Rutendo Mazhindu- ZimNow Reporter
Caledonia Mining Corporation Plc has posted strong first-quarter results for 2025, with gold revenue rising 46% to US$56.2 million, up from US$38.5 million in the same period last year.
Gross profit nearly doubled to US$26.9 million from US$13.8 million, while EBITDA rose 148% to US$22.6 million. Net profit attributable to shareholders surged 493% to US$8.9 million, up from US$1.5 million in Q1 2024. Adjusted earnings per share climbed 503% to 58.5 cents, from 9.7 cents.
Net cash generated from operations more than doubled to US$13.3 million, improving the company’s net cash position from a negative US$14.2 million to US$4.6 million. Following the US$22.35 million sale of its solar plant in April, Caledonia’s pro forma net cash position improved to US$18.6 million.
Caledonia contributed US$11.8 million in taxes and royalties to the Zimbabwean government, more than double the US$4.5 million recorded in Q1 last year.
Gold production from Blanket Mine and the Bilboes oxide mine rose 9.3% to 19,106 ounces. Blanket Mine produced 18,671 ounces, while Bilboes contributed 435 ounces.
The on-mine cost per ounce increased 12.9% to US$1,202, while the all-in sustaining cost rose 33.1% to US$1,797 due to one-off and non-recurring expenses. The average realised gold price was US$2,896 per ounce, up 42%.
“Caledonia has delivered an exceptional first quarter,” said CEO Mark Learmonth. “This performance shows our resilience and ability to capitalise on high gold prices.”
He said the solar plant sale proceeds strengthened the balance sheet, enabling accelerated growth at Bilboes and Motapa and further investment at Blanket Mine.
A US$2.8 million exploration programme is underway at Motapa, while the Bilboes feasibility study is being finalised.
COO James Mufara, who took over in May 2024, introduced a safety overhaul, including a new Group SHE Manager, a 10-point mitigation plan, SLAM methodology, and a Visible Felt Leadership programme.
Key appointments in Q1 included CFO Ross Jerrard, independent non-executive directors Stefan Buys and Lesley Goldwasser, and Audit Committee chair Tariro Gadzikwa.
The company reaffirmed its 2025 guidance of 74,000 to 78,000 ounces from Blanket Mine, with on-mine costs projected at US$1,050–US$1,150 and AISC at US$1,690–US$1,790. Capital expenditure for the year is set at US$41 million.
“As we move forward, we remain focused on maximising production at Blanket, optimising Bilboes, and unlocking Motapa’s potential,” said Learmonth.
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