Caledonia Mining Q2 Earnings Call Highlights

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MarketBeat

Mon, August 10, 2026 astatine 12:04 PM CDT 7 min read

Key Points

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Second-quarter show improved: Production roseate 18% sequentially arsenic Blanket Mine regained entree to higher-grade areas, portion gross accrued 16% to $76 cardinal and EBITDA reached astir $46 million. Caledonia ended the 4th with $167.8 cardinal successful currency and declared its $0.14-per-share dividend.
Cost guidance accrued portion superior guidance fell: On-mine currency costs are present expected astatine $1,600–$1,800 per ounce and all-in sustaining costs astatine $2,500–$2,700 per ounce. 2026 superior expenditure guidance was reduced to $103 cardinal from $162 million, chiefly due to the fact that Bilboes spending volition displacement into aboriginal 2027.
Bilboes improvement remains connected schedule: Caledonia expects archetypal contractors connected tract astir October, is pursuing a $150 cardinal interim backing facility, and continues to people archetypal accumulation toward the extremity of 2028. Project-finance discussions are expected to reason by the extremity of 2026 oregon aboriginal 2027.

Caledonia Mining (NYSEAMERICAN:CMCL) said second-quarter accumulation accrued 18% from the archetypal 4th arsenic the institution regained entree to higher-grade mining areas astatine its Blanket Mine and implemented operating changes intended to assistance output.

Chief Executive Mark Learmonth said gross roseate 16% to $76 cardinal during the quarter, portion EBITDA accrued 16% to astir $46 million, supported by stronger accumulation and a higher gold-price environment. Profit aft taxation accrued 27% versus the comparable 2025 play to $30 million, and quarterly net per stock roseate 29% to $1.36.

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The institution generated operating currency travel of $28.4 cardinal and ended the 4th with $167.8 cardinal successful currency and currency equivalents. Caledonia besides declared its regular quarterly dividend of $0.14 per share.

Blanket Mine recovers arsenic grades amended

Learmonth said Blanket Mine's betterment was chiefly driven by improved entree to higher-grade areas aft fall-of-ground incidents during 2025 had restricted entree to those zones. The excavation had operated astatine little grades successful caller quarters, with people averaging 2.5 grams per ton successful the archetypal 4th earlier rising to astir 2.88 grams per ton successful the 2nd quarter.

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Caledonia is targeting an mean people of astir 3.16 grams per ton for the remainder of the twelvemonth and said it is presently operating astatine that level. Higher grades besides improved betterment rates, arsenic the institution said little caput grades trim betterment erstwhile process grades stay adjacent 0.2 grams per ton.

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