Caledonia Mining Corporation Plc reports record profit in 2024 on strong gold production
From GlobeNewswire: 2025-03-31 02:00:00
Caledonia Mining Corporation Plc restated previous financial statements due to an error in deferred tax liabilities calculation at Blanket Mine. The restatement has no impact on cashflow or income tax calculations. Financial results for 2024 show a record profit of $17.9 million, with gross revenue of $183.0 million and gross profit of $77.0 million.
Operating highlights include Blanket Mine producing 76,656 ounces of gold, with Bilboes oxide mine on care and maintenance. Consolidated average realized gold price per ounce was $2,347, with on-mine cost per ounce at $1,073 and all-in sustaining cost per ounce at $1,506. Exploration success at Motapa with more work planned for 2025.
A feasibility study for the Bilboes project is in progress, with optimization opportunities being explored to enhance project economics. Caledonia is considering the potential sale of concentrate and relocating the Tailings Storage Facility. High-grade mineralization at Blanket could contribute to Bilboes’ capital requirements.
The board saw changes with new directors and a new CFO. Caledonia’s strategy for 2025 focuses on stable production at Blanket, optimizing Bilboes, and continuing exploration at Blanket and Motapa. The company aims to become a multi-asset, Zimbabwe-focused gold producer, with a budget of $41.0 million for capital investment.
Financially, Caledonia reported a net attributable profit of $17.9 million in 2024, an improvement from a net loss in 2023. Cash flow increased to $42.0 million, strengthening the company’s position. The outlook for 2025 includes production guidance for Blanket and capital investment to support growth objectives.
An investor and analyst presentation on the full-year and Q4 2024 results will be held on March 31, 2025, at 2:00 pm London time. Enquiries can be directed to Caledonia Mining Corporation Plc for more information. The company disclosed inside information in compliance with the Market Abuse Regulation.
Caledonia’s financial performance in 2024 saw significant improvement, driven by higher gold prices and effective cost management. The company’s net profit, gross profit, and operating cash flow all showed positive trends. Looking ahead, Blanket’s production guidance and investment in operational efficiency are key focus areas for growth.
Read more at GlobeNewswire:: Caledonia Mining Corporation Plc: Results for the year