Caledonia Mining report record annual production at Blanket Mine

Caledonia Mining Corporation

Caledonia Mining Corporation Plc (LON:CMCL) announced today quarterly and annual gold production from the Blanket Mine in Zimbabwe for the quarter ended 31 December 2021. All production numbers are expressed on a 100 per cent basis and are based on the final assay at the refiners.

Highlights

·    Achieved more than 2,4 million fatality free shifts since 2018

·    Record total gold production during 2021 was 67,476 ounces, exceeding the Company’s revised increased guidance and a 17 per cent increase on 2020 annual production

·    Quarterly production of 18,604 ounces of gold; a 24 per cent increase on the 15,012 ounces in Q4 2020

·    Gold production for 2022 is expected to be between 73,000 to 80,000 ounces[1]

Commenting on the announcement, Steve Curtis, Caledonia Mining Chief Executive Officer, said:

“This has been an outstanding performance and a tremendous team effort. I would like to thank all our employees for their hard work in achieving this result and that we were able to exceed our revised annual production guidance.

“The commissioning of the Central Shaft, record gold production, along with a continued commitment to safety, all in one year, is an outstanding achievement and testament to the quality of the Caledonia technical team.

“Now that the Central Shaft is complete, the Company will also focus on other areas of its growth strategy, as we continue to evaluate investment opportunities, with a vision of becoming a multi asset gold producer.”

[1] Refer to the technical report entitled “Caledonia Mining Corporation Plc NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe” dated May 17, 2021 prepared by Minxcon (Pty) Ltd and filed by the Company on SEDAR on May 26, 2021. Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, is the Company’s qualified person as defined by Canada’s National Instrument 43-101 and has approved any scientific or technical information contained in this news release.

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