Highlights

  • Caledonia Mining has strengthened its Zimbabwe-focused gold portfolio with multiple producing and exploration assets.
  • Q3 FY25 revenue of CMCL surged 52.6% YoY to USD 71.40mn on stronger gold prices and higher sales volume.
  • Gross profit nearly doubled to USD 36.80mn in Q3, reflecting improved operational efficiency and favourable market conditions.
  • Profit for the period jumped 481.3% YoY to USD 18.60mn, highlighting strong margin expansion.

Caledonia Mining Corporation PLC (LSE:CMCL), a member of the FTSE AIM 100 index, is a gold producer, explorer, and developer with a strong focus on Zimbabwe. The company owns a 64% interest in the producing Blanket Mine and holds 100% ownership of the Bilboes mine, as well as the Motapa and Maligreen gold exploration projects, all situated in Zimbabwe.

Caledonia Mining’s Q3 financial performance improved sharply YoY, supported by higher gold prices and increased sales volume. Revenue rose to USD 71.40mn in Q3 FY25 from USD 46.80mn in Q3 FY24, a 52.6% YoY rise, while gross profit increased to USD 36.80mn from USD 19.30mn, up 90.7% YoY. Profit for the period surged to USD 18.60mn versus USD 3.20mn a year earlier, a 481.3% YoY increase.

Recent Business Update

Recently, the company reported that Zimbabwe’s budget proposes to double gold royalties to 10% when prices exceed USD 2,500/oz. The company expects this to reduce profitability at the Blanket Mine and affect the economics of the Bilboes project, and management is assessing the potential impact on its operations.

Outlook

Despite the new proposed fiscal changes, the company’s management maintains a constructive outlook for Q4 FY25. The company cites sturdy cash flow, a solid liquidity position, and supportive high gold prices as key factors underpinning its ability to fund strategic investments, dividends, and exploration. Management believes these strengths position Caledonia for resilient long‑term growth even in a changing tax and royalty environment.

Top 10 Shareholders

The top 10 shareholders of CMCL collectively account for approximately 44.39% of the company’s total equity. Among them, Toziyana Trust and Shining Capital Management Ltd. hold the largest stakes at around 12.49% and 9.96%, respectively.

Stock Information

CMCL’s recent stock performance has been mixed over different time frames. Over one week, the share price has fallen by 20.43%. Over three months, however, the stock is up 8.04% and is currently trading below the average of its 52-week high of GBX 2,900.00 and 52‑week low of GBX 731.00.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 08 December 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

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Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.