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Caledonia reports record quarterly gold production in Zimbabwe, bumps dividend

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(Kitco News) - Caledonia Mining (NYSE AMERICAN: CMCL) announced today a record production of approximately 16,710 ounces of gold in Q2 2021 from its Blanket mine in Zimbabwe, an increase of approximately 23.8% on the 13,499 ounces produced in the corresponding quarter of 2020.

Gold produced for the first half of 2021 was 29,907 ounces, or approximately 7.8% above the 27,732 ounces produced in the first half of 2020.

Caledonia said it maintains its 2021 full year production guidance of 61,000 to 67,000 ounces and remains on track to hit target of 80,000 ounces from 2022.

CEO Steve Curtis said, "Having got off to a slow start to the year, for production to be 7.8% above the first half of 2020 and 23% ahead of the corresponding quarter is an outstanding achievement and leaves us well placed to meet our full year guidance. During the quarter we also announced that Central Shaft was operational; this has been a huge feat by the team. We are currently working hard to achieve the expansion and we remain on track to hit our 80,000 ounce target in 2022."

Additionally, the company announced that its Board has declared an increased quarterly dividend of 13 United States cents (US$0.13) on each of the company's shares, which is 8% more compared to the previous quarterly dividend of 12 cents that was paid in April 2021.

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