Caledonia Mining Corporation PLC described 2024 as ‘a year of significant progress’, financially and operationally, as it reported record annual results.
Operating cash flow totalled US$42 million, from US$14.8 million, on 76,656 ounces of gold production.
Gross revenue rose to US$183 million, from US$146.3 million in 2023, whilst gross profit increased by 86% to US$77 million.
The company, meanwhile, reported a net attributable profit of US$17.9 million versus a US$7.9 million net loss in the prior year.
On a per-share basis, it reported earnings (adjusted) of 125.2 cents. Meanwhile, shareholders are set to receive a 14 cents per share dividend.
“Our financial performance benefited from a higher gold price environment, which resulted in a significant increase in gross profit and operating cashflows,” chief executive Mark Learmonth said.
Learmonth, meanwhile, highlighted that Caledonia’s strategic vision remains to become a multi-asset, Zimbabwe-focused gold producer, with immediate attention on the Bilboes mine, where extended feasibility work is expected unearth cost-saving opportunities and enhance project economics.
“Bilboes remains a highly attractive project, and we are confident that we will find the optimal development method to maximise returns for shareholders,” Learmonth added.
“We continue to refine the feasibility study, exploring ways to enhance project economics and reduce upfront capital requirements.
“We are confident that by taking a disciplined approach we can develop the project in a way that creates long term value while maintaining financial prudence.”
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