Caledonia Mining Q4 Earnings Call Highlights

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MarketBeat

Mon, March 23, 2026 astatine 11:21 AM CDT 8 min read

Caledonia Mining logo

Caledonia Mining logo
  • Revenue roseate 46% to $267 cardinal successful FY2025 with EBITDA doubling to $125.3 cardinal and nett aft taxation of $67.5 million, driven by a higher golden terms and ~79,000 ounces produced/sold, leaving escaped currency travel of $62 million.

  • Unit costs exceeded guidance arsenic on‑mine costs roseate ~25% owed to little grades, higher labor, consumables and powerfulness costs, alongside higher royalties and admin expenses, and the institution has launched a broad information reappraisal aft a September fatality.

  • Bilboes task approved (IRR 32.5% astatine $2,548/oz) targeting archetypal determination precocious 2028 and highest ~200,000 oz/yr, with backing via a $150 cardinal convertible enactment (upsized), put‑option hedges, an interim $150 cardinal slope installation and longer‑dated task finance, portion 2026 capex is budgeted astatine $178.9 million.

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Caledonia Mining (NYSEAMERICAN:CMCL) reported what absorption described arsenic a “very strong” fiscal twelvemonth for 2025, citing a higher golden terms situation alongside dependable operating transportation astatine its Blanket Mine and aboriginal contributions from the Bilboes oxide operation. On the company’s results call, CEO Mark Learmonth said the show was underpinned by “a higher golden terms and immoderate accordant operating delivery,” portion besides acknowledging outgo pressures and operational constraints that weighed connected portion costs during the year.

Management highlighted year-over-year gains crossed cardinal fiscal metrics. Revenue roseate 46% to $267 million, gross nett accrued 78% to $137 million, and EBITDA doubled to $125.3 million. Profit aft taxation roseate to $67.5 million, up from $23 cardinal successful the anterior year.

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CFO Ross Jerrard said results reflected some the higher golden terms and “delivering the ounces.” Blanket produced 76,000 ounces of golden successful 2025 and sold 77,000 ounces. The Bilboes oxide cognition produced and sold 1,683 ounces, bringing the full to 79,000 ounces.

Jerrard said escaped currency travel reached $62 million, up 483% from the anterior year, and net per stock were $2.83. He besides noted that Caledonia volition record afloat fiscal statements nether SEC rules successful its 20-F, scheduled for April, pursuing the company’s classification arsenic a overseas backstage issuer nether Canadian rules.

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While accumulation volumes were delivered, Jerrard said on-mine costs roseate and portion costs came successful “marginally above” Caledonia’s guidance range. He attributed this to restricted entree to higher-grade areas, inflationary pressures, and continued improvement concern “to guarantee semipermanent operational reliability and safety,” arsenic good arsenic a lower-than-anticipated people profile.

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