Caledonia Mining Corporation Plc: Appointment of New Chief Financial Officer  

Rhea-AI Summary

Caledonia Mining (NYSE AMERICAN, AIM and VFEX: CMCL) announced that CFO Chester Goodburn will step down on March 24, 2025, following the publication of 2024 financial results. He will be succeeded by Ross Jerrard, who previously served as CFO of Centamin plc from 2016 until its $2.5 billion acquisition by AngloGold Ashanti in 2024.

Jerrard, 50, brings significant financial leadership experience from his role at Centamin, a former FTSE-250 dual-listed mining company operating the Sukari gold mine in Egypt, which produces 450,000 ounces of gold annually. He is a member of the Institute of Chartered Accountants of Australia and New Zealand and Zimbabwe.

Goodburn, who has been with Caledonia since 2014 and served as CFO since July 2022, will remain as a consultant briefly to ensure a smooth transition. The company aims to become a mid-tier, Zimbabwe-focused gold producer.

Positive

• Appointment of experienced CFO from larger mining company (Centamin - $2.5B acquisition value)
• New CFO brings expertise from managing larger gold operations (450,000 oz/year at Sukari)
• Smooth transition planned with outgoing CFO staying as consultant

Negative

• Loss of long-term executive with company knowledge (Goodburn served since 2014)

ST HELIER, Jersey, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or "the Company") (NYSE AMERICAN, AIM and VFEX: CMCL) announces that its Chief Financial Officer (“CFO”), Chester Goodburn, will step down from his role on 24 March 2025, following the publication of Caledonia’s financial results for the year to December 31, 2024. He will be succeeded, with immediate effect, by Ross Jerrard, subject to satisfaction of standard checks.

Mr Goodburn has served as Caledonia’s CFO since July 1, 2022, prior to which he had been Caledonia’s Group Financial Manager and Chief Information Officer. Mr Goodburn will be retained on a consultancy basis for a brief period to ensure an orderly transition.

Mr Jerrard, aged 50, brings extensive experience in financial leadership, having been the CFO of Centamin plc from April 2016 until its acquisition by AngloGold Ashanti Plc in November 2024 for a deal value of $2.5 billion. Centamin was a former FTSE-250 dual-listed (London and Canada) mining company with operations in Egypt and West Africa. Centamin’s flagship asset was the Sukari gold mine in Eqypt which is one of the world’s largest gold mines producing 450,000 ounces of gold per annum. Mr Jerrard is a member of the Institute of Chartered Accountants of Australia and New Zealand and the Institute of Chartered Accountants of Zimbabwe.

Mark Learmonth, Chief Executive Officer, said:

“Chester has made a substantial contribution to Caledonia’s growth since he joined us in 2014, the last two-and-a-half years as CFO. Along with the board and his colleagues, I thank him for his time at Caledonia and we wish him well in his future endeavours.

“I am pleased to welcome Ross to Caledonia. He brings a depth and breadth of experience which will be invaluable to Caledonia as we advance our strategy to become a mid-tier, Zimbabwe-focussed gold producer.”

Enquiries

Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall	Tel: +44 1534 679 800 Tel: +44 7817 841 793
Cavendish Capital Markets Limited (Nomad and Joint Broker) Adrian Hadden Pearl Kellie	Tel: +44 207 397 1965 Tel: +44 131 220 9775
Panmure Liberum (Joint Broker) Scott Mathieson/ Ailsa MacMaster	Tel: +44 20 3100 2000
Camarco, Financial PR (UK) Gordon Poole Julia Tilley Elfie Kent	Tel: +44 20 3757 4980
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

FAQ

When will Ross Jerrard take over as CFO of Caledonia Mining (CMCL)?

Ross Jerrard will take over as CFO of Caledonia Mining with immediate effect, subject to satisfaction of standard checks, as Chester Goodburn steps down on March 24, 2025.

What is Ross Jerrard's previous experience before joining CMCL?

Ross Jerrard was previously CFO of Centamin plc from April 2016 until November 2024, when it was acquired by AngloGold Ashanti for $2.5 billion. Centamin operated the Sukari gold mine, producing 450,000 ounces annually.

How long did Chester Goodburn serve as CFO of CMCL?

Chester Goodburn served as Caledonia Mining's CFO from July 1, 2022, until March 24, 2025, approximately 2.5 years.

What professional qualifications does Ross Jerrard hold?

Ross Jerrard is a member of the Institute of Chartered Accountants of Australia and New Zealand and the Institute of Chartered Accountants of Zimbabwe.