Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) reported that gold production at its Blanket Mine, in Zimbabwe, met guidance for the 2025 financial year and outlined its production and cost expectations for 2026.
The company said Blanket produced 76,213 ounces of gold in FY 2025, which was within the increased guidance range of 75,500 to 79,500 ounces. Production in the fourth quarter of 2025 totalled 17,367 ounces.
"We are pleased to report that Blanket has once again delivered production in line with guidance, demonstrating the resilience and operational excellence of our team," said chief executive Mark Learmonth.
He added: "We remain focused on investing in safety and delivering long-term value for all our stakeholders."
Caledonia noted production in the second half of the year was affected by lower tonnages from higher-grade areas and interruptions to electricity supply. Milling throughput remained robust and offset some grade pressure.
For FY 2026, the company guided to Blanket gold production of between 72,000 and 76,500 ounces. It expects quarterly production to be stronger in the second half of the year as higher-grade areas come on stream.
On-mine cash costs for FY 2026 are expected to range from US$1,500 to US$1,700 per ounce sold. All-in sustaining costs are guided between US$2,100 and US$2,300 per ounce sold.
The company said higher costs reflect inflationary pressures, increased operating costs and higher sustaining capital expenditure.
Total group capital expenditure for FY 2026 is projected at US$162.50 million. This includes US$26.60 million of sustaining capital and US$135.90 million of growth capital, largely related to the planned development of the Bilboes project.
In a separate announcement, Caledonia reported that chief operating officer James Mufara had left the company.
The company said its operations continue to be managed by the existing executive and operating team and that operations and strategy remain unchanged. It said it does not currently intend to appoint another chief operating officer.