Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) told investors it has seen record first-quarter gold production from its Blanket mine, in Zimbabwe.
Output reached 18,671 ounces in the three months to the end of March, versus 17,050 ounces in the same period last year and beat the prior Q1 record of 18,515 ounces set in 2022.
Some 201,755 tonnes were milled in the period, about 13.4% more than expected, and the miner said its surface stockpile has increased to around 15,000 tonnes.
Blanket is on track to achieve its full-year production guidance of between 74,000 and 78,000 ounces, Caledonia highlighted.
Chief executive Mark Learmonth described it as “a particularly strong performance” whilst noting that the mine’s first quarter is traditionally its weakest.
"This achievement reflects continued operational improvements and the dedication of our team on the ground,” the Caledonia boss said in a statement.
“The significant increase in both tonnes milled and the surface stockpile provides a strong foundation for the remainder of the year."
Learmonth added: "This is an excellent start and with a strong gold price we are well positioned to generate healthy cash flows and to continue investing in our growth projects."