Caledonia Mining Plc Results for the Quarter ended March 31, 2023

Caledonia Mining (AIM: CMCL)

Announced its operating and financial results for the quarter ended March 31, 2023.

This Quarter’s results are the first to reflect Caledonia’s ownership of Bilboes, the acquisition of
which was completed on January 6, 2023.

 

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Caledonia Mining AIM: CMCL
Stage Production, exploration
Metals Gold
Market cap £187 m @ £10.84
Location Zimbabwe

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Caledonia Mining Corporation Plc Results for the Quarter ended March 31, 2023

 

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(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)

St Helier, May 15, 2023: Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) announces its operating and financial results for the quarter ended March 31, 2023 (the “Quarter”). Further information on the financial and operating results for the Quarter can be found in the Management Discussion and Analysis (“MD&A”) and the unaudited interim financial statements which are available on the Company’s website and which have been filed on SEDAR.

This Quarter’s results are the first to reflect Caledonia’s ownership of Bilboes, the acquisition of which was completed on January 6, 2023.

The near-term actions relating to Bilboes are to restart oxide mining operations and prepare a revised feasibility study in respect of the larger sulphide project.

Technical challenges were encountered on re-starting the oxide mining, but it is hoped that gold mining from near surface oxide deposits will be cash neutral and will help the Company to maintain Bilboes’ operational integrity pending completion of the feasibility study.

In addition, the waste material that will be moved as part of the oxide mining activities is material that would have had to be moved later when work starts on the main sulphide project.

As stated in the first quarter production update datedApril 24, Blanket Mine (“Blanket”) suffered some technical challenges which adversely affected its contribution in the Quarter. Management believes these challenges have now been resolved and is encouraged by production and cost data in April and to date in May.

Accordingly, Caledonia reiterates its production guidance of 75,000-80,000 ounces for Blanket for 2023.

 

To read the full news release, please click HERE

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