Caledonia Mining Corporation Plc reported a sharp rebound in second-quarter earnings as higher grades and a stronger gold price lifted production and revenue at its Blanket Mine in Zimbabwe.
The NYSE American, AIM and VFEX-listed company said profit after tax rose 27% year-on-year to $30.0 million for the quarter ended June 30, 2026.
Basic earnings per share increased to $1.36, up 28% from $1.06 in Q2 2025.
“The second quarter represented a significant improvement in operating performance across the business,” CEO Mark Learmonth said in the statement.
Revenue increased 16% to $75.9 million from $65.3 million a year earlier, “mainly due to a stronger realised gold price.”
The average realised price climbed 34% to $4,259 per ounce. Compared to Q1 2026, revenue was up 14%.
Blanket produced 17,360 ounces of gold, an “18% increase on the preceding quarter due to improved access to high grade mining areas.”
Average feed grade improved to 2.9 g/t from 2.5 g/t in Q1.
“We delivered a clear improvement on the first quarter, with gold production increasing by 18% to 17,360 ounces. Encouragingly, grades improved steadily throughout the period as access to higher-grade mining areas increased, and this positive trend will continue into the third quarter,” Learmonth said.
Despite the recovery, output remained 18% below the record 21,070 ounces in Q2 2025.
Cash generation also strengthened.
“Net cash generated from operating activities increased from US$28.1 million to US$28.4 million” and “Net cash and cash equivalents increased to US$167.8 million from US$8.2 million at June 30, 2025, reflecting the continued cash generation from operations and receipt of proceeds from the Convertible Senior Notes issued in January 2026.”
The board declared a quarterly dividend of 14 U.S. cents per share, payable September 4.
