Caledonia Mining Corporation PLC
LSE:CMCL
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Caledonia Mining Corporation PLC
LSE:CMCL
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Caledonia Mining Corporation PLC
Caledonia Mining Corp. Plc engages in the mining, exploration, and development of mines. The firm's activities are focused on the Blanket Mine in Zimbabwe. Its segments include Corporate, Zimbabwe, South Africa and Zambia. The Corporate segment includes the Company and Greenstone Management Services Limited (UK) responsible for administrative functions. The Zimbabwe segments include Caledonia Holdings Zimbabwe Limited and subsidiaries. The Zambia segments consist of Nama copper project and cobalt project. The South Africa segment comprises a gold mine, as well as sales made by Caledonia Mining South Africa Proprietary Limited to the Blanket Mine. The Blanket Mine is located approximately 560 kilometers south of Harare and over 150 kilometers south of Bulawayo. The company has exploration title holdings in the Gwanda Greenstone Belt totaling approximately 80 claims, covering a total area of over 2,500 hectares.
Caledonia Mining Corp. Plc engages in the mining, exploration, and development of mines. The firm's activities are focused on the Blanket Mine in Zimbabwe. Its segments include Corporate, Zimbabwe, South Africa and Zambia. The Corporate segment includes the Company and Greenstone Management Services Limited (UK) responsible for administrative functions. The Zimbabwe segments include Caledonia Holdings Zimbabwe Limited and subsidiaries. The Zambia segments consist of Nama copper project and cobalt project. The South Africa segment comprises a gold mine, as well as sales made by Caledonia Mining South Africa Proprietary Limited to the Blanket Mine. The Blanket Mine is located approximately 560 kilometers south of Harare and over 150 kilometers south of Bulawayo. The company has exploration title holdings in the Gwanda Greenstone Belt totaling approximately 80 claims, covering a total area of over 2,500 hectares.
Revenue: Revenue rose to $267 million, driven by higher gold prices and stable production.
Profitability: EBITDA doubled to $125.3 million and profit after tax rose to $67.5 million, largely reflecting gold price leverage.
Production: Blanket produced 76,000 oz in 2025 (Bilboes oxide 1,683 oz), total group gold sold 79,000 oz.
Costs: Production costs rose 25% (Blanket up 19%) with labor, consumables and power the main drivers; unit costs were slightly above guidance.
Capital & funding: Board approved $178.9 million group CapEx for FY2026 (including $136 million for Bilboes); company completed a $150 million convertible note raising (net ~$130 million after cap call).
Bilboes progress: Project implementation underway with EPCM appointed; first gold expected late 2028 and full production ~200,000 ozpa in 2029; project capital cost reported as $485 million (package ~ $600 million including interest/working capital).
Safety: A fatal secondary blasting incident in September prompted a comprehensive safety review and renewed focus on a zero-harm culture.
Liquidity & returns: Year-end cash on hand $35.7 million (plus bullion/receivables/fixed deposits giving ~almost $60 million available); dividend of $0.14 per share declared and $60 million of dividends declared from Blanket in 2025.
