The revenue beat from higher gold prices is positive, but rising costs and declining production are headwinds. Monitor H2 2026 production recovery (7-day shift, grade improvement) and Bilboes financing milestones. The reduced capex guidance may ease near-term dilution fears but delays Bilboes ramp-up. Dividend remains stable.
Price Chart
Executive Summary
Caledonia Mining reported Q2 2026 revenue of $75.9M (+16% YoY) and EPS of $1.36 (+28% YoY), driven by a 34% higher realized gold price. However, gold production at Blanket fell 18% YoY to 17,360 oz due to lower grades, and on-mine costs surged 49% to $1,675/oz. Cost guidance for 2026 was raised (AISC now $2,500-$2,700/oz vs prior $2,100-$2,300), while capex guidance was cut to $103.3M from $178.9M due to Bilboes spending timing. The company maintains a strong cash position of $167.8M and declared a $0.14 quarterly dividend.
Key Facts
- Q2 2026 revenue $75.9M, up 16% YoY from $65.3M
- Basic EPS $1.36, up 28% YoY from $1.06
- Blanket gold production 17,360 oz, down 18% YoY from 21,070 oz
- On-mine cost $1,675/oz, up 49% YoY; AISC $2,678/oz, up 48% YoY
- 2026 production guidance reaffirmed at 72,000-76,500 oz
- On-mine cost guidance raised to $1,600-$1,800/oz (from $1,500-$1,700)
- AISC guidance raised to $2,500-$2,700/oz (from $2,100-$2,300)
- 2026 capex guidance reduced to $103.3M from $178.9M
- Cash and cash equivalents $167.8M at June 30, 2026
- Quarterly dividend of $0.14 per share declared
- Bilboes project: $150M interim facility and $300M project finance facility progressing
Financial Impact
Revenue up 16% to $75.9M, gross profit up 16% to $39.2M, EBITDA up 16% to $45.8M, but production down 18% and costs up ~50% per ounce. Cost guidance increase implies ~$200/oz higher on-mine and ~$400/oz higher AISC for full year.
Risk Factors
- Further grade deterioration or operational setbacks at Blanket
- Bilboes project financing delays or cost overruns
- Zimbabwe regulatory or royalty changes
- Gold price volatility impacting revenue and margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001683168-26-006121 |
| Document: caledonia_6k.htm | 0001683168-26-006121 |
| Document: 0001683168-26-006121-index-headers.html | 0001683168-26-006121 |
| Document: 0001683168-26-006121-index.html | 0001683168-26-006121 |
| Document: 0001683168-26-006121.txt | 0001683168-26-006121 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 6-K | $23.41 $21.37 | ▼ −8.71% | ▼ −8.57% | $21.81 (−6.83%) |
Oct 16, 2026 11d ago | 6-K | $23.54 $21.26 | ▼ −9.69% | ▼ −9.26% | $21.81 (−7.35%) |
Oct 15, 2026 12d ago | 6-K | $23.70 $21.86 | ▼ −7.76% | ▼ −6.75% | $21.81 (−7.97%) |
Oct 13, 2026 14d ago | 6-K | $23.73 $23.21 | ▼ −2.19% | ▼ −1.04% | $21.81 (−8.09%) |
Oct 9, 2026 18d ago | 6-K | $23.75 $23.54 | ▲ +0.88% | ▼ −1.08% | $21.81 (+8.17%) |
Sep 28, 2026 29d ago | 6-K | $23.30 $24.34 | ▲ +4.46% | ▲ +3.26% | $21.81 (−6.39%) |
Sep 24, 2026 4w ago | 6-K | $23.87 $23.77 | ▼ −0.42% | ▼ −0.00% | $21.81 (−8.63%) |
Sep 23, 2026 4w ago | 6-K | $24.13 $23.54 | ▼ −2.45% | ▼ −1.77% | $21.81 (−9.61%) |
Sep 22, 2026 5w ago | 6-K | $24.94 $23.42 | ▼ −6.09% | ▼ −4.91% | $21.81 (−12.55%) |
Sep 14, 2026 6w ago | 6-K | $25.22 $24.14 | ▼ −4.28% | ▼ −4.39% | $21.81 (−13.52%) |
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