Caledonia Mining Corporattion plc’s profit recovery in 2024 comes ahead of two major catalysts due shortly, says broker Liberum.
" 64%-owned Blanket gold mine’s good start has continued into the current period (further evidence of a sustainable turnaround): in April, 8.0koz (100% basis) was produced, resulting in operations generating US$7.1 million that month (before working capital and tax)."
In addition, the 2024 production and sustaining cost [AISC] guidance was reiterated.
The coming weeks should see two potential material catalysts in an update on the Blanket resource and the Bilboes sulphides studies.
The resource update is due shortly with a meaningful increase in mine life expected, from 2034 currently to 2041.
Buy with a 1,103p target is the broker’s view.