In This Article:
Record Q1 gold production sets strong foundation for 2025
ST HELIER, Jersey, April 15, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or "the Company") (NYSE AMERICAN, AIM and VFEX: CMCL) announces Blanket Mine ("Blanket") gold production for the quarter ended March 31, 2025 (“Q1 2025” or the “Quarter”).
Highlights
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Quarterly gold production of 18,671 ounces, exceeding 17,050 ounces produced in the first quarter of 2024 (“Q1 2024”).
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New first quarter production record, surpassing the previous high of 18,515 ounces set in the first quarter of 2022.
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Tonnes milled for the Quarter were 201,755 tonnes, 23,793 tonnes (13.4%) above expectation.
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The surface stockpile increased significantly to approximately 15,000 tonnes as run-of-mine production exceeds milling capacity.
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Blanket remains on track to achieve gold production guidance of 74,000-78,000 ounces this year.1
Commenting on the results, Mark Learmonth, Chief Executive Officer, said:
“I’m delighted to report that production in Q1 2025 has set a new record for production in a first quarter at Blanket, with over 18,500 ounces produced – a particularly strong performance given that the first quarter is traditionally our weakest.
“This achievement reflects continued operational improvements and the dedication of our team on the ground. The significant increase in both tonnes milled and the surface stockpile provide a strong foundation for the remainder of the year.
“This is an excellent start and with a strong gold price we are well positioned to generate healthy cash flows and to continue investing in our growth projects.”
1 Refer to the technical report entitled "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with effective date December 31, 2023 prepared by Caledonia Mining Corporation Plc and filed by the Company on SEDAR+ (https://www.sedarplus.ca) on May 15, 2024.
Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act.
Enquiries
| Caledonia Mining Corporation Plc |
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| Cavendish Capital Markets Limited (Nomad and Joint Broker) |
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| Panmure Liberum (Joint Broker) |
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| Camarco, Financial PR (UK) |
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| 3PPB (Financial PR, North America) |
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| Curate Public Relations (Zimbabwe) |
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| IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) | Tel: +263 (242) 745 119/33/39 |
Note: The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Caledonia’s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: the achievement of annual gold production in 2025, the continued generation of healthy cash flows and investment in growth projects. The forward-looking information contained in this news release is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: the successful implementation of mine plans, the establishment of estimated resources and reserves, the grade and recovery of minerals which are mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, the representativeness of mineralization being accurate, success of planned metallurgical test-work, capital availability and accuracy of estimated operating costs, obtaining required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and Caledonia’s experience of project development in Zimbabwe and other factors.