Welcome to our dedicated page for Caledonia Mining Corporation Plc news (Ticker: CMCL), a resource for investors and traders seeking the latest updates and insights on Caledonia Mining Corporation Plc stock.
Caledonia Mining Corporation Plc (symbol: CMCL) is a dynamic gold exploration, development, and mining company headquartered in Mississauga, Ontario, Canada. This mining and metals company operates primarily through its flagship Blanket Mine located in the south-west of Zimbabwe. The Blanket Mine, a profitable venture, operates at a depth of approximately 750 meters below the surface and is the primary revenue generator for Caledonia Mining Corp.
The company's diversified portfolio also includes the Bilboes Oxide Mine and several exploration and development projects such as Maligreen and Motapa. These strategic projects underscore the company's commitment to expanding its gold production capabilities and enhancing shareholder value.
Recent Achievements:
- Caledonia Mining Corp has made significant strides in increasing its gold production, which is reflected in its strong financial performance.
- The latest mineral resource estimate in the Preliminary Economic Assessment (PEA) based on a 0.9g/t Au Cut-Off Grade highlights the potential for further resource expansion.
- The company continues to engage with stakeholders, evidenced by recent announcements such as the TR-1: Standard form for notification of major holdings and the upcoming Q1 2024 Results Call for Shareholders.
Current Projects:
- The Blanket Mine remains the cornerstone of Caledonia's operations, contributing the majority of its revenue.
- The Bilboes Oxide Mine is under development, with significant potential for future gold production.
- Exploration projects like Maligreen and Motapa are in various stages of development, promising future growth.
The company's strategic focus on operational efficiency, cost control, and targeted exploration ensures sustainable growth and profitability. With a strong balance sheet and a dedicated management team, Caledonia Mining Corp continues to position itself as a significant player in the gold mining industry.
Caledonia Mining (NYSE: CMCL) plans to file a preliminary economic assessment (PEA) for a single-phase development of the Bilboes sulphide gold project. The PEA, prepared by DRA Projects, outlines a strategy for a modular Tailings Storage Facility (TSF) to reduce initial capital expenditure. The project is expected to yield around 1.5 million ounces of gold over a 10-year mine life at an all-in sustaining cost of $968 per ounce, with a payback period of 1.9 years at a gold price of $1,884 per ounce. The overall capital cost is projected at $403 million, with an NPV of $309 million at a 10% discount rate and an IRR of 34%. Further work to enhance the confidence level of the study to a feasibility level is expected to be completed by the first half of 2025.
Caledonia Mining announced that BlackRock, Inc. has crossed a notification threshold concerning its shareholding in Caledonia as of May 21, 2024. The notification was received on May 22, 2024. BlackRock, Inc.'s updated position shows a decrease in voting rights from 4.76% to 4.67%, comprising 3.97% from shares and 0.70% from financial instruments. This change is significant per AIM Rules for Companies.
Caledonia Mining Plc has provided an update on its 'At the Market' (ATM) sales agreement with Cantor Fitzgerald & Co., covering the period from November 17, 2023, to May 17, 2024.
During this period, no securities were issued or allotted under the scheme. The company has a balance of 2,000,000 depositary interests representing the same number of common shares that have not yet been issued or allotted. The ATM Sales Agreement originally admitted 2,000,000 depositary interests on May 19, 2023.
This update is in compliance with Schedule Six of the AIM Rules for Companies.
Caledonia Mining announced a significant increase in mineral reserves and resources at its Blanket Mine in Zimbabwe. The updates include a 111% increase in mineral reserves and a 36% increase in mineral resources under the SEC's 1300 S-K guidelines. Additionally, Blanket’s life of mine has been extended to 2034, potentially reaching past 2040.
The company also released its Annual Report and filed an NI 43-101 technical report, reflecting a 106% increase in mineral reserves and a 63% increase in measured and indicated resources. These updates underscore the improved grades and widths from the 2023 drilling campaign.
Furthermore, new mineral reserve and resource estimates for the Bilboes Gold Project were published, aligning closely with existing NI 43-101 estimates. Shareholders are invited to a webinar on May 17, 2024, to discuss these updates.
Caledonia Mining Plc announced its financial and operating results for the quarter ended March 31, 2024. The company reported a gross profit of $13.8 million, an increase from Q1 2023. EBITDA for the period was $9.9 million, with Blanket Mine contributing $17.5 million. AISC decreased by 8.2% to $1,296 per ounce. Adjusted EPS was 26.9 cents, and net cash from operating activities improved to $4.9 million. Operating highlights include 17,476 ounces of gold produced, with positive results from the drilling program at Blanket. Production guidance for 2024 is optimistic. CEO Mark Learmonth expressed confidence in the results and outlined plans for future projects.
Caledonia Mining Plc is set to announce its Q1 2024 results on May 13, 2024, with a remote presentation for analysts and investors. The presentation will be followed by a Q&A session and will include an outlook for the company. Interested parties can register for the webinar to access the presentation.
Caledonia Mining Plc announced the results of its annual general meeting, with 62.28% of outstanding voting shares represented by 96 shareholders. Resolutions to reappoint directors and auditors were passed, with detailed voting results provided. Contact information for further inquiries was also provided.
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