To the Shareholders of Caledonia Mining Corporation Plc:
Management has prepared the information and representations in this interim report. The unaudited condensed
consolidated interim financial statements of Caledonia Mining Corporation Plc and its subsidiaries (the “Group”) have
been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International
Accounting Standards Board (“IASB”) and, where appropriate, these statements include some amounts that are based on
best estimates and judgment. Management has determined such amounts on a reasonable basis in order to ensure that the
unaudited condensed consolidated interim financial statements are presented fairly, in all material respects.
The accompanying Management Discussion and Analysis (“MD&A”) also includes information regarding the impact of
current transactions, sources of liquidity, capital resources, operating trends, risks and uncertainties. Actual results in the
future may differ materially from our present assessment of this information because future events and circumstances
may not occur as expected.
The Group maintains adequate systems of internal accounting and administrative controls, within reasonable cost. Such
systems are designed to provide reasonable assurance that relevant and reliable financial information is produced.
Management is responsible for establishing and maintaining adequate internal controls over financial reporting
(“ICOFR”). Any system of ICOFR, no matter how well designed, has inherent limitations. Therefore, even those systems
determined to be effective can provide only reasonable assurance with respect to financial statement preparation and
presentation.
At September 30, 2021 management evaluated the effectiveness of the Group’s ICOFR and concluded that such ICOFR
was effective based on the criteria set forth in the Internal Control Integrated Framework (2013) issued by the Committee
of Sponsoring Organisations of the Treadway Commission.
The Board of Directors, through its Audit Committee, is responsible for ensuring that management fulfills its
responsibilities for financial reporting and internal control. The Audit Committee is composed of three independent nonexecutive directors. This Committee meets periodically with management, the external auditor and internal auditor to
review accounting, auditing, internal control and financial reporting matters.
These condensed consolidated interim financial statements have not been audited by the Group’s independent auditor.
The unaudited condensed consolidated interim financial statements for the period ended September 30, 2021 were
approved by the Board of Directors and signed on its behalf on November 11, 2021.
(Signed) S. R. Curtis (Signed) J.M. Learmonth
Caledonia Mining Corporation Plc
Condensed consolidated statements of profit or loss and other comprehensive
income
(in thousands of United States Dollars, unless indicated otherwise)
Unaudited
For the Three months ended Nine months ended
September 30, September 30,
Note 2021 2020 2021 2020
Revenue 33,496 25,359 89,193 71,874
Less: Royalty (1,679) (1,271) (4,471) (3,599)
Production costs 6 (13,729) (10,399) (38,948) (32,537)
Depreciation 13 (2,351) (1,143) (5,743) (3,457)
Gross profit 15,737 12,546 40,031 32,281
Other income 7 12 27 42 4,736
Other expenses 8 (1,254) (305) (5,395) (1,827)
Administrative expenses 9 (1,906) (2,539) (5,261) (5,361)
Cash-settled share-based expense 10.1 (243) (231) (426) (1,177)
Net foreign exchange gain 11 413 985 341 4,694
Fair value gains (losses) on derivative assets 12 – 27 (107) (121)
Operating profit 12,759 10,510 29,225 33,225
Finance income 4 4 11 36
Finance cost (17) (91) (365) (390)
Profit before tax 12,746 10,423 28,871 32,871
Tax expense (4,423) (4,993) (11,318) (11,410)
Profit for the period 8,323 5,430 17,553 21,461
Other comprehensive income
Items that are or may be reclassified to profit or loss
Exchange differences on translation of foreign
operations (330) (88) (149) (1,146)
Total comprehensive income for the period 7,993 5,342 17,404 20,315
Profit attributable to:
Owners of the Company 6,939 4,433 14,183 17,807
Non-controlling interests 1,384 997 3,370 3,654
Profit for the period 8,323 5,430 17,553 21,461
Total comprehensive income attributable to:
Owners of the Company 6,609 4,345 14,034 16,661
Non-controlling interests 1,384 997 3,370 3,654
Total comprehensive income for the period 7,993 5,342 17,404 20,315
Earnings per share
Basic earnings per share ($) 0.57 0.37 1.15 1.50
Diluted earnings per share ($) 0.57 0.37 1.15 1.50
The accompanying notes on pages 6 to 23 are an integral part of these condensed consolidated interim financial
statements.
On behalf of the Board: “S.R. Curtis”- Chief Executive Officer and “J.M. Learmonth”- Chief Financial Officer.
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