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Caledonia Mining Corporation Plc: Issue of Long-Term Incentive Awards

11.04.2023  |  GlobeNewswire

ST HELIER, April 11, 2023 - Caledonia Mining Corporation plc (the "Company" or "Caledonia") (NYSE American: CMCL; AIM: CMCL; VFEX: CMCL) announces that it has granted new long term incentive plan awards under the Company's 2015 Omnibus Equity Incentive Compensation Plan (the "Plan"). Awards that have been made to "Persons Discharging Managerial Responsibility" ("PDMRs") within the meaning of the Market Abuse Regulation (EU) No. 596/2014 are as follows:

Name of PDMR Position Value
Mark Learmonth Director and Chief Executive Officer US$ 465,750.00
Dana Roets Director and Chief Operating Officer US$ 207,352.40
Victor Gapare Executive Director US$ 194,579.97
Chester Goodburn Chief Financial Officer US$ 184,164.50

The awards are in the form of Performance Units ("PUs") as defined in the Plan. The vesting date for the PUs shall be the first business day in April 2026, in order to align with market practice of awarding and vesting dates being after publication of annual financial results (previously these dates were in January).

The Plan also extends to other group employees as well as senior management at the mines; the Plan currently has 113 participants in Jersey, the UK, South Africa and Zimbabwe.

The number of PUs awarded is equal to the monetary value of the award divided by the "Fair Market Value" (as defined in the Plan) of the Company's shares, being, in this case, the greater of (i) the closing price of Caledonia's shares on the NYSE American on the trading day preceding the date of the award or (ii) the volume-weighted average closing price of Caledonia's shares on the NYSE American for the five days preceding the date of the award, which resulted in a price of US$16.91.

The final number of PUs which vest on maturity of the awards will be adjusted to reflect the actual performance of the Company in terms of various operating metrics based on gold production and cost, subject to certain minimum and maximum thresholds.

Each PU that vests entitles the PDMR to receive one Caledonia common share (or a security representing a share) on the maturity of the award. Shares that are issued to PDMRs pursuant to vesting PUs are subject to a minimum holding period of one year in case vested awards become subject to forfeiture, reduction or cancellation.

Enquiries:

Caledonia Mining Corporation plc
Mark Learmonth
Camilla Horsfall

Tel: +44 1534 679 800
Tel: +44 7817 841 793

Cenkos Securities plc (Nomad and Joint Broker)
Adrian Hadden
Neil McDonald
Pearl Kellie


Tel: +44 207 397 1965
Tel: +44 131 220 9771
Tel: +44 131 220 9775

Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings


Tel: +44 20 3100 2000

BlytheRay Financial PR (UK)
Tim Blythe/Megan Ray


Tel: +44 207 138 3204

3PPB (Financial PR, North America)
Patrick Chidley
Paul Durham
Tel: +1 917 991 7701
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

Note: 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.




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