caledonia investments annual report 2021

forex pairs explained

If you suffered losses and would like a davenport investments ii llc formation consultation with a securities attorney, then please call Galvin Legal, PLLC at Rule is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Galvin Legal, PLLC is a national securities arbitrationsecurities mediationsecurities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. First Name required. Last Name required. Phone Number required.

Caledonia investments annual report 2021 brownstone investment group glassdoor best

Caledonia investments annual report 2021

We may avail ourselves of these disclosure exemptions until we are no longer an emerging growth company. We cannot predict whether investors will find our shares less attractive because of our reliance on some or all of these exemptions. If investors find our shares less attractive, it may adversely impact the price of our shares and there may be a less active trading market for our shares. We will cease to be an emerging growth company upon the earliest of:.

If we fail to establish and maintain proper internal controls, our ability to produce accurate financial statements or comply with applicable regulations could be impaired. Section a of the Sarbanes-Oxley Act requires that our management assess and report annually on the effectiveness of our internal controls over financial reporting and identify any material weaknesses in our internal controls over financial reporting.

Although Section b of the Sarbanes-Oxley Act requires our independent registered public accounting firm to issue an annual report that addresses the effectiveness of our internal controls over financial reporting, we have opted to rely on the exemptions provided to us by virtue of being a foreign private issuer and an emerging growth company, and consequently will not be required to comply with SEC rules that implement Section b of the Sarbanes-Oxley Act until we lose our emerging growth company status.

If either we are unable to conclude that we have effective internal controls over financial reporting or, at the appropriate time, our independent auditors are unwilling or unable to provide us with an unqualified report on the effectiveness of our internal controls over financial reporting as required by Section b of the Sarbanes-Oxley Act, investors may lose confidence in our operating results, the price of our shares could decline and we may be subject to litigation or regulatory enforcement actions.

There is uncertainty with our Mineral Reserve estimates. These estimates may not reflect actual reserves or future production. Should we encounter mineralization or formations different from those predicted by past drilling, sampling and similar examinations, reserve estimates may have to be adjusted and mining plans may have to be altered in a way that might ultimately cause our reserve estimates to decline. Moreover, if the gold price declines, or if our labor, consumable, electricity and other production costs increase or recovery rates decrease, it may become uneconomical to recover our reserves.

Under these circumstances, we would be required to re-evaluate our reserves. The reserve estimates are based on drilling results and because unforeseen conditions may occur, the actual results may vary from the initial estimates. These factors could result in reductions in our reserve estimates, which could in turn adversely impact the total value of our business. There are differences in IG 7 and Canadian reporting of mineral reserves and mineral resources.

From time to time, we also report mineral resources in accordance with the Canadian requirements set forth in Canadian National Instrument which are not directly comparable to IG 7 mineral reporting and disclosure requirements. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. It cannot be assumed that all or any part of the measured mineral resources, indicated mineral resources, or inferred mineral resources will ever be upgraded to a higher category.

Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Accordingly, information concerning descriptions of mineralization and resources contained in some of our reports may not be comparable to information made public in accordance with IG 7.

These definitions differ from the definitions in IG 7. Accordingly, information contained in some of the reports containing descriptions of the Company's mineral deposits may not be comparable to similar information made public in accordance with IG 7. It may be difficult to bring and enforce suits against us, because we were amalgamated and exist under the laws of Jersey, Channel Islands and are situated in Jersey, Channel Islands and do not have assets located in the United States.

All of our assets are located outside the United States and most of our directors and all of our officers are residents of countries other than the United States. As a result, it may be difficult for investors to effect service of process on us or these non-United States resident persons within the United States or to rely in the United States upon judgments obtained in the United States based on the civil liability provisions of the U. In addition, our U.

We are incorporated under the laws of Jersey, Channel Islands and our principal offices are located outside of the United States which could have negative tax consequences for U. We are incorporated under the laws of Jersey, Channel Islands and are located outside of the United States.

Accordingly, U. If we choose to make an offering of securities in the United States, the applicable prospectus is expected to include a discussion of the material United States tax consequences relating to the purchase, ownership and disposition of any securities offered thereby, to the extent not set out in this Annual Report; however, investors should consult their own tax advisors as to the consequences of investing in Caledonia.

Caledonia Mining Corporation Plc previously Caledonia Mining Corporation was incorporated, effective February 5, , by the amalgamation of three predecessor companies and was registered at the time under the Canada Business Corporations Act. The Company acquired all of the assets and assumed all of the liabilities of CHZ. Indigenisation of Blanket Mine.

In anticipation of completion of the underlying subscription agreements, advances were made to NIEEF and the Community Trust against their rights to receive dividends declared by Blanket Mine on their shareholding as follows:. Advances made to NIEEF as an advanced dividend loan was settled through dividend repayments in fiscal Refer to note 5 of the Consolidated Financial Statements for the outstanding balance of the advanced dividend loan with the Community Trust.

The Group facilitated the vendor funding of these transactions and the advanced dividend loans which are repaid by way of dividends from Blanket Mine. The timing of the repayment of the loans depends on the future financial performance of Blanket Mine and the extent of future dividends declared by Blanket Mine.

Subsequent to the indigenisation transactions the facilitation loans relating to the Group were transferred as a dividend in specie to the Company. On June 23, , the Group, Blanket Mine and the indigenous shareholders of Blanket Mine reached agreement to change the interest terms of the facilitation and advanced dividend loan agreements. It was agreed that the interest change was to be applied to the facilitation and advanced dividend loan balances from January 1, The transaction remains subject to, amongst other things, approvals from various Zimbabwean regulatory authorities.

The transaction remains subject to, amongst other things, approvals from various Zimbabwean regulatory authorities including the RBZ and the Zimbabwe Revenue Authority. Caledonia has indicated to the Government of Zimbabwe a desire to engage in discussions to purchase the shareholding in Blanket that is currently held by NIEEF.

Capital Investment. The main capital development project is the Central Shaft, which was originally intended to be sunk in one single phase from surface to 1, metres. Continued exploration has improved the understanding of the ore bodies and has resulted in progressive increases in resources below metres.

Accordingly, in November , the Company announced that it intends to continue to sink the Central Shaft by two further production levels to a depth of 1, meters. Progress on sinking the shaft since late has been adversely affected by the increased frequency of power trips due to the unstable incoming supply from the grid. Due to these delays the vertical shaft sinking will be reduced by one level and the shaft will be sunk to a depth of 1, metres.

The fourth level is intended to be added via a decline construction which will start in due course. The decline should give earlier access to the ore bodies at this level than the originally planned vertical shaft extension. The decline will put the mine in a good position to go deeper in future if needed without affecting the hoisting at the then operational Central Shaft. The Central Shaft is currently at a depth of 1, metres.

The sinking of the Central Shaft is expected to be completed in the middle of and expected to be commissioned by mid Power outages resulted in less development being achieved than initially planned, which will result is a slower production ramp-up to the projetyed 80, oz..

Production is now expected to be approximately 75, oz. Progress on the Central Shaft further depends on the continued availability of sufficient foreign exchange. Significant projects on which capital expenditures were incurred in included:.

Capital projects and expenditures are further analysed under Item 4. The Share Consolidation was approved:. The Share Consolidation was effected on June 26, following which the issued shares of the Company consisted of 10,, shares of which 3,, were represented by depositary interests traded on AIM.

Eersteling Gold Mining Company Limited. It has been under care and maintenance since By December 31, ZAR2 million of the non-refundable deposit was received but the agreement had expired as no further payment had been received. The non-refundable deposit was accounted for as Other income in the Consolidated Financial Statements. Also on May 31, the Group entered into a new agreement to amend the initial share sale agreement.

The share sale agreement was suspended, subject to the conclusion of the rock dump sale and for SH Minerals to obtain funding for the purchase price for the sale. The payment received in February effectively transferred the registered and beneficial ownership of Eersteling to SH Minerals and the Group relinquished control. Available Information. Description of Our Business. Total gold production at Blanket Mine for was 54, oz. In terms of regulations introduced by the Zimbabwean Ministry of Finance in January , all gold produced in Zimbabwe must be sold to Fidelity, a company which is controlled by the Zimbabwean authorities.

Gold producers compete globally on the basis of their operating and capital costs. Certain gold producers benefit from their ability to produce other minerals in commercial quantities as by-products. Caledonia derives approximately 0. D Mineral Reserve Calculations. Mining Operations. On November 3, Caledonia announced the investment plan and production projections for the Blanket Mine.

The objectives of the investment plan are to improve the underground infrastructure and logistics to allow an efficient and sustainable production build-up. Continued exploration over the last three years has improved the understanding of the ore bodies below 22 level and has resulted in a further increase in resources below meters.

Progress on implementing the Central Shaft has been adversely affected by an increase in the incidence of power interruptions due to the instability of the incoming grid power. Due to these delays and to ensure that the completion of the shaft does not delay the planned production build-up, the vertical shaft sinking will terminate at 1, metres and will add three new production levels below metres. A fourth production level is intended to be added via a decline construction in due course.

The decline is expected to allow production from below 34 Level to commence in mid, which is the same as if the shaft had been extended to 38 Level. Further progress on the Central Shaft depends on the continued availability of sufficient foreign exchange. Satellite Prospects. Blanket Mine has exploration title holdings in the form of registered mining claims in the Gwanda Greenstone Belt totalling claims covering properties with a total area of about 2, hectares.

Included within these claim areas are 18 previously operated small gold workings which warrant further exploration. Pilot plant — Satellite properties. A pilot plant was constructed and commissioned during to establish the potential recovery of refractory ore from the GG satellite property using conventional Gravity and CIL processes. A total of 6, tons of GG ore has been processed at an average feed grade of 3.

Results show that at the current recovery rate and at the prevailing gold price, gold can be extracted profitably. Management is considering the further methods to ascertain whether recoveries can be improved. Metallurgical Process. Metallurgical plant — Blanket Mine. Recoveries continue to be adversely affected by the low feed grade and the failure of the oxygen plant which is now beyond repair.

As a temporary measure liquid oxygen is used but this comes at an increased cost. Lower oxygen concentrations also resulted in increased cyanide consumption, which in addition to increased lime consumption due to a temporary deterioration in the quality of product supplied , contributed to increased consumable costs at the metallurgical plant.

A purchase agreement has been signed for an oxygen plant which is expected to be commissioned in mid, subject to the availability of the necessary foreign exchange to fund the final purchase installment. Average plant recovery was Safety, Health and Environment.

The following safety statistics have been recorded for fiscal year and the preceding two years. Regrettably, there were fatal mining-related accidents at Blanket Mine on February 23, and July 12, The directors and management of Caledonia and Blanket express their sincere condolences to the families and colleagues of the deceased.

Caledonia takes the safety of its employees very seriously and, accordingly, measures have been taken to re-inforce adherence to prescribed safety procedures. Social Investment and Contribution to the Zimbabwean Economy. Payments to the Community and the Zimbabwe Government. General Comments. Caledonia is not dependent, to any material extent, on patents, licenses, contracts, specialized equipment or new manufacturing processes at this time. However, there may be occasions that Caledonia may wish to adopt such patents, licenses, specialized equipment, etc.

All mining and exploration activities are conducted under the various economic, mining and environmental regulations of the country where the operations are being carried out. Caledonia has not experienced a shortage of availability of raw materials or significant price volatility. The Company has the following organizational structure as at March 28, It is a fully equipped mine with all of the necessary plant and equipment to conduct mining operations and the production of gold from the ore mined from the mine.

For a detailed breakdown of the property, plant and equipment and encumbrances thereon refer to note 17 of the Consolidated Financial Statements. The property, plant and equipment of the Group is predominantly held in Zimbabwe and the continued implementation of the investment plan is expected to increase the property, plant and equipment of the Group. The investment plan is expected to be funded with existing cash, a term loan, an overdraft facility and cash generated from operating activities.

The investment plan is expected to be completed in Refer to item 4 A History and Development of the company concerning the sale of Eersteling. Mining Geology and Exploration Activities. Geology and Mineral Deposit. The geology of the Craton is characterised by deformed and metamorphosed rocks which include high-grade metamorphic rocks, gneisses, older granitoids, greenstone belts, intrusive complexes, younger granites and the Great Dyke.

The Chingezi gneiss, Mashaba tonalite and Shabani gneiss form part of a variety of tonalities and gneisses of varying ages. Three major sequences of slightly younger gold-bearing greenstone belt supracrustal rocks exist:. Three metamorphic belts surround the Zimbabwe Craton:.

Overview of the Project Geology. Several other gold deposits are situated along the same general strike as the mine. Approximately mines operated in this greenstone belt at one stage; however, the Blanket Mine is one of the few remaining operational mines.

Local Property Geology. The local geology consists of the Felsic Unit made up of, largely, quartz and quartz-sericite schists overlain by the Mafic Unit. The lower zone of the Mafic Unit comprises ultramafics and banded iron formations which host the orebodies of the Vubachikwe mine, that is located nearby Blanket.

The upper zone of the Mafic Unit is made up of massive to pillowed basaltic lavas with intercalations of interflow sediments now showing as cherty argillites locally commonly referred to as Black Markers and this hosts the Blanket complex orebodies. The Blanket orebodies are in an orogenic setting with hydrothermal mineralization hosted in selected shears of country basaltic metavolcanics.

This package is intruded by a younger and seemingly barren olivine-gabbro sheet. The sequence is capped by an Intermediate Unit comprising andesitic lavas with amphibole feldspar schists. The Blanket complex orebodies together with those of the Vubachikwe complex comprise the north-western Mining Camp, also called the Sabiwa group of mines.

Longitudinal Section of Blanket Mine. The latter group of mines form the northern continuation of the Vubachikwe zone and are hosted by BIFs. The mafic unit which hosts the gold mineralisation is, for the most part, a metabasalt with occasional remnants of pillow basalts.

Regionally, the rock is a fine-grained massive amphibolite with localised shear planes. A low angle transgressive anastomosing shear zone up to m wide cutting through the mafic zone is the locus of the gold ore shoots. The shear zone is characterised by a well-developed fabric and the presence of biotite. A regional dolerite sill cuts the entire sequence from Vubachikwe through Blanket to Smiler. The sill does not cause a significant displacement and although it truncates all the ore shoots, there is continuity of mineralisation below the sill.

The upper zone comprises massive to pillowed lavas with intercalations of interflow sediments. The rock is a fine-grained massive amphibolite with localised shear planes. The gold deposits are found around a low-angle transgressive shear zone. A simplified stratigraphic column for the Blanket Mine is shown in the following figure.

Stratigraphic Column. Status of Exploration. The Blanket Mine is a producing operation. Exploration activities are carried out both on and off the mine. Mine exploration takes place mostly underground on the producing claims and is aimed at expanding the knowledge of the ore shoot trends which are being mined, as well as searching for potential additional orebodies.

Near-mine exploration takes place on satellite properties that are currently non-producing assets, which have the potential to yield new sources of ore and possibly give rise to new mines. These claims include a small number under option and cover an area of approximately 2, ha. The blocks of claims were pegged as follows:. Exploration and evaluation activities on Blanket Mine are targeting the depth extensions of all the known Blanket Mine ore bodies, viz. Mineral Reserve Calculations.

Mineral reserve estimates in this Annual Report are reported in accordance with the requirements of IG 7. Accordingly, as of the date of the Annual Report, all minerals reserves are planned to be mined out under the life of mine plan within the period of our existing rights to mine, or within the time period of assured renewal periods of our rights to mine. In addition, as of the date of this Annual Report, all mineral reserves are covered by required permits and governmental approvals.

Tonnages refer to tonnes delivered to the metallurgical plant. All figures are in metric tonnes. Pay limit Blanket Mine 2. Tonnage and grade have been rounded and this may result in minor adding discrepancies. Our mineral reserve figures are estimates, which may not reflect actual reserves or future production. These figures are prepared in accordance with industry practice, converting mineral deposits to reserves through the preparation of a mining plan.

The mineral reserve estimates contained herein inherently include a degree of uncertainty and depend to some extent on statistical inferences. Reserve estimates require revisions based on actual production experience or new information. Should we encounter mineralization or formations different from those predicted by past drilling, sampling and similar examinations, mineral reserve estimates may have to be adjusted and mining plans may have to be altered in a way that might adversely affect our operations.

Moreover, if the price of gold declines, stabilizes at a price that is lower than break-even level, if our production costs increase or recovery rates decrease, it may become uneconomical to recover mineral reserves with lower grades of mineralization. Access to the Property, Power and Water Supply. Access to the Blanket Mine is by an all-weather single lane tarred road from Gwanda.

Gwanda is linked by national highways to Bulawayo, Harare and the Beitbridge Border post. Earlier, Zimbabwe had good road infrastructure. However, lack of investment over the past ten to fifteen years resulted in its deterioration; substantial investment is required country-wide. The railway line connecting the Zimbabwean national network to South Africa passes through Gwanda. An airstrip for light aircraft is located 5 km to the northwest of the town. Blanket power is supplier primarily from ZESA.

Blanket also has a combined 16MW of installed stand-by diesel generating capacity which is sufficient to allow all mining and processing activities and shaft-sinking work at the central shaft to continue if there are any interruptions to the ZESA supply. During Blanket installed a fixed overhead line and a ring feed connection to allow for an additional electricity feed from ZESA.

The dual lines are expected to reduce possibility of power outages from both electricity supply lines at the same time and therefore reduce power disruptions at Blanket. Water to the mine and its township is supplied through the Mtshabezi river, on-mine boreholes and the Gwanda municipality. Blanket Claims. The Blanket Mine's exploration interests in Zimbabwe include operating claims i. This contiguous block represents the area of a current Mining Lease application. The Blanket Mine is part of the Sabiwa group of mines within the Gwanda Greenstone Belt from which gold was first extracted in the 19 th century.

Blanket Mine has produced over a million ounces of gold during its lifetime. Mining and metallurgical operations commenced in and between then and , , t were mined. From to mining was conducted by the Forbes Rhodesia Syndicate who achieved 23, t. There are no reliable records of mining for the period between and and it is possible that operations were adversely affected by political instability during World Wars I and II.

In F. Payne produced some , t before selling the property to Falconbridge in Blanket Mine, Under Falconbridge, production increased to 45 kg per month and the property yielded some 4 Mt of ore up until September The Blanket Mine re-started production in April after a temporary shut-down due to the economic difficulties in Zimbabwe. The following Operating and Financial Review and Prospects section is intended to help the reader understand the factors that have affected the Company's financial condition and results of operations for the historical period covered by the financial statements and management's assessment of factors and trends which are anticipated to have a material effect on the Company's financial condition and results in future periods.

This section is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the other financial information contained elsewhere in this document. Our financial statements have been prepared in accordance with IFRS. Our discussion contains forward looking information based on current expectations that involve risks and uncertainties, such as our plans, objectives and intentions.

Our actual results may differ from those indicated in such forward looking statements. The key drivers of our operating results and principal activities are:. Gold price. Average realized gold price per ounce is a non-IFRS measures which managements believes assist the stakeholders in understanding the average price obtained for an ounce of gold. Our revenues are derived from the sale of gold produced by the Blanket Mine.

As a result our revenues are directly influenced by the average realized gold price obtained from the sale of gold. The gold prices obtained may fluctuate widely and are influenced by factors beyond the control of the Company. The table below indicates the average realized gold price per ounce obtained for the , and fiscal years.

Gold produced. Tonnes milled, average grades, recoveries and gold produced are shown in the table below. Tonnes Milled. Gold Head Feed. Gold Recovery. Gold Produced. Tonnes milled in the year were 2. The improvement in tonnes milled reflects the measures taken to address problems that had occurred in previous quarters and includes the introduction of long-hole stoping on safety grounds which tends to increase the tonnes mined per metre drilled, although with a potential adverse effect on the realised grade due to mining dilution.

Grade in the year was 4. Grade was adversely affected by excessive dilution at Blanket due to the introduction of long-hole stoping in the narrower reef width areas due to safety considerations. The use of long-hole stoping, in addition to being safer than sublevel benching, has the potential to be more efficient if drilling is accurate enough to avoid overbreak and consequent grade dilution.

Management continue to take corrective measures to improve the accuracy of drilling which include the improved training of drill operators, intensified geological control, reviewing blasting techniques and technology and reducing the sublevel vertical spacing from 15 meters to 10 meters. These measures appear to have had some effect: by February the achieved grade has improved towards target and this improvement has continued into March.

Production cost. Production costs include salaries and wages, on mine administration, consumable materials and electricity and other related costs incurred in the production of gold. Production costs for , and are summarised below. On-mine cost, AISC and all-in cost per ounce are non-IFRS cost measures which managements believes assist the stakeholders in understanding the cost structures of the Company. The table below reconciles production cost as stated in terms of IFRS to these cost measures.

A narrow focus on the direct costs of production mainly labour, electricity and consumables does not fully reflect the total cost of gold production. Accordingly, cost per ounce data for the fiscal year and previous fiscal years has been prepared in accordance with the Guidance Note issued by the World Gold Council on June 23, and is set out in the table below on the following bases:.

Per-ounce costs are calculated on the basis of sales adjusted for sales work-in-progress, so that an accurate value can be ascribed to the royalty. On-mine cost comprises labour, electricity, consumables and other costs such as security and insurance. A lower grade has an adverse effect on on-mine cost per ounce because on-mine costs are generally related to tonnes of production — if each tonne mined and processed contains less gold, a lower grade will result in a higher cost per ounce even if costs remain unchanged.

Variable consumable costs for were higher than due to increased costs for cyanide, explosives and grinding media; the consumption rate for cyanide was also higher due to the lack of oxygen in the CIL process pending the installation of the new oxygen plant in AISC per ounce comprises on-mine costs and also includes royalty payments, the export incentive, group administrative costs, sustaining capital investment, share based payment expenses and by-product expenses.

The AISC reduced by 5. Other significant matters affecting profitability. Administrative expenses. Administrative expenses are further analysed in note 13 of the Consolidated Financial Statements. Export Incentive Credit.

On January 1, the ECI decreased from 3. All incentives granted by the Zimbabwean government were included in other income when determined receivable. Eersteling rock dump sale. Provident fund pay-out. The Greenstone provident fund was established with the aim to provide pension benefits to employees of mines previously owned by Caledonia Mining South Africa Proprietary Limited.

A surplus remained in the fund after all members were retrenched or terminated in when the mines were closed. Margin call on gold hedge. On August 17, the Company entered into a hedge in respect of 8, ounces of gold that expired before December 31, The derivative financial instrument was entered into by the Company for economic hedging purposes and not as a speculative investment.

The Company settled the contract with the margin call deposited at the inception of the hedge transaction. Blanket continued to sell all of its gold production to Fidelity, as required by Zimbabwean legislation, and received the spot price of gold less an early settlement discount of 1. Share based payment awards. Share options issued before May were issued in terms of a rolling stock option plan, which was superseded by the OEICP. In accordance with the previous plan, options were granted at an exercise price not less than the closing price of the shares on the TSX on the trading day prior to the grant date.

Under the OEICP, options are granted on the same basis or, if greater, at not less than the volume weighted average trading price of the shares on the TSX for the five trading days immediately prior to the grant date. Options vest according to dates set at the discretion of the Compensation Committee or the Board of Directors at the date of grant.

All outstanding option awards that have been granted pursuant to the plan vest immediately. All remaining options granted under the previous plan were exercised during fiscal year The maximum term of the options under the OEICP is 10 years and under the rolling stock option plan was 5 years. The terms and conditions relating to the grant of options under the rolling stock option plan were that all options would be settled by physical delivery of shares. RSUs vest three years after grant date provided that the service condition of the relevant employees are fulfilled.

PSUs have a service condition and a performance period of three years. The performance condition is a function of production cost, gold production and central shaft depth targets on certain specified dates. The number of PSUs that vest is the PSUs granted multiplied by a performance multiplier, which reflects the actual performance in terms of the performance conditions compared to expectations on the date of the award.

RSU holders are entitled to receive dividends over the vesting period. Such dividends are reinvested in additional RSUs at the then applicable share price calculated at the average Bank of Canada noon rate immediately preceding the dividend payment. PSUs have rights to dividends only after they have vested. On May 8, the Board approved amendments to the awards to allow for settlement of the vesting date value in cash or shares issuable at fair market value or a combination of both at the discretion of the holder.

The fair value of the RSUs, at the reporting date, was based on the Black Scholes option valuation model. The fair value of the PSUs, at the reporting date, was based on the Black Scholes option valuation model less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation.

The PSUs were granted with a service condition and a performance period of three years. The performance condition will be a function of gold production for the quarter ending December 31, The number of PSUs that will vest will be the PSUs granted multiplied by a performance multiplier, which will reflect the actual performance in terms of the performance conditions compared to expectations agreed as soon as possible following the date of grant.

Caledonia Mining South Africa employee incentive scheme. Adjusted earnings per share. Cash and cash equivalents. The facility remained unutilised at December 31, The overdraft facility bears interest at 6. The facility is repayable on demand. Refer to note 30 of the Consolidated Financial Statements for information on the type of financial instruments used and the maturity profiles thereof. Management believes that the current working capital and future production cash proceeds will be sufficient to meet its capital requirements.

Blanket foreign exchange approval requirements. Approval from the RBZ is required for the remittance of dividends declared from Zimbabwe, for the repayment of loans and advances from Blanket Mine to Caledonia and for the repayment of capital and consumables purchased from Caledonia Mining South Africa Proprietary Limited. During Caledonia obtained the necessary approvals from the RBZ to obtain foreign currency to conduct normal business operations.

The Company is an exploration, development and mining company and does not carry on any research and development activities. Production Guidance. On October 11, the Company reduced and narrowed the range of production guidance from 55, to 59, oz. Production for the year was 54,oz. Production guidance for is between 53, and 56,oz. Cost Guidance. The main reason for the cost overrun against guidance was the lower grade.

On mine costs are also expected to be higher in due to the increased cost of cyanide, grinding media and drill steels and the increased cost of the expanded fleet of trackless equipment which is used in the declines. Earnings Guidance. Guidance for adjusted earnings per share for was in the range of c to c per share.

Actual adjusted earnings per share for was The shortfall against guidance was due to higher than expected operating costs which was largely due to the lower than anticipated grade and a smaller deferred tax charge which is the main adjusting factor between earnings per share calculated on an IFRS basis and adjusted earnings per share.

The foregoing expected results for are subject to risks and uncertainties and actual results may be lower. As at December 31, , the Company had the following contractual obligations:. Less than 1. More than.

Capital expenditure commitments included payments for the following items:. Except for capital expenditure commitments, the contractual obligations in the table above is based on the classification requirements under IFRS. Director since Chief Executive Officer since Stuart, Florida, USA. Chairman of the Victory Portfolios. Winston Maritime LLC. Stella and Hack Wilson Family Foundation. Martin Health Foundation. John Kelly Non-Executive Director.

New Canaan, Connecticut. John McGloin. Non-Executive Director. Bishops Stortford, United Kingdom. Maurice Mason. London, England. Adam Chester. No family relationships exist between any of the Directors or senior management. A brief profile of each of the Directors and the officers is given below:.

Curtis is a Chartered Accountant with over 34 years of experience and has held a number of senior financial positions in the manufacturing industry. In March , Mr. Between March and October , Mr. John Kelly - Non-Executive Director. John Lawson Kelly has over 35 years of experience in the financial services industry in the U. A and international markets including emerging markets in Asia. Within the last five years Mr. Johan Holtzhausen - Non-Executive Director. Johan Andries Holtzhausen is a retired partner of KPMG South Africa with 42 years of audit experience, of which 36 years were as a partner focused on the mining sector.

Holtzhausen chaired the Mining Interest Group at KPMG South Africa and his clients included major listed mining companies operating in Africa and elsewhere, which operated across a broad range of commodities. In addition to his professional qualifications, Mr. Holtzhausen holds a B. Until February 28, , Mr. Dana Roets — Chief Operating Officer.

Dana Roets is a qualified Mining Engineer and holds a B. Roets is a South African national with over 25 years of operational and managerial experience in the South African gold and platinum industries. He started his career with Gold Fields at the St Helena Gold Mine as a graduate trainee and progressed via various operational roles from being an underground shift boss to become Vice President and Head of Operations at Kloof Gold Mine in January at which time Kloof produced over 1,, ounces of gold per annum.

More recently, Mr. Learmonth joined Caledonia in July Prior to this, he was a Division Director of Investment Banking at Macquarie First South in South Africa, and has over 17 years of experience in corporate finance and investment banking, predominantly in the resources sector. Learmonth graduated from Oxford University and is a chartered accountant.

Learmonth was responsible for Investor Relations and Corporate Development of the Company until the appointment of Mr. McGloin joined Caledonia in August He is a geologist and graduate of Camborne School of Mines. McGloin worked for many years in Africa within the mining industry before moving into consultancy.

He joined Arbuthnot Banking Group following four years at Evolution Securities as their mining analyst. He is also the former Head of Mining at Collins Stewart. Most recently, Mr. Mason has taken over the day-to-day responsibility for Investor Relations and Corporate Development from Mr. Learmonth, who, since November had combined this role with that of Chief Financial Officer. In January Mr. Chester is a dual qualified lawyer England and Jersey, Channel Islands and previously worked as a solicitor of the Supreme Court of England and Wales at international law firms in the City of London and, more recently, as an advocate of the Royal Court of Jersey at an international offshore law firm in which he was a partner.

Arrangements, Understandings, etc. Caledonia has no arrangements or understanding with any major shareholders, customers, suppliers or others, pursuant to which any person referred to above was selected as a director or member of senior management. Summary Compensation Table.

All other. Steven Curtis. Chief Executive Officer. Dana Roets. Chief Operating Officer. Mark Learmonth. Chief Financial Officer. Caxton Mangezi. Non-Executive Director fees were paid in equal quarterly payments in arrears during Long term incentive plan.

Refer to Item 6E for a breakdown of director equity options outstanding, these equity options and their grant dates. Caledonia does not have a pension, retirement or similar benefits scheme for Directors. The directors all hold their positions for an indefinite term, subject to re-election at each annual general meeting of the shareholders. The officers hold their positions subject to being removed by resolution of the board of directors. The term of office of each director expires as of the date that an annual general meeting of the shareholders is held, subject to the re-election of a particular director at such annual general meeting.

The following persons comprise the following committees:. J Holtzhausen. M Mason. Terms of reference of the Audit Committee are given in the charter of the Audit Committee. Each member of the Audit Committee is considered independent as defined under Canadian National Instrument and as defined pursuant to Section of the NYSE American LLC Company Guide as such definition may be modified or supplemented and considered to be financially literate as such terms are defined under Canadian National Instrument Audit Committees.

Benefits upon termination is disclosed in note 33 of the Consolidated Financial Statements and an example contract is disclosed in Exhibit 4. The average, approximate number of employees, their categories and geographic locations for each of the last 3 years are summarized in the table below:. Geographic Location and Number of Employees:. Employee Locations:. All of the shares held above are voting shares and do not have any different voting or other rights than the other outstanding shares of the Company.

The information as to shares beneficially owned or controlled or directed, not being within the knowledge of the Company, has been furnished by the respective directors, officers and senior management members individually. In terms of the OEICP, the expiry of the options that expire in a closed period will be extended by 10 days from the cessation of the closed period. Percentage of. Issued Shares. All shareholders have the same voting rights as all other shareholders of Caledonia.

According to our share register on March 1, the shares of Caledonia including those represented by depositary interests were held in the following geographic locations:. Geographic Location. Number of. Shares Held. Caledonia is not aware of any arrangement which may at some subsequent date result in a change of control of Caledonia. No related party transactions other than in the normal course of employment and share based compensation.

Refer to note 33 of the Consolidated Financial Statements for transactions with Key management personnel. This Annual Report contains the audited Consolidated Financial Statements which comprise the consolidated statements of financial position as at December 31, and December 31, and the related consolidated statements of profit or loss and other comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for the years ended December 31, , December 31, and December 31, Legal Proceedings and Regulatory Actions.

To our knowledge, there are no legal proceedings material to us to which we are or were a party to or of which any of our properties are or were the subject of during the financial year ended December 31, nor are there any such proceedings known to us to be contemplated which would materially impact our financial position or ability to continue as a going concern.

In addition to positive revenues and earnings, Bandwidth has also shown sound liquidity. Finally, earlier this month, Bandwidth completed its acquisition of the European cloud communications company Voxbone. The transaction included We believe revenue growth should remain strong given our expectations for some permanent long-term changes with an increased remote work environment driving both increasing usage from existing customers and layering in the potential for stronger new customer growth.

W From cloud communications we move on to e-commerce, where Wayfair is a leader in the home goods and furniture sector. E-commerce has seen heavy gains during the COVID pandemic, as customers moved larger portions of their shopping online. Earnings have also reflected strong sales during the pandemic period.

These fiscal gains stand on the shoulders of solid sales performance. Wayfair reported In addition to an Overweight i. In short, the company builds the software platforms that allows customers to evaluate experimental compounds. Schrodinger describes its software as a physics-based platform, integrating solutions for collaboration, data analytics, and predictive modeling in chemistry. The platform is used extensively in the pharmaceutical industry, but also in aerospace, energy, and semiconductors.

Schrodinger went public in February of this year, just as the corona crisis was ramping up, and quickly saw strong share gains. The company sold well over We expect software growth to continue into , as we believe the pandemic trend of remote work is sticky, with increasing platform validation from collaborations. Disclaimer: The opinions expressed in this article are solely those of the featured analysts.

Income taxes: Before you do anything with that bonus, wait until your taxes are done for Citron said Blink's valuation makes no sense and called the company a "total scheme. A total commodity product with no brand. Benzinga's Take: Stock market bubbles are defined by "irrational exuberance" that can temporarily send stock prices soaring to irrational levels. However, shorting stocks that are caught in a bubble can be extremely dangerous given that irrational exuberance can last for years and the ultimate top is only reached once investor enthusiasm has died down.

One IPO is set to price the shortened week of Thanksgiving, but it's a big one. Ozon is a large e-commerce company in Russia, a large fragmented market. About Ozon Holdings: Ozon Holdings has More than 51 million people have downloaded the company's shopping app, which had 41 million monthly active users in the third quarter. Ozon Holdings has over 12, locker san pick-up points and also more than 2, delivery couriers. The company owns and operates its own logistics service.

Russia's population of million ranks ninth in the world. Ozon could be set to capitalize on a country that ranks first in Europe and seventh in the world for the most internet users. Revenue grew from The first nine months of saw the company hit Plans for Growth: Ozon launched financial products and services for buyers and sellers, which added to its services offered.

The company also added advertising and logistics services to sellers. The company's Ozon branded debit card has had , cards activated as of Sept. Growth strategies include enhancing buyer loyalties, expanding logistics regionally and building a diversified ecosystem of complementary services, like the company's financial and travel offerings.

Other global e-commerce plays have also seen large share gains in markets that are under-penetrated and growing. Benzinga's Take: Ozon is the e-commerce play for Russia that resembles these other companies and could follow a similar success story. The huge population of internet users and highly fragmented market could make a compelling case for Ozon to be a top-performing e-commerce stock over the next five years. The company's logistics business and growing services like travel and financial offerings are catalysts investors should watch.

Warren Buffett is scooping up stocks. Berkshire Hathaway ticker: BRK. A, BRK. Here are eight stocks Warren Buffett has been buying. Does buying gold stocks, or betting on the gold price, make sense, despite vaccine progress and election results? Here are some things to consider. Is the stock market open on Thanksgiving and Black Friday? On Black Friday, Nov. Are you an environmentally friendly and socially responsible investor?

If so, there's an entire set of stocks to watch that specifically reflects that mindset. They're called "ESG stocks" and they're beginning to grow in popularity. These are shares of companies that advance environmental, social, and governance initiatives within their respective industries and organizations contributing to a better world.

It doesn't matter if we're talking about penny stocks or blue-chip stocks, the ESG wave is building. Social responsibility takes into consideration things like employee culture--pay equality, training, benefits, ethical behavior, and astute customer service are all part of it.

When we talk about governance, these are companies focused on corporate governance, such as how executives are compensated, are they treated fairly, transparency, voting rights, and diversity are all things you could consider as part of these companies. These characteristics have been growing in popularity among the newest generation of investors, many of whom have entered the market via fast-growing brokers like Robinhood.

And thanks to pandemic lockdowns, curiosity has driven a wave of interest in stocks. It has also pushed interest in things like penny stocks, for instance. If you look at some of the penny stock brokerage growth statistics for , you'll see far and away, Robinhood has become a favorite. Among these Robinhood traders, many of the Top list on the platform are building exposure to ESG initiatives. For instance, just this month, we saw a previous penny stock, Nio Inc. But it is. Nio isn't the only ESG stock that has jumped and it won't be the last either.

But for those who've seen how quickly the latest trend in EV penny stocks has accelerated, it seems fitting to look at some small-cap stocks in this ESG niche. Gevo Inc. The company develops renewable chemicals and biofuels.

Gevo's entire model targets the reduction of greenhouse gas emissions with sustainable alternatives. The company uses low-carbon renewable resource-based carbohydrates as raw materials. While the company has made many strides to take advantage of this trend. The deal was set to support Trafigura's plan to build a market for low-carbon fuels further extending the positive environmental impact of Gevo's assets. While shares are still down for the year, since the beginning of the third quarter, GEVO stock has nearly doubled.

Fuel Tech Inc. The company provides solutions for controlling emissions, treating water in industrial applications, and optimizes combustion systems. What should investors be watching with Fuel Tech right now? While it's been a topsy-turvy year for most companies, Fuel Tech is looking ahead.

The company recently reported its third quarter results and gave a business update discussing the outlook heading into While the company far exceeded estimates for both EPS and sales, it is important to pay attention to what management laid out for the coming months especially when we're talking about ESG stocks. Ocean Power TechnologiesHarnessing energy from ocean waves. The company has enjoyed one of its best years in the market in The company's subsea solutions have gained the most interest.

Ocean Power's product, its PowerBuoy solutions platform, provides clean and reliable electric power. Furthermore, its Subsea Battery provides constant power for projects requiring electric power offshore. Furthermore, the DeepStar project award will see the company study the deployment and operational requirements of utilizing OPT's PB3 PowerBuoy to provide remotely controllable zero-carbon power for deepwater subsea oil production applications.

It's also one of the top-performing fuel cell stocks. FuelCell handles all aspects of fuel-cell production, sales, installation, etc. This funding is a major step for the company and further validation of its technology. This month, hydrogen and fuel cell stocks have been running strong. A potential Biden presidency and general sector strength have helped drive momentum across the market.

For FuelCell, the important thing to pay attention to is, similar to EV stocks, is the hype behind the move. FCEL stock has made a consistent move early in the year but during the last week, the penny stock went parabolic. This is a solar power and battery technology company, so the obvious focus on electric vehicle stocks has wrapped VVPR into the mix.

At the beginning of the fourth quarter, the company acquired a controlling interest in Tembo 4x4 e-LV B. Tembo provides battery-electric and off-road vehicle solutions. This helped trigger the recent momentum that VVPR stock has seen. It would appear that with a resurgence in EV excitement, the former penny stock is trading higher once again. For those looking at this as one of the ESG stocks to watch right now, keep in mind that Vivo has more than just the EV play.

Earlier this year the company's subsidiary was also awarded a contract to finish all electrical works for the 39MWdc Molong Solar Farm in Australia. The project will generate enough energy to power nearly 11, homes avoiding more than 53, tons of CO2 per year. Sunworks Inc. Compared to Vivo, Sunworks Inc. Much of the anticipation early on had focused on the pending merger with The Peck Company.

The tie up would effectively form one of the largest solar companies in the market. That deal was recently terminated due to not receiving enough support from Sunworks' shareholders. For those looking at ESG stocks right now, solar power has become one of the top energy niches to consider. Neither the author of this post nor Pennystocks.

FOREIGN INVESTMENT PROMOTION BOARD PPTA

Future sales of our shares into the public market by holders of our options may lower the market price, which may result in losses to our shareholders. As of March 28, , we had 10,, shares issued and outstanding.

In addition, as of March 28, , 38, shares were issuable upon exercise of outstanding stock options, all of which may be exercised in the future resulting in dilution to our shareholders. As of March 28, we may issue stock options to purchase an additional 1,, shares under our existing stock option plan. As of March 28, , our senior officers and directors beneficially owned, as a group, , Shares 3. Sales of substantial amounts of our shares into the public market, by our officers or directors or pursuant to the exercise of options, or even the perception by the market that such sales may occur, may lower the market price of our shares.

The price of gold is subject to volatility and may have a significant effect on our future activities and profitability. The economic viability of our revenues, operations and exploration and development projects is, and is expected to be, heavily dependent on the price of gold, which is particularly subject to fluctuation and has fluctuated significantly in recent years.

The price of gold is affected by numerous factors beyond our control including, but not limited to: international economic and political conditions; expectations of inflation; international currency exchange rates; interest rates; global or regional consumption patterns; speculative activities; levels of supply and demand; increased production due to new mine developments and improved mining and production methods; availability and costs of metal substitutes; and inventory carrying costs. The effect of these factors on the price of gold, and therefore the economic viability of our operations, cannot be accurately predicted.

We cannot guarantee that there will not be an increase in input costs affecting our results of operations and financial performance. Mining companies generally have experienced higher costs of steel, reagents, labor and electricity and from local and national government for levies, fees, royalties and other direct and indirect taxes. Our planned growth at Blanket Mine should allow the fixed cost component to be absorbed over increased production, thereby helping to alleviate somewhat the net cash effect of any further cost increases due to increased revenue cash flows.

However, there can be no assurance that we will be able to control such input costs and any increase in input costs above our expectations may have a negative result on our results of operations and financial performance. Our operations may be subject to increased costs or even suspended or terminated as a result of any loss of required infrastructure in our operations. Infrastructure, including water and electricity supplies, that is currently available and used by us may, as result of adverse climatic conditions, natural disaster, incorrect or inadequate maintenance, sabotage or for other reasons, be destroyed or made unavailable or available in a reduced capacity.

Were this to occur, operations at our properties may become more costly or have to be curtailed or even terminated, potentially having serious adverse consequences to our financial condition and viability that could, in turn, have a material adverse effect on our business, results of operations or financial performance. We do business in countries and jurisdictions outside of the United States where different economic, cultural, regulatory and political environments could adversely impact our business, results of operations and financial condition.

The jurisdictions in which we operate are unpredictable. Assets and investments in these foreign jurisdictions are subject to risks that are usually associated with operating in a foreign country and any of these could result in a material adverse effect on our business, results of operations or financial performance.

These risks include, but are not limited to, access to assets, labor disputes and unrest; arbitrary revocation of government orders, approvals, licences and permits; corruption; uncertain political and economic environments; bribery; war; civil disturbances and terrorist actions; sudden and arbitrary changes to laws and regulations; delays in obtaining government permits; limitations on foreign ownership; more onerous foreign exchange controls; currency devaluations; import and export regulations; inadequate, damaged or poorly maintained infrastructure; and endemic illnesses.

There can be no guarantee that governments in these jurisdictions will not unilaterally expropriate the property of companies that are involved in mining. These risks and uncertainties include, but are not limited to, expropriation and nationalization, or mandatory levels of Zimbabwean ownership beyond currently mandated levels; renegotiation, nullification or partisan terms of existing concessions, licences, permits and contracts; illegal mining; changes in taxation policies; restrictions on foreign exchange and repatriation; and changing political conditions, currency controls and governmental regulations that favor or require the awarding of contracts to local contractors or require foreign contractors to employ citizens of, or purchase supplies from, a particular jurisdiction.

Although several gold mining operators in Zimbabwe have suspended operations due to the shortage of foreign exchange which has impeded their ability to purchase consumables, production at Blanket has continued without significant interruption. On October 1, the RBZ published a monetary policy statement which, inter alia, introduced several measures the most significant of which were that:.

The new policy had several implications for Blanket and Caledonia, which included:. The RBZ considers requests for additional foreign exchange in specific circumstances from individual gold miners and Caledonia has continued its engagement with the RBZ and the government to secure the additional foreign exchange it requires. This requirement to make specific application for foreign exchange is no different from the situation which existed before the implementation of the new policy.

Blanket will use the RTGS component of its revenues to settle its local liabilities wages, taxation, electricity and local procurement ; the FCA component of its revenues will be used to fund offshore purchases. Provided the RTGS to FCA exchange rate is efficient and Blanket continues to receive the amounts due promptly, in full and at an exchange rate which reflects economic fundamentals, management is optimistic the revised policy may create a more stable environment.

Our operations are subject to various government approvals, permits, licenses and legal regulation for which no assurance can be provided that such approvals, permits or licenses will be obtained or if obtained will not be revoked or suspended. Government approvals, permits and licenses are required in connection with a number of our activities and additional approvals, permits and licenses may be required in the future.

The duration and success of our efforts to obtain approvals, permits and licenses are contingent upon many variables outside of our control. Obtaining governmental approvals, permits and licenses can increase costs and cause delays depending on the nature of the activity and the interpretation of applicable requirements implemented by the relevant authority.

While we and our affiliates currently hold the necessary licenses to conduct operations there can be no assurance that all necessary approvals, permits and licenses will be maintained or obtained or that the costs involved will not exceed our estimates or that we will be able to maintain such permits or licenses. To the extent such approvals, permits and licenses are not obtained or maintained, we may be prohibited from proceeding with planned drilling, exploration, development or operation of properties which could have a material adverse effect on our business, results of operations and financial performance.

In addition, failure to comply with applicable laws, regulations and requirements in the countries in which we operate may result in enforcement action, including orders calling for the curtailment or termination of operations on our property, or calling for corrective or remedial measures requiring considerable capital investment.

Although we believe that our activities are currently carried out in all material respects in accordance with applicable rules and regulations, no assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner that could limit or curtail production or development of our properties or otherwise have a material adverse effect on our business, results of operations and financial performance. We face risks related to mining, exploration and mine construction,, on potential properties.

Our level of profitability, if any, in future years will depend on whether the Blanket Mine produces at forecasted rates and whether any exploration stage properties can be brought into production. The mining, exploration and development of mineral deposits involves significant risks. It is impossible to ensure that any current and future exploration programs will establish reserves. Whether a mineral ore body will be commercially viable depends on a number of factors, and the exact effect of these factors cannot be accurately predicted.

The exploration, development and production activities are subject to political, economic and other risks, including:. Such risks could potentially arise in any country in which we operate. As a result of the foregoing, our exploration, development and production activities in Zimbabwe may be substantially affected by factors beyond our control, any of which could materially adversely affect our financial position or results from operations. Furthermore, in the event of a dispute arising from such activities, we may be subject to exclusive jurisdiction of courts outside North America or may not be successful in subjecting persons to the jurisdiction of the courts in North America, which could adversely affect the outcome of a dispute.

We will need to identify new reserves to replace mineral reserves that has been depleted by mining activities and to commence new projects. No assurance can be given that exploration activities by us will be successful in identifying sufficient mineral reserves of an adequate grade and suitable metallurgical characteristics suitable for further development or production.

Blanket Mine is our principal mining asset. In addition, Blanket Mine has title to numerous but smaller satellite properties in the surrounding Gwanda greenstone terrain. These satellite properties are in the exploration stage and are without any known bodies of commercial ore. Further development of the properties will only proceed upon obtaining satisfactory exploration results. There is no assurance that our mineral exploration activities will result in any discoveries of commercial bodies of mineral reserves.

The long-term profitability of our operations will, in part, be directly related to the costs and success of our exploration programs, which may be affected by a number of factors. There can be no assurance, even when an economic deposit of minerals is located, that any of our property interests can be commercially mined. The exploration and development of mineral deposits involve a high degree of financial risk over a significant period of time which a combination of careful evaluation, experience and knowledge of management may not eliminate.

While discovery of additional ore-bearing structures may result in substantial rewards, few properties which are explored are ultimately developed into producing mines. Major expenses may be required to establish reserves by drilling and to construct mining and processing facilities at a particular site.

It is impossible to ensure that our current exploration programs will result in profitable commercial mining operations. The profitability of our operations will be, in part, directly related to the cost and success of its exploration and development programs which may be affected by a number of factors. Additional expenditures are required to establish reserves which are sufficient to commercially mine and to construct, complete and install mining and processing facilities in those properties that are actually mined and developed.

Further development and commercial production at Blanket Mine and the other surrounding properties cannot be assured. We are engaged in further development activities at Blanket Mine and its surrounding properties. Estimates for future production, at Blanket Mine, are based on mining plans and are subject to change. Production estimates are subject to risk and no assurance can be given that future production estimates will be achieved. Actual production may vary from estimated production for a variety of reasons including un-anticipated variations in grades, mined tonnages and geological conditions, accident and equipment breakdown, changes in metal prices and the cost and supply of inputs and changes to government regulations.

Construction and development of projects are subject to numerous risks including, but not limited to: obtaining equipment, permits and services; changes in regulations; currency rate changes; labor shortages; fluctuations in metal prices; and the loss of community support. Substantial expenditures are required to establish reserves through drilling, to develop metallurgical processes to extract gold from ore and to develop the mining, processing facilities and infrastructure at any site chosen for mining.

Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be capable of economic extraction by metallurgical process, or discovered in sufficient quantities or grades, or the estimated operating costs of the mining venture are sufficient, to justify development of the deposit, or that the funds required for development can be obtained on a timely and economically acceptable basis. The marketability of any minerals acquired or discovered may be affected by numerous factors which are beyond our control and which cannot be predicted, such as metal price and market fluctuations, the proximity and capacity of milling facilities, mineral markets and processing equipment, and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals, and environmental protection.

Depending on the price of minerals produced, the Company may determine that it is not commercially feasible to commence or continue commercial production. We face credit risk exposure from counterparties to certain contractual obligations and there is no assurance that any such counterparty may not default in such obligation causing us to incur a financial loss.

Credit risk is the risk that a party with a contractual obligation with us will default causing a loss. New regulations introduced by the Zimbabwean Ministry of Finance in January require that all gold produced in Zimbabwe must be sold to Fidelity, a company which is controlled by the Zimbabwean authorities.

Accordingly, all of our production from Blanket Mine is sold to Fidelity. At the date of approval of this document, Blanket has received all payments due from Fidelity in full and on time. This arrangement introduces a credit risk, beyond our control, that receivables and contractual performance due from Fidelity will not be paid or performed in a timely manner, or at all. If Fidelity or the Zimbabwean government were unable or unwilling to conduct business with us, or satisfy obligations to us, we could experience a material adverse effect upon our operations and financial performance.

The mining industry is highly competitive and there is no guarantee we will always be able to compete effectively. The mining industry is a highly diverse and competitive international business. Mining, by its nature, is a competitive business with the search for fresh ground with good exploration potential and the raising of the requisite capital to move projects forward to production.

There is aggressive competition within the mining industry for the discovery and acquisition of properties considered to have commercial potential. We will compete with other interests, many of which have greater financial resources than we will have, for the opportunity to participate in promising projects. Such competition may have better access to potential resources, more developed infrastructure, more available capital, have better access to necessary financing, and more knowledgeable and available employees than us.

We may encounter competition in acquiring mineral properties, hiring mining professionals, obtaining mining resources, such as manpower, drill rigs, and other mining equipment. Such competitors could outbid us for potential projects or produce gold at lower costs. Increased competition could also affect our ability to attract necessary capital funding or acquire suitable properties or prospects for gold exploration or production in the future. Significant capital investment is required to achieve commercial production from successful exploration and development efforts.

Globally, the mining industry is prone to cyclical variations in the price of the commodities produced by it, as dictated by supply and demand factors, speculative factors and industry-controlled marketing cartels. Nature provides the ultimate uncertainty with geological and occasionally climatic surprises. Commensurate with the acceptance of this risk profile is the potential for high rewards.

If we are unable to successfully compete for properties, capital, customers or employees it could have a materially adverse effect on our results of operations. We were required to facilitate the economic participation of certain indigenous groups in our business and there can be no assurance that such required participation was at fair market value or that the terms of the agreements can be amended. The government of Zimbabwe introduced legislation in requiring companies to facilitate participation in their shareholdings and business enterprises by the indigenous population typically referred to as indigenisation.

It is not assured that such interests were paid for at full fair value. Pronouncements from the Zimbabwe Government following the appointment of the new President in late announced a relaxation in the indigenisation policy which, amongst other things, includes the removal of an indigenisation requirement for gold mining companies. These pronouncements were passed into law in March In light of the changed legislation, the Company intends to evaluate the potential to buy back shareholdings in Blanket that are currently held by certain indigenous partners other than the employee and community shareholders.

At this stage there is no certainty that agreement will be reached on transactions in respect of any shareholding. The transaction remains subject to, amongst other things, approvals from various Zimbabwean regulatory authorities including the RBZ and Zimbabwe Revenue Authority. We currently do not depend on our ability to successfully access the capital and financial markets.

However, should our financial position change any inability to access the capital or financial markets may limit our ability to execute our business plan or pursue investments that we may rely on for future growth. Depending on our ability to generate income from our operations, we may require further financing for current and future exploration and development. Should our projections for fiscal years through to prove incorrect, in order to finance our working capital needs, we may have to raise funds through the issuance of additional equity or debt securities.

Any additional equity financing will dilute shareholdings, and new or additional debt financing, if available, may involve restrictions on financing and operating activities. In addition, if we issue secured debt securities, the holders of the debt would have a claim to our assets that would be prior to the rights of shareholders until the debt is paid.

Interest on these debt securities would increase costs and negatively impact operating results. If we are unable to obtain additional financing, as needed, at competitive rates, our ability to implement our business plan and strategy may be affected, and we may be required to reduce the scope of our operations and scale back our exploration and development programs as the case may be. There is, however, no guarantee that we will be able to secure any additional funding or be able to secure funding which will provide us with sufficient funds to meet our objectives, which may adversely affect our business and financial position.

Our share price has been and is likely to continue to be volatile and an investment in our shares could suffer a decline in value. Market prices for mining company securities, by their nature, are volatile. Factors, such as rapidly changing commodity prices, political unrest globally and in countries where we operate, speculative interest in mining stocks etc. Our shares are listed in the U. You should consider an investment in our shares as risky and invest only if you can withstand a significant loss and wide fluctuations in the market value of your investment.

The market price of our shares may be highly volatile and subject to wide fluctuations. In addition, the trading volume of our shares may fluctuate and cause significant price variations to occur. If the market price of our shares declines significantly, you may be unable to resell your shares at or above the purchase price, if at all. We cannot assure you that the market price of our shares will not fluctuate or significantly decline in the future.

Factors affecting our share price include but are not limited to:. We are dependent on key management employees. Our success depends i on the continued contributions of our directors, executive officers, management and consultants, and ii on our ability to attract new personnel whenever we seek to implement our business strategy. The loss of the services of any of these persons could have a materially adverse effect on our business, prospects results of operations and financial performance. The limited availability of mining and other technical skills and experience in Zimbabwe and the difficulty of attracting appropriately skilled employees to Zimbabwe creates a risk that appropriate skills may not be available if, for whatever reason, the current skills base at the Blanket Mine is depleted.

There is no assurance that we will always be able to locate and hire all of the personnel that we may require. Where appropriate, we engage with consulting and service companies to undertake some of the work functions. Our mineral rights may be subject to defects in title. We are not currently aware of any significant competing ownership claims or encumbrances respecting title to our properties.

However, the ownership and validity or title of unpatented mining claims and concessions are often uncertain and may be contested. We also may not have, or may not be able to obtain, all necessary surface rights to develop a property. Although we have taken reasonable measures to ensure proper title to our properties, there is no guarantee of title to our properties or that competing ownership claims or encumbrances respecting our properties will not be made in the future.

Title insurance is generally not available for mineral properties and our ability to ensure that we have obtained secure claims to individual mineral properties or mining concessions may be severely constrained. Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and title may be affected by, among other things, undetected defects.

We may incur significant costs related to defending the title to our properties. A successful claim contesting our title to a property may cause us to compensate other persons or perhaps reduce our interest in the affected property or lose our rights to explore and, if warranted, develop that property. This could result in us not being compensated for our prior expenditures relating to the property. Any impairment or defect in title could have a negative impact on us.

We are subject to operational hazards and risks that could have a material adverse effect on our business, results of operations and financial performance. We are subject to risks typical in the mining business. These include, but are not limited to, operational issues such as unexpected geological conditions or earthquakes causing unanticipated increases in the costs of extraction or leading to falls of ground and rock bursts, particularly as mining moves into deeper levels.

Major cave-ins, flooding or fires could also occur under extreme conditions. Although equipment is monitored and maintained and all staff receive safety training, accidents caused by equipment failure or human error could occur. Such occurrences could result in damage to, or destruction of, mineral properties or production facilities, personal injury or death, environmental damage, delays in mining, monetary losses and possible legal liability.

As a result, we may incur significant liabilities and costs that could have a material adverse effect upon our business, results of operations and financial performance. Lawsuits may be filed against us and an adverse ruling in any such lawsuit could have a material adverse effect on our business, results of operations and financial performance.

We may become party to legal claims arising in the ordinary course of business. There can be no assurance that unforeseen circumstances resulting in legal claims will not result in significant costs or losses. The outcome of outstanding, pending or future proceedings cannot be predicted with certainty and may be determined adversely to us and as a result, could have a material adverse effect on our assets, liabilities, business, financial condition and results of operations.

Even if we prevail in any such legal proceedings, the proceedings could be costly and time-consuming and may divert the attention of management and key personnel from our business operations, which could adversely affect our financial condition. In the event of a dispute arising in respect of our foreign operations, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of courts in the United States of America, Canada, the United Kingdom, Jersey Channel Islands or international arbitration.

The legal and political environments in which we operate may make it more likely that laws will not be enforced and that judgments will not be upheld. If we are unsuccessful in enforcing our rights under the agreements to which we are party to or judgments that have been granted, or if laws are not appropriately enforced, it could have a material adverse effect on our business, results of operations and financial performance.

We face risks related to illegal mining at Blanket Mine and no assurance can be provided that such illegal mining will not have an adverse effect on our business, results of operations and financial performance. Illegal mining activities on properties controlled by Blanket have been identified. This gives rise to increased security costs and an increased risk of theft and damage to equipment. Blanket has received adequate support and assistance from the Zimbabwean police in investigating such cases but there can be no guarantee that the support from the Zimbabwean police will continue and whether their support will stop illegal mining activities.

Most of our employees are members of the Associated Mine Workers Union of Zimbabwe and any work stoppage or industrial action implemented by the union may affect our business, results of operations and financial performance. Pay rates for all wage-earning staff are negotiated on a Zimbabwe industry-wide basis between the union and representatives of the mine owners.

Any industrial action called by the union may affect our operations even though our operations may not be at the root cause of the action. Strikes, lockouts or other work stoppages could have a material adverse effect on our business, results of operations and financial performance.

In addition, any work stoppage or labor disruption at key customers or service providers could impede our ability to supply products, to receive critical equipment and supplies for our operations or to collect payment from customers encountering labor disruptions. Work stoppages or other labor disruptions could increase our costs or impede our ability to operate. There can be no assurance that changes to any environmental, health and safety laws to which we are currently subject would not adversely affect our exploration and development programs.

Gold mining is exposed to numerous risks and events, the occurrence of which may result in the death of, or personal injury, to employees. We may enter into acquisitions or other material transactions at any time. We continually seek to replace and expand our reserves through the exploration of our existing properties and may expand through acquisitions of interests in new properties or of interests in companies which own such properties.

Acquisitions involve a number of risks, including: the possibility that we, as a successor owner, may be legally and financially responsible for liabilities of prior owners; the possibility that we may pay more than the acquired company or assets are worth; the additional expenses associated with completing an acquisition and amortizing any acquired intangible assets; the difficulty of integrating the operations and personnel of an acquired business; the challenge of implementing uniform standards, controls, procedures and policies throughout an acquired business; the inability to integrate, train, retain and motivate key personnel of an acquired business; and the potential disruption of our ongoing business and the distraction of management from its day-to-day operations.

These risks and difficulties, if they materialize, could disrupt our ongoing business, distract management, result in the loss of key personnel, increase expenses and may have a material adverse effect on our business, results of operations and financial performance. As a foreign private issuer, we are permitted to file less information with the SEC than a company that is not a foreign private issuer or that files as a domestic issuer.

As a foreign private issuer, we are exempt from certain rules under the Exchange Act that impose disclosure requirements as well as procedural requirements for proxy solicitations under Section 14 of the Exchange Act. However, the information we file or furnish is not the same as the information that is required in annual and quarterly reports on Form K or Form Q for U. In order to maintain our current status as a foreign private issuer, either 1 a majority of our shares must be either directly or indirectly owned of record by non-residents of the United States or 2 a a majority of our executive officers or directors must not be U.

If we lost this status, we would be required to comply with the Exchange Act reporting and other requirements applicable to U. We would also be subject to additional restrictions on offers and sales of securities outside the United States and would have to comply with the generally more restrictive Regulation S requirements under the Securities Act that apply to U.

The regulatory and compliance costs to us under U. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs. We are an emerging growth company and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies may make our shares less attractive to investors and, as a result, adversely affect the price of our shares and result in a less active trading market for our shares.

We are an emerging growth company as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. For example, we have qualified for an exemption from the auditor attestation requirements of Section of the Sarbanes-Oxley Act relating to internal control over financial reporting, and we will not provide such an attestation from our auditors.

We may avail ourselves of these disclosure exemptions until we are no longer an emerging growth company. We cannot predict whether investors will find our shares less attractive because of our reliance on some or all of these exemptions.

If investors find our shares less attractive, it may adversely impact the price of our shares and there may be a less active trading market for our shares. We will cease to be an emerging growth company upon the earliest of:.

If we fail to establish and maintain proper internal controls, our ability to produce accurate financial statements or comply with applicable regulations could be impaired. Section a of the Sarbanes-Oxley Act requires that our management assess and report annually on the effectiveness of our internal controls over financial reporting and identify any material weaknesses in our internal controls over financial reporting. Although Section b of the Sarbanes-Oxley Act requires our independent registered public accounting firm to issue an annual report that addresses the effectiveness of our internal controls over financial reporting, we have opted to rely on the exemptions provided to us by virtue of being a foreign private issuer and an emerging growth company, and consequently will not be required to comply with SEC rules that implement Section b of the Sarbanes-Oxley Act until we lose our emerging growth company status.

If either we are unable to conclude that we have effective internal controls over financial reporting or, at the appropriate time, our independent auditors are unwilling or unable to provide us with an unqualified report on the effectiveness of our internal controls over financial reporting as required by Section b of the Sarbanes-Oxley Act, investors may lose confidence in our operating results, the price of our shares could decline and we may be subject to litigation or regulatory enforcement actions.

There is uncertainty with our Mineral Reserve estimates. These estimates may not reflect actual reserves or future production. Should we encounter mineralization or formations different from those predicted by past drilling, sampling and similar examinations, reserve estimates may have to be adjusted and mining plans may have to be altered in a way that might ultimately cause our reserve estimates to decline.

Moreover, if the gold price declines, or if our labor, consumable, electricity and other production costs increase or recovery rates decrease, it may become uneconomical to recover our reserves. Under these circumstances, we would be required to re-evaluate our reserves. The reserve estimates are based on drilling results and because unforeseen conditions may occur, the actual results may vary from the initial estimates.

These factors could result in reductions in our reserve estimates, which could in turn adversely impact the total value of our business. There are differences in IG 7 and Canadian reporting of mineral reserves and mineral resources. From time to time, we also report mineral resources in accordance with the Canadian requirements set forth in Canadian National Instrument which are not directly comparable to IG 7 mineral reporting and disclosure requirements. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

It cannot be assumed that all or any part of the measured mineral resources, indicated mineral resources, or inferred mineral resources will ever be upgraded to a higher category. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable.

Accordingly, information concerning descriptions of mineralization and resources contained in some of our reports may not be comparable to information made public in accordance with IG 7. These definitions differ from the definitions in IG 7. Accordingly, information contained in some of the reports containing descriptions of the Company's mineral deposits may not be comparable to similar information made public in accordance with IG 7.

It may be difficult to bring and enforce suits against us, because we were amalgamated and exist under the laws of Jersey, Channel Islands and are situated in Jersey, Channel Islands and do not have assets located in the United States. All of our assets are located outside the United States and most of our directors and all of our officers are residents of countries other than the United States. As a result, it may be difficult for investors to effect service of process on us or these non-United States resident persons within the United States or to rely in the United States upon judgments obtained in the United States based on the civil liability provisions of the U.

In addition, our U. We are incorporated under the laws of Jersey, Channel Islands and our principal offices are located outside of the United States which could have negative tax consequences for U. We are incorporated under the laws of Jersey, Channel Islands and are located outside of the United States. Accordingly, U. If we choose to make an offering of securities in the United States, the applicable prospectus is expected to include a discussion of the material United States tax consequences relating to the purchase, ownership and disposition of any securities offered thereby, to the extent not set out in this Annual Report; however, investors should consult their own tax advisors as to the consequences of investing in Caledonia.

Caledonia Mining Corporation Plc previously Caledonia Mining Corporation was incorporated, effective February 5, , by the amalgamation of three predecessor companies and was registered at the time under the Canada Business Corporations Act. The Company acquired all of the assets and assumed all of the liabilities of CHZ.

Indigenisation of Blanket Mine. In anticipation of completion of the underlying subscription agreements, advances were made to NIEEF and the Community Trust against their rights to receive dividends declared by Blanket Mine on their shareholding as follows:. Advances made to NIEEF as an advanced dividend loan was settled through dividend repayments in fiscal Refer to note 5 of the Consolidated Financial Statements for the outstanding balance of the advanced dividend loan with the Community Trust.

The Group facilitated the vendor funding of these transactions and the advanced dividend loans which are repaid by way of dividends from Blanket Mine. The timing of the repayment of the loans depends on the future financial performance of Blanket Mine and the extent of future dividends declared by Blanket Mine. Subsequent to the indigenisation transactions the facilitation loans relating to the Group were transferred as a dividend in specie to the Company.

On June 23, , the Group, Blanket Mine and the indigenous shareholders of Blanket Mine reached agreement to change the interest terms of the facilitation and advanced dividend loan agreements. It was agreed that the interest change was to be applied to the facilitation and advanced dividend loan balances from January 1, The transaction remains subject to, amongst other things, approvals from various Zimbabwean regulatory authorities.

The transaction remains subject to, amongst other things, approvals from various Zimbabwean regulatory authorities including the RBZ and the Zimbabwe Revenue Authority. Caledonia has indicated to the Government of Zimbabwe a desire to engage in discussions to purchase the shareholding in Blanket that is currently held by NIEEF. Capital Investment.

The main capital development project is the Central Shaft, which was originally intended to be sunk in one single phase from surface to 1, metres. Continued exploration has improved the understanding of the ore bodies and has resulted in progressive increases in resources below metres.

Accordingly, in November , the Company announced that it intends to continue to sink the Central Shaft by two further production levels to a depth of 1, meters. Progress on sinking the shaft since late has been adversely affected by the increased frequency of power trips due to the unstable incoming supply from the grid.

Due to these delays the vertical shaft sinking will be reduced by one level and the shaft will be sunk to a depth of 1, metres. The fourth level is intended to be added via a decline construction which will start in due course. The decline should give earlier access to the ore bodies at this level than the originally planned vertical shaft extension. The decline will put the mine in a good position to go deeper in future if needed without affecting the hoisting at the then operational Central Shaft.

The Central Shaft is currently at a depth of 1, metres. The sinking of the Central Shaft is expected to be completed in the middle of and expected to be commissioned by mid Power outages resulted in less development being achieved than initially planned, which will result is a slower production ramp-up to the projetyed 80, oz.. Production is now expected to be approximately 75, oz. Progress on the Central Shaft further depends on the continued availability of sufficient foreign exchange.

Significant projects on which capital expenditures were incurred in included:. Capital projects and expenditures are further analysed under Item 4. The Share Consolidation was approved:. The Share Consolidation was effected on June 26, following which the issued shares of the Company consisted of 10,, shares of which 3,, were represented by depositary interests traded on AIM.

Eersteling Gold Mining Company Limited. It has been under care and maintenance since By December 31, ZAR2 million of the non-refundable deposit was received but the agreement had expired as no further payment had been received. The non-refundable deposit was accounted for as Other income in the Consolidated Financial Statements. Also on May 31, the Group entered into a new agreement to amend the initial share sale agreement. The share sale agreement was suspended, subject to the conclusion of the rock dump sale and for SH Minerals to obtain funding for the purchase price for the sale.

The payment received in February effectively transferred the registered and beneficial ownership of Eersteling to SH Minerals and the Group relinquished control. Available Information. Description of Our Business. Total gold production at Blanket Mine for was 54, oz.

In terms of regulations introduced by the Zimbabwean Ministry of Finance in January , all gold produced in Zimbabwe must be sold to Fidelity, a company which is controlled by the Zimbabwean authorities. Gold producers compete globally on the basis of their operating and capital costs.

Certain gold producers benefit from their ability to produce other minerals in commercial quantities as by-products. Caledonia derives approximately 0. D Mineral Reserve Calculations. Mining Operations. On November 3, Caledonia announced the investment plan and production projections for the Blanket Mine. The objectives of the investment plan are to improve the underground infrastructure and logistics to allow an efficient and sustainable production build-up.

Continued exploration over the last three years has improved the understanding of the ore bodies below 22 level and has resulted in a further increase in resources below meters. Progress on implementing the Central Shaft has been adversely affected by an increase in the incidence of power interruptions due to the instability of the incoming grid power. Due to these delays and to ensure that the completion of the shaft does not delay the planned production build-up, the vertical shaft sinking will terminate at 1, metres and will add three new production levels below metres.

A fourth production level is intended to be added via a decline construction in due course. The decline is expected to allow production from below 34 Level to commence in mid, which is the same as if the shaft had been extended to 38 Level. Further progress on the Central Shaft depends on the continued availability of sufficient foreign exchange. Satellite Prospects. Blanket Mine has exploration title holdings in the form of registered mining claims in the Gwanda Greenstone Belt totalling claims covering properties with a total area of about 2, hectares.

Included within these claim areas are 18 previously operated small gold workings which warrant further exploration. Pilot plant — Satellite properties. A pilot plant was constructed and commissioned during to establish the potential recovery of refractory ore from the GG satellite property using conventional Gravity and CIL processes.

A total of 6, tons of GG ore has been processed at an average feed grade of 3. Results show that at the current recovery rate and at the prevailing gold price, gold can be extracted profitably. Management is considering the further methods to ascertain whether recoveries can be improved. Metallurgical Process. Metallurgical plant — Blanket Mine. Recoveries continue to be adversely affected by the low feed grade and the failure of the oxygen plant which is now beyond repair.

As a temporary measure liquid oxygen is used but this comes at an increased cost. Lower oxygen concentrations also resulted in increased cyanide consumption, which in addition to increased lime consumption due to a temporary deterioration in the quality of product supplied , contributed to increased consumable costs at the metallurgical plant.

A purchase agreement has been signed for an oxygen plant which is expected to be commissioned in mid, subject to the availability of the necessary foreign exchange to fund the final purchase installment. Average plant recovery was Safety, Health and Environment. The following safety statistics have been recorded for fiscal year and the preceding two years.

Regrettably, there were fatal mining-related accidents at Blanket Mine on February 23, and July 12, The directors and management of Caledonia and Blanket express their sincere condolences to the families and colleagues of the deceased. Caledonia takes the safety of its employees very seriously and, accordingly, measures have been taken to re-inforce adherence to prescribed safety procedures. Social Investment and Contribution to the Zimbabwean Economy.

Payments to the Community and the Zimbabwe Government. General Comments. Caledonia is not dependent, to any material extent, on patents, licenses, contracts, specialized equipment or new manufacturing processes at this time. However, there may be occasions that Caledonia may wish to adopt such patents, licenses, specialized equipment, etc.

All mining and exploration activities are conducted under the various economic, mining and environmental regulations of the country where the operations are being carried out. Caledonia has not experienced a shortage of availability of raw materials or significant price volatility.

The Company has the following organizational structure as at March 28, It is a fully equipped mine with all of the necessary plant and equipment to conduct mining operations and the production of gold from the ore mined from the mine. For a detailed breakdown of the property, plant and equipment and encumbrances thereon refer to note 17 of the Consolidated Financial Statements.

The property, plant and equipment of the Group is predominantly held in Zimbabwe and the continued implementation of the investment plan is expected to increase the property, plant and equipment of the Group. The investment plan is expected to be funded with existing cash, a term loan, an overdraft facility and cash generated from operating activities.

The investment plan is expected to be completed in Refer to item 4 A History and Development of the company concerning the sale of Eersteling. Mining Geology and Exploration Activities. Geology and Mineral Deposit. The geology of the Craton is characterised by deformed and metamorphosed rocks which include high-grade metamorphic rocks, gneisses, older granitoids, greenstone belts, intrusive complexes, younger granites and the Great Dyke.

The Chingezi gneiss, Mashaba tonalite and Shabani gneiss form part of a variety of tonalities and gneisses of varying ages. Three major sequences of slightly younger gold-bearing greenstone belt supracrustal rocks exist:. Three metamorphic belts surround the Zimbabwe Craton:. Overview of the Project Geology. Several other gold deposits are situated along the same general strike as the mine. Approximately mines operated in this greenstone belt at one stage; however, the Blanket Mine is one of the few remaining operational mines.

Local Property Geology. The local geology consists of the Felsic Unit made up of, largely, quartz and quartz-sericite schists overlain by the Mafic Unit. The lower zone of the Mafic Unit comprises ultramafics and banded iron formations which host the orebodies of the Vubachikwe mine, that is located nearby Blanket. The upper zone of the Mafic Unit is made up of massive to pillowed basaltic lavas with intercalations of interflow sediments now showing as cherty argillites locally commonly referred to as Black Markers and this hosts the Blanket complex orebodies.

The Blanket orebodies are in an orogenic setting with hydrothermal mineralization hosted in selected shears of country basaltic metavolcanics. This package is intruded by a younger and seemingly barren olivine-gabbro sheet. The sequence is capped by an Intermediate Unit comprising andesitic lavas with amphibole feldspar schists. The Blanket complex orebodies together with those of the Vubachikwe complex comprise the north-western Mining Camp, also called the Sabiwa group of mines.

Longitudinal Section of Blanket Mine. The latter group of mines form the northern continuation of the Vubachikwe zone and are hosted by BIFs. The mafic unit which hosts the gold mineralisation is, for the most part, a metabasalt with occasional remnants of pillow basalts. Regionally, the rock is a fine-grained massive amphibolite with localised shear planes.

A low angle transgressive anastomosing shear zone up to m wide cutting through the mafic zone is the locus of the gold ore shoots. The shear zone is characterised by a well-developed fabric and the presence of biotite. A regional dolerite sill cuts the entire sequence from Vubachikwe through Blanket to Smiler.

The sill does not cause a significant displacement and although it truncates all the ore shoots, there is continuity of mineralisation below the sill. The upper zone comprises massive to pillowed lavas with intercalations of interflow sediments. The rock is a fine-grained massive amphibolite with localised shear planes.

The gold deposits are found around a low-angle transgressive shear zone. A simplified stratigraphic column for the Blanket Mine is shown in the following figure. Stratigraphic Column. Status of Exploration. The Blanket Mine is a producing operation. Exploration activities are carried out both on and off the mine. Mine exploration takes place mostly underground on the producing claims and is aimed at expanding the knowledge of the ore shoot trends which are being mined, as well as searching for potential additional orebodies.

Near-mine exploration takes place on satellite properties that are currently non-producing assets, which have the potential to yield new sources of ore and possibly give rise to new mines. These claims include a small number under option and cover an area of approximately 2, ha.

The blocks of claims were pegged as follows:. Exploration and evaluation activities on Blanket Mine are targeting the depth extensions of all the known Blanket Mine ore bodies, viz. Mineral Reserve Calculations. Mineral reserve estimates in this Annual Report are reported in accordance with the requirements of IG 7. Accordingly, as of the date of the Annual Report, all minerals reserves are planned to be mined out under the life of mine plan within the period of our existing rights to mine, or within the time period of assured renewal periods of our rights to mine.

In addition, as of the date of this Annual Report, all mineral reserves are covered by required permits and governmental approvals. Tonnages refer to tonnes delivered to the metallurgical plant. All figures are in metric tonnes. Pay limit Blanket Mine 2. Tonnage and grade have been rounded and this may result in minor adding discrepancies. Our mineral reserve figures are estimates, which may not reflect actual reserves or future production.

These figures are prepared in accordance with industry practice, converting mineral deposits to reserves through the preparation of a mining plan. The mineral reserve estimates contained herein inherently include a degree of uncertainty and depend to some extent on statistical inferences.

Reserve estimates require revisions based on actual production experience or new information. Should we encounter mineralization or formations different from those predicted by past drilling, sampling and similar examinations, mineral reserve estimates may have to be adjusted and mining plans may have to be altered in a way that might adversely affect our operations.

Moreover, if the price of gold declines, stabilizes at a price that is lower than break-even level, if our production costs increase or recovery rates decrease, it may become uneconomical to recover mineral reserves with lower grades of mineralization. Access to the Property, Power and Water Supply. Access to the Blanket Mine is by an all-weather single lane tarred road from Gwanda.

Gwanda is linked by national highways to Bulawayo, Harare and the Beitbridge Border post. Earlier, Zimbabwe had good road infrastructure. However, lack of investment over the past ten to fifteen years resulted in its deterioration; substantial investment is required country-wide. The railway line connecting the Zimbabwean national network to South Africa passes through Gwanda.

An airstrip for light aircraft is located 5 km to the northwest of the town. Blanket power is supplier primarily from ZESA. Blanket also has a combined 16MW of installed stand-by diesel generating capacity which is sufficient to allow all mining and processing activities and shaft-sinking work at the central shaft to continue if there are any interruptions to the ZESA supply. During Blanket installed a fixed overhead line and a ring feed connection to allow for an additional electricity feed from ZESA.

The dual lines are expected to reduce possibility of power outages from both electricity supply lines at the same time and therefore reduce power disruptions at Blanket. Water to the mine and its township is supplied through the Mtshabezi river, on-mine boreholes and the Gwanda municipality.

Blanket Claims. The Blanket Mine's exploration interests in Zimbabwe include operating claims i. This contiguous block represents the area of a current Mining Lease application. The Blanket Mine is part of the Sabiwa group of mines within the Gwanda Greenstone Belt from which gold was first extracted in the 19 th century. Blanket Mine has produced over a million ounces of gold during its lifetime.

Mining and metallurgical operations commenced in and between then and , , t were mined. From to mining was conducted by the Forbes Rhodesia Syndicate who achieved 23, t. There are no reliable records of mining for the period between and and it is possible that operations were adversely affected by political instability during World Wars I and II.

In F. Payne produced some , t before selling the property to Falconbridge in Blanket Mine, Under Falconbridge, production increased to 45 kg per month and the property yielded some 4 Mt of ore up until September The Blanket Mine re-started production in April after a temporary shut-down due to the economic difficulties in Zimbabwe.

The following Operating and Financial Review and Prospects section is intended to help the reader understand the factors that have affected the Company's financial condition and results of operations for the historical period covered by the financial statements and management's assessment of factors and trends which are anticipated to have a material effect on the Company's financial condition and results in future periods. This section is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the other financial information contained elsewhere in this document.

Our financial statements have been prepared in accordance with IFRS. Our discussion contains forward looking information based on current expectations that involve risks and uncertainties, such as our plans, objectives and intentions. Our actual results may differ from those indicated in such forward looking statements. The key drivers of our operating results and principal activities are:.

Gold price. Average realized gold price per ounce is a non-IFRS measures which managements believes assist the stakeholders in understanding the average price obtained for an ounce of gold. Our revenues are derived from the sale of gold produced by the Blanket Mine. As a result our revenues are directly influenced by the average realized gold price obtained from the sale of gold.

The gold prices obtained may fluctuate widely and are influenced by factors beyond the control of the Company. The table below indicates the average realized gold price per ounce obtained for the , and fiscal years. Gold produced. Tonnes milled, average grades, recoveries and gold produced are shown in the table below. Tonnes Milled. Gold Head Feed. Gold Recovery. In Monday's rally, new Bitcoin play PayPal cleared early buy points.

Tesla and other EV plays soared. Apple broke key support. President-elect Joe Biden wants to help Americans save for their golden years by expanding access to retirement savings plans, strengthening Social Security, and making health care more affordable. It has been a bumpy ride, The stock nearly doubled in the first four days of the past week, after an announcement from the Texas Commission on Environmental Quality that two models that Kandi plans to launch in the U.

Investors are in the market to make a profit, and that means finding the stocks with proven growth potential. With more than ten months behind us, the stocks that are now showing a combination of strong gains and a high near- to mid-term potential are going to attract investor interest. Bearing this in mind, we set out to find stocks flagged as exciting growth plays by Wall Street.

Bandwidth, Inc. BAND We start in the communications software sector, where Bandwidth is a leading provider of VoIP systems, using its application programming interfaces API to offer customers both text and voice capabilities. The company's products include applications for voice calling, text messaging, local phone numbers via internet, and emergency phone system access.

Bandwidth has developed and built its own network for voice over internet, helping to guarantee connectivity. In addition to positive revenues and earnings, Bandwidth has also shown sound liquidity. Finally, earlier this month, Bandwidth completed its acquisition of the European cloud communications company Voxbone.

The transaction included We believe revenue growth should remain strong given our expectations for some permanent long-term changes with an increased remote work environment driving both increasing usage from existing customers and layering in the potential for stronger new customer growth. W From cloud communications we move on to e-commerce, where Wayfair is a leader in the home goods and furniture sector.

E-commerce has seen heavy gains during the COVID pandemic, as customers moved larger portions of their shopping online. Earnings have also reflected strong sales during the pandemic period. These fiscal gains stand on the shoulders of solid sales performance. Wayfair reported In addition to an Overweight i. In short, the company builds the software platforms that allows customers to evaluate experimental compounds. Schrodinger describes its software as a physics-based platform, integrating solutions for collaboration, data analytics, and predictive modeling in chemistry.

The platform is used extensively in the pharmaceutical industry, but also in aerospace, energy, and semiconductors. Schrodinger went public in February of this year, just as the corona crisis was ramping up, and quickly saw strong share gains. The company sold well over We expect software growth to continue into , as we believe the pandemic trend of remote work is sticky, with increasing platform validation from collaborations.

Disclaimer: The opinions expressed in this article are solely those of the featured analysts. Income taxes: Before you do anything with that bonus, wait until your taxes are done for Citron said Blink's valuation makes no sense and called the company a "total scheme. A total commodity product with no brand.

Benzinga's Take: Stock market bubbles are defined by "irrational exuberance" that can temporarily send stock prices soaring to irrational levels. However, shorting stocks that are caught in a bubble can be extremely dangerous given that irrational exuberance can last for years and the ultimate top is only reached once investor enthusiasm has died down. One IPO is set to price the shortened week of Thanksgiving, but it's a big one.

Ozon is a large e-commerce company in Russia, a large fragmented market. About Ozon Holdings: Ozon Holdings has More than 51 million people have downloaded the company's shopping app, which had 41 million monthly active users in the third quarter. Ozon Holdings has over 12, locker san pick-up points and also more than 2, delivery couriers.

The company owns and operates its own logistics service. Russia's population of million ranks ninth in the world. Ozon could be set to capitalize on a country that ranks first in Europe and seventh in the world for the most internet users. Revenue grew from The first nine months of saw the company hit Plans for Growth: Ozon launched financial products and services for buyers and sellers, which added to its services offered. The company also added advertising and logistics services to sellers.

The company's Ozon branded debit card has had , cards activated as of Sept. Growth strategies include enhancing buyer loyalties, expanding logistics regionally and building a diversified ecosystem of complementary services, like the company's financial and travel offerings.

Other global e-commerce plays have also seen large share gains in markets that are under-penetrated and growing. Benzinga's Take: Ozon is the e-commerce play for Russia that resembles these other companies and could follow a similar success story. The huge population of internet users and highly fragmented market could make a compelling case for Ozon to be a top-performing e-commerce stock over the next five years.

The company's logistics business and growing services like travel and financial offerings are catalysts investors should watch. Warren Buffett is scooping up stocks. Berkshire Hathaway ticker: BRK. A, BRK. Here are eight stocks Warren Buffett has been buying. Does buying gold stocks, or betting on the gold price, make sense, despite vaccine progress and election results?

Here are some things to consider. Is the stock market open on Thanksgiving and Black Friday? On Black Friday, Nov. Are you an environmentally friendly and socially responsible investor? If so, there's an entire set of stocks to watch that specifically reflects that mindset. They're called "ESG stocks" and they're beginning to grow in popularity. These are shares of companies that advance environmental, social, and governance initiatives within their respective industries and organizations contributing to a better world.

It doesn't matter if we're talking about penny stocks or blue-chip stocks, the ESG wave is building. Social responsibility takes into consideration things like employee culture--pay equality, training, benefits, ethical behavior, and astute customer service are all part of it. When we talk about governance, these are companies focused on corporate governance, such as how executives are compensated, are they treated fairly, transparency, voting rights, and diversity are all things you could consider as part of these companies.

These characteristics have been growing in popularity among the newest generation of investors, many of whom have entered the market via fast-growing brokers like Robinhood. And thanks to pandemic lockdowns, curiosity has driven a wave of interest in stocks. It has also pushed interest in things like penny stocks, for instance. If you look at some of the penny stock brokerage growth statistics for , you'll see far and away, Robinhood has become a favorite.

Among these Robinhood traders, many of the Top list on the platform are building exposure to ESG initiatives. For instance, just this month, we saw a previous penny stock, Nio Inc. But it is. Nio isn't the only ESG stock that has jumped and it won't be the last either. But for those who've seen how quickly the latest trend in EV penny stocks has accelerated, it seems fitting to look at some small-cap stocks in this ESG niche.

Gevo Inc. The company develops renewable chemicals and biofuels. Gevo's entire model targets the reduction of greenhouse gas emissions with sustainable alternatives. The company uses low-carbon renewable resource-based carbohydrates as raw materials. While the company has made many strides to take advantage of this trend. The deal was set to support Trafigura's plan to build a market for low-carbon fuels further extending the positive environmental impact of Gevo's assets. While shares are still down for the year, since the beginning of the third quarter, GEVO stock has nearly doubled.

Fuel Tech Inc. The company provides solutions for controlling emissions, treating water in industrial applications, and optimizes combustion systems. What should investors be watching with Fuel Tech right now? While it's been a topsy-turvy year for most companies, Fuel Tech is looking ahead. The company recently reported its third quarter results and gave a business update discussing the outlook heading into While the company far exceeded estimates for both EPS and sales, it is important to pay attention to what management laid out for the coming months especially when we're talking about ESG stocks.

Ocean Power TechnologiesHarnessing energy from ocean waves. The company has enjoyed one of its best years in the market in The company's subsea solutions have gained the most interest. Ocean Power's product, its PowerBuoy solutions platform, provides clean and reliable electric power. Furthermore, its Subsea Battery provides constant power for projects requiring electric power offshore. Furthermore, the DeepStar project award will see the company study the deployment and operational requirements of utilizing OPT's PB3 PowerBuoy to provide remotely controllable zero-carbon power for deepwater subsea oil production applications.

It's also one of the top-performing fuel cell stocks. FuelCell handles all aspects of fuel-cell production, sales, installation, etc. This funding is a major step for the company and further validation of its technology. This month, hydrogen and fuel cell stocks have been running strong. A potential Biden presidency and general sector strength have helped drive momentum across the market. For FuelCell, the important thing to pay attention to is, similar to EV stocks, is the hype behind the move.

FCEL stock has made a consistent move early in the year but during the last week, the penny stock went parabolic. This is a solar power and battery technology company, so the obvious focus on electric vehicle stocks has wrapped VVPR into the mix. At the beginning of the fourth quarter, the company acquired a controlling interest in Tembo 4x4 e-LV B. Tembo provides battery-electric and off-road vehicle solutions.

Жарко стало share fx software респект Мало

FTSE : 0. Buy: 2, Change: Deal now. The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day. Open : 2, Trade high : 2, Year high : 3, Estimated NAV : 3, Previous close : 2, Trade low : 2, Year low : 1, Previous : Volume : Dividend yield : 2.

Currency : GBX. Full dividend history. Ready to invest? Ready to take your first step? Objective The company aim is to grow the NAV and annual dividends paid to shareholders over the long term, with careful attention paid to the risks being taken to achieve this. Over a year timeframe, it is more appropriate to compare portfolio performance to the FTSE All-Share Total Return, which the company aims to outperform. Recent trades Trades by volume Recent trade data is unavailable.

Sector Weight Industrials 5. Country Weight United States Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. Latest News. Listed company. Sector News. All Analysis. Stock Picks. All stock picks. My Portfolio. My Watchlists. Investment themes. Top News. Top Fundamentals. Top Technicals. Top Movers. Investment selections.

Technical Rankings. Fundamental Rankings. Stock Screener Home. MarketScreener tools. Dynamic chart. Our Services. MarketScreener Portfolios. Add to my list. Caledonia Investments plc : half-yearly earnings release. More Financials. Period : Day Week. Technical analysis. Income Statement Evolution. Please enable JavaScript in your browser's settings to use dynamic charts.

HOSKEN CONSOLIDATED INVESTMENTS LIMITED COMPLAINTS

Pronouncements from the Zimbabwe Government following the appointment of the new President in late announced a relaxation in the indigenisation policy which, amongst other things, includes the removal of an indigenisation requirement for gold mining companies.

These pronouncements were passed into law in March In light of the changed legislation, the Company intends to evaluate the potential to buy back shareholdings in Blanket that are currently held by certain indigenous partners other than the employee and community shareholders. At this stage there is no certainty that agreement will be reached on transactions in respect of any shareholding. The transaction remains subject to, amongst other things, approvals from various Zimbabwean regulatory authorities including the RBZ and Zimbabwe Revenue Authority.

We currently do not depend on our ability to successfully access the capital and financial markets. However, should our financial position change any inability to access the capital or financial markets may limit our ability to execute our business plan or pursue investments that we may rely on for future growth.

Depending on our ability to generate income from our operations, we may require further financing for current and future exploration and development. Should our projections for fiscal years through to prove incorrect, in order to finance our working capital needs, we may have to raise funds through the issuance of additional equity or debt securities.

Any additional equity financing will dilute shareholdings, and new or additional debt financing, if available, may involve restrictions on financing and operating activities. In addition, if we issue secured debt securities, the holders of the debt would have a claim to our assets that would be prior to the rights of shareholders until the debt is paid.

Interest on these debt securities would increase costs and negatively impact operating results. If we are unable to obtain additional financing, as needed, at competitive rates, our ability to implement our business plan and strategy may be affected, and we may be required to reduce the scope of our operations and scale back our exploration and development programs as the case may be. There is, however, no guarantee that we will be able to secure any additional funding or be able to secure funding which will provide us with sufficient funds to meet our objectives, which may adversely affect our business and financial position.

Our share price has been and is likely to continue to be volatile and an investment in our shares could suffer a decline in value. Market prices for mining company securities, by their nature, are volatile. Factors, such as rapidly changing commodity prices, political unrest globally and in countries where we operate, speculative interest in mining stocks etc. Our shares are listed in the U. You should consider an investment in our shares as risky and invest only if you can withstand a significant loss and wide fluctuations in the market value of your investment.

The market price of our shares may be highly volatile and subject to wide fluctuations. In addition, the trading volume of our shares may fluctuate and cause significant price variations to occur. If the market price of our shares declines significantly, you may be unable to resell your shares at or above the purchase price, if at all. We cannot assure you that the market price of our shares will not fluctuate or significantly decline in the future. Factors affecting our share price include but are not limited to:.

We are dependent on key management employees. Our success depends i on the continued contributions of our directors, executive officers, management and consultants, and ii on our ability to attract new personnel whenever we seek to implement our business strategy. The loss of the services of any of these persons could have a materially adverse effect on our business, prospects results of operations and financial performance. The limited availability of mining and other technical skills and experience in Zimbabwe and the difficulty of attracting appropriately skilled employees to Zimbabwe creates a risk that appropriate skills may not be available if, for whatever reason, the current skills base at the Blanket Mine is depleted.

There is no assurance that we will always be able to locate and hire all of the personnel that we may require. Where appropriate, we engage with consulting and service companies to undertake some of the work functions. Our mineral rights may be subject to defects in title. We are not currently aware of any significant competing ownership claims or encumbrances respecting title to our properties. However, the ownership and validity or title of unpatented mining claims and concessions are often uncertain and may be contested.

We also may not have, or may not be able to obtain, all necessary surface rights to develop a property. Although we have taken reasonable measures to ensure proper title to our properties, there is no guarantee of title to our properties or that competing ownership claims or encumbrances respecting our properties will not be made in the future.

Title insurance is generally not available for mineral properties and our ability to ensure that we have obtained secure claims to individual mineral properties or mining concessions may be severely constrained. Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and title may be affected by, among other things, undetected defects.

We may incur significant costs related to defending the title to our properties. A successful claim contesting our title to a property may cause us to compensate other persons or perhaps reduce our interest in the affected property or lose our rights to explore and, if warranted, develop that property. This could result in us not being compensated for our prior expenditures relating to the property.

Any impairment or defect in title could have a negative impact on us. We are subject to operational hazards and risks that could have a material adverse effect on our business, results of operations and financial performance. We are subject to risks typical in the mining business.

These include, but are not limited to, operational issues such as unexpected geological conditions or earthquakes causing unanticipated increases in the costs of extraction or leading to falls of ground and rock bursts, particularly as mining moves into deeper levels. Major cave-ins, flooding or fires could also occur under extreme conditions.

Although equipment is monitored and maintained and all staff receive safety training, accidents caused by equipment failure or human error could occur. Such occurrences could result in damage to, or destruction of, mineral properties or production facilities, personal injury or death, environmental damage, delays in mining, monetary losses and possible legal liability.

As a result, we may incur significant liabilities and costs that could have a material adverse effect upon our business, results of operations and financial performance. Lawsuits may be filed against us and an adverse ruling in any such lawsuit could have a material adverse effect on our business, results of operations and financial performance.

We may become party to legal claims arising in the ordinary course of business. There can be no assurance that unforeseen circumstances resulting in legal claims will not result in significant costs or losses. The outcome of outstanding, pending or future proceedings cannot be predicted with certainty and may be determined adversely to us and as a result, could have a material adverse effect on our assets, liabilities, business, financial condition and results of operations.

Even if we prevail in any such legal proceedings, the proceedings could be costly and time-consuming and may divert the attention of management and key personnel from our business operations, which could adversely affect our financial condition. In the event of a dispute arising in respect of our foreign operations, we may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of courts in the United States of America, Canada, the United Kingdom, Jersey Channel Islands or international arbitration.

The legal and political environments in which we operate may make it more likely that laws will not be enforced and that judgments will not be upheld. If we are unsuccessful in enforcing our rights under the agreements to which we are party to or judgments that have been granted, or if laws are not appropriately enforced, it could have a material adverse effect on our business, results of operations and financial performance.

We face risks related to illegal mining at Blanket Mine and no assurance can be provided that such illegal mining will not have an adverse effect on our business, results of operations and financial performance. Illegal mining activities on properties controlled by Blanket have been identified. This gives rise to increased security costs and an increased risk of theft and damage to equipment. Blanket has received adequate support and assistance from the Zimbabwean police in investigating such cases but there can be no guarantee that the support from the Zimbabwean police will continue and whether their support will stop illegal mining activities.

Most of our employees are members of the Associated Mine Workers Union of Zimbabwe and any work stoppage or industrial action implemented by the union may affect our business, results of operations and financial performance. Pay rates for all wage-earning staff are negotiated on a Zimbabwe industry-wide basis between the union and representatives of the mine owners. Any industrial action called by the union may affect our operations even though our operations may not be at the root cause of the action.

Strikes, lockouts or other work stoppages could have a material adverse effect on our business, results of operations and financial performance. In addition, any work stoppage or labor disruption at key customers or service providers could impede our ability to supply products, to receive critical equipment and supplies for our operations or to collect payment from customers encountering labor disruptions. Work stoppages or other labor disruptions could increase our costs or impede our ability to operate.

There can be no assurance that changes to any environmental, health and safety laws to which we are currently subject would not adversely affect our exploration and development programs. Gold mining is exposed to numerous risks and events, the occurrence of which may result in the death of, or personal injury, to employees. We may enter into acquisitions or other material transactions at any time. We continually seek to replace and expand our reserves through the exploration of our existing properties and may expand through acquisitions of interests in new properties or of interests in companies which own such properties.

Acquisitions involve a number of risks, including: the possibility that we, as a successor owner, may be legally and financially responsible for liabilities of prior owners; the possibility that we may pay more than the acquired company or assets are worth; the additional expenses associated with completing an acquisition and amortizing any acquired intangible assets; the difficulty of integrating the operations and personnel of an acquired business; the challenge of implementing uniform standards, controls, procedures and policies throughout an acquired business; the inability to integrate, train, retain and motivate key personnel of an acquired business; and the potential disruption of our ongoing business and the distraction of management from its day-to-day operations.

These risks and difficulties, if they materialize, could disrupt our ongoing business, distract management, result in the loss of key personnel, increase expenses and may have a material adverse effect on our business, results of operations and financial performance. As a foreign private issuer, we are permitted to file less information with the SEC than a company that is not a foreign private issuer or that files as a domestic issuer.

As a foreign private issuer, we are exempt from certain rules under the Exchange Act that impose disclosure requirements as well as procedural requirements for proxy solicitations under Section 14 of the Exchange Act. However, the information we file or furnish is not the same as the information that is required in annual and quarterly reports on Form K or Form Q for U. In order to maintain our current status as a foreign private issuer, either 1 a majority of our shares must be either directly or indirectly owned of record by non-residents of the United States or 2 a a majority of our executive officers or directors must not be U.

If we lost this status, we would be required to comply with the Exchange Act reporting and other requirements applicable to U. We would also be subject to additional restrictions on offers and sales of securities outside the United States and would have to comply with the generally more restrictive Regulation S requirements under the Securities Act that apply to U. The regulatory and compliance costs to us under U. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs.

We are an emerging growth company and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies may make our shares less attractive to investors and, as a result, adversely affect the price of our shares and result in a less active trading market for our shares. We are an emerging growth company as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.

For example, we have qualified for an exemption from the auditor attestation requirements of Section of the Sarbanes-Oxley Act relating to internal control over financial reporting, and we will not provide such an attestation from our auditors. We may avail ourselves of these disclosure exemptions until we are no longer an emerging growth company. We cannot predict whether investors will find our shares less attractive because of our reliance on some or all of these exemptions.

If investors find our shares less attractive, it may adversely impact the price of our shares and there may be a less active trading market for our shares. We will cease to be an emerging growth company upon the earliest of:. If we fail to establish and maintain proper internal controls, our ability to produce accurate financial statements or comply with applicable regulations could be impaired. Section a of the Sarbanes-Oxley Act requires that our management assess and report annually on the effectiveness of our internal controls over financial reporting and identify any material weaknesses in our internal controls over financial reporting.

Although Section b of the Sarbanes-Oxley Act requires our independent registered public accounting firm to issue an annual report that addresses the effectiveness of our internal controls over financial reporting, we have opted to rely on the exemptions provided to us by virtue of being a foreign private issuer and an emerging growth company, and consequently will not be required to comply with SEC rules that implement Section b of the Sarbanes-Oxley Act until we lose our emerging growth company status.

If either we are unable to conclude that we have effective internal controls over financial reporting or, at the appropriate time, our independent auditors are unwilling or unable to provide us with an unqualified report on the effectiveness of our internal controls over financial reporting as required by Section b of the Sarbanes-Oxley Act, investors may lose confidence in our operating results, the price of our shares could decline and we may be subject to litigation or regulatory enforcement actions.

There is uncertainty with our Mineral Reserve estimates. These estimates may not reflect actual reserves or future production. Should we encounter mineralization or formations different from those predicted by past drilling, sampling and similar examinations, reserve estimates may have to be adjusted and mining plans may have to be altered in a way that might ultimately cause our reserve estimates to decline.

Moreover, if the gold price declines, or if our labor, consumable, electricity and other production costs increase or recovery rates decrease, it may become uneconomical to recover our reserves. Under these circumstances, we would be required to re-evaluate our reserves. The reserve estimates are based on drilling results and because unforeseen conditions may occur, the actual results may vary from the initial estimates.

These factors could result in reductions in our reserve estimates, which could in turn adversely impact the total value of our business. There are differences in IG 7 and Canadian reporting of mineral reserves and mineral resources. From time to time, we also report mineral resources in accordance with the Canadian requirements set forth in Canadian National Instrument which are not directly comparable to IG 7 mineral reporting and disclosure requirements.

Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. It cannot be assumed that all or any part of the measured mineral resources, indicated mineral resources, or inferred mineral resources will ever be upgraded to a higher category. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable.

Accordingly, information concerning descriptions of mineralization and resources contained in some of our reports may not be comparable to information made public in accordance with IG 7. These definitions differ from the definitions in IG 7. Accordingly, information contained in some of the reports containing descriptions of the Company's mineral deposits may not be comparable to similar information made public in accordance with IG 7.

It may be difficult to bring and enforce suits against us, because we were amalgamated and exist under the laws of Jersey, Channel Islands and are situated in Jersey, Channel Islands and do not have assets located in the United States. All of our assets are located outside the United States and most of our directors and all of our officers are residents of countries other than the United States. As a result, it may be difficult for investors to effect service of process on us or these non-United States resident persons within the United States or to rely in the United States upon judgments obtained in the United States based on the civil liability provisions of the U.

In addition, our U. We are incorporated under the laws of Jersey, Channel Islands and our principal offices are located outside of the United States which could have negative tax consequences for U. We are incorporated under the laws of Jersey, Channel Islands and are located outside of the United States. Accordingly, U. If we choose to make an offering of securities in the United States, the applicable prospectus is expected to include a discussion of the material United States tax consequences relating to the purchase, ownership and disposition of any securities offered thereby, to the extent not set out in this Annual Report; however, investors should consult their own tax advisors as to the consequences of investing in Caledonia.

Caledonia Mining Corporation Plc previously Caledonia Mining Corporation was incorporated, effective February 5, , by the amalgamation of three predecessor companies and was registered at the time under the Canada Business Corporations Act. The Company acquired all of the assets and assumed all of the liabilities of CHZ. Indigenisation of Blanket Mine.

In anticipation of completion of the underlying subscription agreements, advances were made to NIEEF and the Community Trust against their rights to receive dividends declared by Blanket Mine on their shareholding as follows:. Advances made to NIEEF as an advanced dividend loan was settled through dividend repayments in fiscal Refer to note 5 of the Consolidated Financial Statements for the outstanding balance of the advanced dividend loan with the Community Trust.

The Group facilitated the vendor funding of these transactions and the advanced dividend loans which are repaid by way of dividends from Blanket Mine. The timing of the repayment of the loans depends on the future financial performance of Blanket Mine and the extent of future dividends declared by Blanket Mine. Subsequent to the indigenisation transactions the facilitation loans relating to the Group were transferred as a dividend in specie to the Company.

On June 23, , the Group, Blanket Mine and the indigenous shareholders of Blanket Mine reached agreement to change the interest terms of the facilitation and advanced dividend loan agreements. It was agreed that the interest change was to be applied to the facilitation and advanced dividend loan balances from January 1, The transaction remains subject to, amongst other things, approvals from various Zimbabwean regulatory authorities.

The transaction remains subject to, amongst other things, approvals from various Zimbabwean regulatory authorities including the RBZ and the Zimbabwe Revenue Authority. Caledonia has indicated to the Government of Zimbabwe a desire to engage in discussions to purchase the shareholding in Blanket that is currently held by NIEEF.

Capital Investment. The main capital development project is the Central Shaft, which was originally intended to be sunk in one single phase from surface to 1, metres. Continued exploration has improved the understanding of the ore bodies and has resulted in progressive increases in resources below metres.

Accordingly, in November , the Company announced that it intends to continue to sink the Central Shaft by two further production levels to a depth of 1, meters. Progress on sinking the shaft since late has been adversely affected by the increased frequency of power trips due to the unstable incoming supply from the grid. Due to these delays the vertical shaft sinking will be reduced by one level and the shaft will be sunk to a depth of 1, metres.

The fourth level is intended to be added via a decline construction which will start in due course. The decline should give earlier access to the ore bodies at this level than the originally planned vertical shaft extension. The decline will put the mine in a good position to go deeper in future if needed without affecting the hoisting at the then operational Central Shaft.

The Central Shaft is currently at a depth of 1, metres. The sinking of the Central Shaft is expected to be completed in the middle of and expected to be commissioned by mid Power outages resulted in less development being achieved than initially planned, which will result is a slower production ramp-up to the projetyed 80, oz..

Production is now expected to be approximately 75, oz. Progress on the Central Shaft further depends on the continued availability of sufficient foreign exchange. Significant projects on which capital expenditures were incurred in included:. Capital projects and expenditures are further analysed under Item 4. The Share Consolidation was approved:. The Share Consolidation was effected on June 26, following which the issued shares of the Company consisted of 10,, shares of which 3,, were represented by depositary interests traded on AIM.

Eersteling Gold Mining Company Limited. It has been under care and maintenance since By December 31, ZAR2 million of the non-refundable deposit was received but the agreement had expired as no further payment had been received. The non-refundable deposit was accounted for as Other income in the Consolidated Financial Statements. Also on May 31, the Group entered into a new agreement to amend the initial share sale agreement. The share sale agreement was suspended, subject to the conclusion of the rock dump sale and for SH Minerals to obtain funding for the purchase price for the sale.

The payment received in February effectively transferred the registered and beneficial ownership of Eersteling to SH Minerals and the Group relinquished control. Available Information. Description of Our Business. Total gold production at Blanket Mine for was 54, oz.

In terms of regulations introduced by the Zimbabwean Ministry of Finance in January , all gold produced in Zimbabwe must be sold to Fidelity, a company which is controlled by the Zimbabwean authorities. Gold producers compete globally on the basis of their operating and capital costs. Certain gold producers benefit from their ability to produce other minerals in commercial quantities as by-products.

Caledonia derives approximately 0. D Mineral Reserve Calculations. Mining Operations. On November 3, Caledonia announced the investment plan and production projections for the Blanket Mine. The objectives of the investment plan are to improve the underground infrastructure and logistics to allow an efficient and sustainable production build-up. Continued exploration over the last three years has improved the understanding of the ore bodies below 22 level and has resulted in a further increase in resources below meters.

Progress on implementing the Central Shaft has been adversely affected by an increase in the incidence of power interruptions due to the instability of the incoming grid power. Due to these delays and to ensure that the completion of the shaft does not delay the planned production build-up, the vertical shaft sinking will terminate at 1, metres and will add three new production levels below metres.

A fourth production level is intended to be added via a decline construction in due course. The decline is expected to allow production from below 34 Level to commence in mid, which is the same as if the shaft had been extended to 38 Level. Further progress on the Central Shaft depends on the continued availability of sufficient foreign exchange.

Satellite Prospects. Blanket Mine has exploration title holdings in the form of registered mining claims in the Gwanda Greenstone Belt totalling claims covering properties with a total area of about 2, hectares. Included within these claim areas are 18 previously operated small gold workings which warrant further exploration. Pilot plant — Satellite properties. A pilot plant was constructed and commissioned during to establish the potential recovery of refractory ore from the GG satellite property using conventional Gravity and CIL processes.

A total of 6, tons of GG ore has been processed at an average feed grade of 3. Results show that at the current recovery rate and at the prevailing gold price, gold can be extracted profitably. Management is considering the further methods to ascertain whether recoveries can be improved.

Metallurgical Process. Metallurgical plant — Blanket Mine. Recoveries continue to be adversely affected by the low feed grade and the failure of the oxygen plant which is now beyond repair. As a temporary measure liquid oxygen is used but this comes at an increased cost. Lower oxygen concentrations also resulted in increased cyanide consumption, which in addition to increased lime consumption due to a temporary deterioration in the quality of product supplied , contributed to increased consumable costs at the metallurgical plant.

A purchase agreement has been signed for an oxygen plant which is expected to be commissioned in mid, subject to the availability of the necessary foreign exchange to fund the final purchase installment. Average plant recovery was Safety, Health and Environment. The following safety statistics have been recorded for fiscal year and the preceding two years.

Regrettably, there were fatal mining-related accidents at Blanket Mine on February 23, and July 12, The directors and management of Caledonia and Blanket express their sincere condolences to the families and colleagues of the deceased.

Caledonia takes the safety of its employees very seriously and, accordingly, measures have been taken to re-inforce adherence to prescribed safety procedures. Social Investment and Contribution to the Zimbabwean Economy. Payments to the Community and the Zimbabwe Government.

General Comments. Caledonia is not dependent, to any material extent, on patents, licenses, contracts, specialized equipment or new manufacturing processes at this time. However, there may be occasions that Caledonia may wish to adopt such patents, licenses, specialized equipment, etc. All mining and exploration activities are conducted under the various economic, mining and environmental regulations of the country where the operations are being carried out.

Caledonia has not experienced a shortage of availability of raw materials or significant price volatility. The Company has the following organizational structure as at March 28, It is a fully equipped mine with all of the necessary plant and equipment to conduct mining operations and the production of gold from the ore mined from the mine.

For a detailed breakdown of the property, plant and equipment and encumbrances thereon refer to note 17 of the Consolidated Financial Statements. The property, plant and equipment of the Group is predominantly held in Zimbabwe and the continued implementation of the investment plan is expected to increase the property, plant and equipment of the Group.

The investment plan is expected to be funded with existing cash, a term loan, an overdraft facility and cash generated from operating activities. The investment plan is expected to be completed in Refer to item 4 A History and Development of the company concerning the sale of Eersteling.

Mining Geology and Exploration Activities. Geology and Mineral Deposit. The geology of the Craton is characterised by deformed and metamorphosed rocks which include high-grade metamorphic rocks, gneisses, older granitoids, greenstone belts, intrusive complexes, younger granites and the Great Dyke. The Chingezi gneiss, Mashaba tonalite and Shabani gneiss form part of a variety of tonalities and gneisses of varying ages.

Three major sequences of slightly younger gold-bearing greenstone belt supracrustal rocks exist:. Three metamorphic belts surround the Zimbabwe Craton:. Overview of the Project Geology. Several other gold deposits are situated along the same general strike as the mine.

Approximately mines operated in this greenstone belt at one stage; however, the Blanket Mine is one of the few remaining operational mines. Local Property Geology. The local geology consists of the Felsic Unit made up of, largely, quartz and quartz-sericite schists overlain by the Mafic Unit. The lower zone of the Mafic Unit comprises ultramafics and banded iron formations which host the orebodies of the Vubachikwe mine, that is located nearby Blanket.

The upper zone of the Mafic Unit is made up of massive to pillowed basaltic lavas with intercalations of interflow sediments now showing as cherty argillites locally commonly referred to as Black Markers and this hosts the Blanket complex orebodies. The Blanket orebodies are in an orogenic setting with hydrothermal mineralization hosted in selected shears of country basaltic metavolcanics. This package is intruded by a younger and seemingly barren olivine-gabbro sheet.

The sequence is capped by an Intermediate Unit comprising andesitic lavas with amphibole feldspar schists. The Blanket complex orebodies together with those of the Vubachikwe complex comprise the north-western Mining Camp, also called the Sabiwa group of mines. Longitudinal Section of Blanket Mine. The latter group of mines form the northern continuation of the Vubachikwe zone and are hosted by BIFs. The mafic unit which hosts the gold mineralisation is, for the most part, a metabasalt with occasional remnants of pillow basalts.

Regionally, the rock is a fine-grained massive amphibolite with localised shear planes. A low angle transgressive anastomosing shear zone up to m wide cutting through the mafic zone is the locus of the gold ore shoots. The shear zone is characterised by a well-developed fabric and the presence of biotite. A regional dolerite sill cuts the entire sequence from Vubachikwe through Blanket to Smiler. The sill does not cause a significant displacement and although it truncates all the ore shoots, there is continuity of mineralisation below the sill.

The upper zone comprises massive to pillowed lavas with intercalations of interflow sediments. The rock is a fine-grained massive amphibolite with localised shear planes. The gold deposits are found around a low-angle transgressive shear zone. A simplified stratigraphic column for the Blanket Mine is shown in the following figure. Stratigraphic Column. Status of Exploration.

The Blanket Mine is a producing operation. Exploration activities are carried out both on and off the mine. Mine exploration takes place mostly underground on the producing claims and is aimed at expanding the knowledge of the ore shoot trends which are being mined, as well as searching for potential additional orebodies. Near-mine exploration takes place on satellite properties that are currently non-producing assets, which have the potential to yield new sources of ore and possibly give rise to new mines.

These claims include a small number under option and cover an area of approximately 2, ha. The blocks of claims were pegged as follows:. Exploration and evaluation activities on Blanket Mine are targeting the depth extensions of all the known Blanket Mine ore bodies, viz. Mineral Reserve Calculations. Mineral reserve estimates in this Annual Report are reported in accordance with the requirements of IG 7. Accordingly, as of the date of the Annual Report, all minerals reserves are planned to be mined out under the life of mine plan within the period of our existing rights to mine, or within the time period of assured renewal periods of our rights to mine.

In addition, as of the date of this Annual Report, all mineral reserves are covered by required permits and governmental approvals. Tonnages refer to tonnes delivered to the metallurgical plant. All figures are in metric tonnes. Pay limit Blanket Mine 2. Tonnage and grade have been rounded and this may result in minor adding discrepancies. Our mineral reserve figures are estimates, which may not reflect actual reserves or future production.

These figures are prepared in accordance with industry practice, converting mineral deposits to reserves through the preparation of a mining plan. The mineral reserve estimates contained herein inherently include a degree of uncertainty and depend to some extent on statistical inferences.

Reserve estimates require revisions based on actual production experience or new information. Should we encounter mineralization or formations different from those predicted by past drilling, sampling and similar examinations, mineral reserve estimates may have to be adjusted and mining plans may have to be altered in a way that might adversely affect our operations.

Moreover, if the price of gold declines, stabilizes at a price that is lower than break-even level, if our production costs increase or recovery rates decrease, it may become uneconomical to recover mineral reserves with lower grades of mineralization. Access to the Property, Power and Water Supply. Access to the Blanket Mine is by an all-weather single lane tarred road from Gwanda.

Gwanda is linked by national highways to Bulawayo, Harare and the Beitbridge Border post. Earlier, Zimbabwe had good road infrastructure. However, lack of investment over the past ten to fifteen years resulted in its deterioration; substantial investment is required country-wide. The railway line connecting the Zimbabwean national network to South Africa passes through Gwanda.

An airstrip for light aircraft is located 5 km to the northwest of the town. Blanket power is supplier primarily from ZESA. Blanket also has a combined 16MW of installed stand-by diesel generating capacity which is sufficient to allow all mining and processing activities and shaft-sinking work at the central shaft to continue if there are any interruptions to the ZESA supply.

During Blanket installed a fixed overhead line and a ring feed connection to allow for an additional electricity feed from ZESA. The dual lines are expected to reduce possibility of power outages from both electricity supply lines at the same time and therefore reduce power disruptions at Blanket.

Water to the mine and its township is supplied through the Mtshabezi river, on-mine boreholes and the Gwanda municipality. Blanket Claims. The Blanket Mine's exploration interests in Zimbabwe include operating claims i. This contiguous block represents the area of a current Mining Lease application. The Blanket Mine is part of the Sabiwa group of mines within the Gwanda Greenstone Belt from which gold was first extracted in the 19 th century.

Blanket Mine has produced over a million ounces of gold during its lifetime. Mining and metallurgical operations commenced in and between then and , , t were mined. From to mining was conducted by the Forbes Rhodesia Syndicate who achieved 23, t.

There are no reliable records of mining for the period between and and it is possible that operations were adversely affected by political instability during World Wars I and II. In F. Payne produced some , t before selling the property to Falconbridge in Blanket Mine, Under Falconbridge, production increased to 45 kg per month and the property yielded some 4 Mt of ore up until September The Blanket Mine re-started production in April after a temporary shut-down due to the economic difficulties in Zimbabwe.

The following Operating and Financial Review and Prospects section is intended to help the reader understand the factors that have affected the Company's financial condition and results of operations for the historical period covered by the financial statements and management's assessment of factors and trends which are anticipated to have a material effect on the Company's financial condition and results in future periods.

This section is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the other financial information contained elsewhere in this document. Our financial statements have been prepared in accordance with IFRS. Our discussion contains forward looking information based on current expectations that involve risks and uncertainties, such as our plans, objectives and intentions.

Our actual results may differ from those indicated in such forward looking statements. The key drivers of our operating results and principal activities are:. Gold price. Average realized gold price per ounce is a non-IFRS measures which managements believes assist the stakeholders in understanding the average price obtained for an ounce of gold.

Our revenues are derived from the sale of gold produced by the Blanket Mine. As a result our revenues are directly influenced by the average realized gold price obtained from the sale of gold. The gold prices obtained may fluctuate widely and are influenced by factors beyond the control of the Company. The table below indicates the average realized gold price per ounce obtained for the , and fiscal years. Gold produced. Tonnes milled, average grades, recoveries and gold produced are shown in the table below.

Tonnes Milled. Gold Head Feed. Gold Recovery. Gold Produced. Tonnes milled in the year were 2. The improvement in tonnes milled reflects the measures taken to address problems that had occurred in previous quarters and includes the introduction of long-hole stoping on safety grounds which tends to increase the tonnes mined per metre drilled, although with a potential adverse effect on the realised grade due to mining dilution.

Grade in the year was 4. Grade was adversely affected by excessive dilution at Blanket due to the introduction of long-hole stoping in the narrower reef width areas due to safety considerations. The use of long-hole stoping, in addition to being safer than sublevel benching, has the potential to be more efficient if drilling is accurate enough to avoid overbreak and consequent grade dilution. Management continue to take corrective measures to improve the accuracy of drilling which include the improved training of drill operators, intensified geological control, reviewing blasting techniques and technology and reducing the sublevel vertical spacing from 15 meters to 10 meters.

These measures appear to have had some effect: by February the achieved grade has improved towards target and this improvement has continued into March. Production cost. Production costs include salaries and wages, on mine administration, consumable materials and electricity and other related costs incurred in the production of gold.

Production costs for , and are summarised below. On-mine cost, AISC and all-in cost per ounce are non-IFRS cost measures which managements believes assist the stakeholders in understanding the cost structures of the Company. The table below reconciles production cost as stated in terms of IFRS to these cost measures. A narrow focus on the direct costs of production mainly labour, electricity and consumables does not fully reflect the total cost of gold production.

Accordingly, cost per ounce data for the fiscal year and previous fiscal years has been prepared in accordance with the Guidance Note issued by the World Gold Council on June 23, and is set out in the table below on the following bases:. Per-ounce costs are calculated on the basis of sales adjusted for sales work-in-progress, so that an accurate value can be ascribed to the royalty.

On-mine cost comprises labour, electricity, consumables and other costs such as security and insurance. A lower grade has an adverse effect on on-mine cost per ounce because on-mine costs are generally related to tonnes of production — if each tonne mined and processed contains less gold, a lower grade will result in a higher cost per ounce even if costs remain unchanged.

Variable consumable costs for were higher than due to increased costs for cyanide, explosives and grinding media; the consumption rate for cyanide was also higher due to the lack of oxygen in the CIL process pending the installation of the new oxygen plant in AISC per ounce comprises on-mine costs and also includes royalty payments, the export incentive, group administrative costs, sustaining capital investment, share based payment expenses and by-product expenses.

The AISC reduced by 5. Other significant matters affecting profitability. Administrative expenses. Administrative expenses are further analysed in note 13 of the Consolidated Financial Statements. Export Incentive Credit.

On January 1, the ECI decreased from 3. All incentives granted by the Zimbabwean government were included in other income when determined receivable. Eersteling rock dump sale. Provident fund pay-out. The Greenstone provident fund was established with the aim to provide pension benefits to employees of mines previously owned by Caledonia Mining South Africa Proprietary Limited.

A surplus remained in the fund after all members were retrenched or terminated in when the mines were closed. Margin call on gold hedge. On August 17, the Company entered into a hedge in respect of 8, ounces of gold that expired before December 31, The derivative financial instrument was entered into by the Company for economic hedging purposes and not as a speculative investment.

The Company settled the contract with the margin call deposited at the inception of the hedge transaction. Blanket continued to sell all of its gold production to Fidelity, as required by Zimbabwean legislation, and received the spot price of gold less an early settlement discount of 1.

Share based payment awards. Share options issued before May were issued in terms of a rolling stock option plan, which was superseded by the OEICP. In accordance with the previous plan, options were granted at an exercise price not less than the closing price of the shares on the TSX on the trading day prior to the grant date. Under the OEICP, options are granted on the same basis or, if greater, at not less than the volume weighted average trading price of the shares on the TSX for the five trading days immediately prior to the grant date.

Options vest according to dates set at the discretion of the Compensation Committee or the Board of Directors at the date of grant. All outstanding option awards that have been granted pursuant to the plan vest immediately. All remaining options granted under the previous plan were exercised during fiscal year The maximum term of the options under the OEICP is 10 years and under the rolling stock option plan was 5 years.

The terms and conditions relating to the grant of options under the rolling stock option plan were that all options would be settled by physical delivery of shares. RSUs vest three years after grant date provided that the service condition of the relevant employees are fulfilled. PSUs have a service condition and a performance period of three years. The performance condition is a function of production cost, gold production and central shaft depth targets on certain specified dates.

The number of PSUs that vest is the PSUs granted multiplied by a performance multiplier, which reflects the actual performance in terms of the performance conditions compared to expectations on the date of the award. RSU holders are entitled to receive dividends over the vesting period. Such dividends are reinvested in additional RSUs at the then applicable share price calculated at the average Bank of Canada noon rate immediately preceding the dividend payment.

PSUs have rights to dividends only after they have vested. On May 8, the Board approved amendments to the awards to allow for settlement of the vesting date value in cash or shares issuable at fair market value or a combination of both at the discretion of the holder. The fair value of the RSUs, at the reporting date, was based on the Black Scholes option valuation model. The fair value of the PSUs, at the reporting date, was based on the Black Scholes option valuation model less the fair value of the expected dividends during the vesting period multiplied by the performance multiplier expectation.

The PSUs were granted with a service condition and a performance period of three years. The performance condition will be a function of gold production for the quarter ending December 31, The number of PSUs that will vest will be the PSUs granted multiplied by a performance multiplier, which will reflect the actual performance in terms of the performance conditions compared to expectations agreed as soon as possible following the date of grant.

Caledonia Mining South Africa employee incentive scheme. Adjusted earnings per share. Cash and cash equivalents. The facility remained unutilised at December 31, The overdraft facility bears interest at 6. The facility is repayable on demand. Refer to note 30 of the Consolidated Financial Statements for information on the type of financial instruments used and the maturity profiles thereof.

Management believes that the current working capital and future production cash proceeds will be sufficient to meet its capital requirements. Blanket foreign exchange approval requirements. Approval from the RBZ is required for the remittance of dividends declared from Zimbabwe, for the repayment of loans and advances from Blanket Mine to Caledonia and for the repayment of capital and consumables purchased from Caledonia Mining South Africa Proprietary Limited.

During Caledonia obtained the necessary approvals from the RBZ to obtain foreign currency to conduct normal business operations. The Company is an exploration, development and mining company and does not carry on any research and development activities. Production Guidance. On October 11, the Company reduced and narrowed the range of production guidance from 55, to 59, oz. Production for the year was 54,oz. Production guidance for is between 53, and 56,oz.

Cost Guidance. The main reason for the cost overrun against guidance was the lower grade. On mine costs are also expected to be higher in due to the increased cost of cyanide, grinding media and drill steels and the increased cost of the expanded fleet of trackless equipment which is used in the declines.

Earnings Guidance. Guidance for adjusted earnings per share for was in the range of c to c per share. Actual adjusted earnings per share for was The shortfall against guidance was due to higher than expected operating costs which was largely due to the lower than anticipated grade and a smaller deferred tax charge which is the main adjusting factor between earnings per share calculated on an IFRS basis and adjusted earnings per share. The foregoing expected results for are subject to risks and uncertainties and actual results may be lower.

As at December 31, , the Company had the following contractual obligations:. Less than 1. More than. Capital expenditure commitments included payments for the following items:. Except for capital expenditure commitments, the contractual obligations in the table above is based on the classification requirements under IFRS.

Director since Chief Executive Officer since Stuart, Florida, USA. Chairman of the Victory Portfolios. Winston Maritime LLC. Stella and Hack Wilson Family Foundation. Martin Health Foundation. John Kelly Non-Executive Director. New Canaan, Connecticut. As you can see, institutional investors have a fair amount of stake in Caledonia Investments. This suggests some credibility amongst professional investors.

But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Caledonia Investments' earnings history below.

Of course, the future is what really matters. We note that hedge funds don't have a meaningful investment in Caledonia Investments. In comparison, the second and third largest shareholders hold about 8. While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing.

Our information suggests that there isn't any analyst coverage of the stock, so it is probably little known. While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it. I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.

Our most recent data indicates that insiders own some shares in Caledonia Investments plc. Most would see this as a real positive. Most would say this shows alignment of interests between shareholders and the board. Still, it might be worth checking if those insiders have been selling. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company. I find it very interesting to look at who exactly owns a company.

But to truly gain insight, we need to consider other information, too. Case in point: We've spotted 3 warning signs for Caledonia Investments you should be aware of, and 2 of them make us uncomfortable. If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, backed by strong financial data.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation.

We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team simplywallst.

Now how does Tesla do that? By , however, Ives believes that 1 car in 10 sold will be an EV. And because Tesla is the "EV category leader," it makes sense to assume that many of these EVs sold over the next five years will be Teslas.

Is Ives right about that? Ives himself admits that automotive giants General Motors and Ford, as well as newcomers like Fisker and Rivian, are "chasing after Tesla" and will attempt to cut into its market share. Demand for Teslas in Europe and in China has proven "Teflon-like," says Ives, despite a global pandemic in In its first year of operation, Tesla's Giga 3 factory in Shanghai has already churned out more than , Teslas, contributing all on its lonesome to nearly one-third of Elon Musk's goal of delivering , cars globally this year.

Ives admits that in China, too, Tesla faces significant competition. But in a country of 1. Profits-wise, the analyst believes Tesla will continue to benefit from high-margin "software driven upgrades" that go "right to the bottom-line. The most surprising thing of all? Despite all this, Ives only rates Tesla stock "neutral. TipRanks analysis of 28 analyst ratings shows a consensus Hold rating, with 10 analysts saying Buy, 9 suggesting Hold and 9 recommending Sell. Disclaimer: The opinions expressed in this article are solely those of the featured analyst.

The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. From escalating tensions between the U. With Pfizer Inc. CNBC compiled a list of five stocks with an upside potential based on opinions from leading Wall Steet analysts.

Here's a peek into these stocks and the key factors influencing the analyst forecasts. The forecasts were based on the company's earnings beat in its first release since the trading debut in September. The company, on Nov. Cytokinetics: At the end of Friday's trading session, Cytokinetics, Inc. The analyst's forecasts are pinned on the success of omecamtiv mecarbil, the company's treatment for heart failures.

RBC Capital analyst Shweta Khajuria's analysis of the stock's performance is based on the economic revival in the post-pandemic era. Linking the vaccine availability and distribution with the economic revival, the RBC Capital Analyst opines that shopping centers, restaurants and bars, and other retail outlets would witness an increase in footfalls.

Benzinga does not provide investment advice. All rights reserved. In Monday's rally, new Bitcoin play PayPal cleared early buy points. Tesla and other EV plays soared. Apple broke key support. President-elect Joe Biden wants to help Americans save for their golden years by expanding access to retirement savings plans, strengthening Social Security, and making health care more affordable.

It has been a bumpy ride, The stock nearly doubled in the first four days of the past week, after an announcement from the Texas Commission on Environmental Quality that two models that Kandi plans to launch in the U. Investors are in the market to make a profit, and that means finding the stocks with proven growth potential.

With more than ten months behind us, the stocks that are now showing a combination of strong gains and a high near- to mid-term potential are going to attract investor interest. Bearing this in mind, we set out to find stocks flagged as exciting growth plays by Wall Street. Bandwidth, Inc. BAND We start in the communications software sector, where Bandwidth is a leading provider of VoIP systems, using its application programming interfaces API to offer customers both text and voice capabilities.

The company's products include applications for voice calling, text messaging, local phone numbers via internet, and emergency phone system access. Bandwidth has developed and built its own network for voice over internet, helping to guarantee connectivity. In addition to positive revenues and earnings, Bandwidth has also shown sound liquidity.

Finally, earlier this month, Bandwidth completed its acquisition of the European cloud communications company Voxbone. The transaction included We believe revenue growth should remain strong given our expectations for some permanent long-term changes with an increased remote work environment driving both increasing usage from existing customers and layering in the potential for stronger new customer growth. W From cloud communications we move on to e-commerce, where Wayfair is a leader in the home goods and furniture sector.

E-commerce has seen heavy gains during the COVID pandemic, as customers moved larger portions of their shopping online. Earnings have also reflected strong sales during the pandemic period. These fiscal gains stand on the shoulders of solid sales performance. Wayfair reported In addition to an Overweight i. In short, the company builds the software platforms that allows customers to evaluate experimental compounds. Schrodinger describes its software as a physics-based platform, integrating solutions for collaboration, data analytics, and predictive modeling in chemistry.

The platform is used extensively in the pharmaceutical industry, but also in aerospace, energy, and semiconductors. Schrodinger went public in February of this year, just as the corona crisis was ramping up, and quickly saw strong share gains. The company sold well over We expect software growth to continue into , as we believe the pandemic trend of remote work is sticky, with increasing platform validation from collaborations.

Disclaimer: The opinions expressed in this article are solely those of the featured analysts. Income taxes: Before you do anything with that bonus, wait until your taxes are done for Citron said Blink's valuation makes no sense and called the company a "total scheme. A total commodity product with no brand. Benzinga's Take: Stock market bubbles are defined by "irrational exuberance" that can temporarily send stock prices soaring to irrational levels.

However, shorting stocks that are caught in a bubble can be extremely dangerous given that irrational exuberance can last for years and the ultimate top is only reached once investor enthusiasm has died down. One IPO is set to price the shortened week of Thanksgiving, but it's a big one. Ozon is a large e-commerce company in Russia, a large fragmented market. About Ozon Holdings: Ozon Holdings has More than 51 million people have downloaded the company's shopping app, which had 41 million monthly active users in the third quarter.

Ozon Holdings has over 12, locker san pick-up points and also more than 2, delivery couriers. The company owns and operates its own logistics service.