The guidance was previously set at between 53 000 oz and 56 000 oz.

The company produced 15 164 oz at its Blanket mine, in Zimbabwe, during the third quarter. Output was 11.1% higher compared with the 13 646 oz produced in the prior corresponding quarter in 2019.

Caledonia produced 42 896 oz of gold for the nine months ended September 30, which was an increase of 12% on the 38 306 oz produced in the nine months ended September 30, 2019.

The company plans to increase production to 80 000 oz/y by 2022.

CEO Steve Curtis says the output increases were achieved despite the negative effects of Covid-19 on supply chains and operating arrangements.

The company has also recorded a 45% cumulative increase in its dividend from $0.06 apiece since October 2019 to a its latest quarterly dividend of $0.10 apiece, supported by strong production and a firm gold price .