Caledonia Mining Corp PLC on Monday reaffirmed its production guidance for 2024, following a swing to profit in the first quarter thanks to rising revenue.

The Zimbabwe-focused gold producer swung to a pretax profit of $5.3 million during the three months that ended March 31 from a loss of $768,000 last year. Earnings before interest, tax, depreciation and amortisation was $9.9 million, up from $2.3 million a year before.

Revenue rose 31% to $38.5 million from $29.4 million.

Chief Executive Officer Mark Learmonth said: ‘The first quarter of 2024 got off to a strong start with an increase in production and profit, supported by a favourable gold price. This has continued through April and into May.’

Caledonia Mining produced 17,476 ounces of gold, of which 17,050 ounces came from the flagship Blanket project, up 8.3% from 16,141 ounces last year. On-mine cost was $993 per ounce, steady with $991 a year before, while all-in sustaining cost was $1,296 per ounce, down from $1,412.

Looking ahead, the company maintained its guidance for the year of between 74,000 and 78,000 ounces of gold, at an on-mine cost for Blanket of $870 to $970 per ounce and AISC of $1,370 to $1,470. Production is therefore expected to be largely unchanged from the 75,416 ounces produced in 2023.

Caledonia Mining shares were up 1.1% to 824.00 pence each in London on Monday morning.

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