Caledonia Mining Corporation (CMCL)

[NYBob]

Caledonia lifts 2021 gold production guidance after record 2020 output

Caledonia's Blanket gold mine, in Zimbabwe
18TH JANUARY 2021

BY: MARLENY ARNOLDI
CREAMER MEDIA ONLINE WRITER

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Aim- and NYSE-listed Caledonia Mining Corporation produced a record
57 899 oz of gold in 2020, meeting the top end of its revised increased
guidance for the year.

The company had its guidance set at between 55 000 oz and 58 000 oz last year.

About 15 012 oz of total output was produced in the fourth quarter
alone.

The company has set its gold production guidance for this year at
between 61 000 oz and 67 000 oz.


The company’s Central shaft at the 64%-owned Blanket mine, in Zimbabwe,
is due to be commissioned before the end of the first quarter,
extending the life of the mine to 2034, as well as increasing output.

Caledonia in December entered into option agreements on two properties
in Zimbabwe, delivering on its strategy of organic growth, while it
increased its dividend at the start of January to $0.11 apiece, marking
a 10% increase on the prior quarterly dividend of $0.10 apiece.

The company has increased its dividend four times in the last 15 months.

Caledonia is aiming to produce 80 000 oz/y from 2022.

EDITED BY: CHANEL DE BRUYN
CREAMER MEDIA SENIOR DEPUTY EDITOR ONLINE

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