Caledonia Mining reports Q1 Blanket Mine gold production 14,767 oz.

Caledonia Mining (CMCL) announces Blanket Mine gold production for the quarter ended March 31. Summary: Quarterly gold production of 14,767 ounces, compared with 18,671 ounces produced in the first quarter of 2025. A lower quarter was anticipated reflecting mining sequence and anticipated access constraints to higher grade, higher volume areas. Production during the Quarter was also impacted by equipment availability issues and challenging ground conditions. A new mine shift system in process of being implemented which will increase mine production from six to seven days per week. Appointment of a contractor to accelerate access to higher grade ore sources. Increase in milling capacity following the commissioning of an additional ball mill in the second quarter of 2026. Caledonia remains comfortable with Blanket’s full-year production guidance of 72,000 to 76,500 ounces, with Blanket’s gold production expected to be weighted towards the second half of the year. Mark Learmonth, CEO, said: “Gold production in Q1 2026 was below our expectations, reflecting the lower grades mined during the Quarter; however, this is consistent with our guidance of production being weighted towards the second half of the year. Pleasingly, plant performance remained strong, with 202,217 tonnes milled and good operational availability across the processing circuit. This is an important reflection of our continued investment into the future of the processing facility. The Quarter also included several typical operating challenges associated with deep, mature mining assets, including sequencing considerations, equipment downtime and difficult ground conditions in certain areas. These factors temporarily constrained access to some planned ore sources. We are actively addressing these challenges through several practical measures, including the acceleration of mine development, supported by the appointment of a contractor, to improve access to planned ore sources. Importantly, we will be introducing a revised shift system later in the year, moving the operation to a seven-day working week, which we expect will both reduce worker fatigue and support increased ore production. Alongside these mining initiatives, we are progressing further plant improvements, including an increase in milling capacity following the commissioning of an additional ball mill. Taken together, these actions are expected to support a stronger production profile in the second half of the year and into 2027. The challenges experienced in the first quarter do not reflect the underlying quality of the orebody or the long-term fundamentals of the operation. Blanket remains a resilient, cash-generative asset, supported by a capable and committed workforce and a processing plant that continues to perform reliably and where we are growing capacity. Management’s focus is on stabilising mining areas, improving equipment availability and restoring access to planned ore sources as we progress through the year.”