Caledonia Mining Corporation PLC's (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) shares rose 9% after the gold miner signalled a profit for the second quarter, with performance described as materially better than expected.
This follows a strong first-quarter result, underpinned by robust production and sustained gold prices.
CEO Mark Learmonth praised the team’s efforts at Blanket Mine in Zimbabwe and across the group, noting recent strengthening of the workforce.
Cavdenish called the bullish update 'unsurprising' given the record production Caledonia reported last week and the strong gold price achieved.
The broker reiterated its 1,850p price target, while Panmure Liberum says 'buy' up to 2,054p.
The stock was up 145p at 1,775p.