Caledonia Mining Corporation PLC has released its financial and operating results for the quarter ended March 31, 2024. The company reported a gross profit of $13.8 million, a significant increase from the previous year, attributed to higher gold revenue and lower production costs. The EBITDA for the period was $9.9 million, with Blanket Mine contributing $17.5 million. The on-mine cost per ounce at Blanket remained virtually unchanged, while the all-in sustaining cost decreased by 8.2% to $1,296 per ounce.
The company experienced a foreign exchange loss of $4.1 million due to the accelerated devaluation of the Zimbabwe currency. Adjusted earnings per share amounted to 26.9 cents, a notable improvement from the previous year. Caledonia Mining Corporation reported net cash from operating activities of $4.9 million, with net cash and cash equivalents totaling -$14.2 million.
In terms of operating highlights, the company produced 17,476 ounces of gold in the Quarter, with Blanket Mine contributing 17,050 ounces and the Bilboes oxide mine producing 426 ounces. Notably, gold production at Blanket saw a 6% increase from the previous year. Encouraging results were also reported from the deep-level drilling program at Blanket, with a revised mineral resource statement and an expected increase in the mine's life to be announced shortly.
Looking ahead, Caledonia Mining Corporation maintains its production guidance for Blanket for the year, with a focus on optimizing capital allocation and maximizing shareholder value. The company's Chief Executive Officer, Mark Learmonth, expressed optimism about the results and the ongoing work to refresh the study for the large-scale sulphide project at Bilboes. Management is considering various options for developing Bilboes, with a view to updating investors in the coming weeks.
Caledonia Mining Corporation Plc will host a conference call and webinar to present the results and outlook for shareholders on May 13, 2024, at 2 pm London time. The presentation will be available on the company's website, and interested parties can register in advance for the webinar.
For further information, inquiries can be directed to Mark Learmonth and Camilla Horsfall at Caledonia Mining Corporation Plc.