Victoria Falls Stock Exchange listed gold mining large Caledonia Mining Corporation Plc (CMCL) has reported its third-quarter 2024 financials, revealing a blended bag of outcomes, with elevated gross revenue and decreased earnings per share, amidst ongoing efforts to optimize operations.

The firm has introduced its working and monetary outcomes for the quarter and 9 months ended September 30, 2024.

Caledonia reported a income of US$46.9 million for the third quarter of 2024, representing a slight lower from the earlier yr. The firm’s nine-month income stood at US$135.5 million.

Gross revenue for the quarter elevated to US$19.3 million, up from US$14.1 million within the comparable quarter of 2023, pushed by larger gold costs and decrease prices on the Bilboes oxide mine.

On-mine price per ounce for the quarter rose to US$1,056, in comparison with US$928 within the third quarter of 2023, primarily because of decrease ounces offered and better manufacturing prices at Blanket.

The firm’s all-in sustaining price (AISC) per ounce for the quarter was US$1,501, up from US$1,268 within the comparable quarter, pushed by decrease ounces offered, larger on-mine prices, and elevated cash-settled share-based fee bills.

Basic IFRS earnings per share (EPS) for the quarter decreased to 12.0 cents, down from 24.1 cents within the third quarter of 2023.

Adjusted EPS for the quarter stood at 26.2 cents, down from 29.9 cents within the comparable quarter.

Gold manufacturing for the quarter totalled 18,992 ounces, down from 21,772 ounces within the comparable quarter of 2023.

Gold produced within the 9 months ended September 30, 2024, elevated to 56,815 ounces, up from 55,244 ounces in the identical interval of 2023.

Caledonia reiterated its gold manufacturing steerage for 2024, anticipating to supply between 74,000 and 78,000 ounces.

The firm signed a conditional sale settlement to promote the subsidiary proudly owning the 12.2MWac photo voltaic plant for US$22.35 million.

Caledonia is growing its concentrate on development alternatives, together with the Bilboes sulphide undertaking and exploration actions at Motapa.

Caledonia stated it aimed to take care of manufacturing at Blanket throughout the focused vary for 2024 and 2025.

The firm has plans to finish the Bilboes sulphide undertaking feasibility examine within the first quarter of 2025.

Progress is being made on improvement funding options to start improvement of the sulphide undertaking.

Mark Learmonth, Chief Executive Officer of Caledonia stated: “We remain committed to improving our safety performance and delivering a zero-harm environment.”

“We continue to carefully manage our cash flows and working capital… Blanket remains a solid foundation for our growth profile in Zimbabwe.”

Caledonia’s board has declared a dividend of 14 cents per share, payable on December 6, 2024.