Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) reported a strong second quarter, boosted by record gold production and rising prices.
The company’s gold revenue rose 30% to $65 million, compared with $50.1 million in the same period last year.
Gross profit grew by 48% to $33.8 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) nearly doubled to $39.5 million. This figure includes a one-off gain of $8.5 million from the sale of a solar plant.
Net profit attributable to shareholders more than doubled to $20.5 million, with adjusted earnings per share rising 155% to 113.9 cents.
Operating cash flow improved 47% to $28.1 million, and net cash position swung from negative $1.4 million a year earlier to a positive $26.2 million. Caledonia declared a dividend of 14 cents per share.
Operationally, production at the Blanket gold mine increased slightly to 21,070 ounces. The company raised its 2025 production forecast to between 75,500 and 79,500 ounces.
Costs per ounce also rose: on-mine costs were $1,123 (up 10.9%) and all-in sustaining costs, which include ongoing expenses like equipment and exploration, climbed 21.5% to $1,805 per ounce.
The average realised gold price was $3,188, up 38.5% year-on-year.
Caledonia continues work on its Bilboes feasibility study and exploration programmes at Motapa and Blanket mines, aiming to upgrade inferred resources and find new deposits within the mining area.
"We are encouraged by the progress on the Bilboes feasibility study, and we continue to evaluate opportunities that could materially improve project economics," said CEO Mark Learmonth.
"At the same time, our exploration programme at Motapa is advancing well, with a clear focus on identifying both sulphide and oxide resources that could support near-term production and longer-term growth.
"Looking ahead, we remain focused on delivering our increased production guidance at Blanket and advancing our growth pipeline in a way that maximises long-term value for shareholders.
"With a strong operational base and a clear strategic roadmap, Caledonia is well-positioned to continue building on this positive momentum."