Caledonia Mining shares rose 5.3% after reporting better-than-expected production and revenue growth driven by improved access to higher-grade ore and a favorable gold price environment.
- Production increased 18% quarter-over-quarter due to accessing higher grade mining areas and operational improvements.
- Revenue rose 16% to $76 million, supported by a 34% higher average realized gold price of $4,259/oz.
- EBITDA increased 16% to nearly $46 million; profit after tax grew 27% to $30 million, with EPS up 29% to $1.36.
- On-mine costs were largely in line with budget despite some one-off items, though unit costs per ounce sold rose due to lower ounces sold.
- Management advanced operational efficiencies including a 7-day working week and plant upgrades to sustain production growth going forward.
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