Caledonia Mining Corporation Plc · AMEX:CMCL
Caledonia Mining — Q1 2022 Earnings Presentation
16 slides from Caledonia Mining's earnings presentation, May 16, 2022
Slide 1: Q1 Results Presentation 2022
Q1 Results Presentation 2022
Slide 2: Disclaimer
Disclaimer 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 its distribution, form the basis
Slide 3: Results Summary
Results Summary Q1 2021 Q1 2022 Change (%) Production (ounces) 13,197 18,515 40% Average gold price ($ per ounce)1 1,738 1,848 6% Revenue ($’m) 25.7 35.1 37% Gross Profit ($’m) 2 10.4 16.9 63% EBITDA ($’m) 9.7 14.5 49% AISC ($/oz)1 1,044 968 -7% Profit attributable to shareholders ($’m)1 4.6 6.0 30%
Slide 4: Safety
Safety Quarter 1 2022 Safety Q1 22 Q1 21 FY21 Fatalities 1 0 0 Lost Time Injuries 0 0 3 Lost Time Injury Frequency Rate 0,12 0,53 0,29 Occupational Illnesses 0 0 0 • In February Andrew Clayton Phiri died in a mining incident at Blanket. Caledonia expresses its condolences to the family and colleague
Slide 5: Production
Production • 18,515 ounces of gold produced in the Quarter – a record for any first quarter • Higher production due to increased tonnes milled and improved grade and recovery • Central shaft currently hoists waste; No.4 shaft hoists ore • 14,000 tonne ore stockpile contains approx. 1,500 ounces of r
Slide 6: Review of Results: Profit and loss
Review of Results Profit and loss ($’m) Change Q1 2021 Q1 2022 (%) Revenue 25.7 35.1 36% 28% increase in gold sales; 6% higher gold price Royalty (1.3 (1.8) 36% Production costs (12.8) (14.3) 11% 17% reduction in on-mine cost per ounce Depreciation (1.2) (2.1) 73% Higher depreciation after commissio
Slide 7: Review of Results: Production Costs
Review of Results Production Costs ($’m) Q1 Q1 Change 2021 2022 (%) 24% increase in headcount; 12% production bonus; modest Wages and salaries1 4.4 5.9 34% USD inflationary increase 12% increase in tonnes milled; price increases in most major Consumables1 4.2 5.1 21% items - explosives, drill steels
Slide 8: Review of Results: G&A
Review of Results G&A ($’000’s) Change Q1 2021 Q1 2022 (%) Investor relations 90 125 39% Return towards normal activity levels Audit fee 67 68 1% Advisory service fees 87 295 239% Legal and executive search Listing fees 99 155 57% Directors fees 133 141 6% Fees payable to Caledonia NEDs and Blanket’
Slide 9: Review of Results: Cost per ounce
Review of Results Cost per ounce ($/0z) Q1 Q1 Change 2021 2022 (%) On-mine cost1 836 698 -16% Decrease due to higher grade and economies of scale All-in sustaining cost1 1,044 968 -7% Decrease due to lower on-mine cost/oz offset by higher G&A 1. Source: section 10.1 of the MD&A published on May 12,
Slide 10: Review of Results: Taxation
Review of Results Taxation ($’000’s) Zimbabwe South UK Total Africa Income tax Zimbabwe income tax is calculated at 24.72% on 2,885 71 - 2,956 taxable profit computed in RTGS$ Withholding tax - management fees - 48 - 48 - deemed dividend 111 - 160 271 High deferred tax due to high capital expenditur
Slide 11: Review of Results: Cash Flow
Review of Results Cash Flow ($’m) Q1 Q1 2021 2022 Cash flow before working capital 9.7 13.5 Reflects increased profit Continued high level of prepayments offset by reduced inventories. Q1 Working capital (7.2) (1.6) 2021 was adversely affected by increased receivables for gold sales Net interest (0.
Slide 12: Review of Results: Balance Sheet
Review of Results Balance Sheet ($’m) Dec 31, Mar 31, 2021 2022 Non-current assets 157.9 168.1 Continued investment at Central Shaft and solar Current assets (excl. cash) 35.7 34.9 Cash and equivalents 17.2 15.3 Total assets 210.9 218.3 Equity attrib. to shareholders 161.3 167.0 Non-controlling inte
Slide 13: Review of Results: Cash
Review of Results Cash ($’m) Mar 31, Dec 31, Mar 31, June 30, Sept 30, Dec 31, Mar 31, 2020 2020 2021 2021 2021 2021 2022 Zimbabwe 9.5 5.1 2.2 3.2 2.1 8.1 5.8 South Africa 3.0 2.7 1.7 3.2 1.7 0.6 1.9 UK/Jersey 1.3 11.2 9.1 10.4 9.2 7.5 6.7 Total net cash 13.8 19.0 13.0 16.7 13.0 16.3 14.4 • Figures
Slide 14: Solar PV Project
Solar PV Project OUR DRIVE TOWARDS A MORE SUSTAINABLE FUTURE CONSTRUCTION OF A 12MW SOLAR PLANT AT A COST OF APPROXIMATELY $14 MILLION • Expected to provide approximately 27% of Blanket’s total daily electricity demand: reduce Blanket’s dependence on grid power and improve the quality and security o
Slide 15: Dividend
Dividend COMMITTED TO RETURN MONEY TO SHAREHOLDERS QUARTERLY DIVIDEND PAYMENTS 16 Quarterly dividend of 14 US$0.14 (14c) 12 Dividend yield 10 3.7% US Dollars *as 27 April 2022 8 6 Dividend payer since 4 2012 2 0 104% Increase Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2
Slide 16: Contacts
Contacts Website: www.caledoniamining.com Twitter: @CaledoniaMining Investment Research WH Ireland: www.whirelandplc.com Cantor Fitzgerald: www.cantor.com Share Codes: NYSE American / AIM / VFEX – CMCL Standard Bank: www.standardbank.com Caledonia Mining VFEX Advisor: IH Group AIM Broker/Nomad: Cenk