Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) delivered what chief executive Mark Learmonth described as an 'exceptional' first quarter, with higher production and surging gold prices lifting profits and cash flow.
The Zimbabwe-focused gold producer reported revenue of $56.2 million for the three months to 31 March, a 46% jump on the same period last year.
Net profit attributable to shareholders rose sharply to $8.9 million, up from $1.5 million a year earlier, while adjusted earnings per share climbed more than fivefold to 58.5 cents.
Gold output from the Blanket and Bilboes mines increased 9% year on year to 19,106 ounces. The company achieved an average realised gold price of $2,896 per ounce, up 42% from a year earlier.
Operating cash flow reached $13.3 million, helping to reduce net debt. A $22.35 million solar plant sale completed in April brought the pro forma net cash position to $18.6 million.
Production guidance for 2025 remains unchanged.
CEO Learmonth told investors: "As we move forward in 2025, we remain focused on three strategic priorities: maximising profitable production at Blanket, optimising the economics of the Bilboes project, and unlocking the exploration potential at Motapa.
"I am confident that our disciplined approach to capital allocation and strategic growth will continue to deliver strong returns for our shareholders."