HARARE Caledonia Mining Corporation Plc has released its Q2 2026 operational update for Blanket Mine in Zimbabwe. The primary takeaway is a clear operational turnaround following a slow start to the year. Gold production reached 17,360 ounces in the second quarter, marking an 18% sequential increase over Q1’s 14,767 ounces. Crucially, management reaffirmed its full-year guidance of 72,000 to 76,500 ounces.
Grade Recovery Drives Sequential Growth
The main catalyst behind the quarter-on-quarter recovery is improving underground access to higher-grade mining areas. Delivered ore grades to the plant rose to an average of 2.88 grams per tonne (g/t) in Q2, up from Q1 levels. Early Q3 performance shows this momentum holding, with July month-to-date grades reaching 3.05 g/t. Chief Executive Officer Mark Learmonth noted that head grades are expected to hover around 3.0 g/t for the remainder of 2026.
| Operational Metric | Q1 2026 | Q2 2026 | July 2026 Run-Rate | FY 2026 Target |
| Gold Production (oz) |
14,767 |
17,360 |
— |
72,000 – 76,500 |
| Head Grade (g/t) |
Lower than Q2 |
2.88 |
3.05 |
~3.00 (expected H2) |
While Q2 output was lower compared to the record-breaking grades seen in Q2 2025, this gap aligns with the company’s planned mining sequence. The early-year production drag stemmed from temporary access limits to richer ore zones, which are now being unblocked.
Key H2 Growth Drivers
To meet its annual target, Caledonia’s second-half strategy relies on three main operational levers:
1. Accessing High-Grade Ore: Sustained development work to keep higher-grade stopes accessible.
2. Increased Shift Capacity: The transition to a 7-day work week implemented in June, adding ~200 tonnes per day in ore output.
3. Processing Upgrade: The completion of the elution plant upgrade in Q3, allowing Caledonia to process stockpiled fine-grain loaded carbon starting in September.
Caledonia’s early-2026 production challenges were short-term bottlenecks rather than long-term structural issues. With higher throughput from schedule changes, plant enhancements underway, and head grades stabilizing near 3.0 g/t, execution risk for the second half appears well-managed as Blanket Mine scales up production.
