Caledonia Mining Gains Traction on Accessing Higher Grade Ore at Blanket Mine

Caledonia Mining Corporation PLC has confirmed its 2026 production guidance following an 18% quarter-on-quarter increase in gold output from the Blanket Mine in Zimbabwe, which delivered 17,360 ounces during the second quarter.

The improvement from 14,767 ounces in the first quarter was attributed to enhanced access to higher-grade mining areas. Average grades delivered to the processing plant increased to 2.88 grammes per tonne during the quarter and have reached 3.05 grammes per tonne in July to date.

The company has reiterated its full-year guidance of 72,000 to 76,500 ounces, with production expected to remain weighted towards the second half of the year. Second-quarter output fell below the record comparative from last year, which benefited from exceptional grades.

Chief executive Mark Learmonth noted that measures to restore access to higher-grade ore were gaining traction, with grades now tracking at approximately 3 grammes per tonne. Additional output growth is anticipated from the implementation of a seven-day working week, which is adding roughly 200 tonnes of ore processing capacity per day.

The company also expects further production gains from an elution plant upgrade scheduled to process stockpiled carbon from September onwards. The combination of improved grade access, extended operating hours, and plant optimisation is expected to support the achievement of the company’s production targets for the remainder of the year.

Caledonia Mining shares trade on AIM, the NYSE American and the Victoria Falls Stock Exchange under the ticker CMCL.