Caledonia Mining Corporation Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw lower gold production due to grade issues, but higher gold prices drove an 18% revenue increase and a 70% rise in profit after tax. Robust cash flow and successful funding position the company well for Bilboes and Motapa project development.
Fiscal Year 2025
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Revenue and profit surged on higher gold prices and stable operations, with EBITDA doubling and free cash flow up nearly fivefold. Major investments are underway at Bilboes and Blanket, supported by strong liquidity and a successful $150 million convertible note.
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Q3 2025 delivered strong financial and operational results, with revenue up 52% and EBITDA up 162% year-over-year, driven by a 40% rise in gold prices. Blanket Mine remains ahead of production guidance, while cost guidance for 2025 has been raised due to structural pressures. Exploration at Motapa and Blanket is progressing, with key resource updates expected in 2026.
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A clear growth and yield strategy is driving expansion, with Blanket Mine providing stable output and the Bilboes project set to transform production by 2029. Strong financial returns, a robust project pipeline, and improving conditions in Zimbabwe underpin long-term ambitions.
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Record quarterly results with revenue up 30% and net profit up 147% year-over-year, driven by record gold production and strong gold prices. Guidance was raised, cash generation was robust, and the company is advancing growth projects while focusing on cost control and minimizing equity dilution.
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Record quarterly gross profit and revenue growth were driven by higher gold prices and increased production, with strong operational execution and cost initiatives underway. Liquidity improved significantly after the solar plant sale, and all CapEx is funded from internal cash flows.
Fiscal Year 2024
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Record gross profit and net profit marked a strong turnaround, driven by higher gold prices, operational improvements, and stable production. Sustained investment in mine development and exploration, along with a focus on cost control and project optimization, position the company for continued growth.
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Production stabilized near 19,000 ounces in Q3, with revenue up 13.6% year-over-year and gross profit up 37%. FX losses from ZiG devaluation and rising costs impacted net profit, but strong cash generation and a $0.14 dividend were maintained. Motapa exploration yielded promising oxide results.
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Q2 2024 saw record gold production, higher prices, and lower costs, driving revenue up 35% and net profit to $8.4 million. Cash generation was strong, guidance was maintained, and key risks like water supply and currency volatility are being managed.
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The Bilboes gold project is a fully permitted, large-scale open pit operation targeting 1.5 million ounces over 10 years, with robust economics including a $309 million NPV and 34% IRR. Key changes include a modular tailings facility and a single-phase development approach, with strong expansion and exploration potential.