Caledonia Mining Corporation Plc

Description

Caledonia Mining Corporation Plc is a Jersey-incorporated gold producer listed on NYSE American, AIM and the Victoria Falls Stock Exchange under the symbol CMCL, with operations in Zimbabwe. Its cornerstone is the 64% owned Blanket Mine near Gwanda, which produced 76,213 oz in 2025 and guides to 72,000 to 76,500 oz in 2026, with first-half 2026 revenue of US$142.3 million and net profit of US$48.9 million. Blanket's second-quarter AISC was US$2,678/oz and cash was US$171.8 million after a US$150 million convertible note issue in January 2026.

The November 2025 Bilboes feasibility study, at US$2,548/oz gold, outlines a post-tax NPV(8%) of US$582 million, an IRR of 32.5%, peak capex of about US$484 million and AISC of US$1,061/oz, with 1.55 Moz produced over 10.8 years and about 200,000 oz per year from 2029. Bilboes, which is 100% owned, has reserves of 1.749 Moz at 2.26 g/t gold, and first production is planned for late 2028. The company is also exploring Motapa, where a maiden resource is expected in the third quarter of 2026.

Weakness

List of projects

Project 1: Blanket Gold Mine — 64% interest, near Gwanda, Zimbabwe; metals: Gold.
Project 2: Bilboes Gold Project — 100% interest, Matabeleland North, Zimbabwe; metals: Gold.
Project 3: Motapa Project — exploration, Zimbabwe, with a maiden resource expected in Q3 2026; metals: Gold.
Project 4: Blanket K-Pits, Zimbabwe — oxide and sulphide mineralization with trial mining and heap-leach planned for Q4 2026; metals: Gold.

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