Caledonia Mining earnings jump in first quarter as gold price sparkles

(Alliance News) - Caledonia Mining Corp PLC on Monday reported higher first quarter revenue and earnings despite a fall in gold production, as the price of gold has risen sharply compared to a year ago.

The Jersey-registered operator of the Blanket gold mine in Zimbabwe said revenue rose 18% to USD66.4 million in the first quarter of 2026 from USD56.2 million a year prior.

Earnings before interest, tax, depreciation and amortisation surged 50% to USD33.9 million from USD22.6 million.

Diluted as well as basic earnings per share improved by 78% to 80 US cents from 45c.

The company sold 13,784 ounces of gold, down 29% from 19,388 ounces a year prior.

The average realised gold price for the company however jumped by 66% to USD4,816 per ounce from USD2,896. Meanwhile, all-in sustaining costs increased by 54% to USD2,765 per ounce of gold sold from USD1,797.

Caledonia Mining announced a quarterly dividend of 14 US cents per share.

Chief Executive Officer Mark Learmonth said: "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."

He continued: "We continue to trade in line with market expectations and with a strong gold price environment, improving operational performance at Blanket and continued progress towards developing Bilboes, we remain confident in our strategy and our ability to deliver long‑term value for shareholders."

Caledonia Mining shares rose 5.0% to 1,847.80 pence each around midday on Monday in London.

By Tom Budszus, Alliance News slot editor

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