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    Nic Dinham • Not specified in transcript

    Nic Dinham's questions to Caledonia Mining Corporation PLC (CMCL) leadership

    Nic Dinham's questions to Caledonia Mining Corporation PLC (CMCL) leadership • Q1 2025

    Question

    Nic Dinham asked about the progress of long-term mine development at Blanket, the outlook for dividends and cash extraction from the mine, the potential divestment of smaller exploration projects like Maligreen, and whether the company is considering other strategic investments given its improved financial position.

    Answer

    COO James Mufara confirmed that while current production is focused on shallower, more cost-effective reserves, the company plans to restart deeper decline development in the medium to long term. CEO Mark Learmonth and CFO Ross Ian Jerrard projected that facilitation loans could be repaid within 12 months and that the company's cash balance could reach $50-$60 million by year-end. Learmonth stated that the Maligreen project is being incubated and will not be sold, and that the company has enough opportunities and is not seeking further investments at this time.

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    Nic Dinham's questions to Caledonia Mining Corporation PLC (CMCL) leadership • Q4 2024

    Question

    Nic Dinham inquired about the reliability of the mine's 800,000-tonne production target, the potential for a multi-year delay in the Bilboes feasibility study to incorporate Motapa reserves, and the logistics of a potential toll concentrate strategy.

    Answer

    COO James Mufara confirmed the 800,000-tonne production target is correct. Executive Mark Learmonth clarified that the Bilboes timeline will be determined by what maximizes net present value per share, which includes the time value of money. He also confirmed that a change in the tailings dam strategy is linked to the potential for exporting concentrate, an opportunity that has emerged very recently.

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    Nic Dinham's questions to Caledonia Mining Corporation PLC (CMCL) leadership • Q2 2024

    Question

    Nic Dinham asked about the potential development of a parallel market for the new ZiG currency, the significance of a recent rock fall at the Eroica section, the status of H2 capital expenditures, and the rationale for selling the solar power project while also studying its enhancement.

    Answer

    Executive Director Victor Gapare and CEO Mark Learmonth addressed the ZiG, stating the company has limited visibility on any parallel market but noted the government recently released USD to support the currency, consistent with an asset-backed approach. Learmonth confirmed the rock fall was an isolated incident with a short-term impact on July production, not a systemic issue. He also explained that deferred CapEx will now be released in H2 due to strong cash generation. Regarding the solar plant, he clarified that it is being sold to a specialist operator who will also manage the planned expansion, as it is not Caledonia's core business.

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