Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) shares rose 5% in early trading on Wednesday after the company raised its 2025 production forecast, following record quarterly output from its Blanket Mine in Zimbabwe.
The gold miner reported second-quarter production of 21,070 ounces, slightly ahead of the same period last year and the highest total for a June quarter.
First-half output reached 39,741 ounces, up 5% on the same period in 2024.
As a result, Caledonia has increased its full-year production guidance to between 75,500 and 79,500 ounces.
Chief executive Mark Learmonth said the performance exceeded expectations and reflected the “dedication and hard work” of the company’s team. He added that Blanket Mine continues to provide a solid foundation for future growth.
Panmure Liberum said it is leaving its earnings forecasts unchanged for now as it repeated its 'buy' call and 2,054p price target.
Cavenish, which values the stock at 1,850p, said: "We have not yet updated our model for the [second quarter] production result and the increase in guidance; we anticipate issuing upgraded numbers following the 2Q financial results in August."
The shares rose 73.4p to 1,598.4p.