By Nigel Pfunde
HARARE – Mutapa Gold Resources has recorded a robust financial and operational performance, underpinned by a sharp surge in gold production, key capital investments and favorable global bullion prices.
Speaking at the official announcement of the company’s financial results in Harare on Wednesday, Mutapa Gold Resources Chief Executive Officer Patrick Maseva-Shayawabaya highlighted a significant upward trajectory across all major financial and operational metrics for both the third quarter and the nine-month period ending September 2026.
Quarterly revenue jumped to $127 million, representing a 39.5 percent increase compared to the $91 million registered during the corresponding period last year.
Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the quarter rose sharply to $67 million from $42 million, while profit after tax surged to $45 million compared to $29 million in the previous year.
For the cumulative nine months to September, Mutapa Gold achieved a notable jump in revenue to $402 million, up from $246 million recorded in the prior year. Profit after tax for the nine-month period more than tripled to $156 million compared to $52 million in the same period last year, while EBITDA reached $231 million from $99 million.
Addressing stakeholders in Harare, Maseva-Shayawabaya attributed the financial leap to solid operational delivery and stronger realized gold prices amidst a sustained commodity bull run.
”Overall, for the quarter and for the year to date, a very pleasing performance for the company and one that we expect to carry through in the last quarter of the year,” he said. “The financial performance of the company mirrored the operational performance and also the fact that the gold price realized for the three months and for the nine months… were higher than for the equivalent period last year.”
On the operational front, third-quarter gold output reached 30,116 ounces (937 kilograms), marking a 14 percent improvement compared to the same period last year. For the nine-month period, total production reached just under 90,000 ounces (2,788 kilograms), an increase of 16 percent from 2,408 kilograms last year.
The Chief Executive noted that the overall gain in production was achieved despite Freda’s Mill 1 being off-line for 23 days for a long-planned shell replacement. Operational momentum was primarily driven by higher grade head cracks—averaging 1.49 grams per tonne for the nine months compared to 1.36 grams per tonne last year—and improved plant recovery rates, which rose to 85 percent from 82 percent.
”That improvement in recovery is basically the result of the investments that we made in leach tanks at Freda Rebecca and at Jena Mines starting to bear fruit,” he explained.
“As you can see, for the same period last year we were at 83% and that three-point jump reflects that investment, and we have confidence that in the near future we should be about 90%.”
Looking ahead, the company is pushing forward with ambitious growth projects, including an ongoing 98,000-meter exploration drilling campaign aimed at securing major resource upgrades by 2027. Mutapa Gold has also kicked off its $240 million Shamva Hill project, which entails the development of a 2.4 million tonne per annum open pit mine and processing plant designed to boost output from 25,000 ounces per annum to 80,000 ounces of gold annually upon its completion in December 2028. Demonstrating strong market confidence, a syndicate of 11 local banks has now signed up for $160 million in financing—up from the initial $110 million target—to fund the landmark development.
