Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth and chief financial officer Chester Goodburn take Proactive's Stephen Gunnion through the company's strong second-quarter performance and provide an update on key projects.
Goodburn highlighted a notable increase in revenue, driven by higher gold prices and increased production at the Blanket Mine. The company generated $12.8 million in cash on a net basis, demonstrating significant financial improvement.
Learmonth provided insights into the company’s operations at the Blanket Mine, where production exceeded targets, leading to a substantial resource upgrade. He also discussed the Bilboes project, which he described as "a very strong project" with 2.5 million ounces of reserves and resources. The project is expected to produce about 1.5 million ounces over a ten-year life of mine with a very low all-in-sustaining cost.
Learmonth emphasised the ongoing efforts to upgrade the Bilboes Preliminary Economic Assessment (PEA) to a feasibility study by the first quarter of next year. The company is also also confident about securing debt funding for the project, thanks to its short payback period and cash-generative nature.