Blanket Mine lifts Caledonia’s output forecast after record H1 surge

SAMANTHA MADE

Caledonia Mining Corporation PLC, the London and Victoria Falls Stock Exchange-listed gold producer, has raised its annual production guidance after delivering a stellar performance in the first half of 2025, driven by its flagship Blanket Mine in Zimbabwe.

The mine, which remains the backbone of Caledonia’s operations, produced 39,741 ounces of gold in the first six months of 2025, up 5.1% from the 37,823 ounces delivered in the same period last year. This robust output has prompted the group to revise its full-year production guidance upwards, with Q2 2025 alone setting a new quarterly record.

“Production in the first half of 2025 was excellent and has exceeded our expectations,” said Caledonia CEO Mark Learmonth .

“As a result of this strong performance, we are increasing our annual production guidance. This performance is a testament to the dedication and hard work of our team.”

Learmonth credited Blanket Mine as the anchor of the company’s continued success.

“Blanket Mine continues to provide a solid foundation for growth. As we move forward, we are confident that it will continue to be a cornerstone of our success, driving value for our shareholders,” he said.

In Q2 2025 alone, Blanket Mine delivered 21,070 ounces of gold, up from 20,773 ounces in the same quarter of 2024, reinforcing the mine’s status as a top-performing asset in the company’s portfolio.

Following this performance, Caledonia has revised its 2025 production guidance for Blanket Mine to a range of 75,500–79,500 ounces, slightly above last year’s output of approximately 75,100 ounces.

“This new guidance reflects our confidence in sustained production growth, supported by ongoing operational improvements and the successful ramp-up of our underground operations,” the company said.

Caledonia Mining, a cash-generative and dividend-paying gold producer, has positioned itself as a key player in Zimbabwe’s mining sector. The company has long centred its operations around Blanket Mine, located in Gwanda, and has invested heavily in infrastructure—including the recently completed central shaft project, which has significantly increased mine capacity and efficiency.

Beyond Blanket, Caledonia is also pursuing strategic acquisitions across Zimbabwe in its quest to become a multi-asset gold producer. This expansion strategy aligns with its broader vision of creating long-term value in a region with significant untapped mining potential.

With rising gold prices and a dependable production base, the company is well-positioned to benefit from both market conditions and its operational strengths.

As the second half of the year unfolds, all eyes will remain on Blanket Mine, not only as a symbol of Caledonia’s resilience but also as a bellwether for the company’s future ambitions in Zimbabwe’s mining landscape.