Slide 1: FYE 2022 Results Presentation
FYE 2022 Results Presentation March 28, 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 Chief Executive Officer and Executive Director Financial Officer Operating Officer Director Maurice Mason, Vice President Adam Chester, General Camilla Horsfall, Vice President NYSE/AIM/VFEX: CMCL Corpor
Slide 4: Results Highlights
Results Highlights Year ended December 31 2020 2021 2022 Change 2021 to 2022 Production (ounces) 57,899 67,476 80,775 20% Average gold price ($ per ounce)1 1,749 1,766 1,772 0% Revenue ($’m) 100.0 121.3 142 17% Gross Profit ($’m) 2 46.7 54.1 61.8 14% Adjusted profit attributable to shareholders ($’m
Slide 5: Safety
Safety 4th Q 2021 4th Q 2022 YTD 2022 YTD 2021 Fatal 0 0 1 0 LTI 2 1 4 1 Occ Illness 0 1 1 0 D.I.F. R 0.24 0.33 0.23 0.26 NYSE/AIM/VFEX: CMCL 5
Slide 6: Review of Operations
Review of Operations Tonnes Milled & Grade (2011 – Q4 2022) 5.5 200,000 Tonnes Milled (t) 4.5 Head grade (g/t) 150,000 3.5 2.5 100,000 Record tonnes milled in 2022 using the Central Shaft to hoist development waste 1.5 50,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 7: Blanket Solar Project
Blanket Solar Project OUR DRIVE TOWARDS A MORE SUSTAINABLE FUTURE CALEDONIA COMPLETED THE CONSTRUCTION OF ITS 100% OWNED 12.2MWAC SOLAR PLANT AT A COST OF APPROXIMATELY $14.3 MILLION • Provides approximately 27% of Blanket’s total daily electricity demand • Reduces dependence on grid power and impro
Slide 8: Bilboes
GN Caledonia Mining... KC corporation Plc Bilboes -
Slide 9: Bilboes Highlights
Bilboes Highlights Map of Assets • January 2023: completed the purchase of Bilboes Gold Limited, the owner of Bilboes • Consideration: 5.12m consideration shares, approx. 28.5% of Caledonia’s fully diluted equity, and a 1% net smelter royalty • Value of share consideration at time of completion: $65
Slide 10: Feasibility Study Highlights
Feasibility Study Highlights commissioned by Bilboes vendors Caledonia is in the process of commissioning its own feasibility study focused on a phased development plan Life of Mine 10 Years Planned Average Production Rate 2.4 million tonnes per year Planned Average Mill Feed grade 2.3g/t LOM Gold P
Slide 11: Motapa
Motapa • Exploration property in historically • Area was formerly owned, operated and producing mining area explored by Anglo American Zimbabwe • Contiguous to the Bilboes gold project, • A mining lease covering approximately 2,200 approximately 75km north of Bulawayo hectares. • Acquisition cost of
Slide 12: Review of Results
Review of Results Profit or loss Year ended December 31 2020 2021 2022 Change ($’m) Revenue 100.0 121.3 142.1 17% Increase in gold ounces sold. Royalty (5.0) (6.1) (7.1) 16% Royalty payable to Zimbabwe Government remains at 5%. Production costs (43.7) (53.1) (63.0) 19% Higher cost of diesel generato
Slide 13: Review of Results: Production Costs
Review of Results Production Costs Year ended December 31 2020 2021 2022 Change ($’m) Wages and salaries 16.1 20.6 23.0 12% On mine salary increases and higher production bonuses on increased ounces produced. Inflationary increases in consumables, unforeseen maintenance and repairs on milling and mi
Slide 14: Review of Results: G&A
Review of Results G&A Year ended December 31 2020 2021 2022 Change ($’000’s) Investor relations 353 439 663 51% Increase in activity post Covid Audit fee 288 267 294 10% Advisory service fees 830 614 1,459 138% Bilboes & Motapa legal and advisory fees. Listing fees 448 609 512 -16% Directors fees 36
Slide 15: Review of Results: Taxation
Review of Results Taxation 2022 Taxation ($’000’s) Zimbabwe South Africa UK Total • Total effective tax rate of 36% on IFRS profit before tax : • No tax deduction for G&A costs incurred in UK and Income tax 8,451 210 - 8,661 Jersey. Withholding tax - - - • Withholding tax levied by South Africa and
Slide 16: Review of Results: Cash Flow
Review of Results Cash Flow Year ended December 31 2020 2021 2022 ($’m) Cash flow before working capital 42.5 49.7 47.8 Reduction in inventory levels post C19 and prepayments made for Bilboes pre Working capital (4.5) (11) 1.9 acquisition. Net interest (0.3) (0.4) (0.2) Decreased due to the lower RT
Slide 17: Statement of Financial Position
Review of Results Statement of Financial position As at December 31 2020 2021 2022 ($’m) Investment in Central Shaft, solar plant, acquisition of mining Non-current assets 133.3 157.9 196.8 investment. Current assets (excl. cash) 23.8 35.8 31.7 Reduction in inventory levels and solar prepayments. Re
Slide 18: Fundraise March 2023
Fundraise March 2023 Funds raised will go towards accelerating Caledonia’s Use of proceeds (US$) growth strategy Use of proceeds USD Bilboes feasibility study c.2 m RAISED APPROXIMATELY $10M FROM UK/EUROPEAN AND SOUTH AFRICAN INSTITUTIONAL INVESTORS, AND ANTICIPATED TO RAISE APPROXIMATELY $3M FROM
Slide 19: Dividend
Dividend CONSISTENTLY RETURNING MONEY TO SHAREHOLDERS QUARTERLY DIVIDEND PAYMENTS 16 Quarterly dividend of 14 US$0.14 (14c) 12 Dividend yield 10 c.4% US cents 8 as at 20 February 2023 6 Dividend payer since 4 2012 2 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 104% Increase 2018 201
Slide 20: Outlook
Outlook Capital expenditure at Blanket in 2023 includes: • $9.6 million in respect of a new tailings facility • $9.8 million of deep-level capital development NYSE/AIM/VFEX: CMCL 20
Slide 21: Contacts
Contacts Website: www.caledoniamining.com Twitter: @CaledoniaMining Investment Research Cenkos Securities: www.cenkos.com Liberum: www.liberum.com Share Codes: NYSE American / AIM / VFEX – CMCL Cantor Fitzgerald: www.cantor.com Standard Bank: www.standardbank.com Caledonia Mining VFEX Advisor: IH Gr