Caledonia Mining (CMCL) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 financial results with revenue up 30% to $65.3 million and net profit attributable to shareholders up 147% to $20.5 million year-over-year.

• Adjusted EPS rose 155% to 113.9 cents, with strong operating cash flows of $28.1 million and a net cash position of $8.2 million, excluding $18 million in fixed-term deposits.

• Blanket Mine delivered record Q2 production of 21,070 oz, leading to an increase in full-year guidance to 75,500–79,500 oz.

• Sale of the solar plant for $22.4 million secured a long-term renewable energy supply and boosted liquidity for core mining activities.

• Growth initiatives include the Bilboes feasibility study and a $2.8 million exploration program at Motapa.

Financial highlights

• Revenue for Q2 2025 was $65.3 million, up 30% year-over-year, driven by higher gold production and a realized gold price of $3,188/oz (up 38.5%).

• Gross profit reached $33.8 million, up 48% year-over-year, excluding an $8.5 million profit from the solar plant sale.

• Adjusted EPS for the quarter was 113.9 cents, including 44 cents from the solar sale; operational EPS was 70 cents, up from 40 cents in Q1.

• Operating cash flow for the quarter was $28.1 million; cash and deposits totaled $26.2 million at period end.

• All-in sustaining CapEx increased 7.4% year-over-year, with CapEx spend on track for full-year guidance.

Outlook and guidance

• Full-year production guidance raised to 75,500–79,500 oz based on strong Q2 performance.

• Focus remains on cost containment, resource upgrades, and extending mine life through exploration.

• Targeting a cash balance of $50+ million by year-end to support future growth and project funding.

• Ongoing feasibility study at Bilboes and exploration at Motapa, with a phased approach to minimize upfront capital and avoid equity dilution.

• Ongoing exploration at Blanket aims to upgrade inferred resources and expand beyond the current footprint.