Condensed Consolidated Statement of Cash Flows (unaudited) | ||||||||||
($’000’s) | ||||||||||
3 months ended | 6 months ended | |||||||||
June 30 | June 30 | |||||||||
2021 | 2022 | 2021 | 2022 | |||||||
Cash flows from operating activities | ||||||||||
Cash generated from operations | 14,987 | 18,341 | 17,537 | 30,185 | ||||||
Interest paid | (124 | ) | (59 | ) | (247 | ) | (89 | ) | ||
Tax paid | (2,134 | ) | (1,567 | ) | (2,598 | ) | (3,226 | ) | ||
Net cash from operating activities | 12,729 | 16,715 | 14,692 | 26,870 | ||||||
Cash flows used in investing activities | ||||||||||
Acquisition of property, plant and equipment | (7,425 | ) | (13,011 | ) | (13,769 | ) | (22,745 | ) | ||
Acquisition of exploration and evaluation assets | (784 | ) | (412 | ) | (974 | ) | (636 | ) | ||
Realisation of Gold ETF | 1,083 | - | 1,083 | - | ||||||
Proceeds from disposal of subsidiary | - | - | 340 | - | ||||||
Net cash used in investing activities | (7,126 | ) | (13,423 | ) | (13,320 | ) | (23,381 | ) | ||
Cash flows from financing activities | ||||||||||
Dividends paid | (1,814 | ) | (2,700 | ) | (3,506 | ) | (4,488 | ) | ||
Repayment of gold loan | - | (3,698 | ) | - | (3,698 | ) | ||||
Acquisition of call option | - | (176 | ) | - | (176 | ) | ||||
Term loan repayments | (102 | ) | - | (206 | ) | - | ||||
Payment of lease liabilities | (33 | ) | (39 | ) | (65 | ) | (79 | ) | ||
Net cash used in financing activities | (1,949 | ) | (6,613 | ) | (3,777 | ) | (8,441 | ) | ||
Net increase/(decrease) in cash and cash equivalents | 3,654 | (3,321 | ) | (2,404 | ) | (4,952 | ) | |||
Effect of exchange rate fluctuations on cash and cash equivalents | (12 | ) | (247 | ) | (18 | ) | (451 | ) | ||
Net cash and cash equivalents at beginning of the period | 13,027 | 14,430 | 19,092 | 16,265 | ||||||
Net cash and cash equivalents at end of the period | 16,669 | 10,862 | 16,669 | 10,862 | ||||||
Summarised Consolidated Statements of Financial Position (unaudited) | ||||||||||
($’000’s) | As at | Dec 31 | Jun 30 | |||||||
2021 | 2022 | |||||||||
Total non-current assets | 157,944 | 179,354 | ||||||||
Inventories | 20,812 | 20,535 | ||||||||
Prepayments | 6,930 | 3,518 | ||||||||
Trade and other receivables | 7,938 | 7,748 | ||||||||
Income tax receivable | 101 | 182 | ||||||||
Cash and cash equivalents | 17,152 | 10,862 | ||||||||
Total assets | 210,877 | 222,199 | ||||||||
Total non-current liabilities | 12,633 | 7,256 | ||||||||
Lease liabilities – short term portion | 134 | 127 | ||||||||
Trade and other payables | 9,957 | 12,761 | ||||||||
Derivative financial liabilities | 3,095 | 122 | ||||||||
Income tax payable | 1,562 | 3,327 | ||||||||
Overdraft | 887 | - | ||||||||
Cash-settled share-based payments - short term portion | 2,053 | 813 | ||||||||
Total liabilities | 30,321 | 24,405 | ||||||||
Total equity | 180,556 | 197,793 | ||||||||
Total equity and liabilities | 210,877 | 222,199 |
_________________1 Non-IFRS measures such as “on-mine cost per ounce”, “all-in sustaining cost per ounce” and “adjusted EPS” are used throughout this announcement. Refer to section 10 of the MD&A for a discussion of non-IFRS measures.2 See press release dated July 21, 2022 entitled “Transaction to acquire the Bilboes gold project in Zimbabwe”.3 Refer to the technical report entitled “BILBOES GOLD PROJECT FEASIBILITY STUDY” dated with effective date 15 December 2021 prepared by DRA Projects Africa Holdings (Pty) Ltd and filed by the Company on SEDAR (www.sedar.com) on July 21, 2022.4 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, 2021.5 Refer to technical report entitled "Caledonia Mining Corporation Plc NI 43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe" by Minxcon (Pty) Ltd dated November 2, 2021 and filed on SEDAR on November 5, 2021.
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