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Sep 30, 2025
Caledonia Mining Q3 2025 Earnings Report
Caledonia Mining reported strong financial and operational performance in Q3 2025, benefiting from higher gold prices and increased sales volumes.
Key Takeaways
Revenue and profitability surged on the back of improved gold prices and higher production. Operating cash flow and free cash flow rebounded sharply, while costs per ounce rose due to inflation and increased sustaining capital.
Forward Guidance
Caledonia maintained full-year gold production guidance but revised cost expectations upward due to inflationary pressures and capital investments.
Positive Outlook
- 2025 gold production guidance maintained at 75,500–79,500 oz
- Bilboes feasibility study expected imminently
- Encouraging drilling results at Blanket and Motapa projects
- Strong liquidity position of $44.3M to support capital projects
- Dividend of $0.14 per share approved for December
Challenges Ahead
- On-mine cost guidance revised upward to $1,150–$1,250/oz
- AISC guidance increased to $1,850–$1,950/oz
- Higher administrative and royalty costs due to gold price increase
- Safety incident resulted in employee fatality
Historical Earnings Impact
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Avg. Return Before/After Earnings
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