Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) has raised its full-year gold production forecast after hitting a new quarterly output record at its Blanket Mine in Zimbabwe.
The company reported second-quarter production of 21,070 ounces of gold, narrowly surpassing the same period last year and setting a new high for the June quarter.
First-half output reached 39,741 ounces, up just over 5 per cent on the 37,823 ounces produced in the first six months of 2024.
As a result, Caledonia has increased its 2025 guidance to a range of 75,500 to 79,500 ounces, reflecting stronger-than-expected performance so far this year.
CEO Mark Learmonth said: "Production in the first half of 2025 was excellent and has exceeded our expectations. As a result of this strong performance, we are increasing our annual production guidance. This performance is a testament to the dedication and hard work of our team.
"Blanket Mine continues to provide a solid foundation for growth. As we move forward, we are confident that it will continue to be a cornerstone of our success, driving value for our shareholders."
The operation has long been the company’s flagship operation and remains its sole producing asset.
The mine, located in the south-west of Zimbabwe, has undergone a series of upgrades in recent years, including the commissioning of a central shaft to improve underground access and increase throughput.