Caledonia Mining Reports Record 2025 Results Amid Gold Price Surge

Font: Financial Modeling Prep  • Mar 23, 2026

Caledonia Mining Corporation Plc Delivers Record-Breaking 2025 Results on Surging Gold Prices

Saint Helier, Jersey – March 23, 2026 – Caledonia Mining Corporation Plc (NYSE American, AIM, VFEX: CMCL), a leading gold producer focused on the Blanket Mine in Zimbabwe, today announced its fourth-quarter and full-year 2025 operating and financial results, highlighting a transformative year driven by elevated gold prices and operational stability.

For the full year ended December 31, 2025, revenue climbed 46% to $267.7 million from $183.0 million in 2024, primarily fueled by a substantial increase in the realized gold price (averaging around $3,383 per ounce for the year). Gold production from the Blanket Mine totaled 76,213 ounces, in line with revised guidance of 75,500–79,500 ounces and nearly flat compared to prior years, while sales reached 79,075 ounces (with minor inventory adjustments).

Profit after tax nearly tripled to $67.5 million from $23.1 million, reflecting improved margins amid favorable market conditions. Earnings per share (basic) surged 211% to $2.83 from $0.91. EBITDA more than doubled to $125.3 million, and free cash flow soared to $62.1 million from $10.6 million. This strong cash generation enabled the company to shift from a net debt position of $8.7 million to a net cash position of $23.8 million by year-end.

In the fourth quarter, revenue reached $74.74 million (up 57.3% year-over-year), surpassing some consensus expectations of around $71.9 million despite falling short of higher outlier forecasts near $79 million. EPS for the quarter stood at $0.56, narrowly missing analyst estimates of $0.59.

The board declared a quarterly dividend of 14 cents per share, payable on April 17, 2026, underscoring confidence in the company's financial health and commitment to shareholder returns.

CEO Mark Learmonth described 2025 as a "strong year" marked by record profits, robust cash flow, and a strengthened balance sheet. The results were released before market open on March 23, 2026, followed by a remote investor presentation at 2:00 p.m. London time (9:00 a.m. ET), featuring a Q&A session for analysts and investors.

Valuation metrics reflect an attractive profile in the current gold market environment: a trailing P/E ratio of approximately 8.36, price-to-sales of 1.72, enterprise value to sales of 1.76, earnings yield of 11.97%, low debt-to-equity ratio of 0.095, and current ratio of 1.78—indicating solid liquidity and financial resilience.

Looking ahead, Caledonia remains focused on optimizing operations at Blanket, advancing the Bilboes sulphide project, and capitalizing on supportive gold prices. Investors are encouraged to review the full results, MD&A, and presentation materials available on the company's website (www.caledoniamining.com) for detailed insights and forward-looking statements.

Caledonia Mining continues to position itself as a reliable, cash-generative gold producer with growth potential in a high-price commodity cycle.