Caledonia Mining (CMCL) Q1 2026 earnings summary

Executive summary

• Revenue rose 18.3% year-over-year to $66.43 million, driven by a significantly higher average realized gold price despite lower production volumes.

• EBITDA increased 50.2% to $33.87 million, and profit after tax surged 69.4% to $18.91 million compared to Q1 2025.

• Gold production was 14,767 oz, down 20.9% year-over-year, mainly due to constrained access to higher-grade areas and lower head grades; post-quarter production at Blanket Mine improved.

• Free cash flow more than doubled to $12.28 million, and basic EPS rose 77.8% to $0.80.

• Safety performance improved, with LTIFR at zero and TIFR dropping to 2.22; new Chairman appointed.

Financial highlights

• Gross profit increased 19.2% to $32.10 million, reflecting improved margins from higher gold prices.

• Net cash from operating activities rose 41.5% to $18.87 million; free cash flow up 153% to $12.3 million.

• On-mine cost per oz sold increased 44.8% to $1,740, and AISC per oz sold rose 53.9% to $2,765 due to lower production volumes.

• Net cash and liquid assets at quarter-end totaled $180.44 million; total liquidity $191.1 million.

• Dividend of $0.14 per share declared, payable June 5, 2026.

Outlook and guidance

• Full-year 2026 gold production guidance for Blanket remains at 72,000–76,500 oz, with production expected to be weighted toward the second half.

• Operational improvements and contractor development programs are underway to restore access to higher-grade ore and stabilize grades; commissioning of an additional ball mill in mid-2026 is expected to increase milling capacity.

• Bilboes Gold Project progressing, with feasibility study completed, detailed engineering design to be finished by Q3/Q4 2026, and first gold pour targeted for late 2028.

• Motapa maiden mineral resource estimate expected in Q3 2026; exploration ongoing with new oxide targets identified.

• Management expects unit costs to normalize as production increases in H2 2026.