Caledonia Mining Corporation PLC has announced its financial and operating results for the quarter and first half of 2023. In terms of financials, the company reported gross revenues of $37.0 million for the quarter, with a gross profit of $10.9 million. The company's EBITDA for the quarter was $10.5 million. The on-mine cost per ounce for the quarter was $1,084, while the all-in sustaining cost per ounce was $1,357. The company also reported a foreign exchange loss of $3.6 million for the quarter.
In terms of production, Caledonia Mining Corporation produced 17,436 ounces of gold from its Blanket Mine in the quarter, as well as 1,076 ounces of gold from the Bilboes oxide operation. The company also announced that it will be returning the Bilboes operation to care and maintenance.
Looking ahead, Caledonia Mining Corporation's immediate strategic focus is to achieve its production and cost guidance for 2023 at the Blanket Mine. The company also plans to continue deep level drilling at the mine to potentially extend its life. Additionally, the company will be completing a feasibility study on the Bilboes sulphide project to determine the best implementation strategy and financing requirements.
Despite operational challenges in the first half of the quarter, Caledonia Mining Corporation saw a substantial improvement in production in the second half of June and in July. The company produced 7,829 ounces of gold at an on-mine cost of $715 per ounce in July. As a result, the company maintains its production guidance of between 75,000 and 80,000 ounces for 2023, with an on-mine cost guidance of between $770 and $850 per ounce.