Caledonia Mining Corporation

What Caledonia Mining Corporation does

Caledonia Mining Corporation Plc is a Jersey-domiciled, Zimbabwe-focused gold producer listed on NYSE American, AIM, and the Victoria Falls Stock Exchange (symbol: CMCL). It operates the Blanket Gold Mine in the Gwanda region under a 64% controlling interest, which produced approximately 76,213 ounces in FY2025 and is guided to 72,000–76,500 ounces for FY2026. Caledonia also owns 100% of the Bilboes sulphide gold project, which is expected to add 200,000 ounces of annual production by late 2028, plus the Motapa and Maligreen exploration properties on the Bubi Greenstone Belt. The company sells gold directly to refiners and traders at market prices (Q1 2026 average realized price US$4,816/oz) and uses a hedging programme to floor 3,000 oz monthly at US$3,500 through December 2028.

Revenue is generated entirely from gold sales with no product diversification: FY2025 revenue reached US$267.7M (+46% YoY), driving a US$67.5M profit after tax (+193%) and US$62.1M of free cash flow. Caledonia transitioned from US$8.7M of net debt to a US$23.8M net cash position, maintains a quarterly dividend of US$0.14/share (held since October 2021), and is funding a US$584M Bilboes buildout via a four-part plan including a US$150M convertible note (Jan 2026) and a US$150M interim bank facility arranged by Stanbic Bank Zimbabwe and CBZ Bank. Operational infrastructure at Blanket includes a 12.2 MWac solar plant (now off-take) supplying ~20% of power, and the company's GTM is investor-relations-led (regulatory filings, earnings webcasts, ESG reporting) targeting gold-commodity investors across three exchanges. Material near-term risks include a proposed Zimbabwe royalty increase from 5% to 10% on gold above US$2,000–2,500/oz thresholds and a Pomerantz Law Firm investor investigation following the royalty disclosure.

Name

Caledonia Mining Corporation

Legal name

Caledonia Mining Corporation Plc

Website

https://caledoniamining.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Caledonia Mining Corporation Plc is a Jersey-domiciled, Zimbabwe-focused gold producer operating the 64%-owned Blanket Mine and developing the 100%-owned Bilboes sulphide project, selling gold at spot prices to refiners while paying a quarterly dividend to investors on NYSE American, AIM, and VFEX.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Gold mining
• Mineral exploration
• Underground mining
• Gold production
• Mining development

Headquarters

HQ city

St. Helier

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Others

Revenue model

1. Gold Sales: Primary revenue stream from the sale of gold produced at Blanket Mine in Zimbabwe. The company sells gold at market prices, with Q1 2026 average realized gold price of US$4,816 per ounce. FY2025 revenue was US$267.7 million driven by higher gold prices.
2. Dividend Payments: The company pays quarterly dividends of $0.14 per share to shareholders. Dividend has remained at this level since October 2021, representing a 104% increase from October 2019 levels.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Caledonia Mining Corporation is a Zimbabwe-focused gold mining, exploration, and development company. It operates the producing Blanket Mine (64% owned), which targets 75,000-80,000 ounces of gold annually, and is advancing the Bilboes Sulphide Gold Project (100% owned) toward 200,000 ounces per year production by late 2028. The company also holds 100% interests in the Motapa and Maligreen exploration properties.

Product overview

Caledonia Mining Corporation is a Zimbabwe-focused gold mining company operating a portfolio of assets at various stages. The core product is the Blanket Mine (64% owned), a producing gold operation targeting 75,000-80,000 oz annually. The flagship development project is Bilboes (100% owned), a large sulphide gold project targeting 200,000 oz/year production by 2028. Supporting these are exploration assets Motapa and Maligreen (both 100% owned), which may share infrastructure with Bilboes. A 12.2 MWac solar installation at Blanket Mine provides renewable energy for operations. The company is transitioning from a single-asset producer to a multi-asset gold producer.

Differentiator

Problem solved

Functional benefit

Products and services

• Blanket Gold Mine
• Bilboes Gold Project
• Motapa Gold Project
• Maligreen Gold Project
• Blanket Mine Solar Power Installation

Quantifiable outcome

• FY2025 profit increased 193% to US$67.5 million from US$23.1 million in 2024
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators16 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Kinross Gold Corporation: Mid-tier global gold producer with operations across the Americas and West Africa. Comparable in market cap tier and multi-asset growth strategy, with overlapping emerging-market mining profile.
• IAMGOLD Corporation: Mid-tier gold producer with significant West African production (Essakane, Côté Lake) and a development/expansion pipeline. Closely comparable mid-cap gold peer with emerging-market exposure.
• Harmony Gold Mining Company Limited: Major South African gold producer with operations across southern Africa. Comparable as an African-focused gold miner with both underground production and growth projects.
• Endeavour Mining plc: Mid-tier gold producer focused on West Africa with a portfolio of producing mines and a development pipeline. Directly comparable in scale, multi-asset strategy, and emerging-market gold production profile.
• Pan African Resources plc: Small-mid cap African gold producer with multiple operating assets in Zimbabwe and South Africa. Comparable in scale (sub-200k oz), production profile, and African focus — the most direct mid-cap gold peer to Caledonia.

Broad incumbents

• Gold Fields Limited: Major South African-headquartered gold producer with a global asset portfolio. Comparable African gold exposure and operational experience, though substantially larger in scale.
• Newmont Corporation: World's largest gold miner with operations globally, including Africa (Ahafo, Akyem in Ghana). Provides a comparable large-cap reference for diversified gold producers with African exposure.
• Barrick Gold Corporation: One of the world's largest gold miners with extensive African operations. Serves as a benchmark incumbent for African gold production, capital allocation, and dividend policy in the sector.
• AngloGold Ashanti plc: Large-cap African gold major with producing assets across the continent (including West Africa, DRC, Tanzania, and previously Zimbabwe). Sets the benchmark for African gold producers though materially larger than Caledonia.

Emerging players

• Premier African Minerals Limited: Smaller Zimbabwe-focused mineral developer and explorer listed on AIM. Comparable as a Zimbabwean-listed emerging miner with development-stage assets, though diversified into lithium and tungsten in addition to gold.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/caledonia-mining-corp-cal-

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries12 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Caledonia Mining Corporation