caledonia mining on thursday reported higher earnings for the first quarter of the year as gold production reached a new record for the first three months of the year heres what the owner of the blanket mine in zimbabwe had to say 18515 ounces of gold produced in the quarter q1 2021 13197 ounces the 40 percent increase in production was due to higher tonnes milled improved grade and better metallurgical recoveries gold production in the quarter represents a new production record for any first quarter gross revenues of 351 million q1 2021 257 million higher revenues reflect a 40 per cent increase in production and a six per cent increase in the realised gold price revenues include the sale proceeds of 442 ounces net of gold in workinprogress onmine cost of 698 per ounce q1 2021 836 per ounce lower cost per ounce was primarily due to higher production which means that fixed costs are spread across more ounces improved grade and reduced use of diesel generators allin sustaining cost of 968 per ounce q1 2021 1044 per ounce adjusted earnings per share of 625 cents q1 2021 516 cents net cash from operating activities of 102 million q1 2021 20 million production in april showed a further improvement production of almost 6800 ounces in the month reflects an annualised production rate that is marginally above the top end of our guidance range for 2022 of 73000 to 80000 ounces of gold we are confident we will achieve our production guidance for 2022 of 73000 to 80000 ounces