<SEC-DOCUMENT>0001171843-20-007898.txt : 20201112
<SEC-HEADER>0001171843-20-007898.hdr.sgml : 20201112
<ACCEPTANCE-DATETIME>20201112070016
ACCESSION NUMBER:		0001171843-20-007898
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201112
FILED AS OF DATE:		20201112
DATE AS OF CHANGE:		20201112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Caledonia Mining Corp Plc
		CENTRAL INDEX KEY:			0000766011
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38164
		FILM NUMBER:		201303261

	BUSINESS ADDRESS:	
		STREET 1:		B006 MILLAIS HOUSE
		STREET 2:		CASTLE QUAY
		CITY:			ST HELIER
		STATE:			Y9
		ZIP:			JE2 3NF
		BUSINESS PHONE:		441534679800

	MAIL ADDRESS:	
		STREET 1:		B006 MILLAIS HOUSE
		STREET 2:		CASTLE QUAY
		CITY:			ST HELIER
		STATE:			Y9
		ZIP:			JE2 3NF

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CALEDONIA MINING CORP
		DATE OF NAME CHANGE:	19950606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDEN NORTH RESOURCE CORP
		DATE OF NAME CHANGE:	19920302
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_111120.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><font style="font-family: 'times new roman', roman, serif;"><strong>UNITED STATES</strong></font><br /><font style="font-family: 'times new roman', roman, serif;"><strong>SECURITIES AND EXCHANGE COMMISSION</strong></font><br /><font style="font-family: 'times new roman', roman, serif;"><strong>Washington, D.C. 20549</strong></font></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><font style="font-family: 'times new roman', roman, serif;"><strong>Form 6-K</strong></font></p><p style="text-align: center;"><font style="font-family: 'times new roman', roman, serif;"><strong></strong></font></p><p style="margin: 0in 0in 8pt; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-family: 'times new roman', roman, serif;"><strong><font style="font-family: 'times new roman', roman, serif; font-size: 10pt;">Report of Foreign Private Issuer <br />Pursuant to Rule 13a-16 or 15d-16 <br />Of the Securities Exchange Act of 1934</font></strong></font></p><p style="text-align: center;"><font style="font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;"><strong></strong><strong>For the month of November 2020<br /></strong></font></font><font style="font-family: 'times new roman', roman, serif; font-size: 10pt;"><font style="font-size: 10pt;"><strong>Commission File Number: 001-38164</strong></font></font></font></p><p style="text-align: center;"><font style="font-family: 'times new roman', roman, serif;"><font style="font-size: 12pt;"><strong>CALEDONIA MINING CORPORATION PLC</strong></font></font><br /><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;">(Translation of registrant's name into English)</font></font></p><p style="text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;"><font style="font-size: 10pt;"><strong>B006 Millais House <br />Castle Quay<br />St Helier<br /> Jersey JE2 3EF</strong></font></font></font><br /><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;">(Address of principal executive office)</font></font></p></div><p style="text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</font></font></p><p style="text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;">Form 20-F [&#160;X ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;&#160; ]</font></font></p><p style="text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#160;</font></font></p><p style="text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#160;</font></font></p><!--<p style="text-align: center;"><font style="font-family: 'times new roman', roman, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 13.3333px;">Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></font></p><p style="text-align: center;"><font style="font-family: 'times new roman', roman, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 13.3333px;">Yes ________&#160; No ___<u>x</u>____</font></font></p><p style="text-align: center;"><font style="font-family: 'times new roman', roman, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 13.3333px;">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______</font></font></p>--><p style="text-align: center;"><strong><font style="font-family: 'times new roman', roman, serif; font-size: 10pt;">INCORPORATION BY REFERENCE</font></strong></p><p style="text-align: left;"><font style="font-family: 'times new roman', roman, serif; font-size: 10pt;">Exhibit 99.1 included with this report on Form 6-K is expressly incorporated by reference into this report and is hereby incorporated by reference as exhibit to the Registration Statement on Form F-3 of Caledonia Mining Corporation Plc (File No. 333-224784), as amended or supplemented.</font></p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;"><strong>SIGNATURES</strong></font></font></p><p><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></font></p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td width="6%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td style="text-decoration: underline;" align="center" width="47%"><font style="font-family: 'times new roman', roman, serif;"><strong>&#160;&#160;&#160;&#160;CALEDONIA MINING CORPORATION PLC&#160;&#160;&#160;&#160;</strong></font></td></tr><tr valign="top"><td width="47%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td width="6%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td align="center" width="47%"><font style="font-family: 'times new roman', roman, serif;">(Registrant)</font></td></tr><tr valign="top"><td width="47%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td width="6%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td align="center" width="47%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td></tr><tr valign="top"><td width="47%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td width="6%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td align="center" width="47%"><font style="font-family: 'times new roman', roman, serif;"></font></td></tr><tr valign="top"><td width="47%"><font style="font-family: 'times new roman', roman, serif;">Date: November 12, 2020</font></td><td width="6%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td style="text-decoration: underline;" align="center" width="47%"><font style="font-family: 'times new roman', roman, serif;">&#160;&#160;&#160;&#160;/s/ STEVE CURTIS&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="47%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td width="6%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td align="center" width="47%"><font style="font-family: 'times new roman', roman, serif;">Steve Curtis</font></td></tr><tr valign="top"><td width="47%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td width="6%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td align="center" width="47%"><font style="font-family: 'times new roman', roman, serif;">CEO and Director</font></td></tr><tr valign="top"><td width="47%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td width="6%"><font style="font-family: 'times new roman', roman, serif;">&#160;</font></td><td align="center" width="47%"><font style="font-family: 'times new roman', roman, serif;"></font></td></tr></table><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;"><font style="font-family: 'times new roman', roman, serif;">
 <p align="center"><font style="font-size:10pt;"><strong>EXHIBIT INDEX</strong></font></p>   <p align="center" style="text-align: center;"><font style="font-size:10pt;">&#160;</font></p>  <table style="border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong><u>Exhibit Number</u></strong></font></td><td class="hugin"><font style="font-size:10pt;">&#160; &#160;&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong><u>Description</u></strong></font></td></tr><tr><td class="hugin">&#160;</td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td></tr><tr><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">Caledonia Mining Corporation Plc&#160;Results for the quarter ended September 30, 2020</a></font> </font></td></tr></table></font></font></p><p>&#160;</p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Caledonia Mining Corporation Plc Results for the quarter ended September 30, 2020</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p align="justify">ST HELIER, Jersey, Nov.  12, 2020  (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL; AIM: CMCL)&#160;(&#8220;Caledonia&#8221; or the &#8220;Company&#8221;) announces its operating and financial results for the quarter and the nine months ended September 30, 2020 (the &#8220;Quarter&#8221; and &#8220;Nine Months &#8221; respectively). Further information on the financial and operating results for the Quarter and Nine Months can be found in the management discussion and analysis (&#8220;MD&amp;A&#8221;) and the unaudited financial statements which are available on the Company&#8217;s website and have been filed on SEDAR.<br ></p>  <p align="justify"><strong>Financial </strong><strong>Highlights</strong><strong> for the Quarter</strong></p>  <ul type="disc"><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Gross revenues of $25.4 million, a 27 per cent increase on the $20.0 million achieved in the third quarter of 2019 (&#8220;Q3 2019&#8221;).</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Gross profit<sup>1</sup> of $12.5 million, a 47 per cent increase on the $8.5 million in Q3 2019 at a gross margin of 49 per cent (Q3 2019, 43 per cent).</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">EBITDA<sup>2</sup> (excluding net foreign exchange gains and share based payments) of $11.2 million, a 34 per cent increase on the $8.3 million in Q3 2019 at a margin of 44 per cent (Q3 2019, 42 per cent).</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">The on-mine cost per ounce<sup>3</sup> increased from $686 in Q3 2019 to $758 due to costs associated with COVID-19, a share-based payment expense and increased use of the diesel generators.</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">The all-in sustaining cost per ounce<sup>3</sup> increased from $872 in Q3 2019 to $1,119 due to a higher insurance premium and an increased share-based payment expense.</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Basic IFRS earnings per share (&#8220;EPS&#8221;) of 36.6 cents (Q3 2019, 63.4 cents). IFRS earnings for the Quarter were adversely affected by a lower foreign exchange gain and higher taxation.</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Adjusted EPS<sup>3</sup> of 34.1 cents (Q3 2019, 15.8 cents).</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Net cash from operating activities of $5.3 million (Q3 2019, $4.9 million).</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Net cash and cash equivalents of $21.6 million (December 31, 2019, $8.9 million).</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Total dividend paid in the Quarter of 8.5 cents per share; a further dividend at the increased rate of 10 cents per share was paid in October.</li></ul>  <p align="justify"><strong>Operating Highlights</strong></p>  <ul type="disc"><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">15,155 ounces of gold produced in the Quarter (Q3 2019, 13,646 ounces); 42,887 ounces produced in the Nine Months (first nine months of 2019, 38,306 ounces).</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Tonnes mined and milled in the Quarter increased by 10 per cent compared to Q3 2019; recoveries were also slightly improved.</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Equipping of Central Shaft continued in the Quarter at an increased rate as operations returned to normal following the relaxation of measures to prevent the spread of COVID-19.<br ></li></ul>  <p align="justify"><strong>Effect of COVID-19 </strong><strong>and </strong><strong>Outlook</strong></p>  <ul type="disc"><li style="text-align:justify;">COVID-19 had no effect on production in the Quarter which was above target for the Nine Months.</li><li style="text-align:justify;">Production guidance for 2020 increased from 53,000 to 56,000 ounces to 55,000 to 58,000 ounces.</li><li style="text-align:justify;">Progress on the Central Shaft returned to the planned rate as travel and transport restrictions were lifted. Central Shaft is expected to be fully equipped by the end of 2020 and to be commissioned in the first quarter of 2021 &#8211; approximately three months later than expected due to the delays arising from COVID-19. Production guidance for 2021 is 61,000 to 67,000 ounces; guidance for 2022 is approximately 80,000 ounces.</li><li style="text-align:justify;">Voltalia, an international renewable energy provider, has been appointed as the contractor for the 12MW solar project which is expected to be commissioned before the end of 2021 and is expected to provide approximately 27 per cent of Blanket&#8217;s average daily electricity requirements.</li></ul>  <p><strong>Dividend</strong></p>  <ul type="disc"><li style="margin-top:4pt; margin-bottom:4pt; text-align:justify;">The July dividend was increased by 13.3 per cent to 8.5 cents per share and the October dividend was further increased to 10 cents per share following the continued strong financial and operating performance.</li><li style="margin-top:4pt; margin-bottom:4pt; text-align:justify;">The cumulative increase in the dividend per share since January 2020 is 45 per cent.</li><li style="margin-top:4pt; margin-bottom:4pt; text-align:justify;">Further dividend increases will depend on the balance between delivering returns to shareholders and pursuing the significant growth opportunities within Zimbabwe.<br ></li></ul>  <p><strong>Steve Curtis, Chief Executive </strong><strong>O</strong><strong>fficer</strong><strong>,</strong> <strong>commented</strong><strong>:</strong></p>  <p align="justify">&#8220;<em>I am delighted by Blanket Mine</em><em>&#8217;s </em><em>continued </em><em>strong </em><em>operating </em><em>performance</em><em> in the </em><em>Quarter</em><em>.</em> <em>Despite </em><em>the </em><em>disruption caused by the COVID-19 pandemic, t</em><em>he m</em><em>anagement initiatives </em><em>which were implemented </em><em>in</em><em> 2019 </em><em>have </em><em>continued into 2020 </em><em>and have </em><em>resulted in </em><em>a</em> <em>1</em><em>2</em><em> per cent increase in gold production in the f</em><em>i</em><em>rst </em><em>nine </em><em>months of </em><em>2020 compare</em><em>d</em><em> to the </em><em>same period</em><em> of </em><em>2019. </em><em>The resilience of Blanket&#8217;s operations during this difficult period is testament to the outstanding commitment of the entire team at Blanket Mine. </em><em>Production for the first nine months of 2020 exceeded expectations and t</em><em>his trend continued into</em><em> October</em><em>.</em> <em>We </em><em>have therefore increased our </em><em>gold </em><em>production guidance for 2020 from a range of </em><em>53,000 </em><em>to</em><em> 56,000 ounces </em><em>to a range of 55,000 to 58,000 ounces</em><em>.</em></p>  <p align="justify"><em>&#8220;</em><em>Cost control in the </em><em>Quarter </em><em>continued to be excellent, but </em><em>a comparison of the costs for the Quarter </em><em>to </em><em>costs in the </em><em>third </em><em>quarter of 2019 </em><em>is </em><em>complicated by factors which </em><em>somewhat increased </em><em>the costs in th</em><em>is</em><em> Quarter</em><em>. The on-mine cost per ounce </em><em>i</em><em>n the Quarter w</em><em>as </em><em>$</em><em>758</em><em> compared to $</em><em>686</em><em> in Q</em><em>3</em><em> 2019. However, the costs in Q</em><em>3</em><em> 20</em><em>20</em> <em>include </em><em>approximately $73 per ounce of </em><em>costs relating to COVID-19, a non-cash charge in respect of share-based payments </em><em>and the cost of increased usage of the diesel generators. </em><em>After adjusting for these items, the on-mine cost per ounce of the Quarter </em><em>was $685 per ounce </em><em>&#8211;</em> <em>virtually unchanged from Q3 2019 and lowe</em><em>r</em><em> than budget. </em></p>  <p align="justify"><em>&#8220;</em><em>T</em><em>he </em><em>a</em><em>ll-in sustaining cost per ounce for the </em><em>Q</em><em>uarter</em><em> was $1,119 per ounce &#8211; an increase of</em><em> 28 per cent compared to Q3 2019. This increase was </em><em>due to a higher royalty charge, which reflects the increased gold price, </em><em>increased administrative expenses, which is largely due to </em><em>higher insurance premiums </em><em>and an increased charge for share-based payments, which reflects the increased share price.</em></p>  <p align="justify"><em>&#8220;</em><em>Notwithstanding these and other factors, we remain </em><em>on track to achieve our cost guidance for 2020 of </em><em>between $</em><em>693 and $767 per ounce for </em><em>o</em><em>n-mine costs and between $951 and $1,033 per ounce for all-in sustaining costs. </em></p>  <p align="justify"><em>&#8220;</em><em>The </em><em>excellent </em><em>performance was also reflected in </em><em>continued </em><em>strong </em><em>cash generation:</em> <em>net cash flow from </em><em>operating </em><em>activities (i.e. before </em><em>interest, taxation payments and capital expenditure) was $</em><em>7.4</em><em> million </em><em>in the </em><em>Quarter </em><em>compared to $</em><em>4.9</em> <em>million in </em><em>Q</em><em>3</em> <em>2019. </em><em>Net cash flow from operating activities for the Quarter was after an increase </em><em>in working capital of $1.5 million as we replenished our inventories to increase our </em><em>business </em><em>resilience </em><em>to guard against </em><em>any </em><em>resurgence of the COVID-19 pandemic which could affect Blank</em><em>e</em><em>t&#8217;s supply chain.</em></p>  <p align="justify"><em>&#8220;During the </em><em>Q</em><em>uarter we raised $13 million (before </em><em>e</em><em>xpenses)</em> <em>from the issue of equity</em><em>,</em> <em>and the proceeds </em><em>will be used to construct the 12 MW s</em><em>o</em><em>lar </em><em>plant</em><em>.</em></p>  <p align="justify"><em>&#8220;</em><em>Caledonia ended the </em><em>Quarter </em><em>with net cash and cash equiv</em><em>a</em><em>lents of</em><em> $</em><em>21.6</em> <em>million</em> <em>(</em><em>excluding $1 million of a gold ETF which we purchased in the Quarter to protect </em><em>cash in South Africa </em><em>against </em><em>devaluation of the </em><em>S</em><em>o</em><em>uth African Rand</em><em>)</em><em>. </em></p>  <p align="justify"><em>&#8220;</em><em>T</em><em>he </em><em>continued strong performance </em><em>was achieved with</em><em>out</em> <em>compromis</em><em>ing</em> <em>o</em><em>n safety performance. </em><em>The </em><em>T</em><em>otal Injury Frequency </em><em>R</em><em>ate has bee</em><em>n</em><em> subst</em><em>antially </em><em>reduced </em><em>from </em><em>the levels in 2019 after a </em><em>concerted effort by management </em><em>over the last </em><em>18</em><em> months </em><em>to improve and enforce safety standards. </em><em> I am also very pleased to report that </em><em>in the Quarter we achieved </em><em>one</em><em> million</em> <em>manhours at the Central Shaft project without incurring any serious injury</em><em>.</em></p>  <p align="justify"><em>&#8220;</em><em>I</em><em>nterruptions to the </em><em>supply of </em><em>electricity </em><em>from the grid </em><em>have continued, but Blanket </em><em>manage</em><em>s</em><em> the</em><em>se </em><em>using </em><em>its </em><em>increase</em><em>d</em><em> su</em><em>i</em><em>te of diesel generators. </em> <em>In the previous quarter we </em><em>resolved to construct a 12MW solar plant at a cost of approximately </em><em>$12 million, which is expected to provide 100</em><em> per cent </em><em>of Blanket&#8217;s </em><em>baseload </em><em>electricity demand during daylight hours and approximately </em><em>27</em><em> per cent</em><em> of Blanket&#8217;s tot</em><em>al</em> <em>daily </em><em>electr</em><em>i</em><em>c</em><em>i</em><em>ty </em><em>demand. </em><em>Whilst </em><em>expected to </em><em>deliver an acceptable </em><em>financial retu</em><em>r</em><em>n</em><em>, </em><em>this investment </em><em>is primarily</em> <em>intended to protect Blanket fr</em><em>om</em> <em>a </em><em>further deterioration in its electric</em><em>i</em><em>ty supply</em><em> as well as to reduce </em><em>Blanket&#8217;s environmental footprint</em><em>.</em>&#160;<em>W</em><em>e have raised the funds to construct this project</em><em> and </em><em>have appointed</em> <em>Voltalia</em><em> as</em><em> the contractor </em><em>for the project</em><em> which </em><em>could be operational by </em><em>the end of </em><em>2021</em><em>.</em></p>  <p align="justify"><em>&#8220;T</em><em>he coron</em><em>a</em><em>virus pandemic had no appreciable effect on Blanket</em><em>&#8217;s production in </em><em>the Quarter</em><em> and a minor effect on costs. </em><em> However, </em><em>w</em><em>ork on Central Shaft </em><em>has been </em><em>slower than planned </em><em>because trav</em><em>e</em><em>l restrict</em><em>i</em><em>ons</em><em> imposed to control the spread of COVID-19</em> <em>affected the movement of 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As a result of this delay, </em><em>the </em><em>build-up in production </em><em>will also be affected</em><em>: gold production in 2021 is now expected t</em><em>o</em><em> be in the range of </em><em>61,000 to 67,000 ounces</em><em>; there is no change to the </em><em>production target of approximately </em><em>80,000 ounces of gold from 2022 onwards</em><sup><em>4</em></sup><em>.</em></p>  <p align="justify"><em>&#8220;</em><em>I</em><em>n light of the</em><em> improved performance</em><em> and the brighter outlook for 2020</em><em> and beyond</em><em>, Caledonia</em><em> increase</em><em>d</em><em> its quarterly dividend from 6.875 cents per share to 7.5 cents per share</em><em> in January 2020</em><em>. </em><em>A</em><em>t the end of </em><em>June</em><em>, in light of Blanket&#8217;s strong perf</em><em>o</em><em>rmance</em><em>, the higher gold price</em><em> and the return to normal levels of production</em><em> including renewed access to supply chains</em><em>, </em><em>Caledonia increased its quarterly dividend further to 8.5 cents per share</em><em>. In October, </em><em>due to the continued strong operational performance, the dividend was further increased to 10 cents</em><em> per share. This </em><em>means the </em><em>cumu</em><em>l</em><em>ative increase in the quar</em><em>t</em><em>er</em><em>ly</em><em> dividend </em><em>in 2020 is </em><em>45</em><em> per cent. The </em><em>board will review Caledonia&#8217;s future dividend distributions as appropriate while considering the balance between delivering returns to shareholders and pursuing the significant growth opportunities within Zimbabwe and in line with a prudent approach to financial management.</em><em>&#8221;</em>&#160;</p>  <p align="justify">___________________<sup><br >1</sup> Gross profit is after deducting royalties, production costs and depreciation but before administrative expenses, other income, interest and finance charges and taxation.<br ><sup>2</sup> EBITDA is after deducting royalties, production costs and administrative expenses, but is before depreciation, net other income, profit on sale of a subsidiary, net foreign exchange gains, cash-settled share-based payments, hedging expenses, finance charges and taxation. <br ><sup>3</sup> Non-IFRS measures such as &#8220;on-mine cost per ounce&#8221;, &#8220;all-in sustaining cost&#8221; and &#8220;adjusted EPS&#8221; are used throughout this announcement. Refer to section 10 of the MD&amp;A for a discussion of non-IFRS measures.<br ><sup>4</sup> <em>Mr</em><em> Dana Roets (B </em><em>Eng</em><em> (Min.), MBA, </em><em>Pr.Eng</em><em>., FSAIMM, AMMSA), Chief Operating Officer, is the Company's qualified person as defined by Canada's National Instrument 43-101 and has approved any scientific or technical information contained in this news release.</em></p>  <p>For further information please contact:</p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="max-width:45%; width:45%; min-width:45%;;text-align: justify ;  vertical-align: middle; vertical-align: top ; "><strong>Caledonia Mining Corporation Plc</strong><br >Mark Learmonth<br >Camilla Horsfall</td><td style="max-width:55%; width:55%; min-width:55%;;vertical-align: top ; "><br >Tel: +44 1534 679 800<br >Tel: +44 7817841 793</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; "><strong>WH Ireland</strong><strong> (Nomad &amp; Broker)</strong><br >Adrian Hadden/James Sinclair-Ford</td><td style="vertical-align: top ; "><br >Tel: +44 20 7220 1751</td></tr><tr><td style="vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; "><strong>Blytheweigh</strong><br >Tim Blythe/Megan Ray</td><td style="vertical-align: top ; "><br >Tel: +44 207 138 3204</td></tr><tr><td style="vertical-align: top ; ">&#160;</td><td style="vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; "><strong>3PPB</strong><br >Patrick Chidley<br >Paul Durham</td><td style="vertical-align: top ; "><br >Tel: +1 917 991 7701<br >Tel: +1 203 940 2538</td></tr></table> <p><strong>The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.</strong></p>  <p align="justify"><strong><em>Cautionary Note Concerning Forward-Looking Information</em></strong></p>  <p align="justify"><em>Information and statements contained in this news release that are not historical facts are &#8220;forward-looking information&#8221; within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia&#8217;s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as &#8220;anticipate&#8221;, &#8220;</em><em>envisage</em><em>&#8221;, &#8220;believe&#8221;, &#8220;expect&#8221;, &#8220;goal&#8221;, &#8220;plan&#8221;, &#8220;target&#8221;, &#8220;intend&#8221;, &#8220;estimate&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, &#8220;may&#8221; and &#8220;will&#8221; or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release </em><em>include:</em><em> production guidance, estimates of future/targeted production rates, and our plans and timing regarding further exploration and drilling and development. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.</em></p>  <p align="justify"><em>Securityholders, potential securityholders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company </em><em>does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; </em><em>risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus</em><em> (COVID-19)</em><em>)</em><em>; </em><em>availability and increasing costs associated with mining inputs and </em><em>labour</em><em>; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company&#8217;s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent </em><em>risks</em><em> and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether </em><em>as a result of</em><em> new information, future events or other such factors which affect this information, except as required by law.</em></p>  <p align="justify"><em>This news release is not an offer of the common shares of Caledonia for sale in the United States. 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vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">9,192</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; "><strong>21,562</strong></td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">8,026</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="border-top: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: double black 3pt ; vertical-align: bottom ; ">&#160;</td></tr></table> <p><br ></p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
