Caledonia Mining (CMCL) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 52% year-over-year to $71.4 million, driven by a 40% increase in gold prices and higher sales volumes, with Blanket Mine producing 19,106 oz and sales exceeding 20,000 oz.

• EBITDA surged 162% to $33.5 million, and profit after tax increased 467% to $18.7 million, supported by strong operational performance.

• A fatality at Blanket Mine prompted a comprehensive safety review and new risk management measures.

• Exploration programs at Blanket and Motapa advanced, with further drilling underway and a Bilboes Feasibility Study expected soon.

• Quarterly dividend of $0.14 per share declared, with a commitment to maintain but not increase the dividend as Bilboes funding is prioritized.

Financial highlights

• Gold sold increased 9% year-over-year to 20,792 oz, with Blanket Mine contributing the majority and Bilboes adding 437 oz.

• On-mine cost per oz sold was $1,228 (up 16% year-over-year); AISC per oz sold was $1,937 (up 40%), reflecting higher royalties and operational costs.

• Net cash inflow from operating activities was $26.0 million for Q3, up 113% year-over-year, with free cash flow at $5.9 million.

• Year-to-date, $14.7 million in dividends paid, with $7.3 million in cash and cash equivalents at quarter-end and total liquidity exceeding $44 million.

• Basic and diluted EPS for Q3 2025 was $0.77, up from $0.13 in Q3 2024.

Outlook and guidance

• 2025 gold production guidance maintained at 75,500–79,500 oz, with Blanket Mine 3,000 oz ahead of plan year-to-date.

• 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.

• Exploration focus on deep drilling at Blanket and continued Motapa campaign, with maiden Motapa resource expected H1 2026.

• Dividend increases are not expected until after Bilboes is completed; maintaining current dividend is a priority.