Caledonia Mining Corporation Plc · AMEX:CMCL
Caledonia Mining — Q1 2021 Earnings Presentation
14 slides from Caledonia Mining's earnings presentation, May 12, 2021
Slide 1: Q1 Results Presentation 2021
Q1 Results Presentation 2021
Slide 2: Results Summary
Results Summary Q1 2020 Q1 2021 Change (%) Production (ounces) 14,233 13,197 -7% Average gold price ($ per ounce)1 1,566 1,738 11% Revenue ($’m) 23.6 25.7 9% Gross Profit ($’m) 2 10.6 10.4 -2% EBITDA excluding net foreign exchange gain ($’m) 10.0 9.7 -3% AISC excluding export incentive credit ($/oz)
Slide 3: An Established Mine with Substantial Planned Production Growth and Cost Reduction
AN ESTABLISHED MINE WITH SUBSTANTIAL PLANNED PRODUCTION GROWTH AND COST REDUCTION Production 90,000 80,000 70,000 • 13,197 ounces of gold were produced 60,000 Production (oz) 50,000 during the Quarter 40,000 • Rainy season saw unprecedented rainfall 30,000 causing flooding at the mine and resulted 2
Slide 4: Review of Operations
Review of Operations Tonnes 5 Milled & Grade (2011 – Q1 2021) 200,000 4.5 150,000 Tonnes Milled (t) Head Grade (g/t) 4 100,000 3.5 3 50,000 Achieved grade was 2.98g/t due to lost production in high grade area 2.5 - Q2 Q3 Q2 Q1 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Q3 Q
Slide 5: Review of Results: Profit and Loss
Review of Results Profit and loss ($’m) Change Q1 2020 Q1 2021 (%) Revenue 23.6 25.7 9% 11% increase in gold price; 2% fall in gold sales Royalty (1.2) (1.3) 9% Production costs (10.7) (12.8) 20% 4% increase in cost per tonne; higher cost per ounce due to lower grade Depreciation (1.2) (1.2) 0% Gros
Slide 6: Review of Results: Production Costs
Review of Results Production Costs ($’m) Q1 Q1 Change 2020 2021 (%) Wages and salaries1 3.9 5.6 43% 16% increase in headcount; increased leave pay provision Consumables1 3.6 3.0 -17% Lower TMM costs; reduced cyanide consumption Covid consumables1 0.0 0.1 n/a Electricity - ZESA2 1.5 1.5 0% Electricit
Slide 7: Review of Results: Cost per Ounce
Review of Results Cost per ounce ($/0z) Q1 Q1 Change 2020 2021 (%) 4% increase in cost per tonne; other increase due to lower On-mine cost1 702 836 19% grade All-in sustaining cost before export Higher royalty due to higher gold price and higher 904 1,077 19% incentive1 sustaining capex All-in susta
Slide 8: Review of Results: G&A
Review of Results G&A ($’000’s) Year on Year Q1 2020 Q1 2021 Change (%) Investor relations 96 90 -6% Audit fee 62 67 8% Advisory service fees 112 87 -22% Listing fees 110 99 -10% Directors fees 81 133 64% Fees payable to Caledonia NED’s and Blanket’s IZ directors Wages and salaries Increased headcou
Slide 9: Review of Results: Taxation
Review of Results Taxation ($’000’s) Zimbabwe South Africa Total Income tax Zimbabwe income tax is calculated at 24.72% on taxable 803 12 815 profit computed in RTGS$ Withholding tax - management fees - 29 29 - deemed dividend 64 - 64 Deferred tax High deferred tax due to high capital expenditure ($
Slide 10: Review of Results: Cash Flow
Review of Results Cash Flow ($’m) Q1 Q1 2020 2021 Cash flow before working capital 11.7 9.8 Reflects lower profit Outflow due to higher receivable for gold sales and prepayment for Working capital (0.7) (7.2) solar equipment offset by reduced inventories. Gold receivable received in full in April Ne
Slide 11: Review of Results: Balance Sheet
Review of Results Balance Sheet ($’m) Dec 31, Mar 31, 2020 2021 Non-current assets 133.3 138.8 Current assets (excl. cash) 23.9 29.7 Increased trade receivables and deposit for solar panels Cash and equivalents 19.0 13.0 Derivative financial assets 1.2 1.0 Gold ETF – now realised; proceeds remitted
Slide 12: Review of Results: Cash
Review of Results Cash ($’m) Mar 31, Dec 31, Mar 31, April 30, 2020 2020 2021 2021 Zimbabwe 9.5 5.1 2.2 3.2 South Africa 3.0 2.7 1.7 4.0 UK/Jersey 1.3 11.2 9.1 9.1 Total net cash 13.8 19.0 13.0 16.3 • Cash at March 31, 2021 was adversely affected by a $6.3 million increase in trade receivables and $
Slide 13: Dividend: Committed to Return Money to Shareholders
Dividend COMMITTED TO RETURN MONEY TO SHAREHOLDERS QUARTERLY DIVIDEND PAYMENTS 14 Quarterly dividend of 12 US$0.12 (12c) 10 Annualised yield of 8 US Dollars 6 3.2% 4 Dividend payer since 2 2012 0 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Slide 14: Contacts
Website: www.caledoniamining.com Twitter: @CaledoniaMining Contacts Share Codes: NYSE American – CMCL / AIM – CMCL Caledonia Mining Investment Research London Financial PR: Blytheweigh Mark Learmonth, CFO WH Ireland: www.whirelandplc.com Tim Blythe Tel: +44 (0) 1534 679800 Cantor Fitzgerald: www.can