Caledonia Mining AIM:CMCL
- Founded
- Harare, Zimbabwe / Jersey
- Incorporated
- Jersey
- Chief executive
- L.D. Mokoena
- Employees
- 2,357
- Reports in
- CAD
Gold producer whose core asset is a 64% stake in the Blanket Mine in Zimbabwe, with a pipeline of Zimbabwean development projects including the large Bilboes sulphide project and Motapa. Pays a regular dividend, unusual for a single-asset African gold miner; also listed on NYSE American.
Read straight from the annual reports
1,800c at close on 2 Oct 2026 · 23 reported years, 2003–2025
| Line | FY200312/03 | FY200412/04 | FY200512/05 | FY200612/06 | FY200712/07 | FY200812/08 | FY200912/09 | FY201012/10 | FY201112/11 | FY201212/12 | FY201312/13 | FY201412/14 | FY201512/15 | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||
| Gross profit | ||||||||||||||||||||||||
| Operating profit | — | — | ||||||||||||||||||||||
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Net finance cost | ||||||||||||||||||||||||
| Profit before tax | ||||||||||||||||||||||||
| Tax charge | ||||||||||||||||||||||||
| Profit for the year | ||||||||||||||||||||||||
| EBITDA | — | — | ||||||||||||||||||||||
| Basic EPS | ||||||||||||||||||||||||
| Diluted EPS | ||||||||||||||||||||||||
| Adjusted EPS | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Dividend per share | — | — | — | — | — | — | — | — |
CAD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
23 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo.
Average realized USD gold price obtained on gold sales
Revenue increased to $267,663,000 in FY2025 from $183,018,000 in FY2024, driven by an increase in average realized gold price to $3,383/oz (2024: $2,347/oz)
page 72Production tonnages and gold content mined at Blanket
Total gold production at Blanket Mine for 2025 was 76,213 oz (2024: 76,656 oz); gold produced group-wide 77,896 oz (2024: 78,301 oz)
page 29Higher on-mine costs, increased administrative costs and higher sustaining capital expenditure
AISC per ounce for 2025 was 29.6% higher than 2024; actual on-mine cost per ounce for 2025 was $1,263 (guided $1,150-$1,250) and actual AISC per ounce was $1,952 (guided $1,850-$1,950)
page 77Rising average realized gold price
Average realized gold price rose to $3,383/oz (2024: $2,347/oz), a 44% increase, well above cost inflation
page 72C$8.5m credit: Sale of Caledonia Mining Services (Private) Limited (owner of the 12.2MWac solar plant) to CrossBoundary Energy Holdings, completed April 11, 2025
page 104Production guidance for Blanket for 2026 is between 72,000 and 76,500 ounces, down from the 2025 revised guidance range of 75,500-79,500 ounces (2025 actual 76,213 ounces).
page 84In January 2026, Caledonia closed a Convertible Senior Notes offering due 2033 for an aggregate principal of $150 million (including full exercise of the initial purchasers' $25 million option), with a 5.875% per annum cash coupon payable semi-annually; net proceeds approximately $130 million.
Company has paid a quarterly dividend since 2014; from end-2024 declarations were realigned to occur after quarter-end in line with Board meetings. Dividend of 14.0 cents per share was declared each quarter throughout 2025 (and again March 23, 2026, post year-end), consistent with the prior year rate.
page 95Directors concluded the Group has adequate resources to continue as a going concern for the foreseeable future and adopted the going concern basis. Auditor BDO South Africa Incorporated (PCAOB ID 1368) issued an unqualified opinion on the FY2025 and FY2024 consolidated financial statements and an unqualified opinion on internal control over financial reporting (report dated April 23, 2026). The Critical Audit Matter identified was the evaluation of the site restoration provision (USD 9.7 million at Dec 31, 2025), due to significant judgement in the net present value computation of estimated rehabilitation costs.
- Gold price volatility directly affects revenue and project economics; price influenced by factors beyond the Company's control (inflation expectations, currency rates, interest rates, speculative activity, supply/demand).p.7
- Availability of sufficient funding for the Bilboes Project cannot be guaranteed; reliance on external debt/equity financing, project finance, and meeting interest/capital repayment obligations, with risk of dilution or asset security calls if obligations are not met.p.13
- Credit risk from sales counterparties Fidelity, Al Etihad Gold FZCO and Stonex Financial Limited, which are regulatorily mandated buyers/refiners of Zimbabwean gold; risk that receivables are not paid or performed in a timely manner.p.13
- Indigenous economic participation (indigenization) requirements were imposed on Blanket Mine's ownership in 2012 and there is no assurance the required participation was at fair market value or that agreement terms cannot be amended.p.13
Read from C000238-AR-2025-sec.
28 annual reports read, FY2004 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: SEC EDGAR (28)
FY2026Next report expected 5 Apr 2027