Caledonia Mining Plc(CMCL) - 2024 Q4 - Annual Report

Financial Performance and Capital Expenditure - Caledonia Mining Corporation raised gross proceeds of $10.8 million by issuing 781,749 depository interests and$5.9 million by issuing 425,765 depository receipts in the first two quarters of 2023[145]. - The anticipated cost of the new Tailings Storage Facility (TSF) is $25.1 million, to be incurred over three years (2024:$11.4 million, 2025: $5.4 million, 2026:$8.3 million)[158]. - Total capital expenditure at Blanket for 2024 amounted to $27.9 million, compared to a planned expenditure of$30.8 million, with $2.9 million moved to 2025[160]. - The 2025 capital expenditure program totals$41.0 million, with $34.1 million allocated to Blanket and$6.3 million at Bilboes and Motapa[161]. - Caledonia issued solar bonds valued at $12.0 million with a 9.5$11.5 million have been issued to Zimbabwean commercial entities[168]. Production and Mining Operations - Total gold production at Blanket Mine for 2024 was 76,656 oz, an increase from 75,416 oz in 2023, but a decrease from 80,775 oz in 2022[176]. - The underground drilling program in 2024 totaled 14,593 meters, a 9.9% increase from 13,280 meters in 2023, indicating improved exploration capabilities[177]. - The metallurgical plant at Blanket Mine achieved a recovery rate of 93.6% in 2024, slightly down from 93.8% in 2023, with a record milling of 797,479 tonnes of ore[203][204]. - The company aims to increase gold production to 80,000 oz from 2024 onward through its investment plan at Blanket Mine[175]. - The mine employs two mining methods: long-hole stoping for wider deposits and underhand stoping for narrower deposits[251]. Safety and Environmental Management - Safety statistics showed a decrease in the Total Injury Frequency Rate to 0.88 in 2024 from 0.96 in 2023, reflecting improved safety management practices[208]. - The mine has completed an Environmental Impact Assessment (EIA) for its solar plant and holds EIA certificates for both old and new tailings storage facilities[286]. Community Engagement and Social Responsibility - The company reported total payments to the Zimbabwe government and community initiatives amounting to $23.745 million in 2024, an increase from$21.228 million in 2023[214]. - The community and social responsibility (CSR) investment for 2024 was $1.291 million, compared to$1.491 million in 2023[214]. - The completion of renovations for the Sitezi Secondary School's science laboratory and the maternity clinic is expected to enhance local educational and health facilities[215]. - The company drilled four boreholes in 2023, which were connected to the national electricity grid in early 2024 to ensure stable water supply for community irrigation[215]. Mineral Resources and Reserves - The Blanket Mine's mineral resources are estimated using a cut-off grade of 1.5 g/t based on a long-term gold price of $2,150/oz[236]. - Total Measured and Indicated Mineral Resources at Blanket Mine amount to 46.77 million tonnes with an average grade of 2.30 g/t, containing 3,457 koz of gold[239]. - The total Proven and Probable Mineral Reserves at Blanket Mine are 4.37 million tonnes with an average grade of 3.3 g/t, containing 457 koz of gold[242]. - The total mineral reserves as of December 31, 2024, are 4,368 Kt at an average grade of 3.29 g/t, containing approximately 456 Koz of gold, which is an 11$65.7 million, with net assets valued at $74.9 million as of December 31, 2024[326]. - The Bilboes oxide mine was placed on care and maintenance as of September 30, 2023, while leaching activities will continue as long as they remain cash positive[335]. Infrastructure and Technological Advancements - The installation of a new conveyor and crushing system at Blanket Mine was completed in November 2022, enhancing operational efficiency[205]. - A solar power plant supplying 12 MW AC was installed and commissioned by February 2023 to supplement the existing power supply[275]. - The mine's water extraction rate is authorized at USD$0.17/m3 under a contract with the Zimbabwe National Water Authority[282].