Caledonia Mining (CMCL) Q1 2025 earnings summary

Executive summary

• Achieved record gross profit and strong operational performance in Q1 2025, with gold production up 9.3% to 19,000 ounces and gross profit nearly doubling year-over-year, driven by a 42% increase in realized gold prices.

• Strengthened the balance sheet with the $22.35 million solar plant sale in April 2025, improving pro forma net cash to $18.6 million.

• Board and management changes included two new non-executive directors, a new CFO, and enhanced leadership roles.

• Maintained operational resilience with production growth, cost management, and strategic focus on maximizing Blanket Mine production, optimizing Bilboes economics, and advancing Motapa exploration.

Financial highlights

• Gold revenue rose 46% year-over-year to $56.2 million, driven by higher production and gold prices.

• Gross profit reached a quarterly record of $26.9 million, up 95% year-over-year; EBITDA increased 148% to $22.6 million.

• Net profit attributable to shareholders surged 500% to $8.9 million; adjusted EPS climbed 503% to 58.5 cents.

• Net cash from operating activities more than doubled to $13.3 million from $4.9 million year-over-year.

• Net cash position improved to negative $4.6 million from negative $14.2 million year-over-year.

Outlook and guidance

• 2025 Blanket Mine production guidance reaffirmed at 74,000–78,000 ounces of gold, with ongoing modernization and cost control.

• On-mine cost guidance unchanged at $1,050–$1,150/oz; AISC projected at $1,690–$1,790/oz.

• 2025 capital expenditure forecast at $41 million, fully funded from internal cash flows and reserves.

• Ongoing focus on optimizing Bilboes project economics and expanding exploration at Blanket and Motapa.