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Note 30 - Share-based Payments | 12 Months Ended
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Dec. 31, 2020
Statement Line Items [Line Items] |
Disclosure of share-based payment arrangements [text block] |
30 | Share-based payments
30.1 | Cash-settled share-based payments
The Group has expensed the following cash-settled share-based expense arrangements for the twelve months ended December 31:
|  |  | Note |  |  |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |
Restricted Share Units and Performance Units |  |  | 30.1 | (a) |  |  | 1,299 |  |  |  | 616 |  |  |  | 218 |
Caledonia Mining South Africa employee incentive scheme |  |  | 30.1 | (b) |  |  | 114 |  |  |  | 73 |  |  |  | 97 |
|  |  |  |  |  |  | 1,413 |  |  |  | 689 |  |  |  | 315 |
(a) | Restricted Share Units and Performance Units
Certain management and employees within the Group are granted Restricted Share Units (“RSUs”) and Performance Units (”PUs”) pursuant to provisions of the 2015 Omnibus Equity Incentive Compensation Plan (“OEICP”). All RSUs and PUs were granted and approved at the discretion of the Compensation Committee of the Board of Directors. RSUs vest three years after grant date given that the service condition of the relevant employees have been fulfilled. The value of the vested RSUs is the number of RSUs vested multiplied by the fair market value of the Company's shares, as specified by the OEICP, on the date of settlement. PUs have a performance condition based on gold production and a performance period of three years. The number of PUs that vest will be the PUs granted multiplied by the performance multiplier, which will reflect 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 will be reinvested in additional RSUs at the then applicable share price. PUs have rights to dividends only after they have vested. RSUs and PUs 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 unitholder. The fair value of the RSUs at the reporting date was based on the Black Scholes option valuation model. The fair value of the PUs 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. At the reporting date it was assumed that there is a 93% - 100% probability that the performance conditions will be met and therefore a 93% - 100% ( 2019: 93% - 100%, 2018: 85% ) average performance multiplier was used in calculating the estimated liability. The liability as at December 31, 2020 amounted to $2,240 ( 2019: $524, January 1, 2019: $2,043 ). Included in the liability as at December 31, 2020 is an amount of $634 ( 2019: $107, 2018: $43 ) that was expensed and classified as production costs; refer to note 9. During the year PUs and RSUs to the value of $216 vested and were issued as share capital. The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability on:
|  | December 31, |  | December 31,
|  | 2020 |  | 2019
|  |  | RSUs |  |  |  | PUs |  |  |  | RSUs |  |  |  | PUs |
Fair value (USD) |  | $ | 15.88 |  |  | $ | 15.51 |  |  | $ | 8.46 |  |  | $ | 8.19 |
Share price (USD) |  | $ | 15.88 |  |  | $ | 15.88 |  |  | $ | 8.46 |  |  | $ | 8.46 |
Performance multiplier percentage |  |  | – |  |  |  | 93 - 100% |  |  |  | – |  |  |  | 93 - 100% |
Share units granted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | RSUs |  |  |  | PUs |  |  |  | RSUs |  |  |  | PUs |
Grant – January 11, 2016 |  |  | – |  |  |  | – |  |  |  | 60,645 |  |  |  | 242,579 |
Grant- March 23, 2016 |  |  | – |  |  |  | – |  |  |  | 10,965 |  |  |  | 43,871 |
Grant – June 8, 2016 |  |  | – |  |  |  | – |  |  |  | 5,117 |  |  |  | 20,470 |
Grant - January 19, 2017 |  |  | 4,443 |  |  |  | 17,774 |  |  |  | 4,443 |  |  |  | 17,774 |
Grant - January 11, 2019 |  |  | – |  |  |  | 95,740 |  |  |  | – |  |  |  | 95,740 |
Grant - March 23, 2019 |  |  | – |  |  |  | 28,287 |  |  |  | – |  |  |  | 28,287 |
Grant - June 8, 2019 |  |  | – |  |  |  | 14,672 |  |  |  | – |  |  |  | 14,672 |
Grant - January 11, 2020 |  |  | 17,585 |  |  |  | 114,668 |  |  |  | – |  |  |  | – |
Grant - March 31, 2020 |  |  | – |  |  |  | 1,971 |  |  |  | – |  |  |  | – |
Grant - June 1, 2020 |  |  | – |  |  |  | 1,740 |  |  |  | – |  |  |  | – |
Grant - September 9, 2020 |  |  | – |  |  |  | 1,611 |  |  |  | – |  |  |  | – |
Grant - September 14, 2020 |  |  | – |  |  |  | 20,686 |  |  |  | – |  |  |  | – |
Grant - October 5, 2020 |  |  | – |  |  |  | 514 |  |  |  | – |  |  |  | – |
RSU dividends reinvested |  |  | 995 |  |  |  | – |  |  |  | 11,316 |  |  |  | – |
Settlements/ terminations |  |  | (5,052 | ) |  |  | (17,774 | ) |  |  | (87,434 | ) |  |  | (306,920 | )
Total awards |  |  | 17,971 |  |  |  | 279,889 |  |  |  | 5,052 |  |  |  | 156,473 |
On January 11, 2021, 78,883 PUs were granted to certain employees within the Group.
(b) | Caledonia Mining South Africa employee incentive scheme
From 2017 Caledonia Mining South Africa Proprietary Limited granted 52,282 awards to its employees that entitle them to a cash pay-out at the Company's share price on November 30 of each year over a 3 -year period from the grant date. The cash-settled share-based payment liability was calculated based on the number of awards expected to vest multiplied by the Company's Black Scholes option valuation fair value of £12.05 at the reporting date and apportioned for the quantity vested over the total vesting period. The liability relating to these cash-settled share-based payment awards amounted to $30 ( December 31, 2019: $16, January 1, 2019: $47 ) and the expense amounted to $114 ( 2019: $73, 2018: $97 ) for the twelve months ended December 31, 2020. The following assumptions were used in estimating the fair value of the cash-settled share-based payment liability for the year ended December 31, 2020. During September 2020 it was communicated to employees of Caledonia Mining South Africa Proprietary Limited that because going forwards they would receive awards of PUs under the Plan, a discretionary 10% cash bonus scheme would gradually replace the current cash-settled share-based scheme and no more awards would be made under that scheme. To the extent their cash-settled share-based payments fall shot of the cash bonus, they would receive an amount to make up the shortfall. The shortfall between 10% of the cash bonus and the cash-settled share-based payments, where applicable, was accounted for as employee costs (note 14 ) and included in Trade and other payables (note 31 ).
|  |  | 2020 |  |  |  | 2019 |
|  |  | Awards |
Grant – July 2017 (3-year term) |  |  | – |  |  |  | 37,330 |
Grant – August 2018 (3-year term) |  |  | 5,918 |  |  |  | 5,918 |
Grant - August 2019 (3-year term) |  |  | 9,034 |  |  |  | 9,034 |
Awards paid out/ expired |  |  | (11,941 | ) |  |  | (44,985 | )
Total awards outstanding |  |  | 3,011 |  |  |  | 7,297 |
Estimated awards expected to vest |  |  | 100 | % |  |  | 100 | %
30.2 | Equity-settled share-based payments
The Group has expensed the following equity-settled share-based payment arrangements for the years ended December 31:
|  |  | Note |  |  |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |
Share option programmes |  |  | 30.2 | (a) |  |  | – |  |  |  | – |  |  |  | 14 |
|  |  |  |  |  |  | – |  |  |  | – |  |  |  | 14 |
(a) | Share option programs
In accordance with the OEICP, options are granted at an exercise price equal to the greater of volume weighted average trading price for the five days prior to grant or the closing price on the day immediately prior to the date of grant. The options vest according to dates set at the discretion of the Compensation Committee of the Board of Directors at the date of grant. All outstanding option awards that have been granted, pursuant to the plan, vest immediately. Terms and conditions of share option programs The maximum term of the options under the OEICP is ten years. Equity-settled share-based payments under the OEICP will be settled by physical delivery of shares. Under the OEICP the aggregate number of shares that may be issued pursuant to the grant of options, or under any other share compensation arrangements of the Company, will not exceed 10% of the aggregate issued and outstanding shares issued of the Company. At December 31, 2020, the Company has the following options outstanding:
| Number of Options |  |  |  | Exercise Price |  |  | Expiry Date
|  |  |  |  | Canadian $ |  |  |
| 18,000 |  |  |  | 11.50 |  |  | Oct 13, 2021
| 10,000 |  |  |  | 9.30 |  |  | Aug 25, 2024
| 28,000 |  |  |  |  |  |  |
The continuity of the options granted, exercised, cancelled and expired under the Plan were as follows:
|  |  | Number of Options |  |  |  | Weighted Avg. Exercise Price |
|  |  |  |  |  |  | Canadian $ |
Options outstanding and excercisable at January 1, 2019 |  |  | 38,000 |  |  |  | 9.48 |
Granted |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |
Options outstanding and excercisable at December 31, 2019 |  |  | 38,000 |  |  |  | 9.48 |
Granted |  |  | - |  |  |  | - |
Exercised |  |  | (5,000 | ) |  |  | 8.10 |
Expired |  |  | (5,000 | ) |  |  | 4.00 |
Options outstanding and excercisable at December 31, 2020 |  |  | 28,000 |  |  |  | 10.71 |
The weighted average remaining contractual life of the outstanding options is 1.81 years ( 2019: 2.14 years, 2018: 3.14 years). Inputs for measurement of grant date fair values The fair value of share-based payments noted above was estimated using the Black-Scholes Option Pricing Model as the fair value of the services could not be estimated reliably. Service and non-market performance conditions attached to the arrangements were not taken into account in measuring fair value. The following assumptions were used in determining the fair value of the options:
Options Granted |  |  | 10,000 |
Grant date |  |  | February 27, 2018 |
Risk-free interest rate |  |  | 2.86 | %
Expected stock price volatility (based on historical volatility) |  |  | 32 | %
Expected option life in years |  |  | 3 |
Exercise price |  |  | CAD 9.30 |
Share price at grant date |  |  | CAD 9.30 |
Fair value at grant date |  | $ | 1.40 |
The exercise price was determined as the prevailing Toronto Stock Exchange share price on the day of the grant. Expected volatility has been based on an evaluation of the historical volatility of the Company's share price. The expected term has been based on historical experience. The share-based payment expense relating to the grants amounted to $Nil ( 2019: $Nil; 2018: $14 ).

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