Caledonia Mining (CMCL) Q4 2025 earnings summary

Executive summary

• Achieved record FY 2025 financial performance with revenue up 46% to $267.7 million, gross profit up 78% to $137.1 million, and EBITDA at $125.3 million, driven by higher gold prices and stable operations.

• Profit after tax increased 193% to $67.5 million, with strong shareholder returns and significant local distributions.

• Advanced growth strategy with progress at Blanket, Bilboes, and Motapa, including completion of the Bilboes sulphide feasibility study and approval for development.

• Safety review and operational discipline prioritized after a fatality, with a focus on risk management and a zero-harm culture.

Financial highlights

• Consolidated gold sales reached 79,075 oz, with Blanket Mine producing 76,213 oz and Bilboes oxide operation contributing 1,683 oz.

• Free cash flow for the year was $62.1 million, up 483.6% year-over-year; EPS increased over 200% to $2.83.

• Net cash from operations was $105 million, up 90%; year-end cash and liquid assets totaled $46.9 million, with total liquidity just under $55 million.

• On-mine costs rose 19%, with group production costs up 25%, mainly due to labor, consumables, and power; AISC for FY 2025 was $1,952/oz, up 29.6%.

• Q4 realized gold price was $4,057/oz, up 55% from prior year quarter; average realized price for the year was $3,383/oz.

Outlook and guidance

• FY 2026 group capital expenditure projected at $178.9 million, with $132.1–$136 million for Bilboes and $3.8 million for Motapa exploration.

• Blanket Mine 2026 gold production expected between 72,000 and 76,500 oz, with stronger output in H2 as higher-grade areas come online.

• Ongoing focus on cost reduction through power infrastructure upgrades and shift system changes.

• Gold price hedging program in place for 2026–2028, securing a minimum $3,500/oz on 3,000 oz/month.

• Quarterly dividend of $0.14/share approved, with payment scheduled for April 17, 2026.