Caledonia Mining (CMCL) Q2 2026 Earnings Call Transcript

Caledonia Mining held its Q2 2026 earnings call, with Mark Learmonth, the CEO, leading the presentation. The company reported an 18% increase in production from Q1 2026, driven by better access to higher-grade mining areas and operational improvements. Revenue rose 16% to $76 million, and EBITDA increased by 16% to nearly $46 million.

Profit after tax climbed 27% to $30 million, while EPS grew 29% to $1.36 per share. Operating cash flow amounted to $28.4 million, with cash and cash equivalents standing at $167.8 million. The company declared a quarterly dividend of $0.14 per share. Caledonia highlighted its strong safety record, with over 400 consecutive days without any lost-time injuries, resulting from proactive risk prevention measures and a focus on training culture and readiness.

Production gains in the second quarter were attributed to improved access to higher-grade zones and the extension of the working week to seven days, which boosted blasting days and overall mine output.