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CMCL Caledonia Mining

Participants
Camilla Horsfall Vice President of Investor Relations
Steven Curtis Chief Executive Officer
Mark Learmonth Chief Financial Officer
Maurice Mason Vice President of Corporate Development
Dana Roets Chief Operating Officer
Call transcript
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Camilla Horsfall

Hello, everybody. Welcome to our Q2 results Call for shareholders.

So, on the call from Caledonia, you've got Steven Curtis, our CEO; Mark Learmonth, our CFO; Dana Roets, our COO; Maurice Mason, our Vice President of Corporate Development; and then myself, Camilla Horsfall, Vice President of Investor Relations.

So, if you have any questions, then please just raise your hand at the end of the presentation and I can unmute you or you can just write the question in the Q&A box, okay.

So, I'm now in a pass you over to Steve and Mark, who can talk you through the presentation.

Steven Curtis

Camilla. Thanks, and joining everybody QX for you presentation. thank welcome us for this And have me results. team pleased great my It's to with a good to very and set of present very we're

quickly Mark. We presentation, I'll slides open up and off questions. have to and Mark hand it and let kick starting which will then it me a And by then go we will we'll to through, over initially the flick

that. are so the the disclaimer areas, you're production. what just talk just later you'd you next project And So, with. about over gives all familiar slide up if can Shaft like will which pass with Operational, I'm also is the to. Central him Dana ramping that completed. focus sure familiar you We're

our extremely that very announcements have You that July X,XXX and in working will month good process that seen is well. a the up ounces indicates nearly of building was of public

we the committed We our to to money are afford shareholders. from decided as more in not money exploration. properties of in the announced to though that not flow money have new and need shareholders the And you return to the to It's with exercise opportunities. thinking well to the dividend. have do our to generated increases results, nature seen MD&A exploration of quarter our two some in for continue as we And option. being free quarterly of of would that regular one We line is this and as able cash demonstrated with returning in we've with the

exploration that we'll some give results presentation, is. detail in North as on later talk we'll about where the you the highlights. The to and So opportunity Connemara

-- $XX our of presentation we ounces, that of many haven't just achieve that will Dana and you ounces. quarter. of to be -- XX% million. quarter and tons here me EBITDA the up items non-business profit record actually mine an production all-time nearly a mining is website, on is ramp increase. the opportunities and under But are ounces in The say; a must has for exploration for adjusted revenue developing gains to number record ounces, ounces losses. write-off the number the business exchange that million, of is XXX,XXX able second I XX,XXX mined Gross the taking items importantly be for quoting let production this the any in unusual $XX to we how done and the the to XX,XXX team and foreign the and yet developing the that If the well property, those milled mention indicates studied which

go point a dividend normalized -- up we That in to the little the and be $X cash, this game's through cash allocate nearly intricacies number some a comparable we Mark Central that just about. Board very to are to all previous progress we've understand million. hand and need declaration to shows So, a on against a I and pleasing nearly that done on explanation just comparable into importantly, slide a from will and permitting. operating of quarter, mine cash earnings is able very, and Mark you of $XX to number at to looking an per adjusted that from to And million. million under share dividend quarter, up increase XX% a a Shaft for $X.XX per quarter. the that need XXX% what ounce $XX kind rolls here around. the I'm of XX,XXX in from give is over a that to activities producer. the able this the wants that I'm sinking we've lot to well maybe going $X.XX being of it headroom time bit our ramp million sensibly, to of more That's quarter. But dividend operations got be $X trust sure Net that at We of just we'll generate able to

Mark Learmonth

along, So, to got naughty finished. to hurry confess. a bit I've I'm the he's keep slides on moving Steve I before

is months for dividends. get of to We as because a The paid this April anomaly was dividend we the year of previous first ordinarily back The sense declared which So, of $X.XXX, to early very and in more the you in declared have XX. Last year and dividend declared and and six arcane i.e., to dividend better XXXX here. regulatory to year, May and months declared quarter, at coronavirus. year first with this months, three of the six obscure go year the looks happening we reason. that The last at would that's reason for year after declared look if months we months was the we six be we to what six June is Steve slide. than would an quite January. some on that deferred six the half actually very last the the in we one declared right there July to end that end after in have declared just the one ordinarily April, it in

in we had XXXX So dividends. only in two had dividends in we XXXX terms the of whereas three dividend declaration,

[ph]. the can it last distributions give than dividend every increase the want don't it for $X.XXX that cut environment pretty I We going graph and we a increased of was than, other of since we've late share an So, quarter of May a level we here the dividend. deferred and at it. sort rather year we've clear, actually to sort what that it confusion held where see XXXX month thought April, increase And then on in you of increased our might as to you see sort make to it that see any I mentioned, much showing quarterly

few in dividend there's on So, gold the were XXXX. X.X%. price since nearly October That's we adverse in a to probably of price up since about gone increase the XX% ago. a And days movement dividend the quarterly our a share reacted yield

bodies just tons to in and in any record at what milled was quarter that That information Shaft ore. tons produced development and milled here and Shaft see hoisting the Central to production. any is moment some for itself all. that is it's four the it's mentioned now milled the and -- two, the to hoisting but so is quarter tons recovery. that get on two can already at here the pressure doing demonstrates relieves the in the production a focus shaft the about encapsulate a produced record What waste for that waste driver grade quarter you up then incremental is number and ounces quarter is contributing now quarter and on Turning ounces connected The ore for with the Steve's Central

Central that July's start So, less it's of already hoisting bearing the to ounces for which mentioned, we'd achieving And of ounces, ounces than XX,XXX X just on if -- gold a substantial X,XXX extrapolate our Steve's towards was you end by material again ounces the progress again so already ounces target making continued X,XXX contribution. year. the it's quarter, shows X,XXX as production actually expect Shaft a year, but

that other to million combination a quarter but at than afraid the having electricity, gold that's increased by and expected the in of or but revenue commissioned later, the that's to because of expected perhaps profit not and account; Depreciation looking that royalty and about in higher the for Central price. higher Just $XX for than later. X%. about bit million the quarter Shaft, lower more come The and it. were I'm up same as little costs, the loss even start got depreciating on production costs at I'll to production $X a we've slightly general stays Production area has

about million. So, that $X increase would about charge depreciation annual to $X million the from

more the taken controls, has Camilla on complexity reflects everything gross of We've information looking on technical and below up the mine. that's Audit of Johannesburg at is internal million increased below in slightly go taken $XX.X then person to and that kind staff to to help really. That we've due got that. new Dana on on to help an with million. Then the Internal this level, salaries G&A -- primarily and and to hires. good, profit and wrong quarter is mainly increased Investor improve Relations, $X.X wages So that two our I've strengthen taken up with things for level, us

us encourage we was produce net in we also of $X.X foreign You'll a and $X.X gain a million That exchange net see income net that gold. income, more other grant had government of to million. last year had to

comparable because the XXXX. So, we the million quarter, of loss in -- non-operating stopped. pretty this a addition, impaired Then we had But income had asset. we $X much exchange Glen Zimbabwe a the net the in in foreign in Hume dollar of has devaluation rate

million And criteria, So, because we $X million intervening spent the meet that. now we we've doesn't option $X.X it because that away impaired for walk and about an we our to bought period. over decided from project

is contribution $X.X million a So, impairment. that

expense, before a a overall So quarter There's effect second million tax impairment effective the that. no the the XXXX but tax $X.X of charge corresponding and and tax $X.X the quarter the aggregate tax -- $X.X income, year largely about effective million. no there impairment rate whereas to in down XX% $X.X that's $X we because $X.X million million we charge. million reduced profit had PBT, offset Tax had -- over against why just tax second to quarter for the was on was the this in goes from that's million

So, the remained expense tax unchanged.

bit feel Steve on. the a underlying down the the adjusted fair a quarter, in performance which of of detail that is share, earnings business. mentioned, then, later we on get per to of as reflection come I'll So, $X.XXX more And for

turning production costs. Just to

was can was that, said, see much I everything you expected electricity. as as only wasn't we area Here The pretty it expected. where as

million our the $X.X that's use from to the are suffer having means having protect because also nearly the $X.X million own use continue gensets to incoming more million, to more from for we So a because extra. quarter are outages And to more the our in equipment. increased run deterioration for supply, -- having and we year gensets to and gensets it half are the we more to $X of we're having grid we which

have a Now, we strategy.

run daily the It all, actually I think we using first so it's point not problem. if necessary plan usage everything is think that will be operational year, you we should that. a we a existential which the but make has project, provide First will to I cost solar in implication, average which our and know of by can the accommodate about XX% a next entire could as have But grid. to reduce an Blanket's business, put of on gensets diesel dependence April

evaluating scope how our we the reduce the project We solar further are that of to grid. increase already dependence can on

So, online much very as expected. costs

breakdown Here a headings. you of almost see the G&A, main

can really comes the You increase from see employee costs. main

increase It's due headcount. that is per $XXX of the per fixed. -- our like of the that below mentioned, largely mean all-in guidance that on-mine to online I As sustaining $XXX ounce quarter something for guidance our ounce does XX% of quarter ounce at range. an an terms our The are cost noting to similarly in on-mine our also costs $XXX. in of for below cost was on-mine for of cost $XXX was our ounce? cost What ounce per And whole year costs, the per worth

ounces we fixed expect we first second the do see so that for half progresses on-mine per cost expect and costs the get the to further. means as those increase so year spread production half, ounce that fall more over to to the And as compared

match of capital income the between capital so our of come very treatment the deferred the tax -- bulk mentioned and guidance probably in difference I target. tax tax in tax is below Zimbabwe least of of profits So, we're on deferred be our expenditure. bulk accounting feeling cost tax recognizes arising the will and expenditure the confident the tax. will The at that Mine at treatment -- Blanket

XX%. express If that million of you transactions actually so and IFRS a very is end tax of add income an income $X.X on-mine tax profit the which those you million percentage which tax rate under very, two of rate to with close is of of tax, the in and up together, as XX%, gross very effective $X.X about close to Zimbabwe just PBT; deferred

also isn't Group So, flow completely profits that other the Africa incur give that some we addition, tax should charge taxes on money strong. that you you move -- borders. bulk and then wrong. across as that should around in comfort in the of we intercompany tax But some was very the give and some comfort South Cash

cash -- and $XX working It's volatile $X.X it capital then credit to million if who comparable quarter pleasing working or down. Typically, nearly the can before working the us to it to for have receivables once build pay net the we So, our was quarter. large Fidelity capital up allow to we goal can in to lump for capital flow go a quite sell electricity be increase we also see due compared and if we down for sum. from

So, normalize it's capital nice bit. a to see working

activities was cash net million, strong. operating $XX So, from about very

on there. time We've we've know the on project. development really associated invest for Shaft We've orders that's with spending some million made about solar started so Central the continue big $X.X deposits not placed. that already We you to as

solar spending year. the now January, in February kick the project will until from really on probably So, next

procurement it we hold and very the could knew to at out in we quite So, the we it. and in it taken last there's that we're it's which but controls pleased in South South devaluation. cover This sitting is Balance need it. would at need is of it, Africa the cash hold liabilities. when financial exchange had derivative country, into the balance talk it we a of Africa, to nothing money dollars, out easier on South flow about. we year to point cash back of can't of in sheet, Africa that need US very, We very surplus some is and -- than and have strong sheet of South the we to that Because quite then have asset really sharp end Africa, rand volatile take subject problem rands to take we we with

South ourselves a next in can't the best Africa of then strip hold position so which in out liquidated in embarrassment And we enough, quickly rather gold We than and did back and it only on long-term to of sort money put a thing where that get there's repatriated other we and sheet deferred the doubt to out The is ETF. have back those I'd of course quarter liabilities. tax this liabilities, balance funds liabilities; the Jersey. item provisions, there. is no up the mainly Non-current we've the point that's we

liabilities current denominated less got that's $XXX,XXX and mainly than again, of We've the debt trade is payables. worth For that locally working capital facilities.

about -- move talk hand Steve it I'll that, with I'll Zimbabwe. So back to opportunity in the to

Steven Curtis

And Thank set numbers. a you, Mark. of sure you'll agree, I'm very nice

get look consistent numbers can't mine as you've costs has team that long very themselves that if and been efficiently, you Blanket fact the aspect. away management will considerate is a as from after in the that You about got

property. The a explore going Zimbabwe, North December to and and and exploration XX the signed We produced to So, whether progress we've decision the Connemara going them. very we're who's that exercise in of got very property proud in months results we're option. now make to as those we're to proud that the team opportunity of up

we desktop months and doing our have will Over been the geological that We their our at six of rigs but last put evaluation don't the ground. producing study drill have now had we've model people the and a best consultants on information information, together lot on a in-house hand. we a put

$X will It's option months busy how million. to be will this the that and of see price number for next understand the So, exercise field that the important in we goes. is

the about reason now criteria. live, There important information There this to we opportunity validated of to But and other two. money one going own fact the We've there about got we for the didn't unfortunately we but criteria. there, that like meet need just is that the We drilling that cognizant the most to Glen found do to thing there gold more internal the to demonstrated, some million pay as to $XXX,XXX continue on option. the is results $X been did we are gold, to property. couple go right signed options a Zimbabwe. be and We criteria the look that -- Hume and the of our not we brownfield the others And exercise historic up yes, found we've will our as considering price opportunities they option in we've some the still our we at them are build working already resources; and very to rights meet was and explore time meet pipeline. opportunities million of will a do have get paid $X to but

very, very single want a got We are we company the and that to we've asset fact of aware that. change

we mine, to and a is got how very successful are cash some we good anything brownfield their going of we we opportunities opportunities. the we've enhancing But a money shareholders very So our and flow money to needs that really we us think so to having on option. criteria money free enhancing other luxury see spending do And about be always, are spend are which shareholder very that allocate well. producing NPV give can always careful

Mark Learmonth

sidetracked. got I Sorry.

Steven Curtis

Usually you're me. ahead of

Mark Learmonth

looking at questions. No, I was the

Sorry.

Steven Curtis

on the report, ESG the published. a earlier which very was Camilla, has of very, who recently you call good author been heard in

you time forward and have we ethos than the at efficiently out stand the of them. we've to of the put indicated measure forward. next many There have international maybe area. geographical we therefore us company under are some poor we But standards and haven't what are for things to opportunity more data you operate a mining on report versus covers is are it. scored have now the the way It read we a this best to are And that see just there in We a rated in that a to that to processes of progress which takes we I to Caledonia. If been shareholder management go long companies in thinking I is and in is when the that will a have today an this capture poor trust more to had to against best as we are our that little what can look diligently we it, Blanket need annual things reporting through terms mine suggest making report for really to the you used need has we also carried and report good country our and It formalizing practice. learned anybody gaps a we and been now able And look looking money to identify bit a where measure. you of else we're coming aspect. out you and foot at in

significant very Just farm in is very, our this direction alone the component solar move of a business. our of

to look to the in next we year's back reporting forward So, a ESG on report. you time

Mark Learmonth

moved I assumed to COVID. I you Steve, on finished, so

Steven Curtis

cost can't declined has have the and COVID second in lot the -- we cases the source managed let's now because very us very, to through materials lockdown corner hurt us. It think But COVID, to Zimbabwe. the But us bring the huge on need way since has third the have management us us and capital country well. Shaft has every the is raw all keep money, But who lockdowns, of active the we a us borders through wave his times. period hugely to of -- I been of it's to I'm Africa, mine South the our been credits last time project more cost has it it a that South we for and team Zimbabwe has with this we a the the Central to actually this year. our than very cost just way lockdowns need team own running finished. get the management mine March of has to actual where be with the that waves wave clear, pleased testament But complete from our we to turned very, operate. Yes, Dana and to that and through number first single we of COVID cases completion we in us in has cost quality in the Zimbabwe third managed seem deny South to world, to we to about and and which it the and international operation for managed and hurt with it the XX anxiety fact Africa with shaft. disruptive running lockdowns, they for lot managed Africa, say very of items money day on that and the grateful. keep have we're through time, this the have it

end, think us brings who. I that the Mark. Yes, that's to the who's

Steven Curtis

a got of we've questions. number So,

Mark Learmonth

can some I counter Yes, see questions. try Shall through and we those?

Steven Curtis

we Yes, read want we'll or them out and to read you do them allocate? out Mark, me you can. to then want

Mark Learmonth

of detail about the more Hume. impairment of asked Glen Someone

I've think think. that answered I I

asking... Somebody is else

Maurice Mason

a There's we charge those two the later Glen was can on what one? about and clarify well? we Mark, it don't into roll high why Hume as seemed question

Mark Learmonth

go they Well, questions the I'll as just through appear.

a with get second there's question, it there. deal when I if So I'll

be may our guidance. it ounces? We the half of to production half finish second -- blast XX,XXX if asking year Someone's possible with through the

talk increasing production guidance. We increasing to to our We're too guidance at early But are our it's our achieve about at well for positioned us this guidance. not stage, stage. this

I estimate are to think increase Shaft complete. resource is our what Central someone Dana, the that asking plans now

Dana? Dana question. if you think can. should I that answer Dana,

Dana Roets

you hear me? all Can

Steven Curtis

you. got Yes,

Dana Roets

is Shaft create we're also deeper. there point going we exploration will above that the XXX, as platforms We Shaft, exploration the lowest the that platforms. to soon started will putting mine we Central drill we that of always mean as obviously current horizontal the ran XXX and also above current where But is before with development, new platforms we infrastructure said saw we and we completed as had Central our will opportunities

indication after when is plan put So, and we platforms. the a again But yes, completed, that we after as of available. have to create as data start is given these that is better give to drilling expect possible being exploration can soon definitely you together we currently exploration plan

Steven Curtis

the isn't that that? the and depth It's fair Dana, increased moment. exploration we've at to team strength also, the correct, say That's of

Dana Roets

That's correct, yes.

Steven Curtis

Okay.

some gimmick on more gimmick price what produce -- government gold about just a incentive if that credit QX we for I by gold. last paying run We in currency, by a asking basis higher. by export wayside. year's were hope mine the weren't year's primarily items. of sort and incentive bit But and someone's last was extraordinary that up it paid the a suddenly That which the premium us we even formal and dreamt think items. don't mean local the fell about I actually stuff, you go last was there that that So money which export year the the so was was the think any credit I Well, was the extraordinary and non-commercial $X.X in million for suppose took

Someone's WA asking the charges.

Maurice Mason

also foreign and losses? exchange Mark, gains

Mark Learmonth

not last financial foreign were, year. set and statements. out clearly exchange There big that's Yes. that's But in our repeated this year fully gains been

cost about $XX much. the out that not really spend Don't the Yes, solar it note CapEx of we forecast million. forget spent XXXX. project We'll will have project on explained, million the solar very that includes also morning just I've be saying -- this the high. that put Someone's for that $XX CapEx but will

million million far $X of so about spent we another so go. far to So $XX-ish there's sort

year to the that haulages spending areas. Some It and after continuation of so the year Shaft the includes take there. that's the for next Central CapEx to to off next connect that the will producing development, then of start the answer will place fall also horizontal

because how disclosed of million. fully asking I about it's Management to the the of Analysis, million is It's $XX million. a our disclose Discussion We clearly information. not Blanket? one, quarter cash & with think you in which much $XX do Someone's That's a disclosed. minute. at relevant I'm That that it's end bit in share and was held just find happy $XX is of

the me and I share can. Let see if screen

So, public domain. this is the all in

see I this, people can think can't they.

of wrong got it's the the the one. -- sorry $XX I've -- So wrong

So -- find the can other just deal right see questions the I you whilst you I can some Maurice, questions whilst with document.

Maurice Mason

sure. our over be last gradually any on Dana on that Dana. flatten grade just in we coming out grade, to ore provide It it or and Yes, thoughts has the color There's It's that. can perhaps on answer that decade Slide best question for will a years grade whether our X the shows will declined and rise.

Dana Roets

years' out Certainly might available. a probably flatten time more will there. in to in see It but information nothing there three, four write be increase slight it,

Maurice Mason

fairly for CapEx grade life and the Also website of download on technical for filed, tons mine. details the everyone's for and report a our just and detail. There it's is and was that independent recovery that available comprehensive and anyone to and view

Mark Learmonth

There really UK massive amount there encourage previous with, go in a to the maybe at a North that every quarter, information document document To and that American called file shareholders is there thing. familiar which that. would Okay. Management to a is back Discussion we question. Analysis. I & a And aren't look That but of it's you it's

up is So someone asked of -- sitting Well, our is Zimbabwe that $X the we and end our million, the I $X.X Blanket UK. goes to at out immediately company should where that to our million cash? Blanket. million don't where any money We cash $X cash that of of $X.X sitting that expect hold from June was -- goes this At in had holding million is. that

for days really. matter So a only that's if of money there, there's there any

do That's the that's to, for a we in money in wanted even It's Zimbabwe money sitting difficult just we things can't that pay creditors. very borrow dollars to not payrolls, of need cash month-end to normal Zim amount it's that if So, us at we Zim, like need. and pay we month-end available.

And fact that cash with need. we of the need lumpy so, business reasonably given sized sort cash that we that it's quite flows, a

fund largely then To to South sitting million do got our absolutely to typically clear, a We which got stuff business, have $XX pay and not quite Jersey. for significant Africa repayments, upfront we well. that we've in effectively is And we regard and money and to be in fees, and out got of through our combination we that of hard extremely Zimbabwe procurement get to Zimbabwe. $X million We about business. We've sitting what a it's and procurement both again, and have work work, something money quite in dividends. procurement but manage as trapped your we margins, loan we do cash hard it's that very management

think So, question. I think we've with that I dealt

Maurice Mason

Mark, that gold may a it a get quarter-end, there with is be a cash if the of in the basis we to We deliver coincides Zim. lumpy paid regular a and position on important on basis. on basis weekly weekly timing understand

Mark Learmonth

Yes.

dealt I question. think there are shares grade outstanding. million with we difficulties. have XX.X Yes, the There been

actually associated to -- mines the the materials with manage recent we Shaft. across reflected were people, difficulties a I are were border in border completion the the was border people, contractors were lorries getting I asking Africa Someone's South of from the that who disruption some Jacob delay the our the only across during in there particularly South did stages getting our in in of Central of specialized people early imprisonment and think Zuma. Africa. were -- the But There difficulties at through. difficulties the machinery, There get COVID particularly think

if our Well, called tested getting but isolate across in-person bit We that, more reciprocates but simply to mine the mine. the sticky, a actually we're I we It effectively. stuff. like the getting the is able know stuff because of border. can't managing to it difficulties quite associated to it and sort good make were at visits to just do having and we would quite be So, what's with don't

Dana Roets

actually we've as material as for normal drive be the say mine, as mine. because mine vaccinated it's people three at working COVID had no return for the quite our and will all the as weeks Currently, and vaccine younger got mine back well the the going we cases I good to far the on but the would getting vaccinated XX. And as about did except people now lockdown than two, to issues. equipment the must the And mine and of well on almost are two weeks we going to in staff we increased to the contractors mine, mine of a

have So, improved tremendously. that will situation

Steven Curtis

I indicated The open we've lockdowns add the be to only and border to from people had during is bit to and levels Africa year like and South last ourselves able mining running. keen absolute there over keep a thing machinery very cooperation the the would across that move governments they are companies of has and Zimbabwe

Mark Learmonth

going. said the mean I XXXX, keep must [indiscernible]. country's closed they South When Zim that immediately April immediately followed government Well, have the government closed African the country of sector, in March but the -- we'll by more down sort gold the not

Someone's internal anticipate of project. on asking we what rate return the solar

the thing. we Our to issue any evaluation we NPV must along with other into our of it that account solar is the consider fund share equity that project increase every project per taking

it the So the think solar about is share NPV out enhancement of per right? project that Maurice, X%, I was coming

Maurice Mason

share that's On an NPV correct. basis, enhancement per yes,

Mark Learmonth

would return project rate internal wouldn't so, the of the been sort of XX%, have on at it? And

Maurice Mason

was in it XX%. Yes, the low

Mark Learmonth

and made doing -- Well, the to -- did because just but The or move completely. it's in defensive to XX%s. because makes us money. it that primarily the give it collapses money us makes we not was it protection it grid event look, a protect in it it partial done low money, We're it's

no we it's something done must but So, do we've we it. money, makes choice, it. This have

Okay.

$X.X with digest -- of confiscated who million requirements we the come local upfront substantial -- pay the in -- the of him is The a Hume and owner lose spent to $X.X cost Someone's we about immediately asset $X buy because an if payment. Glen there work. no could to some is to billion is a million have larger for return a for we Glen excessive. liquidation so the saying paid and worth mine. were where owner of to bit did for proportion Zimbabwean is -- of the option that million you'd Connemara position would and operating then a that The production have stronger he project we That to We was negotiated is a the compares $X.X his currency. Hume Zimbabwean national dollars not

So, I sorts separate appetites. think we're two very looking different vendors completely with at of sorts of

million much exposure was the $X.X is why million explains our that Glen it think I -- and lower. $X.X Connemara why Hume So, for was on

respect want activity What Dana, provided? talk is of and Dana, expenditure a at resources to in get Okay. taking extending just done plans place -- the reserve updates upgrades. on about resource our will do Blanket? When we've you drill

Dana Roets

there exploration deep the exhausted I We because explained. is of year no platforms. This our reasons exploration

reserves fully platforms will So, that's improving current the and in time first the it's our a year. see life resource get enough again that reserves, our and we've But soon as and and resource a a we again. you until of the place in so compliant update there's not reminder end will with sort will compliant, in JORC CXXX XXXX the just give going an of got got as we've retraction start possible yearly But update. that to

Mark Learmonth

export two credit Offhand in Howards got actual moment, statements. XXXX. It's could is tell you if find in was the the what in was remember. Howard the and financial statements financial amount can't Maurice, asking quarter those I disclosed a what you XXXX.

Maurice Mason

Howie. you, to it send I'll

Mark Learmonth

say there's The next question US working no of they bit. It's The The have offset means receivables because home our The question VAT because dollar pretty and that the since to and virtually dollars future Yes, -- -- is we the about coronavirus. payments amount the But RTGS the don't income receiving payments. working fair connectivity. in simply Zim are concern component. of you against to electricity the a Zimbabwean much not receivables Internet recent do from that's of got We're both amount respect VAT Okay. tax tax anything will increased in that good it's is XXXX. receivables. US very -- outstanding the VAT authorities have in December a in bit tax ZIM RTGS. detailed idea because wave no from stopped due

way So, to It's any we're sort open lot about we're so Are not Camilla, questions? verbal concerned That's we it. irritating, the recover of there at written should we concerned about other? but it questions. all. that not

Camilla Horsfall

know on know Yes. raised talk wants don't the If if hand Howie, anyone Q&A their to answered. so although that you I you hand. been here. you everything's I'm raise asked I just allowing have to,

Unidentified Analyst

been. to Yes, is Maurice credit. it send going has me the export tax

showed out. last quarter and other The that million so straighten in usual $X.X mentioned item $X.X will was my year's that confusion. Maurice million Mark

Maurice Mason

Yes.

Unidentified Analyst

Thanks, everybody.

Camilla Horsfall

any hands. raise I that's have think So, think more it. I don't we

it. So, I that's

question here we Daniel. Sorry, one more from have

Unidentified Analyst

you name presentation. for hear me? Thanks Hi, My the Daniel. can

now was ago I all we think Is thing? one to years into in would to like Has lump political situation of kind just Southern where the the UK, Africa that in Zimbabwe? down it people calmed it just stable XX-XX and bit of thing more. a and know

Mark Learmonth

or guess accent, I Daniel, your by you Zimbabwean? are South African

Unidentified Analyst

in I'm live South I African, but actually London.

Mark Learmonth

Well, would infinitely environment moment, Okay. afraid it that I'm more as stands Zimbabwe say. the is I than Africa at an stable South political say to

between actions. engagement. unpredictable You're under that is more absolute constructive it's irrational it quite and may and could what and more unpredictable to He regime much right difference open happen. regime, of much the current rational The completely Mugabe the or capable was was

moment political are detailed -- the environment And scenes that possible. stable narrowly regular as you so some as that we the it's more in updates date behind than ask has the about we the for what as politically is time. assessment it quite our at to happening much to we think up Zimbabwe, get if so And been is

I Steve, know -- as you anything don't I Zim Zim I is add But that. has recent think bit don't actually well. to that in feel stabilized to months quite if a want and years So

Steven Curtis

think Yes, so. I

of fact you foreign stabilized If the it exchange disagree currency official the system, the we the option the rate management and that whether inflation or consider with rate. agree let's except

running deaf from a business schemes. rate with we we for that survive the fact export fallen now show on Other year-ago. recognizes versus fighting the for years a and we the incentives an retain they've XXX% proceeds an make if XX% is introduced that Those think we things incremental have that participate time, I long some just fact of for are to the various they've aspects thrive So, the are inflation administration our need can in industry that past. we've sales more been on in dollar but recently you the of

listened being in mechanisms they're to Now are place. put being and

that in many effectively that under you say team $XX quickly. done his sinking be But up move taking country are new to since have a have what able and You ramping people decision and mine they building is is demonstrating has nearly would to production. react and flexible a a to and now uninvestable considering shaft old million into XXXX quite mine be Dana invest and of a an to

You What can the Mark but are manage in think and very especially the shows the right operate because I in record detail. the will how to in close you difficult financial price, we is guys side know foot our right fault pay we're our takes business the environment if think from and jurisdiction. side it a business attention track there. to very, And I don't you and

Mark Learmonth

I facetious split before a land. full that there's shares. someone a to had And people and the GBPXX our So, we've of for split. from our I that in stock share a the question of about London. sort a was about being exchange queries the answer suspect or buying aim share comes been argument ECX whatever price the is sophisticated not share it pound mean disincentive brand is or a

terms the liquidity. But is that's US of the to States, avoid think I far I $X as that by of facetious our a classified is response. the market need penny price we and considered being response United share the over think largest stock more to in show in

substantially, we clearly I dividend whether our or that's like In yield share ahead share But GBPX. all. unaffected do wouldn't it to split. price GBPXX moved as ratio, and If share it wouldn't consider very -- things it completely yes, terms not of would price would don't we is would PE something I our significantly think this stage and at at liquidity -- affect that's think

the no, do. So something there answer we'd is not

doing We access are dollars. with Exchange. Falls that the US a get progressing to to The Victoria reason on more is listing only for

arising you if for is in listed Exchange, that June Falls that announced Vic incremental dollars. from regulation receive on the a of US that incremental in companies production -- XXX% will are gold the they early revenues was So,

of As XX%-XX%. with in revenue production in dollars, that to will in will the get we year from terms that currently about associated and received to last mean that of all US local which are move XX% will means currency, that XX% increasing instead overall ounces our production we it XX,XXX extra XX,XXX, be US dollars

dollars, only okay. doing access reason the to have so you Vic Do And is questions? Falls that to better for get listing further any

Camilla Horsfall

I think more... no questions. that's got We've it on

Steven Curtis

new No ones?

Camilla Horsfall

raised more hands. No

Mark Learmonth

don't question if a know there's I here.

it's is Hi high something guys. That about the a price share -- issue is I not a in was responding. United -- Howard a primarily primarily think It's big ever It's it having UK States. the just that's been raised Okay. issue.

sort I've as books we producer thinking price back debate was anyway university got because of could I'm an and respectability, when to I lady us say jurisdiction she give But sort a was in luster who a a the first share feel felt gold them actually big share situation who better. small guineas books of wrote it high So, she given And made an in my to history in that. of tutor old our might sort having a of -- price unfashionable priced

Camilla Horsfall

I think that's it..

Maurice Mason

any I don't new questions., see Camilla.

Camilla Horsfall

through. that No, come there are have no questions

Steven Curtis

anybody wanted we're done. who provided questions up think hand I tonight. to We answered that a you. to And minute, as detail there's turnout you unless thank And the a very last I and had say nice we've a Okay. wants put hope just needed. your

quarterly QX public normal and not. will But or of is announcements, we thank September participating any you will announcements. the end then can for making answer our update information depend we to you her where if be you is, Whether after debate got on and questions Camilla you've You you production we results, will it know ask. dividend whether can where are, them -- the not want know contact personal

a And keep far So, so with team, course of and is but for and you. Thanks year the so All half his an the thanks space; exciting for watching this of work good. second the running us. lot, best this Dana to Lots night. us. for good