Zimbabwe-focused gold miner Caledonia's revenue up 18% y/y in Q1 on higher bullion prices

Published: 2026-05-12 13:20:11 ET CMCL

Published on 05/12/2026 at 01:20 pm EDT

Zimbabwe-focused Caledonia Mining Corporation Plc (NYSE AMERICAN, AIM and VFEX: CMCL) (Caledonia) realised an increase in revenue of 18.3% year on year in Q1 2026 to $66.43mn, driven by higher average gold prices.

The miner said in a quarterly report on May 11 that its flagship Blanket Mine (Blanket) in southern Zimbabwe produced 14,767 ounces (oz) of gold in the just-ended quarter and sold 13,372 oz, with 3,656 oz of gold bullion on hand at quarter's end.

Consolidated gold sales, including production from the Bilboes oxide operation northwest of Blanket, were 13,784 oz, compared to 19,388 oz in the comparative quarter.

“Production during the quarter was adversely affected primarily by constrained access to higher‑grade areas,” Caledonia said.

“This meant that although tonnes milled were slightly higher than the comparative quarter, the head grade reduced from 3.1 grammes per tonne (g/t) to 2.5g/t, resulting in a lower recovery. As a result of the lower grade and lower recovery, gold production was reduced, and the cost per ounce increased.”

It posted a gross profit increase by 19.2% to $32mn, compared to $26.93mn in Q1 2025, with net profit rising by 69.4% to $18.91mn, compared with $11.16mn last year in Q1 2025.

Mark Learmonth, the CEO, said that while output was constrained by difficulty in reaching higher-grade areas, the firm is implementing measures to improve grade.

“The grade has improved month-on-month during the quarter, and the improvement has continued into April. --- Encouraging deep‑level drilling results at Blanket continue to demonstrate the continuity and quality of the orebodies at depth, reinforcing our confidence in the long‑term future of the mine and the sustainability of the group's production profile.”

The group reiterated its full‑year production guidance at Blanket of 72,000 oz to 76,500 oz.