Operator
Welcome to the Caledonia Mining Q2 Trading Update. We’re joined by Mark Learmonth and the management team. Mark, over to you.
Mark Learmonth
CEO & Non-Independent Director
Thank you, Scott. Could we get into the presentation, please? Okay. Well, good morning, good afternoon to you. Should we just quickly go to the disclaimer page? Okay, and then on to the presenting team.
So I’m Mark Learmonth, Caledonia’s Chief Executive, and we’re joined today by Ross Jerrard, the CFO, Victor Gapare, another Executive Director who’s running the Bilboes project; Craig Harvey, VP Technical Services. He runs exploration and MRM and also in attendance, we’ve got Maurice Mason, who is Vice President, Corporate Development, and Investor Relations.
Should we move on? Okay. Just in terms of an overview, production was up 18% in the second quarter compared to the first quarter, which reflects improved access to higher-grade mining areas and benefits from various operating improvements. Revenue up 16% to $76 million and EBITDA up 16% to nearly $46 million, supported by stronger production and a robust gold price environment. Profit after tax up 27% compared to the comparable period in 2025, up to $30 million, and EPS was up 29% to $1.36 for the quarter. Operating cash flow was strong, $28.4 million. And cash and cash equivalents at the end of the quarter was $167.8 million. The growth pipeline is going well. We’re making good progress at Bilboes as Victor will explain. We’ve got some very exciting exploration results coming out of Motapa where we expect to produce a main resource in the next 4 weeks or so, but also