Caledonia Mining Corporation Plc: Record Quarterly Production at Blanket Mine





ST HELIER, Oct. 12, 2022 (GLOBE NEWSWIRE) — Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL) announces gold production from the Blanket Mine in Zimbabwe (“Blanket”) for the quarter ended September 30, 2022 (“Q3 2022” or the “Quarter”). All production numbers are expressed on a 100 per cent basis and are based on the final assay at the refiners.

Highlights

  • Quarterly gold production of 21,120 ounces, a record for any quarter.
  • An increase of 11 per cent on the 18,965 ounces produced in the corresponding quarter of 2021.
  • Gold produced in the nine months to September 30, 2022 was 59,726 ounces, 22 per cent more than the 48,872 ounces produced in the nine months to September 30, 2021.
  • Reiterated gold production for 2022 is expected to be at the top of guidance of between 73,000 – 80,000 ounces.

 Commenting on the announcement, Dana Roets, Chief Operating Officer, said:

“We are delighted that this quarter we have once again set a new production record at Blanket and for the last three quarters we have achieved our quarterly target ounces.

“This has been an excellent year, the ramp-up in production towards our yearly target of 80,000 ounces has met our best estimate and, as a consequence, we are on track to hit the top end of our production guidance of between 73,000-80,000 ounces.

“We continue to work hard on completing the transaction for Bilboes and in the meantime will restart the oxide operations with the expectation that it will return to profit during the second quarter of 2023.

“Caledonia is optimistic on the geological prospectivity in Zimbabwe and continues to evaluate other investment opportunities in the country with our long-term vision to become a multi asset gold producer.

This is an exciting time for the Company, and we look forward to continuing to update shareholders of our progress.”




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