For the three months ended 30 June, gold production at Blanket Mine reached a new quarterly record of 21,070 ounces (oz), aided by a record recovery rate of 94.4%, which offset a y/y decline of 1.8% in tonnes milled. This performance contributed to a 4.9% increase in aggregate gold production in 1H25, totalling 40,458oz. While the Bilboes oxide mine remains under care and maintenance, leaching of the heap leach pads contributed 807oz of gold to the Group. The average realised gold price for the six months to June was up 40% y/y, rising from US$2,179/oz to US$3,045/oz. For the quarter, it stood at US$3,186/oz, reflecting strengthening prices. As a result, Caledonia recorded a 37.1% increase in revenue in 1H25 to US$121.49mn.
