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Caledonia Mining Corporation (CMCL) investor relations material
Caledonia Mining Corporation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue rose 52% year-over-year to $71.4 million, driven by a 40% increase in realized gold price to $3,434/oz and higher sales volumes, with Blanket Mine producing 19,106 oz and sales of 20,355 oz.
EBITDA surged 162% to $33.5 million, and profit after tax increased 467% to $18.7 million compared to Q3 2024.
A fatality at Blanket Mine prompted a comprehensive safety review and new risk management measures.
Exploration programs at Blanket and Motapa advanced, with Motapa drilling 71–72% complete and a maiden resource declaration expected H1 2026; Bilboes Feasibility Study announcement is imminent.
Quarterly dividend of $0.14/share declared, with $14.7 million in dividends paid year-to-date.
Financial highlights
Revenue for Q3 2025 was $71.4 million, up 52% from Q3 2024, with gold sold up 9% year-over-year to 20,792 oz and gold produced up 1% to 19,106 oz.
EBITDA rose 163% to $33.5 million; attributable profit increased 492% to $15.1 million.
Free cash flow was $5.9 million, reversing a loss in the prior year.
EPS for Q3 2025 was $0.77, up from $0.13 in Q3 2024.
Total liquidity at quarter-end was $44.3 million, with net cash and liquid assets at $35.0 million.
Outlook and guidance
2025 gold production guidance maintained at 75,500–79,500 oz, currently 3,000 oz ahead of plan.
On-mine cost guidance for 2025 raised to $1,150–$1,250/oz; AISC guidance up to $1,850–$1,950/oz due to higher royalties and admin costs.
Capital expenditure guidance for 2025 is $41.0 million, with $34.1 million for Blanket and $5.8 million for exploration at Bilboes and Motapa.
Dividend expected to be maintained, with no increase planned until after Bilboes project completion.
Scheduled engineering work at Blanket planned for 2026–2027, with stockpiling to ensure uninterrupted milling.
Motapa integration into Bilboes timeline
Impact of cost initiatives on 2025 guidance
Capital allocation post-Bilboes completion
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Next Caledonia Mining Corporation earnings date
Q4 202531 Mar, 2026
Next Caledonia Mining Corporation earnings date
Q4 202531 Mar, 2026
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Frequently asked questions
Caledonia Mining Corporation Plc is a mining and exploration company focused on the acquisition, development, and operation of gold mining properties. The company primarily operates the Blanket Gold Mine in Zimbabwe, producing gold and exploring for additional mineral resources. The company is headquartered in Saint Helier, Jersey, and its shares are listed on the LSE and the NYSE.
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