Caledonia Mining Corporation (AIM:CMCL) reported Q1 revenue up 18.3% to US$66.43m as a stronger average realised gold price offset reduced ounces sold.
Production at the Blanket Mine, the Group's flagship underground operation, fell to 14,767 ounces in Q1 2026 with consolidated sales of 13,784 ounces, down from 19,388 ounces a year earlier, after constrained access to higher‑grade areas and equipment and hoisting issues lowered head grade from 3.1g/t to 2.5g/t.
"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," said Mark Learmonth, Chief Executive.
EBITDA rose 50.2% to US$33.87m and profit after tax increased 69.4% to US$18.91m, supported by an average realised price of US$4,816/oz.
Unit costs rose as volumes fell, with on‑mine costs at US$1,740/oz and AISC of US$2,765/oz, while free cash flow improved to US$12.28m and cash generated from operations was US$18.87m.
Caledonia said measures to restore grade are showing month‑on‑month improvement into April, it will commission an additional ball mill mid‑2026 to raise throughput, and it reiterated that production will be weighted to the second half of the year.
The Board approved a quarterly dividend of US$0.14 per share payable on 5 June and the company hosted a results presentation for investors on 11 May.
