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Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) said first-quarter gold production at its Blanket Mine fell, as expected, to 14,767 ounces. The company attributed the decline to a planned move through lower-grade areas, compounded by equipment availability issues and difficult ground conditions.
Caledonia said the weaker quarter reflected the mining sequence and temporary access constraints to higher-grade, higher-volume zones. The company added that the production profile leaves more weight on the second half of the year, when it expects a recovery as operational changes begin to take effect.
While output was lower, Caledonia highlighted stronger plant performance. Blanket milled 202,217 tonnes during the quarter, with the company pointing to good availability across the processing circuit.
To support a stronger run-rate, Caledonia has appointed a contractor to accelerate access to planned ore sources. It is also moving to a seven-day mining week from six, and expects milling capacity to increase after commissioning an additional ball mill in the second quarter.
Caledonia reiterated that it remains comfortable with full-year production guidance of 72,000 to 76,500 ounces. The company also said Blanket’s 2026 output should be weighted toward the second half as the initiatives take effect.
"The challenges experienced in the first quarter do not reflect the underlying quality of the orebody or the long‑term fundamentals of the operation. Blanket remains a resilient, cash‑generative asset, supported by a capable and committed workforce and a processing plant that continues to perform reliably and where we are growing capacity. Management's focus is on stabilising mining areas, improving equipment availability and restoring access to planned ore sources as we progress through the year," chief executive Mark Learmonth said.
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