Caledonia Mining (CMCL) Q3 2026 earnings summary

Executive summary

• Q3 production was 17,030 oz and 9M production was 49,158 oz; 2026 production guidance was cut to 69,000–72,500 oz.

• Blanket mining and recovery constraints reduced output, while a 20% higher realized gold price supported revenue and gross profit.

• Priorities include restoring Blanket production consistency, advancing Bilboes toward first gold in Q4 2028, and developing Blanket and Motapa resources.

Financial highlights

• Q3 revenue was $78.9m, up 10.5% YoY, and gross profit was $41.9m, up 13.6%; EBITDA was $28.1m, down 16%.

• Q3 profit for the period was $11.3m, down 39.3%; profit attributable to shareholders was $2.9m, down 81%, including a $12.9m non-cash derivative fair-value loss.

• 9M revenue was $221.3m, up 15%, and EBITDA was $107.8m, up 13%; profit for the period was $60.3m, up 13%.

• Q3 operating cash inflow was $31.0m, up 19%; operating cash flow was $13.6m. Period-end cash and cash equivalents were $157.9m.

Outlook and guidance

• FY2026 production guidance was revised to 69,000–72,500 oz; on-mine cost guidance rose to $1,700–$1,900/oz sold and AISC to $2,650–$2,850/oz sold.

• FY2026 group capex guidance fell to $94.3m from $103.3m, mainly reflecting project-spend timing; Bilboes growth capex guidance decreased to $43m from $48m.

• Q4 recovery plans include additional compressor and elution capacity, recovering retained gold, processing activated carbon, improving plant circuits and increasing Lima throughput.

• Bilboes targets first gold in Q4 2028, with 2029 expected to be its first full production year; project financing is expected to be finalized in 2027.

• K-Pits full-scale oxide operations target Q1 2027, subject to successful heap-leach trial results.