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Gold miner Caledonia reports income of $22.4M in 2022, expects further production growth in 2023

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(Kitco News) - Zimbabwe-focused gold producer Caledonia Mining (NYSE: CMCL) announced today that the company produced record 80,775oz of gold in 2022 (2021: 67,476oz), achieving the company's long-term production target.

The company reported gross revenues of $142 million (2021: $121 million), gross profit of $61.8 million (2021: $54.1 million), EBITDA of $50.4million (2021: $46.4 million), profit for the year of $22.9 million (2021: $23.1 million), total comprehensive income for the year of $22.4 million (2021: $22.6 million), and adjusted earnings per share of 219.9 cents (2021: 225.9 cents).

Caledonia also released its 2023 combined gold production guidance of between 87,500 - 97,000oz, comprised of 75,000 - 80,000oz from Blanket and 12,500 - 17,000oz from the oxide operation at Bilboes.

"The last couple of years have seen a tremendous amount of change in the company as we pivot the direction of the business towards becoming a multi-asset gold producer in Zimbabwe. We have always seen huge geological potential in the country and are very excited about the portfolio of attractive new assets that we have acquired," said CEO Mark Learmonth.

"The quarterly dividend continues to be an important part of the company's strategy and during the year we paid a quarterly dividend of 14 cents a share, providing a healthy yield to our shareholders. We believe the dividend coupled with our growth strategy makes us an attractive investment and sets us apart from our industry peers," he added.

Caledonia Mining’s primary asset is the Blanket mine in Zimbabwe. The company has also committed to evaluating investment opportunities in Zimbabwe; since November 2021 it has acquired Maligreen, Motapa and Bilboes projects.

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