Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) CEO Mark Learmonth talked with Proactive's Stephen Gunnion about the company’s record second-quarter results, driven by both increased production and a strong gold price. Learmonth said production reached just over 21,000 ounces in Q2 — a record for any second quarter — while the realised gold price exceeded $3,000 an ounce.
He explained that this combination, alongside higher recovery rates, prompted the company to raise its production guidance for 2025. While Caledonia does not issue profit guidance, Learmonth noted that AIM rules required a “reverse profit warning” as analyst expectations in the UK were substantially lower than the company’s actual performance.
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Discussing the Blanket Mine, Learmonth said deep-level exploration is focused on replacing ore depletion, with additional near-term potential identified just east of the current footprint for shallow oxide mining. On development projects, he described Motapa as an exploration asset targeting around 0.50 million ounces of inferred sulphide resources by year-end, while Bilboes is a larger-scale development under review for either a full build or phased approach to manage capital costs and project risk.
He also highlighted ongoing efforts to reduce the cost of the Bilboes tailings facility, which remains stubbornly high.
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