Caledonia Mining Corporation Plc has announced its operating and financial results for the quarter and nine months ended September 30, 2023. The results show a significant improvement in the production performance of Blanket Mine, which reported record quarterly production. The Bilboes oxide mine, which had been negatively impacting costs, has been placed on care and maintenance, resulting in a reduction in monthly costs.
Financial highlights include record quarterly revenues of $41.2 million and gross profit of $14.1 million. EBITDA was $15.5 million, slightly lower than the comparative quarter. Consolidated on-mine cost per ounce increased to $928, mainly due to the high cost per ounce at the Bilboes oxide mine. All-in sustaining cost at Blanket was $1,171 per ounce, reflecting higher on-mine costs and sustaining capital expenditure. Basic IFRS earnings per share for the quarter were 24.1 cents, while adjusted EPS were 33.0 cents. Net cash from operating activities was $14.5 million, and net debt at the end of the quarter was $3.2 million.
Operating highlights include the production of 21,772 ounces of gold at Blanket in the quarter, a new quarterly production record. Gold produced at Blanket in the nine months was 55,244 ounces. Caledonia reiterates its gold production guidance for 2023 of between 75,000 and 80,000 ounces at Blanket.
Regarding the Bilboes gold project, mining and metallurgical processing continued until the end of September, after which the operation returned to care and maintenance. Monthly costs have been reduced from approximately $1 million to approximately $200,000. A revised feasibility study for the Bilboes sulphide project is underway, with a focus on capital allocation to maximize future shareholder value. The initial results of the work on the phased approach to the project are expected in early 2024.
In other news, an accident occurred at Blanket in August 2023, resulting in the death of an employee. The company expresses its condolences to the family and colleagues of the deceased. The ongoing underground drilling program at Blanket has yielded encouraging results, and the company has received an offer from a global solar operator to buy the solar plant, which would secure some of Blanket's future power supply. Negotiations for contracts and commercial terms are ongoing.