Caledonia Mining (CMCL) Q4 2024 earnings summary

Executive summary

• Achieved record gross profit of $77.0 million for 2024, up 86% year-over-year, with net attributable profit of $17.9 million, reversing a prior year loss.

• Operating cash flow after tax, interest, and working capital reached $42.0 million, up from $14.8 million in 2023.

• Blanket Mine delivered stable gold production of 76,656 ounces, at the top end of guidance, a 1.6% increase year-over-year.

• Significant management and board changes, including new CFO and independent directors, contributed to operational turnaround.

• Announced restatement of prior financial statements due to a deferred tax liability error, with no impact on cash or tax filings.

Financial highlights

• Gross revenue rose to $183.0 million from $146.3 million in 2023, reflecting a 23% increase in average realized gold price to $2,347/oz.

• Adjusted earnings per share for Q4 was $0.443, with full-year adjusted EPS at 125.2 cents; basic IFRS EPS was 91.2 cents.

• Dividend of $0.14 per quarter declared, totaling $0.56 for the year, with $12.3 million paid in 2024.

• All-in sustaining cost per ounce was $1,506, with on-mine cost per ounce at $1,073.

• Net cash and cash equivalents improved to negative $8.7 million from negative $11.0 million at year-end 2023.

Outlook and guidance

• 2025 Blanket production guidance: 73,500–77,500 ounces of gold.

• On-mine cost per ounce expected between $1,050 and $1,150; AISC per ounce expected between $1,690 and $1,790 due to high sustaining CapEx.

• Capital investment for 2025 budgeted at $41.0 million, with $34.1 million for Blanket and $6.3 million for Bilboes and Motapa.

• Strategic focus on stable Blanket production, Bilboes optimization, continued exploration, and multi-asset growth in Zimbabwe.

• Ongoing feasibility study for Bilboes, with timeline extended to optimize project economics and consider new development options.