Caledonia Mining (CMCL) Q4 2024 earnings summary

Executive summary

• FY 2024 gross profit reached $77.0m, up 86% YoY; attributable profit was $17.8m versus an $8.5m loss in 2023.

• Operating cash inflow rose to $41.9m from $14.8m; Blanket production was 78,301 oz, broadly flat YoY and within guidance.

• Higher gold prices supported results, with the FY average realized price at $2,347/oz, up 23% YoY.

• Board and management changes, including a CFO transition, accompanied operational improvements.

Financial highlights

• FY revenue rose 25% YoY to $183.0m and gross profit increased 86% to $77.0m.

• FY adjusted EPS was 125.2 cents versus a 10.3-cent loss; Q4 adjusted EPS was 44.3 cents versus 2.1 cents.

• Q4 revenue increased 23% YoY to $47.5m and gross profit rose 98% to $20.9m; attributable profit was $5.1m versus a $3.2m loss.

• Average realized gold price was $2,618/oz in Q4, up 36% YoY, and $2,347/oz for FY 2024.

• FY operating cash flow was $41.9m; cash from operations before working capital was $65m.

Outlook and guidance

• 2025 Blanket production guidance is 73,500–77,500 oz; on-mine cost guidance is $1,050–$1,150/oz and AISC guidance is $1,690–$1,790/oz.

• 2025 capital investment budget is $41.0m, including $34.1m for Blanket and $6.3m for Bilboes and Motapa.

• Priorities include stable Blanket production, cost reduction, and near-term growth and exploration across Blanket, Bilboes, and Motapa.

• Bilboes sulphide feasibility work and funding planning continue; the extended timeline allows assessment of project optimisations.

• 2025 exploration targets shallow oxide potential at Mpudzi and deeper sulphide mineralisation at Motapa, alongside resource work at Blanket.