• Blanket Mine achieved a record first-quarter gold production of 18,671 ounces in Q1 2025, surpassing the previous high and up 9.5% from Q1 2024
  • The mine's strong performance was driven by operational efficiencies and a robust gold price environment, generating approximately $60.2 million in revenue
  • With a 15,000-tonne surface stockpile and a bullish gold price outlook, Blanket Mine is well-positioned for continued growth and strong cash flows

Harare- Blanket Mine, flagship asset of Caledonia Mining Corporation, delivered a stellar Q1 2025, achieving a record first-quarter gold production of 18,671 ounces (523 kgs), surpassing the previous high of 18,515 ounces in Q1 2022 and up 9.5% from 17,050 ounces in Q1 2024.

With 201,755 tonnes milled, 13.4% above expectations and a 15,000 tonne surface stockpile, Blanket is on track to meet its 2024 guidance of 74,000-78,000 ounces.

This performance, driven by operational efficiencies and a robust gold price, positions Blanket as one of the leading Zimbabwe’s gold mines.

This exceptional performance, bolstered by soaring gold prices averaging $3,223 per ounce, positions Blanket as a standout among Zimbabwe’s gold producers, generating robust cash flows and fuelling growth prospects.

The record was amplified by a favourable gold price environment. Gold prices in Q1 2025 rose 22.9% year-to-date, reaching $3,223.18 per ounce by April 15, with a peak of $3,245.56 on April 14.

Analysts forecast continued growth, with estimates ranging from $3,357 to $4,000 by year-end, driven by central bank demand, geopolitical tensions, and expected U.S. Federal Reserve rate cuts.

Blanket’s production translated to approximately $60.2 million in revenue at Q1’s average price, compared to $37.7 million in Q1 2024 at $2,209 per ounce a 59.6% revenue boost (using spot prices).

Gold price trends amplify Blanket’s outlook. Forecasts from Goldman Sachs ($3,700 by year-end) and CoinPriceForecast ($4,000) cite central bank purchases (1,045 tonnes globally in 2024) and ETF inflows ($9.4 billion in February 2025) as drivers.

However, Morningstar’s bearish view predicts a drop to $1,820 over five years due to rising supply, though Q1’s 216,265-tonne global stock suggests demand outpaces recycling.

Blanket’s 15,000-tonne stockpile, up from 8,000 tonnes in Q1 2024, ensures it can sell into price peaks.

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