Caledonia Mining (CMCL) 2025 Precious Metals Summit - Beaver Creek summary

Strategy and Value Creation

• Pursuing a multi-asset development strategy focused on Zimbabwe, targeting over 200,000 oz annual gold production, with a consistent dividend policy and strong anti-dilution stance.

• Transitioning from a single-asset miner to a mid-tier producer by developing Blanket, Bilboes, Maligreen, and Motapa, with ongoing investments in exploration and acquisitions.

• Over $60 million paid in dividends since 2012, with consistent quarterly payments and a focus on maximizing shareholder value.

• Share price has increased 10x over the past decade, outperforming gold price and GDX index, driven by dividend reinvestment and no share dilution.

• Growth targets include increasing gold production, profitability, and share price, with key performance indicators tied to these metrics.

Asset Portfolio and Development Pipeline

• Blanket Mine provides stable production (75,000–79,500 oz guidance), with a minimum 10-year life and significant reserve/resource growth.

• Bilboes project, acquired in 2023, is fully permitted and 100% owned, offering 3 million oz resource and expected to deliver 1.5 million oz over 10 years, with production targeted for 2029.

• Motapa, adjacent to Bilboes, is a large-scale exploration project with promising initial drilling results and potential to form a major gold district.

• Maligreen, acquired in 2021, adds further resource upside with 442,000 oz M&I and 420,000 oz inferred resources.

• Resource base has grown from 1 million oz in 2015 to nearly 5 million oz, with self-funded development and infrastructure upgrades.

Financial and Operational Performance

• Market capitalization stands at $470 million, with a share price of $25.64 and a quarterly dividend of $0.14 per share as of August 2025.

• More than $50 million paid in taxes over the last decade, and $183–$193 million in economic value generated in Zimbabwe.

• 2024 highlights include $23.7 million paid to government, $1.3 million in community investment, and $1.4 million to local community trust.

• All employees are Zimbabwean, with a workforce of 2,500, and the company is recognized as an employer of choice.

• Significant increase in Blanket's mineral reserves (up 106%) and M&I resources (up 63%).