Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) CEO Mark Learmonth spoke with Proactive's Stephen Gunnion about the company's second-quarter 2026 performance, improving gold production at Blanket Mine and progress on its Zimbabwe growth projects.
Learmonth highlighted safety as a key achievement, with no lost-time injuries during the quarter and around 400 LTI-free days. Blanket produced roughly 17,400 ounces of gold, up 18% on Q1, as grade improved from 2.5 to just under 2.9 grams per tonne. "It's grade, grade, grade, grade," Learmonth said, crediting past investment in people, systems and mining controls, and noting grade had continued improving into Q3, which should help bring costs down.
Caledonia reported gross cash of approximately $172 million, with Learmonth pointing to strong internal cash generation from Blanket alongside slower-than-expected spending at the Bilboes Sulphide Project.
Looking ahead, Learmonth said Blanket is expected to produce around 40,000 ounces in the second half, before further gains from an elution circuit upgrade and processing through the Lima facility. He said he was "very, very comfortable" that the second half would be considerably stronger and that Caledonia would hit its 2026 production guidance.
At Bilboes, the company is progressing funding discussions, procurement and infrastructure preparations, still targeting first gold pour in late 2028 and first full year of production in 2029. Learmonth also flagged an upcoming maiden resource at Motapa and plans for trial mining and heap leaching at Blanket's K-Pits in the fourth quarter.
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