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Caledonia Declares New Rising Quarterly Dividend

By on July 6, 2021 0


ST HELIER, Jersey, July 06, 2021 (GLOBE NEWSWIRE) – Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL) is pleased to announce that the Board of Directors declared an increased quarterly dividend of 13 US cents (US $ 0.13) on each of the Company’s shares.

Strong points

  • 8% increase from previous quarterly dividend of 12 cents paid in April 2021
  • Cumulative increase of 89% from the level of 6.875 cents since October 2019
  • Sixth quarterly dividend increase since October 2019
  • Central well now operational
  • Target production of 61,000 to 67,000 ounces of gold in 2021 and 80,000 ounces of gold per year from 20221
  • A programmed ramp-up in production, a firm gold price and good cost control give the board confidence that the company can maintain a higher dividend level.

Commenting on the announcement, Steve Curtis, Managing Director, said:

“We are pleased to announce an additional 8% increase in our quarterly dividend, the sixth increase in the past two years. This represents a cumulative 89% increase in the dividend since the first increase in October 2019. The Board’s decision to increase the dividend reflects our continued confidence in our company’s prospects.

“With the central well now in operation, the expected combination of increased production and decreased capital investment gives us confidence to further increase dividend payments in addition to providing funding for investment in further. new projects, including exploration prospects at Glen Hume and Connemara North, as announced in late 2020. ”

The relevant dates relating to the dividend are as follows:

  • Ex-dividend date: July 15, 2021
  • Recording date: July 16, 2021
  • Payment date: July 30, 2021

Shareholders with a registered UK address will be paid in pounds sterling.

Caledonia’s dividend policy
Caledonia’s strategy to maximize shareholder value includes a quarterly dividend policy which the Board adopted in 2014. The Board will consider future dividend increases to be appropriate in accordance with its prudent approach to risk management.

For more information, please contact:

Caledonia Mining Corporation Plc
Marc Learmonth
Camilla Horsfall
Phone. : +44 1534 679 802
Phone. : +44 7817 841793

WH Ireland

Adrian Hadden / James Sinclair-Ford
Phone. : +44 20 7220 1751


Tim Blythe / Megan Ray
Phone. : +44 207 138 3204


Patrick chidley
Paul Durham
Phone. : +1 917 991 7701
Phone. : +1 203 940 2538

Note: This announcement contains inside information which is disclosed in accordance with Market Abuse Regulation (EU) No 596/2014
(“MAR”) as it is part of UK national law under the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the company’s obligations under Article 17 MAR.

Caution regarding forward-looking information
Information and statements contained in this press release that are not historical facts are “forward-looking information” within the meaning of applicable securities laws that involve risks and uncertainties related to, but not limited to, expectations. , Caledonia’s current intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “objective”, “plan”, “target”, “intend”, “estimate”, “Could”, “should”, “could” and “will” or the negative of these terms or similar words suggesting future results, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements regarding events or future performance. Examples of forward-looking information in this press release include: production forecasts, estimates of future / target production rates, and our plans and schedule for continued exploration, drilling and development. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thereby causing actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking information. These factors and assumptions include, but are not limited to: inability to establish estimated resources and reserves, grade and recovery of ore mined varying from estimates, success of future exploration and drilling programs, reliability drilling, sampling and analysis data, assumptions regarding representativeness of mineralization being inaccurate, success of planned metallurgical test work, investment and operating costs varying considerably from estimates, delays in obtaining or failing to obtain government, environmental or other approvals, inflation, exchange rate changes, fluctuations in raw material prices, delays in project development and other factors.

Securityholders, potential securityholders and other potential investors should be aware that such statements are subject to known and unknown risks, uncertainties and other factors which could cause actual results to differ materially from those suggested by forward-looking statements. These factors include, but are not limited to: risks associated with estimates of mineral reserves and mineral resources that prove to be inaccurate, fluctuations in the price of gold, risks and dangers associated with exploration activities, mining development and operations, risks relating to the solvency or financial condition of suppliers, refiners and other parties with which the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and dangers, employee relations; the relationships and claims of local communities and indigenous populations; Political risk; risks related to natural disasters, terrorism, civil unrest, public health problems (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increased costs associated with mining inputs and labor; the speculative nature of mining exploration and development, including the risks of obtaining or maintaining the necessary licenses and permits, the decrease in the quantities or grades of mineral reserves as mining progresses; global financial condition, actual results of ongoing exploration activities, changes in conclusions of economic assessments and changes in project parameters to cope with economic or other unforeseen factors, risks of increased costs of ‘investment and operating, environmental, safety or regulatory risks, expropriation, the Company’s title to the properties, including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks associated with the uncertainty of the timing of events, including the targeted increase in the rate of production and currency fluctuations. Securityholders, potential securityholders and other potential investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves many assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that predictions, forecasts, projections and various future events will not occur. Caledonia makes no commitment to publicly update or revise any forward-looking information, whether as a result of new information, future events or other such factors that affect such information, except as required by law. ‘required.

This press release is not an offer of Caledonia shares for sale in the United States or elsewhere. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of the shares of Caledonia, in any province, state or jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of that province, state or jurisdiction.

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. m Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, is the Qualified Person of the Company within the meaning of National Instrument 43-101 and has approved any scientific or technical information contained in this press release.