Caledonia Mining Reports Strong Q2 with Increased Gold Production

SEATTLE (Scrap Monster): Caledonia Mining Corporation has reported robust financial results for the second quarter of 2024, with a notable increase in gold production and a significant rise in net profit for shareholders. The production of gold rose to nearly 21,000 ounces, compared to 17,500 ounces in the same period last year. The company's revenue exceeded $50 million, and the gross profit was close to $23 million. Caledonia's preliminary economic assessment of the Bilboes sulfide project and the revision of the mineral and resource estimate for the Blanket Mine have both indicated promising prospects for the company's future.

Key Takeaways

Gold production increased to just under 21,000 ounces from 17,500 ounces in Q2 of 2023.

Revenue surpassed $50 million with a gross profit of nearly $23 million.

Preliminary economic assessment of the Bilboes sulfide project shows potential for 1.5 million ounces of gold over a 10-year life.

Mineral and resource estimate revision for the Blanket Mine doubles reserves, extending mine life beyond 10 years.

Net profit attributable to shareholders saw a significant increase.

Production costs were reduced.

Caledonia remains focused on achieving production targets, completing the sulfide project feasibility study, and continuing exploration at Motapa.

Company Outlook

Caledonia Mining is concentrating on reaching targeted production levels.

The company is working on completing the sulfide project feasibility study.

Exploration activities are ongoing at the Motapa site.

Courtesy: www.investing.com