Caledonia Mining Corporation PLC has released its financial and operating results for the quarter ended June 30, 2024. The company reported a significant increase in gross revenues, gross profit, and EBITDA compared to the same period in 2023. The on-mine cost per ounce at the Blanket Mine decreased, contributing to a 7.7% decrease in consolidated all-in sustaining costs. Additionally, the company saw a substantial increase in net cash inflow from operating activities.
During the quarter, Caledonia Mining Corporation PLC produced 20,773 ounces of gold from the Blanket Mine, representing a notable increase from the previous year. The company also published a preliminary economic assessment for the Bilboes Sulphide Project, projecting a yield of approximately 1.5 million ounces of gold over a 10-year life of mine.
Caledonia Mining Corporation PLC paid a dividend of 14 cents per share in April 2024 and again in July 2024. The company announced a change in the timing of future dividends, which will now be declared at the same time as the publication of quarterly results. This change does not denote any alteration in the company's dividend policy.
Looking ahead, the company is on track to achieve production at Blanket within its pre-disclosed guidance range for 2024. Caledonia is also progressing a new feasibility study on the Bilboes Sulphide Project, expected to be delivered in the first quarter of 2025. The company continues to advance exploration activities at Motapa.
Mark Learmonth, Chief Executive Officer of Caledonia Mining Corporation PLC, expressed satisfaction with the quarter's results, highlighting the positive impact of higher gold production, a higher gold price, and lower costs per ounce. He also emphasized the company's commitment to delivering continued returns to shareholders and its potential for significant long-term shareholder value.
Caledonia Mining Corporation PLC will host an online investor presentation and Q&A session on August 12, 2024, to discuss the Q2 2024 results and provide further insights into the company's performance and future plans.