Caledonia Mining Corporation Reports Strong Gold Production for 2024

Caledonia Mining Corporation plc (CMC), listed on the NYSE American LLC, Alternative Investment Market, and Victoria Falls Stock Exchange, has announced its 2024 gold production results and plans for 2025. The mining giant achieved a remarkable year-end performance, with its flagship Blanket Mine in Zimbabwe producing 76,656 ounces of gold, meeting the company’s guidance of 74,000 to 78,000 ounces.

Record Achievements at Blanket Mine

In the fourth quarter of 2024, Blanket Mine produced 19,841 ounces of gold, capping off a year of record-breaking milestones. The mine processed 797,000 tonnes of ore, marking the highest ever annual tonnage. In December alone, a record 89,727 tonnes of ore were hoisted, exceeding the mine’s milling capacity.

Mark Learmonth, Caledonia’s CEO, expressed satisfaction with the year’s performance, emphasizing the mine’s operational efficiency and strong production levels. “We closed the year with a stockpile of 8,400 tonnes, providing an excellent starting point for 2025,” Learmonth stated.

2025 Capital Expenditure and Guidance

Caledonia has outlined an ambitious US$41.8 million capital expenditure program for 2025. Key allocations include:

• US$34.9 million for Blanket Mine improvements, including the development of 4,663 meters and energy-saving initiatives.
• US$5.8 million for exploration at the Motapa property and the completion of the feasibility study at Bilboes.

The company projects gold production of 73,500 to 77,500 ounces in 2025. Cost guidance includes:

• On-mine costs of US$1,050/oz to US$1,150/oz.
• All-in sustaining costs (AISC) of US$1,690/oz to US$1,790/oz, factoring in increased labor, HR, and IT expenses.

Strategic Investments and Future Growth

Caledonia continues to invest in operational resilience, technology, and staff development to improve efficiency. A new office in Bulawayo will enhance synergies with the Bilboes sulphide project, which is expected to play a critical role in the company’s future.

Learmonth highlighted the significance of exploration at Motapa and the ongoing feasibility study for Bilboes, saying, “We are systematically building a mid-tier Zimbabwe-focused gold producer with multi-asset profitable production.”

Extended Mine Life and Environmental Commitment

Over the past seven years, Caledonia’s investment in Blanket Mine has doubled production and extended the mine’s life to 2034 based on reserves. Additionally, the company remains committed to environmental, social, and governance (ESG) initiatives, with US$20/oz allocated to ESG costs in its 2025 budget.

A Focused Vision

Caledonia’s growth strategy is aimed at increasing shareholder value while fostering sustainable operations. The company’s leadership remains optimistic about future opportunities within Zimbabwe’s mining sector, with a clear focus on leveraging Blanket Mine’s successes and developing new projects.

With its robust 2024 results and strategic plans for 2025, Caledonia Mining Corporation solidifies its position as a leader in Zimbabwe’s gold mining industry.