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Jun 30, 2025
Caledonia Mining Q2 2025 Earnings Report
Caledonia Mining delivered record Q2 gold production and a 30% revenue increase, driven by higher gold prices and improved plant recoveries.
Key Takeaways
Revenue reached $65.0M, up 30% YoY, supported by record quarterly gold production of 21,070 ounces and an average realised gold price of $3,188/oz. Net income attributable to shareholders was $20.5M with EPS of $1.057 and adjusted EPS of $1.139. Strong cash generation from operations totaled $28.1M, while the net cash position improved to $26.2M, aided by the $22.35M sale of the solar plant.
Revenue increased 30% YoY to $65.0M, supported by higher gold prices and slightly higher production.
Record quarterly gold production of 21,070 ounces at Blanket Mine, up 1.4% YoY.
Average realised gold price rose 38.5% YoY to $3,188 per ounce.
Net cash position improved to $26.2M, bolstered by strong operating cash flows and the sale of the solar plant.
Forward Guidance
Caledonia raised Blanket Mine's 2025 production guidance to 75,500–79,500 ounces, while continuing exploration at Blanket, Bilboes, and Motapa to expand resources and improve project economics.
Positive Outlook
- Updated Blanket Mine production guidance of 75,500–79,500 ounces for 2025.
- Record plant recovery rate of 94.4%, expected to be sustainable.
- Encouraging exploration results at Blanket, indicating potential new orebody.
- Progress on Bilboes feasibility study with potential economic improvements.
- Advancing Motapa exploration with significant drilling completed.
Challenges Ahead
- Higher on-mine costs due to labour and consumables inflation.
- Increased AISC from higher sustaining capital expenditure.
- Continued reliance on Blanket Mine for majority of production.
- Exposure to gold price volatility and macroeconomic risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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