Caledonia Mining Corp. Plc (CMCL,CMCL.L) reported Monday significantly higher profit in its first quarter with higher gold production and prices. The company also confirmed its fiscal 2025 production outlook.
Separately, Caledonia Mining announced that the board of directors has approved a quarterly dividend of $0.14 per share. The dividend record date is May 23 and payment date is June 6.
In its first quarter, net profit attributable to shareholders surged 493 percent to $8.92 million from last year's $1.49 million.
Earnings per share were 44.6 cents, up from 7.3 cents last year. Adjusted basic earnings per share were 58.5 cents, compared to 9.7 cents a year ago.
Gold revenue was $56.18 million, up 46 percent from $38.53 million a year ago.
Gold production, from Blanket Mine and Bilboes oxides mine, was 19,106 ounces, up 9.3 percent from 17,476 ounces last year. Average realised gold price climbed 42 percent to $2,896 per ounce.
Further, for fiscal 2025, the company continues to expect production of 74,000 to 78,000 ounces of gold from Blanket Mine.
Cost guidance remains unchanged, with on-mine cost expected to be $1,050-$1,150 per ounce and AISC projected at $1,690-$1,790 per ounce.
Capital expenditure for 2025 is forecast at $41.0 million, which will be fully funded from existing cash reserves and operating cash flow.
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