- Caledonia Mining Corporation (DI)
- 23 March 2026 15:21:01
Source: Sharecast
The AIM-traded company said revenue rose 46% to $267.7m for the year ended 31 December, while EBITDA more than doubled to $125.3m from $59.7m a year earlier.
Profit after tax increased 193% to $67.5m, supported by improved margins and higher realised gold prices, which averaged $3,383 per ounce over the year.
Total gold sales increased to 79,075 ounces, compared with 77,917 ounces in 2024, with Blanket Mine producing 76,213 ounces and meeting revised guidance.
The Bilboes oxide operation contributed a further 1,683 ounces during the year.
Cash generation strengthened significantly, with net cash generated from operating activities rising 82% to $76.2m, while free cash flow increased to $62.1m from $10.6m.
The balance sheet improved materially, with cash and cash equivalents rising to $35.7m, resulting in a net cash position of $23.8m compared with net debt of $8.7m a year earlier.
Costs increased during the period, with all-in sustaining costs averaging $1,952 per ounce, up from $1,506, reflecting inflationary pressures and investment activity. Basic earnings per share rose 211% to $2.83.
Operationally, Caledonia advanced its growth projects, including the completion of the Bilboes sulphide feasibility study, which confirmed a single-phase development with robust economics, and continued progress at the Motapa project.
The company also appointed July Ndlovu as an independent non-executive director in November.
Caledonia declared a quarterly dividend of 14 US cents per share, payable on 17 April.
“2025 has been a strong year for the group, marked by record financial performance, excellent cash generation and continued strategic progress across the business,” said chief executive Mark Learmonth.
“Revenue increased by 46% to $267.7m, profit after tax rose by 193% to $67.5m, and net cash generated from operations increased by 82% to $76.2m.
"Beyond Blanket, we advanced our organic growth strategy and made decisive progress with Bilboes, our next mine.
“The publication of the feasibility study confirmed our expectations that Bilboes is an attractive and robust project that has the potential to materially change our production and profit profile."
Learmonth said the group’s strengthened balance sheet and supportive gold price environment positioned it well to fund growth and execute its strategy of becoming a multi-mine producer in Zimbabwe, with a focus on advancing Bilboes, progressing exploration at Motapa and maintaining stable operations at Blanket.
At 1459 GMT, shares in Caledonia Mining Corporation were up 1.77% at 1,669p.
Reporting by Josh White for Sharecast.com.
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