Press Release: Caledonia Mining Corporation Plc: Results for the year ended December 31, 2024

Dow Jones
03-31

Caledonia Mining Corporation Plc: Results for the year ended December 31, 2024

Restated previous financial statements and non-reliance to the extent set out in this announcement

Details of investor and analyst presentation

Record Profit, Stable Production and Exploration Success

ST HELIER, Jersey, March 31, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces its operating and financial results for the year ended December 31, 2024 (the "Year"). Caledonia also announces the restatement of previous financial statements due to an error that was identified in the accounting interpretation related to the calculation of deferred tax liabilities of Blanket Mine ("Blanket").

The restatement has no effect on historic reported cash or cashflow statements and has no effect on historic income tax calculations or submissions to the tax authorities.

Further information on the financial and operating results for the Year and the quarter ended December 31, 2024 (the "Quarter" or "Q4"), as well as the restatement, can be found in the Management Discussion and Analysis ("MD&A"), and the Consolidated Audited Financial Statements ("Financial Statements"), which are available on the Company's website and are being filed on SEDAR+ and EDGAR.

Financial Highlights

   -- Gross revenue of $183.0 million, up from $146.3 million in 2023, 
      reflecting higher gold prices. 
 
   -- Record gross profit of $77.0 million, up 86% from 2023 driven by a 
      combination of higher gold prices and lower production costs at the 
      Bilboes oxide mine (2023: $41.5 million). 
 
   -- Net attributable profit of $17.9 million (2023: net loss of $7.9 
      million). 
 
   -- Substantially stronger operating cash flow of $42.0 million compared to 
      $14.8 million in 2023. 
 
   -- Basic IFRS earnings per share ("EPS") of 91.2 cents (2023: loss per share 
      of 43.6 cents). 
 
   -- Adjusted EPS1 of 125.2 cents (2023: loss per share of 10.3 cents). 
 
   -- Net cash and cash equivalents improved to negative $8.7 million (31 
      December 2023: negative $11.0 million). 
 
   -- As set out in news releases issued on March 24 and 28, 2025, Caledonia 
      has declared a quarterly dividend of 14 cents per share, payable on April 
      17, 2025. 

Operating Highlights

   -- Blanket performed well with gold production of 76,656 ounces (2023: 
      75,416 ounces), within guidance. 
 
   -- Bilboes oxide mine gold production of 1,645 ounces (2023: 3,050 ounces), 
      reflecting the decision to place the mine on care and maintenance from 
      September 30, 2023. 
 
   -- Consolidated average realised gold price per ounce2 of $2,347 (2023: 
      $1,910). 
 
   -- On-mine cost per ounce2 of $1,073 (2023: $1,097). 
 
   -- All-in sustaining cost (AISC)2 per ounce of $1,506 (2023: $1,499). 
 
   -- In May 2024, the Company announced a 63% increase in measured and 
      indicated mineral resources and a 26% increase in inferred mineral 
      resources at Blanket. 
 
   -- Encouraging results announced in November 2024 from the initial 
      exploration programme at Motapa with more exploration work planned at the 
      site in 2025. 

(______________________________1) Adjusted EPS excludes net foreign exchange movements (including the deferred tax effect and the non-controlling interest thereon) and deferred tax. A reconciliation of IFRS EPS to Adjusted EPS is set out in section 8 of the MD&A

(2) Non-IFRS measures such as "On-mine cost per ounce", "All-in sustaining cost per ounce", "average realised gold price per ounce" and "adjusted EPS" are used throughout this announcement. Refer to section 3.2 of the MD&A for a discussion of non-IFRS measures.

Update on Bilboes Feasibility Study

As announced on March 27, 2025, Caledonia, with the support of DRA Projects (Pty) Ltd and other technical consultants, has been making good progress on the Feasibility Study ("FS") for the Bilboes project.

While the FS was initially targeted for completion in Q1 2025, the Company has decided to extend the timeline to fully explore several material optimisation opportunities that have the potential to enhance project economics and reduce upfront capital requirements.

Key areas of optimisation currently under review include:

   -- Engaging with the authorities to explore the potential sale of 
      concentrate, which could significantly reduce upfront capital 
      expenditures by deferring the capital expenditure on a BIOX processing 
      circuit, at least in the first few years of production; 
 
   -- Evaluating the potential relocation of the Tailings Storage Facility to a 
      more efficient site, including on Caledonia's Motapa property adjacent to 
      Bilboes, where the topography could lead to lower initial construction 
      costs; and 
 
   -- Incorporating near-term opportunities at Motapa into the FS, following 
      encouraging exploration results in 2024 and the additional exploration 
      and development work planned at Motapa this year. 

In addition, Caledonia continues to assess near-term revenue opportunities across its portfolio. In particular, high-grade mineralisation recently identified at Blanket could make a meaningful contribution to the initial capital requirements for Bilboes, providing further flexibility around funding.

The board remains fully committed to maximising shareholder value: this means ensuring that Bilboes is optimised both technically and financially, while continuing discussions with funding partners and relevant authorities in Zimbabwe. The optimisation work is advancing well, and the Company will provide a further update on the expected timing of the FS in due course.

Board and Management Changes

   -- On February 14, 2025, Mr. Stefan Buys and Ms. Lesley Goldwasser joined 
      the board as independent non-executive directors. 
 
   -- As previously announced on February 19, 2025 and March 21, 2025, Mr. 
      Chester Goodburn steps down as CFO today and is succeeded by Mr. Ross 
      Jerrard. 
 
   -- Mr. Johan Holtzhausen is not putting himself forward for reappointment as 
      a director at the next annual general meeting in May 2025. Ms. Tariro 
      Gadzikwa will take over as chair of the Audit Committee provided she is 
      reappointed as a director at the annual general meeting. 

Strategy and Outlook

   -- Capital investment for 2025 is budgeted at $41.0 million, with $34.1 
      million allocated to Blanket and $6.3 million for the Bilboes and Motapa 
      projects. 
 
   -- Strong start to 2025 with 11,782 ounces produced at the end of February. 
 
   -- Caledonia's strategic focus remains on: 
 
          -- Maintaining stable production at Blanket while investing in 
             modernising operations to improve efficiency; 
 
          -- Continuing to optimise Bilboes to maximise net present value per 
             share; 
 
          -- Continued exploration activities at Blanket and Motapa; and 
 
          -- Becoming a multi-asset, Zimbabwe-focused gold producer. 

Mark Learmonth, Chief Executive Officer, commented:

"2024 was a year of significant progress for Caledonia, both financially and operationally. We delivered solid gold production at Blanket, achieving 76,656 ounces, towards the upper end of our guidance. Our financial performance benefited from a higher gold price environment, which resulted in a significant increase in gross profit and operating cashflows.

"Bilboes remains a highly attractive project, and we are confident that we will find the optimal development method to maximise returns for shareholders. We continue to refine the feasibility study, exploring ways to enhance project economics and reduce upfront capital requirements. We are confident that by taking a disciplined approach we can develop the project in a way that creates long term value while maintaining financial prudence.

"Our strategic vision remains to become a multi-asset, Zimbabwe-focused gold producer that delivers sustainable value for shareholders and respective stakeholders. I would like to thank our team and shareholders for your continued support, and I look forward to another year of progress and growth."

Restated previous financial statements

In preparation of the Financial Statements, an error was identified in the accounting interpretation related to the calculation of deferred tax liabilities at Blanket. The restatement has no effect on historic reported cash or cashflow statements and has no effect on historic income tax calculations or submissions to the tax authorities.

The restatement of financial statements due to this error is summarised below and is qualified in its entirety by the more comprehensive disclosure relating to the restatement in Caledonia's MD&A.

In October 2018, the local Zimbabwe currency known as RTGS$ was introduced in Zimbabwe at 1:1 to the USD. The RTGS$ was deemed the only legal tender in Zimbabwe, and all liabilities held previously were to be denominated in RTGS$. In 2019, Practice Note 26 (as described in note 3.1.5 of the Financial Statements) required all income tax returns to be calculated in RTGS$ for transactions occurring prior to introducing the multi-currency regime in 2023.

Blanket's deferred tax liabilities were incorrectly calculated in RTGS$ and accounted for as a monetary item where RTGS$ deferred tax temporary differences were translated to the USD functional currency. Gains related to the devaluation of the deferred tax liabilities were realised in profit or loss. Transactions from 2019 to 2022 affected the deferred tax liability calculation and continued to be denominated in RTGS$ in accordance with the legislated tax regime after the multi-currency regime was introduced. The accounting for the deferred tax liabilities in RTGS$ with the translation to USD remained consistent in all previous consolidated financial statements, yet the carrying value of the deferred tax liabilities should have been denominated in USD rather than RTGS$. The error, stemming from January 1, 2019, was corrected from the earliest period presented in the Financial Statements, as presented in the table below.

 
Consolidated statements of profit or loss and other 
 comprehensive income 
($'000's)                  December 31, 2023                    December 31, 2022 
                       As                                   As 
                   previously                As         previously                   As 
                    reported    Adjustment   restated    reported    Adjustment   restated 
Net foreign 
 exchange (loss) 
 profit                (2,550)      (4,222)    (6,772)       4,411      (10,088)    (5,677) 
Tax expense           (12,810)          --    (12,810)     (16,770)       2,411    (14,359) 
(Loss) profit for 
 the year                (618)      (4,222)    (4,840)      22,866       (7,677)    15,189 
Total 
 comprehensive 
 income for the 
 year                  (1,240)      (4,222)    (5,462)      22,404       (7,677)    14,727 
Non-controlling 
 interests              3,580         $(558.SI)$     3,022        4,963       (1,013)     3,950 
Basic (loss) 
 earnings per 
 share ($)              (0.24)       (0.20)     (0.44)        1.36        (0.51)      0.85 
Diluted (loss) 
 earnings per 
 share ($)              (0.24)       (0.20)     (0.44)        1.35        (0.50)      0.85 
 
 
Consolidated statements of financial position ($'000's) 
                          December 31, 2023                    January 1, 2023 
                      As                                 As 
                  previously                  As     previously 
                   reported   Adjustment   restated   reported   Adjustment   As restated 
Retained loss         63,172      33,971     97,143      50,222      30,307        80,529 
Non-controlling 
 interests            24,477      (6,021)    18,456      22,409      (5,463)       16,946 
Deferred tax 
 liabilities           6,131      39,992     46,123       5,123      35,770        40,893 
 

Remediation efforts are ongoing and are expected to be completed in the second quarter of 2025. Going forward, management plans to reconsider critical accounting interpretations every 3 years.

The remediation efforts to-date have included engaging and consulting with the external accounting advisors, considering authoritative and non-authoritative guidance available in the accounting literature, and conducting a detailed analysis of deferred tax accounting rules. The management team, including the Chief Executive Officer and Chief Financial Officer, have reaffirmed and re-emphasized the importance of internal control, control consciousness and a strong control environment.

Should these remedial measures be insufficient to address the material weakness described above, or additional deficiencies arise in the future, material misstatements in our interim or annual financial statements may occur in the future.

Material weakness and non-reliance on previous financial statements

In the preparation of the Financial Statements, management identified the prior period error and determined that the restatement of financial information presented was necessary. As a result, management has determined that the control over accounting for deferred tax liabilities did not operate effectively and constitutes a material weakness for the annual and interim filings for the period January 1, 2019 to December 31, 2024. Based on the foregoing, each of the previously filed annual and interim financial statements for the annual and interim periods between January 1, 2019 and September 30, 2024 should not be relied upon in respect of the items set out in the tables above.

Commentary

Financial Performance

In 2024, Caledonia achieved a significant financial turnaround, reporting a net attributable profit of $17.9 million, an improvement from the net loss of $7.9 million in 2023. This positive shift was driven by a 23% increase in the average realised gold price, rising to $2,347 per ounce from $1,910 per ounce in 2023 and cost improvements. Gross profit for the year reached $77.0 million, up from $41.5 million in the previous year, reflecting both the higher gold prices and effective cost management.

Operating cash flow also saw an increase to $42.0 million compared to $14.8 million in 2023. This improvement in cash generation has strengthened the company's financial position, with net cash and cash equivalents improving to negative $8.7 million from negative $11.0 million in the prior year.

Outlook for 2025

Looking ahead, Blanket's production guidance for 2025 is between 73,500 and 77,500 ounces of gold. On-mine cost per ounce is expected to be between $1,050 and $1,150, reflecting anticipated increases in labour and operating expenses. All-in sustaining cost per ounce is expected to be between $1,690 to $1,790 due to a high level of sustaining capital expenditure as Caledonia continues to invest in Blanket's future.

Capital investment for 2025 is budgeted at $41.0 million, with $34.1 million allocated to Blanket and $6.3 million designated for the Bilboes and Motapa projects. These investments aim to enhance operational efficiency and support the Company's growth objectives.

Details of Investor and Analyst Presentation

A presentation for investors and analysts will be held as follows:

When: March 31, 2025 at 2:00pm London time

Topic: Full Year and Q4 2024 Results Call for Investors

Register in advance for this webinar:

https://brrmedia.news/CMCL_Q4

Enquiries:

 
Caledonia Mining Corporation Plc 
 Mark Learmonth                                  Tel: +44 1534 679 800 
 Camilla Horsfall                                Tel: +44 7817 841 793 
 
Cavendish Capital Markets Limited (Nomad and 
Joint Broker) Adrian Hadden Pearl Kellie         Tel: +44 207 397 1965 
                                                 Tel: +44 131 220 9775 
 
Liberum Panmure (Joint Broker) 
 Scott Mathieson                                 Tel: +44 20 3100 2000 
 Ailsa MacMaster 
 
Camarco, Financial PR/ IR (UK) 
 Gordon Poole                                    Tel: +44 20 3757 4980 
 Elfie Kent 
 Fergus Young 
 
3PPB (Financial PR, North America) 
 Patrick Chidley                                 Tel: +1 917 991 7701 
 Paul Durham                                     Tel: +1 203 940 2538 
 
Curate Public Relations (Zimbabwe) 
 Debra Tatenda                                   Tel: +263 77802131 
 
IH Securities (Private) Limited (VFEX Sponsor 
- Zimbabwe) Lloyd Mlotshwa                       Tel: +263 (242) 745 119/33/39 
 

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation $(EU)$ No. 596/2014 ("MAR") as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Cautionary Note Concerning Forward-Looking Information

Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" 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 include: production guidance, our plans and timing regarding further exploration and drilling and development, future costs, the development of Bilboes and Motapa, our strategic vision, the potential sale of concentrate, the potential relocation of the Tailings Storage Facility, the high-grade mineralisation at Blanket, the publication of the Bilboes feasibility study, the timing and ability to remediate the deficiency in control over accounting for deferred tax liabilities and the potential of being unable to prevent misstatements from occurring in the future. 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.

Security holders, potential security holders 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 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; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; 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'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, risks related to potentially being unable to remedy the deficiency in control over accounting for deferred tax liabilities and risks related to potentially being unable to prevent financial statements misstatements in the future. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks 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 as a result of new information, future events or other such factors which affect this information, except as required by law.

Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act.

 
Condensed Consolidated Statements of profit or loss 
 and Other comprehensive income 
($'000's)             3 months ended                 12 months ended 
                       December 31                     December 31 
                   2024        2023        2024        2023          2022 
                            (*Restated)             (*Restated)   (*Restated) 
Revenue            47,515        38,661   183,018       146,314       142,082 
Royalty            (2,432)       (1,987)   (9,263)       (7,637)       (7,124) 
Production costs  (20,239)      (21,681)  (80,744)      (82,709)      (62,998) 
Depreciation       (3,915)       (4,437)  (16,021)      (14,486)      (10,141) 
                  -------   -----------   -------   -----------   ----------- 
Gross profit       20,929        10,556    76,990        41,482        61,819 
Other income          725           136     1,090           263            60 
Other expenses     (2,862)       (1,567)   (6,940)       (4,367)      (11,782) 
Administrative 
 expenses          (5,429)       (5,539)  (15,658)      (17,429)      (11,941) 
Cash-settled 
 share-based 
 expense              278          (165)     (201)         (463)         (609) 
Equity-settled 
 share-based 
 expense             (269)          (76)   (1,054)         (640)         (484) 
Net foreign 
 exchange profit 
 (loss)               474          (494)   (9,722)       (6,772)       (5,677) 
Net derivative 
 financial 
 instrument 
 expense             (335)         (529)     (831)       (1,119)       (1,198) 
                  -------   -----------   -------   -----------   ----------- 
Operating profit   13,511         2,322    43,674        10,955        30,188 
Net finance cost     (787)         (653)   (3,131)       (2,985)         (640) 
                  -------   -----------   -------   -----------   ----------- 
Profit before 
 tax               12,724         1,669    40,543         7,970        29,548 
Tax expense        (5,208)       (4,258)  (17,489)      (12,810)      (14,359) 
                  -------   -----------   -------   -----------   ----------- 
Profit (loss) 
 for the year       7,516        (2,589)   23,054        (4,840)       15,189 
Other 
comprehensive 
income 
Items that are 
or may be 
reclassified to 
profit or loss 
Exchange 
 differences on 
 translation of 
 foreign 
 operations          (779)          156      (116)         (622)         (462) 
                  -------   -----------   -------   -----------   ----------- 
Total 
 comprehensive 
 income (loss) 
 for the year       6,737        (2,433)   22,938        (5,462)       14,727 
 
Profit (loss) 
attributable 
to: 
Owners of the 
 Company            5,865        (3,402)   17,899        (7,862)       11,239 
Non-controlling 
 interests          1,651           813     5,155         3,022         3,950 
                  -------   -----------   -------   -----------   ----------- 
Profit (loss) 
 for the year       7,516        (2,589)   23,054        (4,840)       15,189 
 
Total 
comprehensive 
income (loss) 
attributable 
to: 
Owners of the 
 Company            5,086        (3,246)   17,783        (8,484)       10,777 
Non-controlling 
 interests          1,651           813     5,155         3,022         3,950 
                  -------   -----------   -------   -----------   ----------- 
Total 
 comprehensive 
 income for the 
 year               6,737        (2,433)   22,938        (5,462)       14,727 
 
Earnings (loss) 
per share 
(cents) 
Basic earnings 
 (loss) per 
 share               29.7         (18.7)     91.2         (43.6)         84.8 
Diluted earnings 
 (loss) per 
 share               29.7         (18.7)     91.2         (43.6)         84.7 
Adjusted 
earnings per 
share (cents) 
Basic                44.3           2.1     125.2         (10.3)        217.7 
Dividends paid 
 per share 
 (cents)             14.0          14.0      56.0          70.0          50.0 
----------------  -------   -----------   -------   -----------   ----------- 
 

(* Refer to) (section 10) (and) (section 11) (of th) (e) (MD&A.)

 
Summarised Consolidated Statements of Financial Position 
 ($'000's) 
As at                                        Dec 31     Dec 31       Dec 31 
                                              2024       2023         2022 
                                                      (*Restated)  (*Restated) 
Total non-current assets                     287,046      274,074      196,764 
Income tax receivable                            355        1,120           40 
Inventories                                   23,768       20,304       18,334 
Derivative financial assets                       --           88          440 
Trade and other receivables                   12,675        9,952        9,185 
Prepayments                                    6,748        2,538        3,693 
Cash and cash equivalents                      4,260        6,708        6,735 
Assets held for sale                          13,512       13,519           -- 
                                             -------  -----------  ----------- 
Total assets                                 348,364      328,303      235,191 
                                             -------  -----------  ----------- 
Total non-current liabilities                 68,505       63,970       45,061 
Cash-settled share-based payment                 634          920        1,188 
Income tax payable                             2,958           10        1,324 
Lease liabilities                                 95          167          132 
Loans and borrowings                           1,174           --           -- 
Loan note instruments                            855          665        7,104 
Trade and other payables                      26,647       20,503       17,454 
Derivative Financial Liabilities                  --           --           -- 
Overdrafts                                    12,928       17,740        5,239 
Liabilities associated with assets held for 
 sale                                            104          128           -- 
                                             -------  -----------  ----------- 
Total liabilities                            113,900      104,103       77,502 
Total equity                                 234,464      224,200      157,689 
                                             -------  -----------  ----------- 
Total equity and liabilities                 348,364      328,303      235,191 
-------------------------------------------  -------  -----------  ----------- 
 

(* Refer to) (section 10) (and) (section 11) (of th) (e) (MD&A.)

 
Condensed Consolidated Statements of Cash 
Flows 
($`000)                                      2024      2023      2022 
 
Cash inflow from operations                  55,438    26,398    49,657 
Interest received                                26        39        17 
Finance costs paid                           (2,864)   (2,462)     (192) 
Tax paid                                    (10,645)   (9,206)   (6,866) 
                                            -------   -------   ------- 
Net cash inflow from operating activities    41,955    14,769    42,616 
 
Cash flows used in investing activities 
Acquisition of property, plant and 
 equipment                                  (27,477)  (28,556)  (41,495) 
Acquisition of exploration and evaluation 
 assets                                      (3,835)   (1,837)   (2,596) 
Proceeds from derivative financial 
instruments                                      --       178        -- 
Acquisition of Put options                     (743)     (946)     (478) 
Proceeds from call options                       --        --       416 
Acquisition of call options                      --        --      (176) 
                                            -------   -------   ------- 
Net cash used in investing activities       (32,055)  (31,161)  (44,329) 
 
Cash flows from financing activities 
Dividends paid                              (12,302)  (11,099)   (8,906) 
Payment of lease liabilities                   (182)     (184)     (150) 
Shares issued -- equity raise (net of 
transaction cost)                                --    15,569        -- 
Proceeds from loans and borrowings            3,000        --        -- 
Repayments of loans and borrowings             (326)       --        -- 
Loan notes - Motapa payment                      --    (7,250)       -- 
Loan notes - solar bond issue receipts 
 (net of transaction cost)                    1,970     6,895        -- 
Repayment of gold loan                           --        --    (3,698) 
Proceeds from share options exercised            37        --        -- 
                                            -------   -------   ------- 
Net cash (used in) / from financing 
 activities                                  (7,803)    3,931   (12,754) 
                                            -------   -------   ------- 
 
Net increase / (decrease) in cash and cash 
 equivalents                                  2,097   (12,461)  (14,467) 
Effect of exchange rate fluctuations on 
 cash and cash equivalents                      267       (67)     (302) 
Net cash and cash equivalents at the 
 beginning of the year                      (11,032)    1,496    16,265 
                                            -------   -------   ------- 
Net cash and cash equivalents at the end 
 of the year                                 (8,668)  (11,032)    1,496 
------------------------------------------  -------   ------- 

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March 31, 2025 02:00 ET (06:00 GMT)

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