Focus on production improvement trajectory in Q2 and Q3; any miss on guidance or further grade deterioration would weigh on shares. Monitor Bilboes project financing updates for potential catalyst.
Price Chart
Executive Summary
Caledonia Mining reported Q1 2026 revenue of $66.43M (+18.3% YoY) and EPS of $0.80 (+77.8%), driven by a 66% higher average gold price. However, gold production fell 20.9% to 14,767 oz and AISC surged 53.9% to $2,765/oz due to lower grades and operational issues. Full-year production guidance of 72,000-76,500 oz was reiterated. The results present a mixed picture: strong profitability but deteriorating operational metrics.
Key Facts
- Revenue increased 18.3% to $66.43 million (Q1 2025: $56.18 million)
- Basic EPS rose 77.8% to $0.80 (Q1 2025: $0.45)
- Gold production fell 20.9% to 14,767 oz (Q1 2025: 18,671 oz)
- Consolidated gold sales dropped 28.9% to 13,784 oz
- AISC per oz sold increased 53.9% to $2,765 (Q1 2025: $1,797)
- Average realised gold price was $4,816/oz, up 66.3% from $2,896
- Full-year 2026 production guidance reaffirmed at 72,000-76,500 oz
- Quarterly dividend of 14 cents per share approved, payable June 5, 2026
Financial Impact
Revenue $66.43M, profit after tax $18.91M, operating cash flow $18.87M
Risk Factors
- Lower gold prices could erase profit gains as production remains weak
- Operational issues at Blanket may persist, leading to further cost inflation
- Convertible note dilution risk if stock price appreciates above conversion price
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001683168-26-003620 |
| Document: caledonia_6k.htm | 0001683168-26-003620 |
| Document: 0001683168-26-003620-index-headers.html | 0001683168-26-003620 |
| Document: 0001683168-26-003620-index.html | 0001683168-26-003620 |
| Document: 0001683168-26-003620.txt | 0001683168-26-003620 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 6-K | $23.41 $21.37 | ▼ −8.71% | ▼ −8.57% | $21.37 (−8.71%) |
Oct 16, 2026 11d ago | 6-K | $23.54 $21.26 | ▼ −9.69% | ▼ −9.26% | $21.37 (−9.22%) |
Oct 15, 2026 12d ago | 6-K | $23.70 $21.86 | ▼ −7.76% | ▼ −6.75% | $21.37 (−9.83%) |
Oct 13, 2026 14d ago | 6-K | $23.73 $23.21 | ▼ −2.19% | ▼ −1.04% | $21.37 (−9.95%) |
Oct 9, 2026 18d ago | 6-K | $23.75 $23.54 | ▲ +0.88% | ▼ −1.08% | $21.37 (+10.02%) |
Sep 28, 2026 29d ago | 6-K | $23.30 $24.34 | ▲ +4.46% | ▲ +3.26% | $21.37 (−8.28%) |
Sep 24, 2026 4w ago | 6-K | $23.87 $23.77 | ▼ −0.42% | ▼ −0.00% | $21.37 (−10.47%) |
Sep 23, 2026 4w ago | 6-K | $24.13 $23.54 | ▼ −2.45% | ▼ −1.77% | $21.37 (−11.44%) |
Sep 22, 2026 5w ago | 6-K | $24.94 $23.42 | ▼ −6.09% | ▼ −4.91% | $21.37 (−14.31%) |
Sep 14, 2026 6w ago | 6-K | $25.22 $24.14 | ▼ −4.28% | ▼ −4.39% | $21.37 (−15.27%) |
US Market Status
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