Caledonia Mining Corp. PLC produced 17,360 ounces of gold at the Blanket mine during the second quarter of 2026, marking an 18% increase compared to the first quarter as access to higher-grade mining areas improved.

The quarterly output lifted revenue by 16% to US$75.9 million compared to US$65.3 million in the same period of 2025. The average realised gold price rose 34% year-on-year to US$4,259 per ounce sold, though it remained 12% lower than the preceding quarter. Gross profit increased 16% to US$39.2 million, profit after tax climbed 27% to US$30.0 million, and basic earnings per share reached US$1.36.

On-mine costs stood at US$1,675 per ounce sold, while all-in sustaining costs reached US$2,678 per ounce sold. Unit costs reflect employee benefit payments from the maturing of the Blanket employee ownership trust alongside increased royalty expenses. Net cash generated from operating activities totaled US$28.4 million, leaving the group with cash and cash equivalents of US$167.8 million at the end of June.

“The second quarter represented a significant improvement in operating performance across the business. Most importantly, Blanket achieved a record safety performance, reaching approximately 395 consecutive lost-time injury free days and more than 5.4 million LTI-free man-hours worked. This reflects the commitment of our workforce and the strong safety culture that continues to develop throughout the organisation.”

— Mark Learmonth, Chief Executive Officer

Caledonia reaffirmed its full-year 2026 gold production guidance for Blanket at 72,000 to 76,500 ounces. However, the company updated on-mine cost guidance to US$1,600–US$1,800 per ounce sold and all-in sustaining cost guidance to US$2,500–US$2,700 per ounce sold. Revised group capital expenditure guidance for 2026 was reduced from US$178.9 million to US$103.3 million, reflecting deposit timing for long-lead equipment without altering project scope or timetables.

Caledonia's Zimbabwean portfolio also includes the Bilboes gold project and Motapa exploration property. Bilboes workstreams are proceeding on schedule, with first physical on-site activity—comprising contractor accommodation and related infrastructure construction—expected in October 2026. Meanwhile, drilling results from Motapa have confirmed mineralisation across approximately six kilometres of strike, supporting plans for a maiden mineral resource estimate in the third quarter of 2026.

The board approved a quarterly dividend of US$0.14 per share, payable on September 4, 2026, to shareholders of record on August 21.

Read the full announcement: Caledonia Mining Corporation PLC: Results for the Quarter and Half Year Ended June 30, 2026; Details of Management Conference Call; Dividend Declaration