Caledonia Mining Corporation

Caledonia Mining lowered its full-year production guidance for the Blanket mine in Zimbabwe and raised its cost outlook after third-quarter gold output fell 11% year over year to 19,106 oz. The company attributed the decline to a shortage of compressed air at certain high-grade, high-volume mining areas and the temporary retention of gold within the processing circuit, and said it expects production to normalize during the fourth quarter as two new compressors have been deployed and the last two have been released from port and are being transported to the mine. For fiscal 2026, Caledonia cut Blanket production guidance to a range of 69,000-72,500 oz from a previous outlook of 72,000-76,500 oz, implying fourth-quarter production at Blanket of 19,800-23,300 oz. Reflecting the lower expected volumes, the company raised full-year on-mine cost guidance to $1,700-$1,900 per oz sold from a prior view of $1,600-$1,800 per oz sold, and hiked all-in sustaining cost guidance to $2,650-$2,850 per oz sold from an earlier forecast of $2,500-$2,700 AISC. CEO Mark Learmonth said that although guidance for 2026 has been revised to reflect the third-quarter performance, Blanket remains a robust and cash-generative operation. Shares fell 2.6% in Friday's trading.