The following is a summary of the Caledonia Mining Corporation Plc (CMCL) Q1 2024 Earnings Call Transcript:
Financial Performance:
Caledonia Mining reported Q1 2024 production of just under 17,500 ounces, up from just over 16,000 ounces in Q1 2023.
Revenue increased from $30 million to $38.5 million, primarily due to higher average gold prices for the quarter.
Gross profit rose significantly from less than $6 million to nearly $14 million.
The company reported a profit of $2 million in Q1 2024, compared to a loss of $5 million in the same period last year.
However, a substantial foreign exchange loss of about $4.1 million was reported.
Business Progress:
The company reaffirmed its annual production guidance of 74,000-78,000 ounces.
James Mufara was appointed as the new Chief Operating Officer effective from May 1st.
Caledonia Mining announced promising exploration results earlier in the year and is currently working on a revised mineral resource statement to increase the mine's life.
The company maintained its quarterly dividend payment of $0.14 per share.
An update on the commercialization of the large-scale sulfide project at Bilboes is expected in about two weeks.
More details: Caledonia Mining IR
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