Caledonia Mining (CMCL) investor relations material

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.