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    Howard Flinker • Private Investor

    Howard Flinker's questions to Caledonia Mining Corporation PLC (CMCL) leadership

    Howard Flinker's questions to Caledonia Mining Corporation PLC (CMCL) leadership • Q4 2024

    Question

    Howard Flinker asked for clarification on the company's bank debt level, whether the high tax rate seen in the fourth quarter would be the new norm, and about an erroneous announcement that appeared on the company's website.

    Answer

    Executive Mark Learmonth confirmed that the company has more cash than debt and aims to hold debt in-country and cash out-of-country. He explained that the effective tax rate remains high due to structural inefficiencies like tax leakage on inter-group fees and non-offsettable expenses in other jurisdictions. He also clarified the erroneous announcement was from a different company, Caledonia Investments.

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    Howard Flinker's questions to Caledonia Mining Corporation PLC (CMCL) leadership • Q3 2024

    Question

    Howard Flinker sought clarification on drilling results at Motapa, the reasons for increased administrative expenses, the tax deductibility of foreign exchange losses, and the specifics of projected electricity cost savings. He also pointed out a potentially misleading label on the cash flow statement and asked about recent inflation rates in Zimbabwe.

    Answer

    VP of Technical Services Craig Harvey clarified the drilling depth at Motapa. Executive Mark Learmonth and CFO Chester Goodburn explained that higher administrative costs are due to building the owner's team for the Bilboes project, and these costs are not currently tax-deductible. Chester Goodburn confirmed that realized FX losses are tax-deductible and detailed that the projected $1.6 million in solar savings is separate from other power initiatives. Director Victor Gapare provided specific figures for Zimbabwe's recent month-on-month USD and ZIG inflation rates.

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    Howard Flinker's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership

    Howard Flinker's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership • Q1 2024

    Question

    Howard Flinker of Flinker and Company sought clarification on whether the reported 7% growth in net premiums was inclusive of the recent Gulf Insurance acquisition.

    Answer

    Peter Clarke, President and COO, clarified that the 7% net premium growth figure specifically excludes the impact of the Gulf Insurance consolidation. He added that when including Gulf's premiums, the growth rate was in the double digits.

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    Howard Flinker's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership • Q1 2024

    Question

    Howard Flinker of Flinker and Company sought clarification on whether the reported 7% growth in net premiums was inclusive of the contribution from the newly consolidated Gulf Insurance.

    Answer

    Peter Clarke, President and COO, clarified that the 7% net premium growth figure specifically excludes the impact of Gulf Insurance. He added that if Gulf's premium were included, the growth rate would have been in the double digits.

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