Jersey-headquartered Caledonia produced 15,164oz from its Blanket mine in Q3, compared with 13,646oz in the same period last year. Guidance now stands at 55,000-58,000oz, up from 53,000-56,000oz.

The production update comes five days after Caledonia boosted its quarterly dividend by 18% versus Q2 to US10c/share - its third dividend increase in the past nine months.

An element of doubt surrounded Caledonia's production in the medium term after the company said in August that travel restrictions in the wake of COVID-19 had stymied efforts to complete work on a new 4,000 ft central shaft at Blanket - an issue it suggested could impact guidance levels out to 2022.

However, Caledonia confirmed on Monday it remained on track to hit its production target of 80,000oz by 2022.