Caledonia Mining Q2 gold output rose 18% QoQ, revenue hit $76M, EPS $1.36. Bilboes feasibility advances; Motapa maiden resource due in four weeks.
Alpha Score of 44 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
Caledonia Mining (CMCL) produced 18% more gold in Q2 than in Q1, reaching higher-grade stopes and pushing revenue 16% higher to $76 million. EBITDA climbed to nearly $46 million. Profit after tax rose 27% year on year to $30 million, earnings per share hit $1.36. Operating cash flow came in at $28.4 million. Cash on hand at quarter end was $167.8 million.
Management pointed to two growth projects. At Bilboes, the feasibility work is advancing under executive director Victor Gapare. At Motapa, a maiden resource estimate is expected within four weeks. Exploration results from Motapa have been described as "very exciting" by CEO Mark Learmonth on the earnings call.
The company also noted that the gold price environment remains supportive. The Q2 average gold price was not given in the call transcript, but spot gold traded above $2,000 during the quarter.
Caledonia's single asset, the Blanket mine in Zimbabwe, has been the sole production source for years. Bilboes and Motapa are intended to diversify the portfolio. The next update on Bilboes capital costs and timeline is likely tied to the feasibility study completion, which the company has not yet dated.
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