Slide 1: Q3 Results Presentation 2023
Q3 Results Presentation 2023
Slide 2: Disclaimer and forward looking statements
Disclaimer and forward looking statements THIS PRESENTATION DOES NOT CONSTITUTE, OR FORM PART OF, ANY OFFER TO SELL OR ISSUE OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SHARES IN CALEDONIA MINING CORPORATION PLC (“CALEDONIA”), NOR SHALL IT (OR ANY PART OF IT) OR THE FACT OF IT
Slide 3: Presentation Team
Presentation Team Mark Learmonth, Victor Gapare, Chester Goodburn, Chief Dana Roets B.Sc., Chief Operating Chief Executive Officer and Executive Director Financial Officer Officer and Director Director Maurice Mason, Vice President Camilla Horsfall, Vice President NYSE/AIM/VFEX: CMCL 3 Corporate Dev
Slide 4: Results
Results Summary 3 months ended September 30 9 months ended September 30 2022 2023 Change (%) 2022 2023 Change (%) Production (ounces) 21,120 22,923 9% 59,726 57,576 -4% Average gold price ($ per ounce)1 1,696 1,901 12% 1,792 1,906 6% Revenue ($’m) 35,840 41,187 15% 107,904 107,653 0% Gross Profit ($
Slide 5: Overview
Overview . • 21,772 ounces of gold produced in the Quarter at Blanket - a new quarterly production record. • Consolidated on-mine costs in the Quarter improved from previous quarters, but further attention is required to improve operating efficiencies. • Gross profit in the Quarter of $14.1 million,
Slide 6: Review of Operations - Blanket
Review of Operations - Blanket Tonnes Milled & Grade (2012 – Q3 2023) Tonnes milled and grade recovers to planned levels in Ounces Produced & Recovery (2012 – Q3 2023) NYSE/AIM: CMCL 6
Slide 7: Review of Results: Profit or loss for the 3rd Quarter
Review of Results Profit or loss for the 3rd Quarter Blanket Bilboes oxide Other1 Consolidated ($’m) Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Change 2022 2023 2022 2023 2022 2023 2022 2023 (%) Revenue 35.8 39.0 - 2.2 - - 35.8 41.2 15.0% 2.5% more ounces sold; 12% increase in the average realised gold price. Royalty
Slide 8: Review of Results: Production Costs
Review of Results Production Costs 3 months ended 9 months ended September September Change Change ($’m) 2022 2023 2022 2023 (%) (%) Blanket 15.6 16.7 7.1% 43.5 48.4 11.3% Wages and salaries1 5.3 6.9 30.2% 16.8 18.8 11.9% Increased headcount and overtime. Consumables1 6.4 6.4 0% 17.4 18.7 7.5% Infla
Slide 9: Review of Results: Administrative expenses
Review of Results Administrative expenses 3 months ended 9 months ended ($’000's) September 30 September 30 Change Change 2022 2023 2022 2023 (%) (%) Investor relations 95 170 78.9% 489 492 0.6% Audit fee 70 72 2.9% 206 211 2.4% Quarterly decrease due to Bilboes advisory fees paid in Q3 2022 not rep
Slide 10: Review of Results: Cost per ounce
Review of Results Cost per ounce • On-mine cost per ounce increased due to Bilboes oxides and electricity charges and increase in headcount and overtime at Blanket. • AISC increased due to Bilboes acquisition advisory fees. 1. Source: section 10.1 of the MD&A published on November 14, 2023. NYSE/AIM
Slide 11: Review of Results: Taxation Q3
Review of Results Taxation Q3 ($’000’s) Blanket South Africa UK Bilboes Total Income tax 2,571 123 - - 2,694 Withholding tax - management fees - 44 - - 44 - deemed dividend 107 - - - 107 Deferred tax 928 (41) - 45 932 CHZ dividends to GMS - - - - - Total Taxation charge 3,606 126 - 45 3,777 Cash tax
Slide 12: Review of Results: Balance Sheet
Review of Results Balance Sheet ($’m) Dec 31, 2022 Sep 30, 2023 Increased investment in E&E assets due to the Bilboes sulphide Non-current assets 196.8 265.8 acquisition in quarter 1 of 2023. Current assets (excl. cash) 31.7 43.7 Increase due to the Solar plant classified as held for sale in the Qua
Slide 13: Review of Results: Cash
Review of Results Cash Sept 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, ($’m) Jun 30, 2023 Sep 30, 2023 2021 2021 2022 2022 2022 2022 2023 Zimbabwe 2.1 8.1 5.8 8.9 0.9 (2.2) (9.7) (7.4) (8.1) South Africa 1.7 0.6 1.9 0.9 0.9 0.7 1.1 0.9 1.2 UK/Jersey 9.2 7.5 6.7 1.1 4.4 3.0 11.8 3.6 3.7 Tota
Slide 14: Capital Allocation
Capital Allocation Balance growth and funding to optimise value per share • Primary approach is net present value per Caledonia share – taking account of any dilution to fund new projects • Release capital from non-core assets to re-cycle into higher growth, core activities – proposed sale of solar
Slide 15: Bilboes Gold Project Update
Bilboes Gold Project Update • Q3 2023 is the last to be affected by the negative contribution from the Bilboes oxide mine prior to being placed on care and maintenance from 1 October 2023. • Reduce monthly costs from approximately $1 million to approximately $200,000. • After taking account of gold
Slide 16: Outlook
Outlook Increased focus on growth opportunities • Maintain production at Blanket at the targeted range of 75,000 - 80,000 ounces for 2023 and at a similar level in 2024. • Continue deep level drilling at Blanket with the objective of further upgrading inferred mineral resources, thereby extending th
Slide 17: Contacts
Contacts Website: www.caledoniamining.com Twitter: @CaledoniaMining Investment Research Cavendish: www.cavendish.com Liberum: www.liberum.com Share Codes: NYSE American / AIM / VFEX – CMCL Cantor Fitzgerald: www.cantor.com Standard Bank: www.standardbank.com AIM Broker/Nomad: Cavendish Capital Caled