Caledonia Mining Corporation Plc: Results for the Quarter ended June 30, 2025
Rhea-AI Summary
Caledonia Mining Corporation (NYSE AMERICAN: CMCL) reported strong Q2 2025 results, with gold revenue increasing 30% to $65.0 million and net profit attributable to shareholders surging 147% to $20.5 million. The company achieved record Q2 production of 21,070 ounces at Blanket Mine, a 1.4% increase year-over-year.
Key financial highlights include EBITDA of $39.5 million (including $8.5M from solar plant sale), adjusted EPS of 113.9 cents (up 155%), and a strong net cash position of $26.2 million. The company declared a dividend of 14 cents per share and completed the sale of its solar plant for $22.35 million.
Operational performance showed an average realized gold price of $3,188 per ounce (up 38.5%), with on-mine costs at $1,123 per ounce and AISC at $1,805 per ounce. The company increased its 2025 production guidance for Blanket Mine to 75,500-79,500 ounces.
Positive
- Record Q2 gold production of 21,070 ounces at Blanket Mine
- Net profit increased 147% to $20.5 million
- Strong cash position of $26.2 million, improved from negative $1.4 million in Q2 2024
- Successful sale of solar plant for $22.35 million in cash
- Production guidance increased for 2025 to 75,500-79,500 ounces
- Record plant recovery rate of 94.4% achieved
- Encouraging high-grade exploration results at Blanket Mine
Negative
- On-mine cost per ounce increased 10.9% to $1,123
- AISC rose 21.5% to $1,805 per ounce
- Higher labor costs due to increased headcount and inflationary pressures
- Increased maintenance and repair costs for plant and machinery
News Market Reaction – CMCL
On the day this news was published, CMCL declined 8.52%, reflecting a notable negative market reaction. Argus tracked a trough of -6.5% from its starting point during tracking. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $39M from the company's valuation, bringing the market cap to $417M at that time.
Data tracked by StockTitan Argus on the day of publication.
Details of Management Conference Call
Strong Performance Driven by Record Q2 Production and Higher Gold Prices
ST HELIER, Jersey, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or “the Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) announces its operating and financial results for the quarter ended June 30, 2025 (“Q2 2025” or the “Quarter”). Further information on the financial and operating results for the Quarter can be found in the Management Discussion and Analysis (“MD&A”) and the unaudited condensed consolidated interim financial statements, which are available on the Company’s website and are being filed on SEDAR+.
Q2 2025 HIGHLIGHTS
Financial Highlights:
- Gold revenue of
$65.0 million (second quarter of 2024 (“Q2 2024”):$50.1 million , +30% ) - Gross profit of
$33.8 million (Q2 2024:$22.9 million , +48% ) - EBITDA of
$39.5 million (including one off profit on sale of solar plant in April 2025 of$8.5m ) (Q2 2024:$20.4 million , +94% ) - Net profit attributable to shareholders of the Company of
$20.5 million (Q2 2024:$8.3 million , +147% ) - Adjusted EPS of 113.9 cents (Q2 2024: 44.6 cents, +
155% ) - Net cash from operating activities of
$28.1 million (Q2 2024:$19.1 million , +47% ) - Net cash position (including fixed term deposits) improved to
$26.2 million (Q2 2024: negative$1.4 million ) - A dividend of 14 cents per share was declared today, August 11, 2025
- Completion of the solar plant sale (through the sale of the Zimbabwe subsidiary owning the plant) to CrossBoundary Energy Holdings for
$22.35 million which was paid in cash
Operational Highlights:
- Production at Blanket Mine of 21,070 ounces (Q2 2024: 20,773 ounces, +
1.4% ) - Production guidance at Blanket Mine for 2025 increased to 75,500 - 79,500 ounces of gold
- On-mine cost per ounce of
$1,123 (Q2 2024:$1,013 , +10.9% ) - All-in sustaining cost (“AISC”) per ounce of
$1,805 (Q2 2024:$1,485 , +21.5% ) - Average realised gold price of
$3,188 per ounce (Q2 2024:$2,302 , +38.5% ) - Continued progress on Bilboes feasibility study and Motapa exploration programme
- Continued exploration at Blanket to upgrade inferred resources and explore new areas within the mining lease area.
Mark Learmonth, Chief Executive Officer, commented:
“Caledonia has delivered another strong quarter, highlighted by record second-quarter gold production at Blanket and a substantial increase in profitability, reflecting strong operational performance and a higher gold price environment. I would like to thank the team for their hard work and contribution.
“The successful sale of our solar plant in April has strengthened our balance sheet and ensures a reliable, long-term renewable energy supply for Blanket Mine.
“Our ongoing drilling campaign at Blanket Mine continues to demonstrate encouraging results, further improving our confidence in the mineral resource and pointing to additional future mineral resource growth. The grades and widths we are seeing from this drilling campaign are as good as and, in some cases, considerably better than results from previous drilling campaigns.
“We are encouraged by the progress on the Bilboes feasibility study, and we continue to evaluate opportunities that could materially improve project economics. At the same time, our exploration programme at Motapa is advancing well, with a clear focus on identifying both sulphide and oxide resources that could support near-term production and longer-term growth.
“Looking ahead, we remain focused on delivering our increased production guidance at Blanket, and advancing our growth pipeline in a way that maximises long-term value for shareholders. With a strong operational base and a clear strategic roadmap, Caledonia is well positioned to continue building on this positive momentum.”
Revenue and Profit
Revenue for the Quarter was
Net profit attributable to shareholders of the Company more than doubled to
Costs
Consolidated on-mine cost per ounce increased by
Consolidated AISC rose to
Full year sustaining capital expenditure remains on target.
Cash Generation
During the half year ended 30 June 2025, Caledonia generated operating cash inflows of
An additional
This strong cash generation supported continued investment in strategic growth. The group invested
To optimise short-term returns and strengthen the balance sheet,
Financing activities had a net outflow of
As a result of all the key movements above, cash and cash equivalents increased by
OPERATIONAL REVIEW
Blanket Mine
Blanket Mine produced 21,070 ounces of gold in Q2 2025, a
The plant recovery rate in the Quarter was
Exploration at Blanket is ongoing with encouraging high grade results. The programme is aimed at evaluating the continuity of the mineralised zones on the Blanket, Eroica and Lima orebodies (which comprise three of the main orebodies at Blanket Mine). The objectives of the programme are to increase the confidence levels of the existing mineral resource and to grow the mineral resource estimate below the 34 level (1,110 metres) of the mine.
Results from 6,976 metres of underground drilling from January 2024 to the end of April 2025 indicate that the existing Blanket and Eroica orebodies have grades and widths which are generally better than expected, while the Lima orebody is shown to continue below 22 level (750 metres). A new potential orebody has been intersected in the Blanket orebody area of the mine, with impressive grades and widths.
Solar Plant Sale Summary
On 11 April, 2025, Caledonia sold its Zimbabwe subsidiary, Caledonia Mining Services (Private) Limited (“CMS”), to CrossBoundary Energy Holdings for
Bilboes Project
The feasibility study for the Bilboes sulphide project is progressing well and we continue to evaluate new opportunities which may enhance the economics of the project and the potential for near-term, low capital revenue opportunities elsewhere in Caledonia's asset portfolio to contribute to funding the Bilboes project.
In the Quarter, 372 ounces of gold were produced from the Bilboes oxide mine.
Motapa Exploration
After the encouraging results from the 2024 exploration programme, a
To the end of June 2025, a total of 1,788 meters of diamond drilling and 9,638 meters of reverse circulation drilling has been completed. A full overview of activities and results are expected to be provided during the second half of 2025.
LEADERSHIP CHANGES
Mr. Johan Holtzhausen retired from the Board and as chair of the Audit Committee in May 2025.
Ms. Tariro Gadzikwa was appointed as chair of the Audit Committee.
REPORTING CHANGES
Caledonia will no longer publish financial statements and management’s discussion and analysis (MD&A) reports on a quarterly basis in accordance with Canadian securities regulations. This decision aligns with applicable exemptions under Canadian securities regulations, including National Instrument 71-102 – Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, and reflects our status as an SEC foreign issuer with equivalent disclosure obligations outside Canada.
We remain fully committed to transparent and timely disclosure of material information through the publication of our annual and half-yearly financial statements and via recognised regulatory channels, and, going forwards, we anticipate publishing revenue, costs and production results for the quarters for which we do not release detailed financial results (namely, the first and third quarters). This change does not affect our obligation to disclose any significant developments or risks that may materially impact the group’s financial position or performance. We will continue to provide comprehensive MD&A commentary as part of our annual and semiannual reporting cycle.
OUTLOOK AND GUIDANCE
Blanket is on track to achieve production within its updated guidance range of 75,500 to 79,500 ounces1 for 2025, while continuing to modernise operations and improve mining and operational cost efficiencies.
Further exploration is being undertaken at Blanket, aiming to upgrade existing inferred mineral resources to measured and indicated categories, with the goal of extending the mine’s life. In addition, exploration is ongoing in target areas outside the current mine footprint within the Blanket mining lease area.
Work continues on the feasibility study for the Bilboes sulphide project, including the assessment of new factors that may enhance the project’s economics. At Motapa, exploration efforts are progressing through a
INVESTOR CONFERENCE CALL
Details of Investor and Analyst Presentation
Conference Call Details
A presentation for investors and analysts will be held as follows:
When: August 13, 2025 at 2:00pm London time
Topic: Q2 2025 Results Call for Investors
Register in advance for this webinar: https://brrmedia.news/CMCL_Q225
________________________
1 Refer to the technical report entitled "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with effective date December 31, 2023 prepared by Caledonia Mining Corporation Plc and filed by the Company on SEDAR+ (https://www.sedarplus.ca) on May 15, 2024.
Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act.
Enquiries:
| Caledonia Mining Corporation Plc | |
| Mark Learmonth | Tel: +44 1534 679 800 |
| Camilla Horsfall | Tel: +44 7817 841 793 |
| Cavendish Capital Markets Limited (Nomad and Joint Broker) | |
| Adrian Hadden | Tel: +44 207 397 1965 |
| Pearl Kellie | Tel: +44 131 220 9775 |
| Panmure Liberum (Joint Broker) | |
| Scott Mathieson | Tel: +44 20 3100 2000 |
| Camarco, Financial PR/ IR (UK) | |
| Gordon Poole | Tel: +44 20 3757 4980 |
| Elfie Kent | |
| Fergus Young | |
| 3PPB (Financial PR, North America) | |
| Patrick Chidley | Tel: +1 917 991 7701 |
| Paul Durham | Tel: +1 203 940 2538 |
| Curate Public Relations (Zimbabwe) | |
| Debra Tatenda | Tel: +263 77802131 |
| IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) | |
| Lloyd Mlotshwa | Tel: +263 (242) 745 119/33/39 |
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, expected recovery rates, our plans and timing regarding further exploration and drilling and development, future costs, the development of Bilboes and Motapa, the amount and funding of capital costs and the publication of the Bilboes feasibility study. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.
Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations, risks related to potentially being unable to remedy the deficiency in control over accounting for deferred tax liabilities and risks related to potentially being unable to prevent financial statements misstatements in the future. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction.
| Consolidated statements of profit or loss and other comprehensive income (in thousands of United States Dollars, unless indicated otherwise) | |||||||||
| For the | Six months ended June 30 | Six months ended June 30 | |||||||
| Unaudited | 2025 | 2024 | 2025 | 2024 | |||||
| Restated* | Restated* | ||||||||
| Revenue | 65,309 | 50,107 | 121,487 | 88,635 | |||||
| Royalty | (3,507 | ) | (2,475 | ) | (6,278 | ) | (4,409 | ) | |
| Production costs | (23,954 | ) | (20,460 | ) | (46,576 | ) | (39,420 | ) | |
| Depreciation | (4,042 | ) | (4,239 | ) | (7,901 | ) | (8,058 | ) | |
| Gross profit | 33,806 | 22,933 | 60,732 | 36,748 | |||||
| Net foreign exchange loss | (1,026 | ) | (2,182 | ) | (2,278 | ) | (7,064 | ) | |
| Administrative expenses | (4,363 | ) | (3,664 | ) | (8,961 | ) | (6,275 | ) | |
| Fair value loss on derivative financial instrument | - | (174 | ) | (1,592 | ) | (476 | ) | ||
| Equity-settled share-based expense | (226 | ) | (305 | ) | (82 | ) | (506 | ) | |
| Cash-settled share-based (expense) / credit | (285 | ) | (4 | ) | (443 | ) | (57 | ) | |
| Other expenses | (1,103 | ) | (664 | ) | (1,946 | ) | (1,264 | ) | |
| Other income | 75 | 185 | 141 | 349 | |||||
| Profit on the sale of non-current assets held for sale | 8,540 | - | 8,540 | - | |||||
| Operating profit | 35,418 | 16,125 | 54,111 | 21,455 | |||||
| Finance income | 121 | 3 | 127 | 9 | |||||
| Finance cost | (602 | ) | (797 | ) | (1,502 | ) | (1,529 | ) | |
| Profit before tax | 34,937 | 15,331 | 52,736 | 19,935 | |||||
| Tax expense | (11,341 | ) | (5,151 | ) | (17,977 | ) | (7,681 | ) | |
| Profit for the period | 23,596 | 10,180 | 34,759 | 12,254 | |||||
| Other comprehensive income | |||||||||
| Items that are or may be reclassified to profit or loss | |||||||||
| Exchange differences on translation of foreign operations | 239 | 178 | 446 | 34 | |||||
| Total comprehensive income for the period | 23,835 | 10,358 | 35,205 | 12,288 | |||||
| Profit attributable to: | |||||||||
| Owners of the Company | 20,487 | 8,283 | 29,402 | 9,769 | |||||
| Non-controlling interests | 3,109 | 1,897 | 5,357 | 2,485 | |||||
| Profit for the period | 23,596 | 10,180 | 34,759 | 12,254 | |||||
| Total comprehensive income attributable to: | |||||||||
| Owners of the Company | 20,726 | 8,461 | 29,848 | 9,803 | |||||
| Non-controlling interests | 3,109 | 1,897 | 5,357 | 2,485 | |||||
| Total comprehensive income for the period | 23,835 | 10,358 | 35,205 | 12,288 | |||||
| Earnings per share | |||||||||
| Basic earnings per share (cents) | 105.7 | 41.6 | 150.3 | 48.9 | |||||
| Diluted earnings per share (cents) | 105.7 | 41.6 | 150.3 | 48.9 | |||||
| Adjusted earnings per share | |||||||||
| Basic earnings per share (cents) | 113.9 | 44.6 | 172.4 | 54.2 | |||||
| Dividends per share (cents) | 14.0 | 14.0 | 28.0 | 28.0 | |||||
* Refer to note 27.
| Summarised Consolidated Statements of Financial Position (in thousands of United States Dollars, unless indicated otherwise) | ||||||
| Unaudited | Jun 30 | Dec 31 | Dec 31 | |||
| As at | 2025 | 2024 | 2023 | |||
| *Restated | ||||||
| Total non-current assets | 300,646 | 287,046 | 274,074 | |||
| Income tax receivable | 106 | 355 | 1,120 | |||
| Inventories | 29,528 | 23,768 | 20,304 | |||
| Derivative financial assets | - | - | 88 | |||
| Trade and other receivables | 9,364 | 12,675 | 9,952 | |||
| Prepayments | 11,663 | 6,748 | 2,538 | |||
| Fixed term deposit | 18,000 | - | - | |||
| Cash and cash equivalents | 19,860 | 4,260 | 6,708 | |||
| Assets held for sale | - | 13,512 | 13,519 | |||
| Total assets | 389,167 | 348,364 | 328,303 | |||
| Total non-current liabilities | 73,741 | 68,505 | 63,970 | |||
| Cash-settled share-based payment | 751 | 634 | 920 | |||
| Income tax payable | 9,122 | 2,958 | 10 | |||
| Lease liabilities | 278 | 95 | 167 | |||
| Loans and borrowings | 1,741 | 1,174 | - | |||
| Loan note instruments | 1,093 | 855 | 665 | |||
| Trade and other payables | 29,137 | 26,647 | 20,503 | |||
| Overdrafts | 11,649 | 12,928 | 17,740 | |||
| Liabilities associated with assets held for sale | - | 104 | 128 | |||
| Total liabilities | 127,512 | 113,900 | 104,103 | |||
| Total equity | 261,655 | 234,464 | 224,200 | |||
| Total equity and liabilities | 389,167 | 348,364 | 328,303 | |||
| Consolidated statements of cash flows (in thousands of United States Dollars, unless indicated otherwise) | |||||||||
| Unaudited | Three months ended June 30, | Six months ended June 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | ||||||
| Cash inflow from operations | 34,111 | 20,988 | 52,668 | 27,523 | |||||
| Interest received | 11 | 3 | 17 | 9 | |||||
| Finance costs paid | (623 | ) | (710 | ) | (1,166 | ) | (1,283 | ) | |
| Tax paid | (5,415 | ) | (1,195 | ) | (10,246 | ) | (2,276 | ) | |
| Net cash inflow from operating activities | 28,084 | 19,086 | 41,273 | 23,973 | |||||
| Cash flows used in investing activities | |||||||||
| Acquisition of property, plant and equipment | (10,511 | ) | (6,897 | ) | (17,761 | ) | (10,638 | ) | |
| Expenditure on exploration and evaluation assets | (1,831 | ) | (733 | ) | (3,060 | ) | (1,163 | ) | |
| Proceeds from sale of non-current asset held for sale (net of selling costs) | 21,966 | - | 21,966 | - | |||||
| Proceeds from the sale of property plant and equipment | 17 | - | 17 | - | |||||
| Acquisition of put options | - | (168 | ) | (1,592 | ) | (408 | ) | ||
| Investment in fixed term deposits | (18,000 | ) | - | (18,000 | ) | - | |||
| Net cash used in investing activities | (8,359 | ) | (7,798 | ) | (18,430 | ) | (12,209 | ) | |
| Cash flows from financing activities | |||||||||
| Dividends paid | (7,606 | ) | (2,912 | ) | (8,993 | ) | (5,632 | ) | |
| Payment of lease liabilities | (104 | ) | (38 | ) | (133 | ) | (75 | ) | |
| Proceeds from loans and borrowings | 1,259 | 2,032 | 1,259 | 2,032 | |||||
| Repayments of loans and borrowings | (472 | ) | - | (472 | ) | - | |||
| Bonds - solar bond issue receipts (net of transaction cost) | - | 1,939 | 2,387 | 1,939 | |||||
| Net cash (used in) / from financing activities | (6,923 | ) | 1,021 | (5,952 | ) | (1,736 | ) | ||
| Net increase in cash and cash equivalents | 12,802 | 12,309 | 16,891 | 10,028 | |||||
| Effect of exchange rate fluctuations on cash and cash equivalents | (19 | ) | 485 | (12 | ) | (362 | ) | ||
| Net cash and cash equivalents at the beginning of the period | (4,572 | ) | (14,160 | ) | (8,668 | ) | (11,032 | ) | |
| Net cash and cash equivalents at the end of the period | 8,211 | (1,366 | ) | 8,211 | (1,366 | ) | |||
FAQ
What were Caledonia Mining's Q2 2025 earnings results?
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