REG - Caledonia Mining Crp - Unaudited Quarterly and Full Year Results
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RNS Number : 6134X Caledonia Mining Corporation PLC 23 March 2026
Caledonia Mining Corporation Plc
(NYSE AMERICAN, AIM and VFEX: CMCL)
ABRIDGED, PRELIMINARY AND UNAUDITED QUARTERLY AND FULL YEAR RESULTS AND
DETAILS OF MANAGEMENT CONFERENCE CALL for the fourth quarter and full year
ended December 31, 2025 ("the Quarter" or "Q4 2025" and "FY 2025"
respectively)
RECORD FINANCIAL PERFORMANCE IN FY 2025, STRONG CASH GENERATION AND CLEAR
GROWTH MOMENTUM INTO 2026
St Helier, Jersey - March 23, 2026 - Caledonia Mining Corporation Plc
("Caledonia" or "the Company" and together with its subsidiaries "the Group")
is pleased to report preliminary unaudited financial and operating performance
for the Quarter and FY 2025, reflecting a year of strong revenue, profit and
cash generation, alongside continued progress on its growth strategy across
Blanket Mine, Bilboes and Motapa.
The Group's performance during the year was underpinned by a higher gold price
environment, providing a robust platform to execute the next phase of growth
into 2026 and beyond.
Unaudited consolidated statements of profit or loss and other comprehensive
income, consolidated statements of financial position and consolidated
statements of cash flows are included in the appendices at the end of this
announcement. The Company expects to file its Annual Report on Form 20-F for
the year ended December 31, 2025, containing audited financial statements for
FY 2025, ("Form 20-F") with the U.S. Securities and Exchange Commission in the
next few weeks, and an announcement will be made to notify of its filing in
due course. As a result, all financial results described herein should be
considered preliminary (and are unaudited), and are subject to change to
reflect any necessary adjustments or changes in accounting estimates that are
identified prior to the time we file our Form 20-F.
Summary for Quarter and FY 2025
The Group delivered an exceptional financial performance in FY 2025,
benefiting from a higher gold price environment.
· Gold Production and Sales:
o Blanket Mine ("Blanket") produced 76,213 ounces ("oz") of gold in FY 2025
and sold 77,392 oz, with 2,262 oz of gold bullion on hand at year end.
o The Bilboes oxide operation produced and sold 1,683 oz of gold during FY
2025.
o Total consolidated gold sales were 79,075 oz, compared to 77,917 oz in the
previous year ("FY 2024").
· Revenue increased by 46% to US$267.7 million, compared with
US$183.0 million in FY 2024, driven primarily by a significantly higher
realised gold price and strong sales volumes.
· Gross profit increased to US$137.1 million, compared to US$77.0
million in FY 2024, reflecting improved margins due to the higher gold price.
· EBITDA increased to US$125.3 million, compared with
US$59.7million in FY 2024, representing a substantial improvement driven by
higher gold prices.
· Profit after tax increased to US$67.5 million, compared with
US$23.1 million in FY 2024, an increase of 193%.
· Net cash generated from operating activities increased by 82% to
US$76.2 million (FY 2024: US$42.0 million).
· Unit Costs:
o Consolidated on-mine cash cost averaged US$1,263/oz sold.
o All in sustaining cost ("AISC") averaged US$1,952/oz sold, based on 79,075
oz sold.
· Free cash flow increased to US$62.1 million, compared with
US$10.6 million in FY 2024.
· Basic earnings per share ("EPS") increased by 211% to US$2.83 (FY
2024: US$0.91), driven by higher profitability.
· Bilboes Gold Project ("Bilboes" or "the Project"):
o The Bilboes sulphide feasibility study was completed and published in
November 2025, confirming a single-phase development, robust economics and a
clear pathway to development. See "Bilboes Gold Project Technical Report
Summary" with effective date October 31, 2025 prepared by DRA Projects (Pty)
Ltd and filed by the Company on EDGAR as an exhibit to a Form 6-K Report of
Foreign Private Issuer on November 24, 2025 (the "Feasibility Study").
· On 5 November 2025, Caledonia announced the appointment of Mr.
July Ndlovu as an independent non‑executive director to the Board.
· Quarterly dividend: Caledonia announces today that the board of
directors of the Company (the "Board") has approved a dividend of 14 cents per
share which will be paid on April 17, 2026.
The Group's balance sheet strengthened materially during the year. Cash and
cash equivalents increased to US$35.7 million at year end (FY 2024: US$4.3
million), resulting in a net cash position of US$23.8 million, compared with a
net debt position of US$8.7 million at the end of 2024. This enhanced
financial position provides the Group with greater flexibility to fund its
growth initiatives.
OPERATING RESULTS SUMMARY
Q4 2025 Q4 2024 % ∆ 12-Months 2025 12-Months 2024 % ∆
SAFETY
Group LTIFR (per 1m hours)(1,5) 0.0 1.1(1) -100% 0.8 0.7(1) 12.7%
Group TIFR (per 1m hours)(1,6) 2.8 2.2(1) 26.7% 3.5 4.4(1) -20.5%
UNDERGROUND MINING(2)
Ore broken in tonnes (t) ('000's) 221.6 229.0 -3.2% 916.2 851.4 7.6%
Ore hoisted in tonnes (t) ('000's) 197.4 213.5 -7.5% 840.2 772.2 8.8%
PROCESSING(2)
Ore processed/milled (t) ('000's) 207.7 207.7 0.0% 826.8 797.5 3.7%
Head/feed grade (grams/tonne) 2.8 3.2 -12.5% 3.07 3.2 -4.1%
Gold recovery (%) 92.8 93.6 -0.9% 93.4 93.6 -0.2%
Gold production (oz) 17,367 19,841 -12.5% 76,213 76,656 -0.6%
COSTS AND SALES
Gold sold (oz) 18,408 18,141 1.5% 79,075 77,917 1.5%
On-mine costs (US$ 000) 28,037 21,361 31.3% 99,873 83,619 19.4%
On-mine (US$/oz sold) 1,523 1,177 29.4% 1,263 1,073 17.7%
AISC (US$ 000) 42,249 34,055 24.1% 154,335 117,321 31.6%
AISC (US$/oz sold) 2,295 1,877 22.3% 1,952 1,506 29.6%
Realised gold price (US$/oz) 4,057 2,618 55.0% 3,383 2,347 44.1%
FINANCIALS(3)
Revenue (US$ 000) 74,736 47,515 57.3% 267,663 183,018 46.2%
EBITDA (US$ 000) 29,817 17,426 71.1% 125,319 59,695 109.9%
Profit after tax (US$ 000) 14,099 7,516 87.5% 67,511 23,054 192.8%
Capital expenditure (US$ 000)(4) 6,604 10,437 -36.7% 30,772 27,915 10.2%
Free cash-flow (US$ 000) 13,788 876 1,473.9% 62,116 10,643 483.6%
Basic earnings per share ($) 0.56 0.30 86.7% 2.83 0.91 211.0%
Diluted earnings per share ($) 0.56 0.30 86.7% 2.83 0.91 211.0%
1. Previously reported in 200,000 man hours.
2. The production summaries above only show Blanket results. Bilboes
contributes marginally to the overall results; however, due to materiality,
its numbers have not been included above.
3. Please refer to the financial statement appendices at the end of the
report.
4. The capex relates to Blanket only.
5. LTIFR - lost time injury frequency rate.
6. TIFR - total incident frequency rate.
Chief Executive Officer's Comment
Mark Learmonth, Caledonia's Chief Executive Officer, commented:
"2025 has been a strong year for the Group, marked by record financial
performance, excellent cash generation and continued strategic progress across
the business. Revenue increased by 46% to US$267.7 million, profit after tax
rose by 193% to US$67.5 million, and net cash generated from operations
increased by 82% to US$76.2 million.
At Blanket, we produced 76,213 ounces of gold, meeting our revised increased
guidance, while continuing to invest in exploration. The results from our
drilling programmes are highly encouraging and reinforce our confidence in the
long-term future of the operation.
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
and at the same time provide meaningful contributions to Zimbabwe.
Our investment in Motapa, which sits contiguous to Bilboes, forms an important
part of our strategy to build a broader production and growth platform in
Zimbabwe. Our post-period funding initiatives, together with the proceeds
from the sale of the solar plant at Blanket, have significantly strengthened
our balance sheet and leave us well positioned to fund growth while
importantly maintaining financial flexibility.
We continue to receive strong and constructive support from the Government of
Zimbabwe in implementing our strategy. Looking ahead to 2026, our focus is on
execution and the strategic objective of becoming a multi-mine producer. Our
commitment is unwavering to safety and our people while maintaining consistent
operations at Blanket, advancing Bilboes in line with the financing and
development timetable, continuing targeted exploration at Motapa, and
delivering sustainable value for shareholders, employees and the communities
in which we operate. We intend to use the current strong gold price to invest
in projects at Blanket to improve operating resilience and contain further
upward pressure on input prices."
WEBCAST
The Company will host a remote presentation for analysts and investors on its
preliminary and unaudited operating and financial results for the Quarter and
FY 2025 on Monday March 23, 2026 at 2:00pm London time, followed by an
opportunity to ask questions.
Webcast link:
https://stream.brrmedia.co.uk/broadcast/69ae9fc354af4a0013267828
(https://stream.brrmedia.co.uk/broadcast/69ae9fc354af4a0013267828)
Safety
Safety remains a core priority for the Group. During FY 2025, the Company
reported a fatal accident involving a Blanket employee in September 2025,
following an incident related to secondary blasting. The Group remains deeply
saddened by the loss and extends its condolences to the family and those
affected. In response, management initiated a comprehensive review of safety
procedures, controls and training programmes across the operation, with a
continued focus on reinforcing safety standards, improving risk management
practices and strengthening the safety culture throughout the business.
At Blanket, work is underway to further strengthen the fatal risk management
framework, including the enhancement of risk registers, risk standards, and
verification and assurance processes. In parallel, the Group has implemented
the IsoMetrix electronic SHEC management system to support consistent incident
reporting, hazard identification and risk management across its operations.
The system went live in December 2025, with training continuing into 2026.
No lost time injuries or fatalities occurred during the Quarter, and the LTIFR
for FY2025 was 0.84 per million work hours.
Production
Blanket delivered a strong and resilient operational performance in FY 2025,
meeting increased production guidance despite operational challenges
experienced during the year. FY 2025 gold production of 76,213 oz was within
the revised guidance range of 75,500 to 79,500 oz and broadly consistent with
production achieved over the prior two years, reflecting the underlying
stability of the operation.
Production in the second half of the year was affected by lower tonnages from
higher grade areas, which are being addressed through ongoing mine
development, and by an increased incidence of prolonged electricity supply
interruptions towards the end of the year. These impacts were partially offset
by robust milling throughput and the draw-down of material from the ore
stockpile, which helped to maintain overall production levels.
For 2026, Caledonia expects Blanket gold production to be in the range of
72,000 to 76,500 oz 1 , with the quarterly production profile anticipated to
be stronger in the second half of the year as higher-grade areas increasingly
come on stream.
Capital Expenditure and Investment for Growth
The main capital projects at Blanket in 2025 were the ongoing mine development
to provide access to new mining areas and the completion of the new Tailings
Storage Facility ("TSF").
On-mine capital development has established critical infrastructure across the
26, 30, and 34 Levels, thereby supporting sustained operations at greater
depth. Currently, significant progress is being made on the development of a
twin decline system designed to provide enhanced access to the 38 Level. The
decline system has successfully advanced to the 36 Level, where the
establishment of a mid-level is underway to facilitate production activities
below the 34 Level. 5,532 and 22,284 meters of development were achieved for
the Quarter and FY 2025 respectively.
The TSF was built on a modular basis to spread the cost over a longer period,
and to ensure that the first phase could receive material before the old TSF
reached its full capacity. Work on the TSF was completed on July 31, 2025. A
second return water dam to support the TSF was commissioned in November 2025.
The Company published guidance on January 14, 2026 for capital expenditure for
2026, in which it stated that guidance may be increased to cater for the
construction of a 34km electricity line to connect Blanket to Zimbabwe's 132Kv
backbone. This investment is expected to reduce the price of power received
from the grid and reduce the incidence of power outages experienced by
Blanket, thereby reducing the use of expensive diesel generators and allowing
an increase in expected production of about 1,000 oz per annum due to improved
operating reliability. The study for this project has been completed, and
the Board has approved an amount of $14.2 million for this project. Work is
expected to commence immediately, and the project is expected to be completed
in the second quarter of 2027. The Board has also approved additional
capital expenditure of $2.2 million to convert the winder at Central Shaft
from Alternating Current (AC) to Direct Current (DC) operation. This work
should be done over the December 2026/January 2027 period and is expected to
realise cost savings of approximately $0.6m per annum.
(US$ 000) Q4 2025 2025
SUSTAINING CAPEX
Underground mine development 1,215 6,659
Engineering equipment 1,329 9,612
Other sustaining capex 3,205 8,444
Total sustaining capex 5,749 24,715
NON-SUSTAINING CAPEX
TSF 855 6,057
Total non-sustaining capex 855 6,057
TOTAL CAPEX(*) 6,604 30,772
(* The capex relates to Blanket only.)
Total Group capital expenditure for FY 2026 is projected to be US$178.9
million, reflecting the Group's commitment to sustaining production at Blanket
while advancing its growth pipeline.
This comprises:
· Sustaining capital of US$43.0 million, largely focused on
Blanket.
· Growth capital of US$135.9 million, including:
o US$132.1 million allocated to the Bilboes development project, subject to
Board approval and funding; and
o US$3.8 million for exploration at Motapa, reflecting the Group's focus on
longer term value creation and synergies with Bilboes.
Costs
During FY2025, total production costs for the Group increased to US$101.3
million (FY 2024: US$80.7 million), primarily reflecting inflationary
pressures on labour, consumables and power, increased underground development
activity at Blanket, and continued investment in operational reliability and
safety. Blanket accounted for the majority of production costs, while costs at
the Bilboes oxide operation remained modest and consistent with prior periods.
On a unit basis, the Group reported a consolidated on-mine cash cost of
US$1,263 per oz sold and an AISC of US$1,952 per oz sold, which were
marginally above the guidance ranges of $1,150 - $1,250 and $1,850 - $1,950,
respectively. The increased on-mine cost per oz reflects the increased on-mine
costs and the effect of the reduced grade which fell from 3.2g/t to 3.07g/t.
Administrative expenses increased to US$20.5 million (FY 2024: US$15.7
million), reflecting higher employee costs, professional and advisory fees,
and ongoing investment in governance and compliance. Despite these increases,
strong gold prices and ongoing focus on cost control delivered significant
margin expansion, and management believes the cost base remains appropriate to
advance the Group's long-term growth strategy. Measures such as the 132Kv
power line and the conversion of the Central Shaft winder from AC to DC
operation are expected to realise cost savings from 2027 onwards, but these
savings are likely to be counterbalanced by further increases in costs arising
from the provision of living accommodation for the workforce at Blanket which
has increased significantly in recent years.
Sales
Gold sales during FY 2025 reflected both stable production levels and a
significantly higher gold price environment, resulting in strong revenue
growth and margin expansion. The Group sold a total of 79,075 ounces of gold
during the year (FY 2024: 77,917 ounces), primarily from Blanket, with
additional contribution from the Bilboes oxide operation. Gold sales volumes
were broadly consistent year-on-year, demonstrating the underlying reliability
of the Group's operations.
Average realised gold prices increased materially to US$3,383 per oz (FY 2024:
US$2,347 per oz), driving revenue growth of 46% to US$267.7 million. The
higher realised price more than offset cost inflation and supported a
substantial improvement in profitability and cash generation. Management
believes the combination of consistent sales volumes and exposure to a
supportive gold price environment positions the Group well to continue
generating strong margins while funding ongoing operations, dividends and
growth initiatives.
Underground Mining and Processing
During FY 2025, underground milling and processing activities continued to
support production delivery at Blanket, as reflected in total gold production
of 76,213 oz for the year. Q4 2025 was impacted by crew moves to new areas as
production areas in the upper levels reached the end of their life span. Some
delays in bringing the crews into production in the new areas resulted in
lower than planned tonnages from these areas, adversely affecting the overall
grade for the Quarter. Production from the new areas remained under pressure
in January and February 2026 but has improved in March 2026.
Processing related costs, including consumables, electricity and maintenance
associated expenditure, increased year on year, consistent with higher
inflationary pressures and increased underground development activity.
Expenditure on processing and plant related infrastructure formed part of the
Group's ongoing capital investment programme aimed at sustaining operational
capacity and supporting future production requirements.
Exploration and Resource Development - Blanket
During 2025, the Group continued its underground resource expansion drilling
programme at Blanket, completing 6,976 metres of drilling. Results returned
grades and widths that were generally better than expected relative to the
current mineral resource model.
The programme confirmed the continuation of the Blanket and Eroica orebodies
at depth to beyond 36 Level (1,230 meters below surface) and demonstrated the
extension of the Lima orebody to 30 Level (990 meters below surface) from 22
Level (750 meters below surface), which is the lowest level of mining on the
Lima orebody. The deep drilling program continues to reinforce confidence in
the long-term production profile and life of mine extension potential at
Blanket.
Surface exploration activities at Blanket have identified an anomalous area of
gold mineralisation located approximately 200 meters to the east of the Sheet
surface shaft. The area was trenched to obtain sample material for assay and
follow up reverse circulation drilling commenced down to a depth of 40 meters
below surface. Currently, assay results are pending from external laboratories
although indications from selective assaying at the Blanket laboratory appear
positive. Future updates will follow once assay results are received and
processed during the first half of 2026.
Motapa Exploration - Investing for Future Growth
During 2025, the Group continued to invest in exploration activities at the
Motapa property, recognising its potential to deliver long term, value
enhancing synergies alongside the development of Bilboes. Motapa is a
brownfield exploration asset located adjacent to Bilboes and is considered
strategically important as part of the Group's broader ambition to establish a
multi asset gold production hub in Zimbabwe. Exploration expenditure during
the year was directed towards advancing geological understanding and
supporting longer term growth optionality.
Exploration during 2025 was focussed on the sulphide mineralisation below the
historical oxide open pits at Motapa North and for near surface oxide
mineralisation at the eastern portion of the Motapa central trend known as
Mpudzi.
For 2025, the following was achieved:
· Surface Diamond Drilling
o 1,564 meters drilled from 18 drillholes (2024: 4,255 meters from 27
drillholes).
o 1,317 samples for fire assay submitted and received.
· Surface Reverse Circulation Drilling.
o 18,325 meters drilled from 196 drillholes (2024: 5,461 meters from 61
drillholes).
o 12,460 samples for fire assay submitted and received.
The results from the exploration activities are expected to produce a maiden
mineral resource estimate for the sulphide mineralisation of the Motapa north
trend during the second quarter 2026.
Looking ahead, US$3.8 million has been allocated to Motapa exploration as part
of the Group's 2026 growth capital programme, reflecting management's
continued commitment to disciplined investment in exploration while
maintaining financial flexibility. Planned work programmes are designed to
complement the Bilboes development timetable and to build a pipeline of
potential future opportunities that could enhance mine life, operational
flexibility and regional scale over time. The exploration activities for 2026
are focussed on the continual exploration of the near surface oxide potential
of the Mpudzi area and the exploration of the sulphide mineralisation of the
Motapa South trend below historical oxide open pits. Management believes that
Motapa represents an attractive exploration opportunity within the Group's
portfolio, aligned with its long-term growth strategy.
Bilboes Gold Project - Our Next Mine
In November 2025, Caledonia published the Feasibility Study and approved the
Project for development. The Feasibility Study informs a single‑phase
development, proven and probable mineral reserves of 1.75 million oz of gold
contained in 24.1 million tonnes of ore at an average grade of 2.26 grams per
tonne, and a life of mine of 10.8 years.
The Project is expected to produce approximately 200,000 oz of gold in its
first full year of production, with first production anticipated in late 2028.
The Feasibility Study demonstrates robust economics, including a post-tax NPV
(8% real) of US$582 million and a post-tax IRR of 32.5% at consensus gold
price assumptions at the effective date of the Study ($2,548 per oz), with
materially higher returns at prevailing spot prices.
Funding, Liquidity and Capital Allocation
The Group's total liquidity is shown below.
Liquidity
Dec 31, 2025
(US$ 000)
Cash on hand 35,738
Bullion on hand 10,293
Gold sales receivables 7,718
Fixed-term deposits 5,000
TOTAL BEFORE UTILISATION OF FACILITIES 58,749
Drawn down bank facilities (11,898)
NET CASH AND LIQUID ASSETS 46,851
Undrawn bank facilities 8,101
TOTAL LIQUIDITY 54,952
During early 2026, Caledonia successfully completed a US$150 million
convertible senior notes offering, receiving net proceeds of approximately
US$130 million, significantly strengthening liquidity and providing
flexibility to advance Bilboes while maintaining capital discipline.
The Company also implemented a gold price hedging programme, securing a
minimum price of US$3,500 per ounce on 3,000 oz per month from January 2026 to
December 2028, underpinning cash flows during the peak Bilboes capital
investment period.
Caledonia continues to progress discussions regarding an interim funding
facility of up to US$150 million and plans to commence a formal project
finance process during 2026. The hedging programme referred to above provides
a floor price for lenders when they evaluate their participation in the
interim facility. In February 2026, the Group appointed Stanbic Bank
Zimbabwe (a member of Standard Bank Group) and CBZ Bank Limited as co-lead
arrangers for the interim funding facility.
Diesel and Operational Continuity
The recent geopolitical developments in the Middle East have had no impact on
Caledonia's operations to date. Diesel, of which the Group consumes
approximately two million litres per annum, represents less than 3% of
operating costs, and the Group has secured supplies of over one million
litres, providing substantial buffer and supply certainty. Zimbabwe sources
its fuel from both the Middle East and South Africa. Importantly, reliance on
diesel has significantly fallen over the last few years: diesel accounted for
8% of the Group's power in 2020, but has reduced to only 2% last year,
supported by around 20% of total power requirements being met by solar power.
At present Caledonia is selling its exported portion of gold through South
Africa (rather than the Middle East), ensuring uninterrupted revenue flows for
that portion.
These factors collectively underpin strong operational resilience despite
external geopolitical developments.
Dividend
Caledonia has approved a quarterly dividend of 14 United States cents
(US$0.14) on each of the Company's shares.
The relevant dates relating to the dividend are as follows:
• Ex-dividend date VFEX: March 31, 2026
• Ex-dividend date AIM and NYSE American: April 2, 2026
• Record date: April 2, 2026
• Payment date: April 17, 2026
Shareholders with a registered address in the UK will be paid in Sterling.
END NOTES
Financial information
As previously advised, Caledonia no longer publishes financial statements and
management's discussion and analysis reports on a quarterly basis in
accordance with Canadian securities regulations. This decision aligns with
applicable exemptions under Canadian securities regulations, including
National Instrument 71-102 - Continuous Disclosure and Other Exemptions
Relating to Foreign Issuers, and reflects our status as an SEC foreign issuer
with equivalent disclosure obligations outside Canada. Therefore there will
no longer be annual financial statements issued with a Canadian audit report.
The audited financial statements for FY 2025 will be incorporated in the Form
20‑F.
The financial information presented herein and in the accompanying appendices
has been extracted from the Company's preliminary and unaudited financial
statements for the period ended December 31, 2025. The information has been
prepared using accounting policies consistent with those applied in the
preparation of the preliminary and unaudited annual financial statements for
the year ended December 31, 2025. The extracted information does not include
all the disclosures required by International Financial Reporting Standards
(IFRS). The information has been provided to update shareholders on the
performance of the Group and should be read together with the Form 20-F which
is expected to be filed with the U.S. Securities and Exchange Commission in
the next few weeks, and an announcement will be made to notify of its filing
in due course. As a result, all financial results described herein should be
considered preliminary (and are unaudited), and are subject to change to
reflect any necessary adjustments or changes in accounting estimates that are
identified prior to the time we file our Form 20-F.
Non-GAAP measures
This announcement includes certain financial performance measures which are
non-GAAP measures. These include cash costs of production, AISC, cash and
liquid assets, and free cash flow. Management believes these measures provide
valuable additional information for users of the information to understand the
underlying trading performance. Definitions and explanation of the measures
used along with reconciliation to the nearest IFRS measures are detailed in
the Form 20-F which will in due course be filed on the SEC's Electronic Data
Gathering, Analysis, and Retrieval (EDGAR) system as well as being available
at www.caledoniamining.com/investors/reports-presentations/
(http://www.caledoniamining.com/investors/reports-presentations/) .
Cash and liquid assets
Cash and liquid assets include cash, fixed-term deposits, bullion on hand,
gold sales receivables and drawn down bank facilities.
LTIFR
Lost Time Injury Frequency Rate ("LTIFR") measures how often workplace
injuries occur that result in employees missing work, normalized to hours
worked to allow comparison over time or between organisations.
TIFR
The Total Injury Frequency Rate ("TIFR") is a key safety performance indicator
that measures the frequency of all workplace injuries (including fatalities,
lost time injuries, medical treatment cases, and restricted work injuries)
relative to the total hours worked.
Reporting Changes
Notwithstanding that Caledonia no longer publishes financial statements and
management's discussion and analysis reports on a quarterly basis in
accordance with Canadian securities regulations, Caledonia remains fully
committed to transparent and timely disclosure of material information through
the publication of our annual and half-yearly financial statements and via
recognised regulatory channels, and, going forwards, we anticipate continuing
to publish revenue, costs and production results for the quarters for which we
do not release detailed financial results (namely, the first and third
quarters). This change does not affect our obligation to disclose any
significant developments or risks that may materially impact the Group's
financial position or performance.
FOR MORE INFORMATION, please visit the website www.caledoniamining.com
(http://www.caledoniamining.com) or contact:
Enquiries
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 800
Camilla Horsfall Tel: +44 7817 841 793
Cavendish Capital Markets Limited (Nomad and Broker)
Adrian Hadden Tel: +44 207 397 1965
Pearl Kellie Tel: +44 131 220 9775
Camarco, Financial PR (UK)
Gordon Poole Tel: +44 20 3757 4980
Elfie Kent
Curate Public Relations (Zimbabwe)
Debra Tatenda Tel: +263 77802131
IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)
Lloyd Mlotshwa Tel: +263 (242) 745 119/33/39
Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services,
has reviewed and approved the scientific and technical information contained
in this news release. Craig James Harvey is a "Qualified Person" as defined by
each of (i) the Canadian Securities Administrators' National Instrument 43-101
- Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of
Regulation S-K of the U.S. Securities Act.
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that are not
historical facts are "forward-looking information" within the meaning of
applicable securities legislation that involve risks and uncertainties
relating, but not limited, to Caledonia's current expectations, intentions,
plans, and beliefs. Forward-looking information can often be identified by
forward-looking words such as "anticipate", "believe", "expect", "goal",
"plan", "target", "intend", "estimate", "could", "should", "may" and "will" or
the negative of these terms or similar words suggesting future outcomes, or
other expectations, beliefs, plans, objectives, assumptions, intentions or
statements about future events or performance. Examples of forward-looking
information in this news release include (but is not limited to): Caledonia's
expectations with regard to entering into the Interim Funding Facility,
raising the project finance necessary to construct the Project and ensuring
the Group has the necessary financial capacity to complete the Project,
expectations with respect to costs, the situation in the Middle East,
improving the electricity situation at Blanket, as well as successful
exploration at Motapa and Blanket. The forward-looking information contained
in this news release is based, in part, on assumptions and factors that may
change or prove to be incorrect, thus causing actual results, performance or
achievements to be materially different from those expressed or implied by
forward-looking information. Such factors and assumptions include, but are
not limited to: the successful implementation of mine plans, the establishment
of estimated resources and reserves, the grade and recovery of minerals which
are mined varying from estimates, success of future exploration and drilling
programs, reliability of drilling, sampling and assay data, the
representativeness of mineralization being accurate, success of planned
metallurgical test-work, capital availability and accuracy of estimated
operating costs, obtaining required governmental, environmental or other
project approvals, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects and Caledonia's
experience of project development in Zimbabwe and other factors.
To the extent any forward-looking information herein constitutes a financial
outlook or future oriented financial information, any such statement is made
as of the date hereof and included herein to provide prospective investors
with an understanding of the Company's plans and assumptions. Security
holders, potential security holders and other prospective investors should be
aware that these statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from those suggested by the forward-looking statements. Such
factors include, but are not limited to: risks relating to estimates of
mineral reserves and mineral resources proving to be inaccurate, fluctuations
in gold price, risks and hazards associated with the business of mineral
exploration, development and mining, risks relating to the credit worthiness
or financial condition of suppliers, refiners and other parties with whom the
Company does business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards, employee relations; relationships with and
claims by local communities and indigenous populations; political risk; risks
related to natural disasters, terrorism, civil unrest, public health concerns
(including health epidemics or outbreaks of communicable diseases such as the
coronavirus (COVID-19)); availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral exploration and
development, including the risks of obtaining or maintaining necessary
licenses and permits, diminishing quantities or grades of mineral reserves as
mining occurs; global financial condition, the actual results of current
exploration activities, changes to conclusions of economic evaluations, and
changes in project parameters to deal with unanticipated economic or other
factors, risks of increased capital and operating costs, environmental, safety
or regulatory risks, expropriation, the Company's title to properties
including ownership thereof, increased competition in the mining industry for
properties, equipment, qualified personnel and their costs, risks relating to
the uncertainty of timing of events including targeted production rate
increase and currency fluctuations. These risks are not exhaustive. Further
information on these and other risks that could affect Caledonia's results is
included in its filings with the Securities and Exchange Commission ("SEC"),
including its Annual Report on Form 20-F for the last completed financial
year, reports on Form 6-K for the most recently completed three and six month
periods and the future reports that it may file from time to time with the
SEC. Security holders, potential security holders and other prospective
investors are cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves numerous
assumptions, inherent risks and uncertainties, both general and specific, that
contribute to the possibility that the predictions, forecasts, projections and
various future events will not occur. Caledonia undertakes no obligation to
update publicly or otherwise revise any forward-looking information whether as
a result of new information, future events or other such factors which affect
this information, except as required by law.
This news release is not an offer of the shares of Caledonia for sale in the
United States or elsewhere. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale of
the shares of Caledonia, in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such province, state or
jurisdiction.
Appendix A
Consolidated statements of profit or loss and other comprehensive income
(in thousands of United States Dollars, unless indicated otherwise)
For the years ended December 31 2025 2024
Revenue 267,663 183,018
Royalty (13,521) (9,263)
Production costs (101,321) (80,744)
Depreciation (15,697) (16,021)
Gross profit 137,124 76,990
Net foreign exchange loss (3,311) (9,722)
Administrative expenses (20,480) (15,658)
Fair value loss on derivative financial instrument (6,379) (831)
Equity-settled share-based expense (203) (1,054)
Cash-settled share-based expense (839) (201)
Other expenses (5,078) (6,940)
Other income 248 1,090
Profit on the sale of non-current assets held for sale 8,540 -
Operating profit 109,622 43,674
Finance income 461 26
Finance cost (3,514) (3,157)
Profit before tax 106,569 40,543
Tax expense (39,058) (17,489)
Profit for the year 67,511 23,054
Other comprehensive income
Items that are or may be reclassified to profit or loss
Exchange differences on translation of foreign operations 1,109 (116)
Total comprehensive income for the year 68,620 22,938
Profit attributable to:
Owners of the Company 55,219 17,899
Non-controlling interests 12,292 5,155
Profit for the year 67,511 23,054
Total comprehensive income attributable to:
Owners of the Company 56,328 17,783
Non-controlling interests 12,292 5,155
Total comprehensive income for the year 68,620 22,938
Earnings per share
Basic earnings per share ($) 2.83 0.91
Diluted earnings per share ($) 2.83 0.91
Appendix B
Consolidated statements of financial position
(in thousands of United States Dollars, unless indicated otherwise)
December 31, December 31,
As at 2025 2024
Assets
Exploration and evaluation assets 103,829 97,326
Property, plant and equipment 204,538 189,456
Right of use assets 1,089 -
Deferred tax asset 230 264
Total non-current assets 309,686 287,046
Income tax receivable 8 355
Inventories 26,828 23,768
Derivative financial assets 8,227 -
Trade and other receivables 11,871 12,675
Prepayments 14,537 6,748
Fixed term deposit 5,000 -
Cash and cash equivalents 35,738 4,260
Assets held for sale - 13,512
Total current assets 102,209 61,318
Total assets 411,895 348,364
Equity and liabilities
Share capital 166,329 165,408
Reserves 138,254 138,465
Retained loss (45,586) (89,996)
Equity attributable to shareholders of the parent 258,997 213,877
Non-controlling interests 24,549 20,587
Total equity 283,546 234,464
Liabilities
Deferred tax liabilities 51,015 48,418
Provisions 9,722 9,664
Loans and borrowings 1,074 1,500
Loan note instruments 3,981 8,313
Cash-settled share-based payment 1,294 411
Lease liabilities 911 199
Total non-current liabilities 67,997 68,505
Cash-settled share-based payment 1,116 634
Income tax payable 351 2,958
Lease liabilities 268 95
Loans and borrowings 6,706 1,174
Loan note instruments 7,760 855
Trade and other payables 32,253 26,647
Overdrafts 11,898 12,928
Liabilities associated with assets held for sale - 104
Total current liabilities 60,352 45,395
Total liabilities 128,349 113,900
Total equity and liabilities 411,895 348,364
Appendix C
Consolidated statements of cash flows
(in thousands of United States Dollars, unless indicated otherwise)
2025 2024
Cash inflow from operations 105,419 55,438
Interest received 461 26
Finance costs paid (3,073) (2,864)
Tax paid (26,574) (10,645)
Net cash inflow from operating activities 76,233 41,955
Cash flows used in investing activities
Acquisition of property, plant and equipment (32,450) (27,477)
Acquisition of exploration and evaluation assets (3,633) (3,835)
Proceeds from sale of property, plant and equipment 17 -
Gross proceeds from sale of non-current assets held for sale 22,350 -
Selling cost on sale of non-current assets held for sale (384) -
Acquisition of put options (5,430) (743)
Investment in fixed term deposits (28,500) -
Matured fixed term deposits 23,500 -
Net cash used in investing activities (24,530) (32,055)
Cash flows from financing activities
Dividends paid (19,916) (12,302)
Payment of lease liabilities (244) (182)
Proceeds from loans and borrowings - 3,000
Repayments of loans and borrowings (1,473) (326)
Loan notes - solar bond issue gross receipts 2,500 2,000
Loan notes - solar bond issue transaction cost (113) (30)
Proceeds from share options exercised 95 37
Net cash used in financing activities (19,151) (7,803)
Net increase in cash and cash equivalents 32,552 2,097
Effect of exchange rate fluctuations on cash and cash equivalents (44) 267
Net cash and cash equivalents at the beginning of the year (8,668) (11,032)
Net cash and cash equivalents at the end of the year 23,840 (8,668)
1 Refer to "S-K 1300 Technical Report Summary on the Blanket Gold Mine,
Zimbabwe" with effective date December 31, 2023 prepared by Caledonia and
filed by the Company on EDGAR as an exhibit to its annual report on Form 20-F
on May 15, 2024; and "NI 43-101 Technical Report on the Blanket Gold Mine,
Zimbabwe" with effective date December 31, 2023 prepared by Caledonia and
filed by the Company on SEDAR+ on May 15, 2024
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