Caledonia Mining Corporation Plc (NYSE: CMCL) announced that its Non-Executive Director and Chairman, July Ndlovu, acquired additional equity in the company on August 13, 2026. The purchase of 21,400 common shares was executed on the New York Stock Exchange (NYSE) at a price of $23.03 per share.

Following this transaction, Mr Ndlovu’s total interest in the company stands at 250,489 common shares. The notification was received by the company on August 14, 2026, and constitutes an initial disclosure under regulatory requirements for persons discharging managerial responsibilities.

Transaction Details

The share purchase reflects a direct investment by the company’s leadership. Key details of the transaction are outlined below:

The company’s LEI is 21380093ZBI4BFM75Y51. The instrument traded consists of common shares of no par value, identified by code JE00BF0XVB15.

Caledonia Mining Corporation Plc reported second-quarter earnings per share (EPS) of US$1.36, significantly beating the analyst consensus estimate of US$0.54 by 151.85 percent. This represents a 19.3 percent increase over the US$1.14 per share earned in the same period last year. However, quarterly sales of US$75.914 million missed the analyst consensus estimate of US$82.000 million by 7.42 percent, despite a 16.24 percent year-on-year increase from US$65.309 million. The results reflect strong profitability driven by gold prices, offsetting lower-than-expected revenue volumes.

The Board approved a quarterly dividend of US$0.14 per share. The ex-dividend date is set for August 19, 2026, on the Zimbabwe Financial Exchange (VFEX) and August 21, 2026, on AIM and NYSE American. The record date is August 21, 2026, with payment scheduled for September 4, 2026. Shareholders with registered addresses in the UK will receive payments in Sterling. The company will also host a Capital Markets Day on September 16, 2026, in New York to discuss its strategic outlook.

Operational Recovery at Blanket Mine

Gold production at Blanket Mine increased 18 percent quarter-on-quarter to 17,360 ounces, marking a significant operating recovery following lower output in the first quarter. This improvement was attributed to better access to high-grade mining areas, with the average feed grade rising to 2.9g/t from 2.5g/t in the preceding quarter. Management highlighted that operational improvements, including the transition to a seven-day working schedule introduced in June, are expected to boost production further from September 2026. Safety performance reached a record high, with no lost-time injuries (LTIs) recorded during the quarter, extending the streak to approximately 395 consecutive LTI-free days.

Cost Dynamics and Guidance Updates

On-mine costs per ounce sold rose 49 percent to US$1,675/oz compared to the comparative quarter, primarily due to lower grades and the inclusion of substantial employee benefit costs arising from the maturing employee ownership trust. All-in sustaining costs (AISC) per ounce decreased 3 percent to US$2,678/oz compared to the preceding quarter due to higher grades. Consequently, Caledonia updated its full-year 2026 guidance, raising the on-mine cost range to US$1,600-US$1,800/oz and AISC to US$2,500-US$2,700/oz. Capital expenditure guidance for 2026 was revised downward to US$103.3 million from US$178.9 million, reflecting a refined understanding of deposit timing for long-lead equipment rather than any change in project scope.

What the Numbers Show

The divergence between rising costs per ounce and expanding profitability underscores the dominant influence of gold prices on Caledonia’s financials. While on-mine costs surged 49 percent year-on-year to US$1,675/oz, the realized gold price jumped 34 percent to US$4,259/oz, allowing gross profit to grow 16 percent despite a 13 percent decline in ounces sold. Additionally, the reported profit after tax includes US$11.5 million in gains from the revaluation of derivative financial instruments; excluding this non-operating item, core profit after tax still grew 23 percent to US$18.5 million, indicating underlying operational resilience alongside favorable market conditions.