Gold producer Caledonia Mining Corporation has reported a 16 percent jump in revenue to $75.9 million for the second quarter ended 30 June, from $65.3 million recorded in prior comparable period, buoyed by strong prices and higher grade ore.
The Zimbabwe-focused miner said the period under review saw a significant operating recovery at its flagship Blanket Mine, with gold production increasing 18 percent to 17,360 ounces.
“Whilst still lower than the comparable quarter, which was a record quarter largely due to exceptional grades that enhanced production and financial performance, the improvement over Q1 2026 is clear and is expected to continue in the second half of 2026,” Caledonia said.
Compared with first quarter 2026, revenue rose by 14 percent from US$66.4 million, reflecting improved production in the quarter.
Profit after tax increased by 23 percent from $15.0 million to $18.5 million.
Gross profit increased by 16 percent to $39.2 million, compared to $33.8 million in Q2 2025, driven by higher gold sales revenues arising from a stronger average realised gold price, partly offset by lower ounces sold.
Compared with Q1 2026, gross profit increased by 22 percent from $32.1 million, reflecting improved production and sales in the quarter.
The average realised gold price increased by 34 percent to $4,259 per ounce sold compared to the comparable quarter but was 12 percent lower than the preceding quarter.
“Consolidated gold sales, including gold production from Bilboes where limited production continues, were 17.811 ounces,” Caledonia said.
Basic earnings per share increased to US$1.36 per share, up 28 percent from US$1.06 per share in the comparable quarter and 71 percent from $0.80 per share in the preceding quarter.
“The increase reflects increased profitability, supported by favourable gold prices, and positive fair value adjustments recognised during the quarter,” the gold miner said.
Net cash generated from operating activities increased from US$28.1 million to US$28.4 million while net cash and cash equivalents increased to $167.8 million from $8.2 million at 30 June 2025, Caledonia said, reflecting the continued cash generation from operations and receipt of proceeds from the Convertible Senior Notes issued in January 2026.