Caledonia Mining Corporation Plc: Results for the year ended December 31, 2024
Caledonia Mining has announced its financial and operating results for 2024, reporting a record gross profit of $77.0 million, up 86% from 2023. The company achieved gold production of 76,656 ounces at Blanket Mine and 1,645 ounces at Bilboes oxide mine.
Key financial highlights include:
- Gross revenue of $183.0 million (up from $146.3M in 2023)
- Net attributable profit of $17.9 million (vs loss of $7.9M in 2023)
- Operating cash flow of $42.0 million (up from $14.8M)
- Average realized gold price of $2,347 per ounce
The company announced a restatement of previous financial statements due to an error in deferred tax liability calculations at Blanket Mine. The Bilboes Feasibility Study timeline has been extended to explore optimization opportunities, including potential concentrate sales and tailings facility relocation. Capital investment for 2025 is budgeted at $41.0 million, with $34.1 million allocated to Blanket and $6.3 million for Bilboes and Motapa projects.
Caledonia Mining ha annunciato i suoi risultati finanziari e operativi per il 2024, riportando un profitto lordo record di 77,0 milioni di dollari, in aumento dell'86% rispetto al 2023. L'azienda ha raggiunto una produzione di oro di 76.656 once presso la Blanket Mine e 1.645 once presso la miniera di ossidi di Bilboes.
I principali punti salienti finanziari includono:
- Ricavi lordi di 183,0 milioni di dollari (in aumento rispetto ai 146,3 milioni di dollari del 2023)
- Profitto netto attribuibile di 17,9 milioni di dollari (rispetto a una perdita di 7,9 milioni di dollari nel 2023)
- Flusso di cassa operativo di 42,0 milioni di dollari (in aumento rispetto ai 14,8 milioni di dollari)
- Prezzo medio realizzato dell'oro di 2.347 dollari per oncia
L'azienda ha annunciato una rettifica dei precedenti bilanci finanziari a causa di un errore nei calcoli delle passività fiscali differite presso la Blanket Mine. La tempistica dello Studio di Fattibilità di Bilboes è stata estesa per esplorare opportunità di ottimizzazione, inclusa la potenziale vendita di concentrati e il trasferimento della struttura di scarto. L'investimento di capitale per il 2025 è budgetato a 41,0 milioni di dollari, con 34,1 milioni destinati a Blanket e 6,3 milioni per i progetti di Bilboes e Motapa.
Caledonia Mining ha anunciado sus resultados financieros y operativos para 2024, reportando un beneficio bruto récord de 77,0 millones de dólares, un aumento del 86% en comparación con 2023. La compañía logró una producción de oro de 76,656 onzas en la Blanket Mine y 1,645 onzas en la mina de óxido de Bilboes.
Los aspectos financieros clave incluyen:
- Ingresos brutos de 183,0 millones de dólares (en comparación con 146,3 millones de dólares en 2023)
- Beneficio neto atribuible de 17,9 millones de dólares (frente a una pérdida de 7,9 millones de dólares en 2023)
- Flujo de caja operativo de 42,0 millones de dólares (en aumento desde 14,8 millones)
- Precio promedio realizado del oro de 2,347 dólares por onza
La compañía anunció una rectificación de los estados financieros anteriores debido a un error en los cálculos de la responsabilidad fiscal diferida en la Blanket Mine. La línea de tiempo del Estudio de Viabilidad de Bilboes se ha extendido para explorar oportunidades de optimización, incluidas las posibles ventas de concentrados y el traslado de la instalación de relaves. La inversión de capital para 2025 se ha presupuestado en 41,0 millones de dólares, con 34,1 millones asignados a Blanket y 6,3 millones para los proyectos de Bilboes y Motapa.
칼레도니아 마이닝은 2024년 재무 및 운영 결과를 발표하며 7,700만 달러의 기록적인 총 이익을 보고했으며, 이는 2023년 대비 86% 증가한 수치입니다. 이 회사는 블랭킷 광산에서 76,656온스, 빌보스 산화광산에서 1,645온스의 금 생산을 달성했습니다.
주요 재무 하이라이트는 다음과 같습니다:
- 총 수익 1억 8,300만 달러 (2023년 1억 4,630만 달러에서 증가)
- 귀속 순이익 1,790만 달러 (2023년 790만 달러 손실 대비)
- 운영 현금 흐름 4,200만 달러 (1,480만 달러에서 증가)
- 온스당 평균 실현 금 가격 2,347달러
회사는 블랭킷 광산의 이연 세금 부채 계산 오류로 인해 이전 재무 제표를 수정한다고 발표했습니다. 빌보스 타당성 조사 일정이 최적화 기회를 탐색하기 위해 연장되었으며, 여기에는 잠재적인 농축물 판매 및 테일링 시설 이전이 포함됩니다. 2025년 자본 투자 예산은 4,100만 달러로, 블랭킷에 3,410만 달러, 빌보스 및 모타파 프로젝트에 630만 달러가 배정되었습니다.
Caledonia Mining a annoncé ses résultats financiers et opérationnels pour 2024, rapportant un bénéfice brut record de 77,0 millions de dollars, en hausse de 86 % par rapport à 2023. L'entreprise a atteint une production d'or de 76 656 onces à la Blanket Mine et de 1 645 onces à la mine d'oxyde de Bilboes.
Les points financiers clés incluent:
- Chiffre d'affaires brut de 183,0 millions de dollars (en hausse par rapport à 146,3 millions de dollars en 2023)
- Bénéfice net attribuable de 17,9 millions de dollars (contre une perte de 7,9 millions de dollars en 2023)
- Flux de trésorerie opérationnel de 42,0 millions de dollars (en hausse par rapport à 14,8 millions de dollars)
- Prix moyen réalisé de l'or de 2 347 dollars par once
L'entreprise a annoncé une révision des états financiers précédents en raison d'une erreur dans les calculs des passifs d'impôt différé à la Blanket Mine. Le calendrier de l'étude de faisabilité de Bilboes a été prolongé pour explorer des opportunités d'optimisation, y compris des ventes potentielles de concentrés et le déplacement de l'installation de résidus. L'investissement en capital pour 2025 est budgété à 41,0 millions de dollars, dont 34,1 millions de dollars affectés à Blanket et 6,3 millions de dollars pour les projets Bilboes et Motapa.
Caledonia Mining hat seine finanziellen und operativen Ergebnisse für 2024 bekannt gegeben und einen Rekord-Bruttogewinn von 77,0 Millionen Dollar vermeldet, was einem Anstieg von 86 % im Vergleich zu 2023 entspricht. Das Unternehmen erzielte eine Goldproduktion von 76.656 Unzen in der Blanket Mine und 1.645 Unzen in der Bilboes-Oxidmine.
Wichtige finanzielle Highlights sind:
- Bruttoeinnahmen von 183,0 Millionen Dollar (im Vergleich zu 146,3 Millionen Dollar im Jahr 2023)
- Nettoergebnis von 17,9 Millionen Dollar (im Vergleich zu einem Verlust von 7,9 Millionen Dollar im Jahr 2023)
- Operativer Cashflow von 42,0 Millionen Dollar (im Vergleich zu 14,8 Millionen Dollar)
- Durchschnittlicher realisierter Goldpreis von 2.347 Dollar pro Unze
Das Unternehmen gab eine Neufassung der vorherigen Finanzberichte bekannt, da ein Fehler bei den Berechnungen der latenten Steuerverbindlichkeiten in der Blanket Mine aufgetreten war. Der Zeitrahmen für die Machbarkeitsstudie von Bilboes wurde verlängert, um Optimierungsmöglichkeiten zu erkunden, einschließlich potenzieller Konzentratsverkäufe und der Verlagerung der Tailings-Anlage. Die Kapitalinvestition für 2025 ist mit 41,0 Millionen Dollar budgetiert, wobei 34,1 Millionen Dollar für Blanket und 6,3 Millionen Dollar für die Projekte Bilboes und Motapa vorgesehen sind.
- Record gross profit of $77.0M, up 86% from 2023
- Strong revenue growth to $183.0M from $146.3M in 2023
- Improved net profit of $17.9M vs $7.9M loss in 2023
- Operating cash flow nearly tripled to $42.0M from $14.8M
- Gold production at Blanket exceeded guidance at 76,656 ounces
- 63% increase in measured and indicated mineral resources at Blanket
- Material weakness identified in deferred tax liability accounting controls
- Net cash position remains negative at -$8.7M
- Bilboes oxide mine production declined to 1,645 ounces from 3,050 ounces
- Delay in Bilboes Feasibility Study completion beyond Q1 2025
Insights
Caledonia Mining's 2024 results reveal strong financial performance with record gross profit of $77.0 million (up 86% year-over-year) and a significant turnaround to $17.9 million in net profit from the previous year's $7.9 million loss. This improvement was primarily driven by a 23% increase in realized gold prices to
The company's cash generation capabilities have strengthened considerably, with operating cash flow nearly tripling to
However, the identified accounting error in deferred tax liabilities requiring restatement of financial statements back to 2019 raises governance concerns. Though the error doesn't affect historical cash flows or tax calculations, it indicates a material weakness in internal controls that requires remediation.
The delayed Bilboes feasibility study introduces uncertainty around the project's development timeline, though management frames this as an opportunity to potentially enhance economics and reduce capital requirements through optimization. The
Caledonia's operational metrics show a well-managed primary asset at Blanket, with production meeting guidance at 76,656 ounces. Their cost control remains effective with on-mine costs of $1,073 per ounce and all-in sustaining costs holding relatively steady at
The strategic decision to place the Bilboes oxide mine on care and maintenance has proven judicious, allowing management to focus capital on optimization rather than sustaining marginal production. The ongoing exploration work has yielded positive results, with significant resource increases at Blanket –
The exploration potential at Motapa presents an intriguing opportunity that could complement the Bilboes development. The company's consideration of concentrate sales rather than immediate construction of BIOX processing facilities represents pragmatic capital allocation, potentially reducing upfront investment while maintaining production timelines.
For 2025, production guidance of 73,500-77,500 ounces demonstrates stability in their core operations. The higher projected AISC of $1,690-$1,790 reflects necessary sustaining capital investments to maintain productive capacity. Caledonia's transition toward becoming a multi-asset gold producer in Zimbabwe is progressing methodically, balancing growth ambitions with financial discipline during this high gold price environment.
Restated previous financial statements and non-reliance to the extent set out in this announcement
Details of investor and analyst presentation
Record Profit, Stable Production and Exploration Success
ST HELIER, Jersey, March 31, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces its operating and financial results for the year ended December 31, 2024 (the "Year"). Caledonia also announces the restatement of previous financial statements due to an error that was identified in the accounting interpretation related to the calculation of deferred tax liabilities of Blanket Mine (“Blanket”).
The restatement has no effect on historic reported cash or cashflow statements and has no effect on historic income tax calculations or submissions to the tax authorities.
Further information on the financial and operating results for the Year and the quarter ended December 31, 2024 (the "Quarter" or "Q4"), as well as the restatement, can be found in the Management Discussion and Analysis ("MD&A"), and the Consolidated Audited Financial Statements (“Financial Statements”), which are available on the Company's website and are being filed on SEDAR+ and EDGAR.
Financial Highlights
- Gross revenue of
$183.0 million , up from$146.3 million in 2023, reflecting higher gold prices. - Record gross profit of
$77.0 million , up86% from 2023 driven by a combination of higher gold prices and lower production costs at the Bilboes oxide mine (2023:$41.5 million ). - Net attributable profit of
$17.9 million (2023: net loss of$7.9 million ). - Substantially stronger operating cash flow of
$42.0 million compared to$14.8 million in 2023. - Basic IFRS earnings per share (“EPS”) of 91.2 cents (2023: loss per share of 43.6 cents).
- Adjusted EPS1 of 125.2 cents (2023: loss per share of 10.3 cents).
- Net cash and cash equivalents improved to negative
$8.7 million (31 December 2023: negative$11.0 million ). - As set out in news releases issued on March 24 and 28, 2025, Caledonia has declared a quarterly dividend of 14 cents per share, payable on April 17, 2025.
Operating Highlights
- Blanket performed well with gold production of 76,656 ounces (2023: 75,416 ounces), within guidance.
- Bilboes oxide mine gold production of 1,645 ounces (2023: 3,050 ounces), reflecting the decision to place the mine on care and maintenance from September 30, 2023.
- Consolidated average realised gold price per ounce2 of
$2,347 (2023:$1,910) . - On-mine cost per ounce2 of
$1,073 (2023:$1,097) . - All-in sustaining cost (AISC)2 per ounce of
$1,506 (2023:$1,499) . - In May 2024, the Company announced a
63% increase in measured and indicated mineral resources and a26% increase in inferred mineral resources at Blanket. - Encouraging results announced in November 2024 from the initial exploration programme at Motapa with more exploration work planned at the site in 2025.
______________________________
1 Adjusted EPS excludes net foreign exchange movements (including the deferred tax effect and the non-controlling interest thereon) and deferred tax. A reconciliation of IFRS EPS to Adjusted EPS is set out in section 8 of the MD&A
2 Non-IFRS measures such as “On-mine cost per ounce”, “All-in sustaining cost per ounce”, “average realised gold price per ounce” and “adjusted EPS” are used throughout this announcement. Refer to section 3.2 of the MD&A for a discussion of non-IFRS measures.
Update on Bilboes Feasibility Study
As announced on March 27, 2025, Caledonia, with the support of DRA Projects (Pty) Ltd and other technical consultants, has been making good progress on the Feasibility Study (“FS”) for the Bilboes project.
While the FS was initially targeted for completion in Q1 2025, the Company has decided to extend the timeline to fully explore several material optimisation opportunities that have the potential to enhance project economics and reduce upfront capital requirements.
Key areas of optimisation currently under review include:
- Engaging with the authorities to explore the potential sale of concentrate, which could significantly reduce upfront capital expenditures by deferring the capital expenditure on a BIOX processing circuit, at least in the first few years of production;
- Evaluating the potential relocation of the Tailings Storage Facility to a more efficient site, including on Caledonia’s Motapa property adjacent to Bilboes, where the topography could lead to lower initial construction costs; and
- Incorporating near-term opportunities at Motapa into the FS, following encouraging exploration results in 2024 and the additional exploration and development work planned at Motapa this year.
In addition, Caledonia continues to assess near-term revenue opportunities across its portfolio. In particular, high-grade mineralisation recently identified at Blanket could make a meaningful contribution to the initial capital requirements for Bilboes, providing further flexibility around funding.
The board remains fully committed to maximising shareholder value: this means ensuring that Bilboes is optimised both technically and financially, while continuing discussions with funding partners and relevant authorities in Zimbabwe. The optimisation work is advancing well, and the Company will provide a further update on the expected timing of the FS in due course.
Board and Management Changes
- On February 14, 2025, Mr. Stefan Buys and Ms. Lesley Goldwasser joined the board as independent non-executive directors.
- As previously announced on February 19, 2025 and March 21, 2025, Mr. Chester Goodburn steps down as CFO today and is succeeded by Mr. Ross Jerrard.
- Mr. Johan Holtzhausen is not putting himself forward for reappointment as a director at the next annual general meeting in May 2025. Ms. Tariro Gadzikwa will take over as chair of the Audit Committee provided she is reappointed as a director at the annual general meeting.
Strategy and Outlook
- Capital investment for 2025 is budgeted at
$41.0 million , with$34.1 million allocated to Blanket and$6.3 million for the Bilboes and Motapa projects. - Strong start to 2025 with 11,782 ounces produced at the end of February.
- Caledonia’s strategic focus remains on:
- Maintaining stable production at Blanket while investing in modernising operations to improve efficiency;
- Continuing to optimise Bilboes to maximise net present value per share;
- Continued exploration activities at Blanket and Motapa; and
- Becoming a multi-asset, Zimbabwe-focused gold producer.
Mark Learmonth, Chief Executive Officer, commented:
“2024 was a year of significant progress for Caledonia, both financially and operationally. We delivered solid gold production at Blanket, achieving 76,656 ounces, towards the upper end of our guidance. Our financial performance benefited from a higher gold price environment, which resulted in a significant increase in gross profit and operating cashflows.
“Bilboes remains a highly attractive project, and we are confident that we will find the optimal development method to maximise returns for shareholders. We continue to refine the feasibility study, exploring ways to enhance project economics and reduce upfront capital requirements. We are confident that by taking a disciplined approach we can develop the project in a way that creates long term value while maintaining financial prudence.
“Our strategic vision remains to become a multi-asset, Zimbabwe-focused gold producer that delivers sustainable value for shareholders and respective stakeholders. I would like to thank our team and shareholders for your continued support, and I look forward to another year of progress and growth.”
Restated previous financial statements
In preparation of the Financial Statements, an error was identified in the accounting interpretation related to the calculation of deferred tax liabilities at Blanket. The restatement has no effect on historic reported cash or cashflow statements and has no effect on historic income tax calculations or submissions to the tax authorities.
The restatement of financial statements due to this error is summarised below and is qualified in its entirety by the more comprehensive disclosure relating to the restatement in Caledonia’s MD&A.
In October 2018, the local Zimbabwe currency known as RTGS$ was introduced in Zimbabwe at 1:1 to the USD. The RTGS$ was deemed the only legal tender in Zimbabwe, and all liabilities held previously were to be denominated in RTGS$. In 2019, Practice Note 26 (as described in note 3.1.5 of the Financial Statements) required all income tax returns to be calculated in RTGS$ for transactions occurring prior to introducing the multi-currency regime in 2023.
Blanket’s deferred tax liabilities were incorrectly calculated in RTGS$ and accounted for as a monetary item where RTGS$ deferred tax temporary differences were translated to the USD functional currency. Gains related to the devaluation of the deferred tax liabilities were realised in profit or loss. Transactions from 2019 to 2022 affected the deferred tax liability calculation and continued to be denominated in RTGS$ in accordance with the legislated tax regime after the multi-currency regime was introduced. The accounting for the deferred tax liabilities in RTGS$ with the translation to USD remained consistent in all previous consolidated financial statements, yet the carrying value of the deferred tax liabilities should have been denominated in USD rather than RTGS$. The error, stemming from January 1, 2019, was corrected from the earliest period presented in the Financial Statements, as presented in the table below.
| Consolidated statements of profit or loss and other comprehensive income | ||||||||||||||
| ($'000's) | December 31, 2023 | December 31, 2022 | ||||||||||||
| As previously reported | Adjustment | As restated | As previously reported | Adjustment | As restated | |||||||||
| Net foreign exchange (loss) profit | (2,550 | ) | (4,222 | ) | (6,772 | ) | 4,411 | (10,088 | ) | (5,677 | ) | |||
| Tax expense | (12,810 | ) | – | (12,810 | ) | (16,770 | ) | 2,411 | (14,359 | ) | ||||
| (Loss) profit for the year | (618 | ) | (4,222 | ) | (4,840 | ) | 22,866 | (7,677 | ) | 15,189 | ||||
| Total comprehensive income for the year | (1,240 | ) | (4,222 | ) | (5,462 | ) | 22,404 | (7,677 | ) | 14,727 | ||||
| Non-controlling interests | 3,580 | (558 | ) | 3,022 | 4,963 | (1,013 | ) | 3,950 | ||||||
| Basic (loss) earnings per share ($) | (0.24 | ) | (0.20 | ) | (0.44 | ) | 1.36 | (0.51 | ) | 0.85 | ||||
| Diluted (loss) earnings per share ($) | (0.24 | ) | (0.20 | ) | (0.44 | ) | 1.35 | (0.50 | ) | 0.85 | ||||
| Consolidated statements of financial position ($’000’s) | ||||||||
| December 31, 2023 | January 1, 2023 | |||||||
| As previously reported | Adjustment | As restated | As previously reported | Adjustment | As restated | |||
| Retained loss | 63,172 | 33,971 | 97,143 | 50,222 | 30,307 | 80,529 | ||
| Non-controlling interests | 24,477 | (6,021 | ) | 18,456 | 22,409 | (5,463 | ) | 16,946 |
| Deferred tax liabilities | 6,131 | 39,992 | 46,123 | 5,123 | 35,770 | 40,893 | ||
Remediation efforts are ongoing and are expected to be completed in the second quarter of 2025. Going forward, management plans to reconsider critical accounting interpretations every 3 years.
The remediation efforts to-date have included engaging and consulting with the external accounting advisors, considering authoritative and non-authoritative guidance available in the accounting literature, and conducting a detailed analysis of deferred tax accounting rules. The management team, including the Chief Executive Officer and Chief Financial Officer, have reaffirmed and re-emphasized the importance of internal control, control consciousness and a strong control environment.
Should these remedial measures be insufficient to address the material weakness described above, or additional deficiencies arise in the future, material misstatements in our interim or annual financial statements may occur in the future.
Material weakness and non-reliance on previous financial statements
In the preparation of the Financial Statements, management identified the prior period error and determined that the restatement of financial information presented was necessary. As a result, management has determined that the control over accounting for deferred tax liabilities did not operate effectively and constitutes a material weakness for the annual and interim filings for the period January 1, 2019 to December 31, 2024. Based on the foregoing, each of the previously filed annual and interim financial statements for the annual and interim periods between January 1, 2019 and September 30, 2024 should not be relied upon in respect of the items set out in the tables above.
Commentary
Financial Performance
In 2024, Caledonia achieved a significant financial turnaround, reporting a net attributable profit of
Operating cash flow also saw an increase to
Outlook for 2025
Looking ahead, Blanket’s production guidance for 2025 is between 73,500 and 77,500 ounces of gold. On-mine cost per ounce is expected to be between
Capital investment for 2025 is budgeted at
Details of Investor and Analyst Presentation
A presentation for investors and analysts will be held as follows:
When: March 31, 2025 at 2:00pm London time
Topic: Full Year and Q4 2024 Results Call for Investors
Register in advance for this webinar:
Enquiries:
| Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall | Tel: +44 1534 679 800 Tel: +44 7817 841 793 |
| Cavendish Capital Markets Limited (Nomad and Joint Broker) Adrian Hadden Pearl Kellie | Tel: +44 207 397 1965 Tel: +44 131 220 9775 |
| Liberum Panmure (Joint Broker) Scott Mathieson Ailsa MacMaster | Tel: +44 20 3100 2000 |
| Camarco, Financial PR/ IR (UK) Gordon Poole Elfie Kent Fergus Young | Tel: +44 20 3757 4980 |
| 3PPB (Financial PR, North America) Patrick Chidley Paul Durham | Tel: +1 917 991 7701 Tel: +1 203 940 2538 |
| Curate Public Relations (Zimbabwe) Debra Tatenda | Tel: +263 77802131 |
| IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd Mlotshwa | Tel: +263 (242) 745 119/33/39 |
This announcement contains inside information which is disclosed in accordance with 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: production guidance, our plans and timing regarding further exploration and drilling and development, future costs, the development of Bilboes and Motapa, our strategic vision, the potential sale of concentrate, the potential relocation of the Tailings Storage Facility, the high-grade mineralisation at Blanket, the publication of the Bilboes feasibility study, the timing and ability to remediate the deficiency in control over accounting for deferred tax liabilities and the potential of being unable to prevent misstatements from occurring in the future. This forward-looking information 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: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.
Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations, risks related to potentially being unable to remedy the deficiency in control over accounting for deferred tax liabilities and risks related to potentially being unable to prevent financial statements misstatements in the future. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
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.
| Condensed Consolidated Statements of profit or loss and Other comprehensive income | ||||||||||
| ($'000's) | 3 months ended | 12 months ended | ||||||||
| December 31 | December 31 | |||||||||
| 2024 | 2023 | 2024 | 2023 | 2022 | ||||||
| *Restated | *Restated | *Restated | ||||||||
| Revenue | 47,515 | 38,661 | 183,018 | 146,314 | 142,082 | |||||
| Royalty | (2,432 | ) | (1,987 | ) | (9,263 | ) | (7,637 | ) | (7,124 | ) |
| Production costs | (20,239 | ) | (21,681 | ) | (80,744 | ) | (82,709 | ) | (62,998 | ) |
| Depreciation | (3,915 | ) | (4,437 | ) | (16,021 | ) | (14,486 | ) | (10,141 | ) |
| Gross profit | 20,929 | 10,556 | 76,990 | 41,482 | 61,819 | |||||
| Other income | 725 | 136 | 1,090 | 263 | 60 | |||||
| Other expenses | (2,862 | ) | (1,567 | ) | (6,940 | ) | (4,367 | ) | (11,782 | ) |
| Administrative expenses | (5,429 | ) | (5,539 | ) | (15,658 | ) | (17,429 | ) | (11,941 | ) |
| Cash-settled share-based expense | 278 | (165 | ) | (201 | ) | (463 | ) | (609 | ) | |
| Equity-settled share-based expense | (269 | ) | (76 | ) | (1,054 | ) | (640 | ) | (484 | ) |
| Net foreign exchange profit (loss) | 474 | (494 | ) | (9,722 | ) | (6,772 | ) | (5,677 | ) | |
| Net derivative financial instrument expense | (335 | ) | (529 | ) | (831 | ) | (1,119 | ) | (1,198 | ) |
| Operating profit | 13,511 | 2,322 | 43,674 | 10,955 | 30,188 | |||||
| Net finance cost | (787 | ) | (653 | ) | (3,131 | ) | (2,985 | ) | (640 | ) |
| Profit before tax | 12,724 | 1,669 | 40,543 | 7,970 | 29,548 | |||||
| Tax expense | (5,208 | ) | (4,258 | ) | (17,489 | ) | (12,810 | ) | (14,359 | ) |
| Profit (loss) for the year | 7,516 | (2,589 | ) | 23,054 | (4,840 | ) | 15,189 | |||
| Other comprehensive income | ||||||||||
| Items that are or may be reclassified to profit or loss | ||||||||||
| Exchange differences on translation of foreign operations | (779 | ) | 156 | (116 | ) | (622 | ) | (462 | ) | |
| Total comprehensive income (loss) for the year | 6,737 | (2,433 | ) | 22,938 | (5,462 | ) | 14,727 | |||
| Profit (loss) attributable to: | ||||||||||
| Owners of the Company | 5,865 | (3,402 | ) | 17,899 | (7,862 | ) | 11,239 | |||
| Non-controlling interests | 1,651 | 813 | 5,155 | 3,022 | 3,950 | |||||
| Profit (loss) for the year | 7,516 | (2,589 | ) | 23,054 | (4,840 | ) | 15,189 | |||
| Total comprehensive income (loss) attributable to: | ||||||||||
| Owners of the Company | 5,086 | (3,246 | ) | 17,783 | (8,484 | ) | 10,777 | |||
| Non-controlling interests | 1,651 | 813 | 5,155 | 3,022 | 3,950 | |||||
| Total comprehensive income for the year | 6,737 | (2,433 | ) | 22,938 | (5,462 | ) | 14,727 | |||
| Earnings (loss) per share (cents) | ||||||||||
| Basic earnings (loss) per share | 29.7 | (18.7 | ) | 91.2 | (43.6 | ) | 84.8 | |||
| Diluted earnings (loss) per share | 29.7 | (18.7 | ) | 91.2 | (43.6 | ) | 84.7 | |||
| Adjusted earnings per share (cents) | ||||||||||
| Basic | 44.3 | 2.1 | 125.2 | (10.3 | ) | 217.7 | ||||
| Dividends paid per share (cents) | 14.0 | 14.0 | 56.0 | 70.0 | 50.0 | |||||
* Refer to section 10 and section 11 of the MD&A.
| Summarised Consolidated Statements of Financial Position ($’000’s) | |||
| As at | Dec 31 | Dec 31 | Dec 31 |
| 2024 | 2023 | 2022 | |
| *Restated | *Restated | ||
| Total non-current assets | 287,046 | 274,074 | 196,764 |
| Income tax receivable | 355 | 1,120 | 40 |
| Inventories | 23,768 | 20,304 | 18,334 |
| Derivative financial assets | – | 88 | 440 |
| Trade and other receivables | 12,675 | 9,952 | 9,185 |
| Prepayments | 6,748 | 2,538 | 3,693 |
| Cash and cash equivalents | 4,260 | 6,708 | 6,735 |
| Assets held for sale | 13,512 | 13,519 | – |
| Total assets | 348,364 | 328,303 | 235,191 |
| Total non-current liabilities | 68,505 | 63,970 | 45,061 |
| Cash-settled share-based payment | 634 | 920 | 1,188 |
| Income tax payable | 2,958 | 10 | 1,324 |
| Lease liabilities | 95 | 167 | 132 |
| Loans and borrowings | 1,174 | – | – |
| Loan note instruments | 855 | 665 | 7,104 |
| Trade and other payables | 26,647 | 20,503 | 17,454 |
| Derivative Financial Liabilities | – | – | – |
| Overdrafts | 12,928 | 17,740 | 5,239 |
| Liabilities associated with assets held for sale | 104 | 128 | – |
| Total liabilities | 113,900 | 104,103 | 77,502 |
| Total equity | 234,464 | 224,200 | 157,689 |
| Total equity and liabilities | 348,364 | 328,303 | 235,191 |
* Refer to section 10 and section 11 of the MD&A.
| Condensed Consolidated Statements of Cash Flows | ||||||
| ($`000) | 2024 | 2023 | 2022 | |||
| Cash inflow from operations | 55,438 | 26,398 | 49,657 | |||
| Interest received | 26 | 39 | 17 | |||
| Finance costs paid | (2,864 | ) | (2,462 | ) | (192 | ) |
| Tax paid | (10,645 | ) | (9,206 | ) | (6,866 | ) |
| Net cash inflow from operating activities | 41,955 | 14,769 | 42,616 | |||
| Cash flows used in investing activities | ||||||
| Acquisition of property, plant and equipment | (27,477 | ) | (28,556 | ) | (41,495 | ) |
| Acquisition of exploration and evaluation assets | (3,835 | ) | (1,837 | ) | (2,596 | ) |
| Proceeds from derivative financial instruments | – | 178 | – | |||
| Acquisition of Put options | (743 | ) | (946 | ) | (478 | ) |
| Proceeds from call options | – | – | 416 | |||
| Acquisition of call options | – | – | (176 | ) | ||
| Net cash used in investing activities | (32,055 | ) | (31,161 | ) | (44,329 | ) |
| Cash flows from financing activities | ||||||
| Dividends paid | (12,302 | ) | (11,099 | ) | (8,906 | ) |
| Payment of lease liabilities | (182 | ) | (184 | ) | (150 | ) |
| Shares issued – equity raise (net of transaction cost) | – | 15,569 | – | |||
| Proceeds from loans and borrowings | 3,000 | – | – | |||
| Repayments of loans and borrowings | (326 | ) | – | – | ||
| Loan notes - Motapa payment | – | (7,250 | ) | – | ||
| Loan notes - solar bond issue receipts (net of transaction cost) | 1,970 | 6,895 | – | |||
| Repayment of gold loan | – | – | (3,698 | ) | ||
| Proceeds from share options exercised | 37 | – | – | |||
| Net cash (used in) / from financing activities | (7,803 | ) | 3,931 | (12,754 | ) | |
| Net increase / (decrease) in cash and cash equivalents | 2,097 | (12,461 | ) | (14,467 | ) | |
| Effect of exchange rate fluctuations on cash and cash equivalents | 267 | (67 | ) | (302 | ) | |
| Net cash and cash equivalents at the beginning of the year | (11,032 | ) | 1,496 | 16,265 | ||
| Net cash and cash equivalents at the end of the year | (8,668 | ) | (11,032 | ) | 1,496 | |
FAQ
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