Gold price gains drove Caledonia Mining’s Q1 net income to $18.91 million despite lower production and higher costs.
Caledonia Mining Corporation reported Q1 net income of $18.91 million, up 69.4% year-over-year, as higher gold prices offset a 29% decline in gold sales to 13,784 ounces. Revenue rose 18.3% to $66.43 million, while EBITDA surged 50.2% to $33.87 million.
Gold production fell due to constrained access to higher-grade ore, reducing head grade to 2.5g/t from 3.1g/t and lowering recovery rates. On-mine costs averaged $1,740 per ounce, with all-in sustaining costs reaching $2,765 per ounce, up from prior periods.
The company generated $18.87 million in operating cash flow and declared a $0.14 dividend payable June 5, 2026. CEO Mark Learmonth noted that grade improvements continued into April.