Caledonia Mining Reports GAAP EPS of $0.77, Falling Short by $0.01; Revenue of $71.44M Exceeds Expectations by $6.34M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 10 2025
0mins
Should l Buy CMCL?
Source: SeekingAlpha
Q3 Financial Performance: Caledonia Mining reported a Q3 GAAP EPS of $0.77, missing expectations by $0.01, while revenue increased by 52.4% year-over-year to $71.44 million, exceeding estimates by $6.34 million.
Gold Production and Costs: The company produced 19,106 ounces of gold and sold 20,355 ounces, with an on-mine cost of $1,228/oz and an all-in sustaining cost (AISC) of $1,937/oz sold.
Free Cash Flow and Future Guidance: Free cash flow rose to $5.9 million from a negative $2.4 million in Q3 2024, with 2025 gold production guidance maintained at 75,500 to 79,500 ounces and capital expenditure guidance set at $41 million.
Revised Cost Projections: The on-mine cost per ounce at Blanket was $1,203, leading to a revised AISC guidance of $1,850 to $1,950/oz due to higher costs and increased royalties from rising gold prices.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy CMCL?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on CMCL
Wall Street analysts forecast CMCL stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 27.700
Low
45.00
Averages
45.00
High
45.00
Current: 27.700
Low
45.00
Averages
45.00
High
45.00
About CMCL
Caledonia Mining Corporation Plc is a gold production, exploration and development company focused on Zimbabwe. The Company owns a 64% stake in the gold-producing Blanket Mine (Blanket), 100% stakes in the Bilboes mine and the Motapa and Maligreen gold mining claims, all situated in Zimbabwe. The Blanket Gold Mine is a Zimbabwean gold mine, which operates at a depth of approximately 750 meters below surface and produced approximately 55,000 ounces of gold. Blanket also holds brownfield exploration and development projects both on the existing mine area and on its satellite properties which are within trucking distance of the Blanket metallurgical recovery plant. It also holds the Motapa gold exploration property in Southern Zimbabwe. The Maligreen project is a property situated in the Gweru mining district in the Zimbabwe Midlands. The Bilboes is a large, high grade gold deposit located approximately 75 kilometers (km) north of Bulawayo, Zimbabwe.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Caledonia Issues 8,244 New Shares Following Incentive Plan
- Incentive Plan Share Issuance: Caledonia Mining Corporation is issuing 8,244 common shares to a current and a retired employee under its 2015 Omnibus Equity Incentive Compensation Plan, expected to be completed by February 12, 2026, which enhances employee motivation and boosts internal morale.
- Total Shares Update: Following this issuance, the total number of shares will reach 19,313,028, with no treasury shares, providing a clear denominator for security holders to calculate their interest in the company, ensuring transparency and compliance.
- Exchange Listing Application: Caledonia has applied for the admission of depositary interests representing these shares to trading on AIM, anticipated to commence on February 12, 2026, which will further enhance the company's visibility and liquidity in the capital markets.
- Regulatory Compliance: The share issuance does not involve any
See More
Spot Silver Continues Decline, Currently Down 6% at $67 per Ounce
- Market Performance: Silver prices have experienced a decline, dropping 6% to $67 per ounce.
- Trend Analysis: The recent downturn in silver prices indicates a potential shift in market dynamics.
See More
Caledonia Mining (CMCL) Raises $150M for Bilboes Project Funding
- Record Financing: Caledonia Mining raised $150M through a seven-year convertible senior notes offering, marking the largest international capital raising in over a decade for Zimbabwe, reflecting strong market confidence in its projects.
- Project Potential: The Bilboes project is expected to become Zimbabwe's largest gold mine, with production slated to begin in late 2028 and anticipated annual output of 200K ounces starting in 2029 for an initial 10-year period, significantly enhancing the company's capacity.
- Strong Investor Demand: The bond issuance attracted over $600M in demand from high-quality North American investors, demonstrating the strength of Caledonia's strategy, asset quality, and operational track record, thereby boosting confidence in the company's future.
- Clear Strategic Positioning: The debt issuance is part of Caledonia's broader financing strategy aimed at supporting the Bilboes project, further solidifying its market position in the gold mining industry.
See More
Caledonia Mining (CMCL) Announces $125M Convertible Notes Placement to Fund Bilboes Gold Project Development
- Financing Plan: Caledonia Mining has announced a $125 million upsized placement of convertible senior notes, primarily aimed at funding the development of the Bilboes project in Zimbabwe, which is expected to become the country's largest gold producer.
- Production Outlook: The company anticipates that gold production in 2025 will be nearly identical to 2024, with Blanket mine output at 76,213 ounces, aligning with its guidance of 75,000-79,500 ounces, although slightly down from 76,656 ounces in 2024.
- Cost Warning: For FY 2026, all-in sustaining costs are projected to be between $2,100 and $2,300 per ounce, reflecting higher direct operating costs at Blanket due to inflation and increased expenses compared to the first nine months of 2025.
- Executive Departure: COO James Mufara has left the company, which may impact operations and strategic direction, particularly during this critical phase of project development.
See More
RF Industries Reports $22.7M Q4 Sales, Shares Surge 21.4%
- Strong Financial Performance: RF Industries reported fourth-quarter net sales of $22.7 million, a 23% increase from $18.5 million a year earlier, indicating robust market performance that is likely to boost investor confidence.
- Significant Net Income Growth: The company achieved a non-GAAP net income of $2.1 million in Q4, translating to 20 cents per diluted share, a substantial increase from $394,000 or 4 cents per share in the same quarter last year, reflecting enhanced profitability.
- Stock Price Surge: Following the earnings report, RF Industries' shares jumped 21.4% to $8.76 in pre-market trading, indicating strong market optimism regarding the company's future growth potential, which may attract more investor interest.
- Quarterly Growth Trend: Compared to $19.8 million in sales for Q3 of fiscal 2025, the fourth-quarter sales increased by 15%, demonstrating the company's effective strategies in expanding market share and enhancing product demand.
See More
Caledonia Mining (CMCL) Prices $125M Convertible Notes Offering at 5.875% Interest
- Increased Offering Size: Caledonia Mining has raised its convertible notes offering from the initially planned $100 million to $125 million, reflecting strong market demand for its financing needs and providing greater financial flexibility for the company.
- Interest Rate and Maturity: The notes carry an interest rate of 5.875% and will mature on January 15, 2033, with interest payable semiannually, which will ensure stable financing costs and enhance the company's financial stability.
- Conversion Terms Advantage: Each $1,000 note is convertible into 24.6837 common shares at a conversion price of approximately $40.51, representing a 25% premium over the stock's last closing price on January 14, 2026, offering investors potential capital appreciation opportunities.
- Planned Use of Proceeds: Caledonia expects to net about $120.2 million from the offering, with plans to allocate approximately $12 million for capped call transactions and for general financial flexibility, indicating the company's proactive approach to future investment opportunities.
See More
Caledonia Issues 8,244 New Shares Following Incentive Plan
- Incentive Plan Share Issuance: Caledonia Mining Corporation is issuing 8,244 common shares to a current and a retired employee under its 2015 Omnibus Equity Incentive Compensation Plan, expected to be completed by February 12, 2026, which enhances employee motivation and boosts internal morale.
- Total Shares Update: Following this issuance, the total number of shares will reach 19,313,028, with no treasury shares, providing a clear denominator for security holders to calculate their interest in the company, ensuring transparency and compliance.
- Exchange Listing Application: Caledonia has applied for the admission of depositary interests representing these shares to trading on AIM, anticipated to commence on February 12, 2026, which will further enhance the company's visibility and liquidity in the capital markets.
- Regulatory Compliance: The share issuance does not involve any
See More
Spot Silver Continues Decline, Currently Down 6% at $67 per Ounce
- Market Performance: Silver prices have experienced a decline, dropping 6% to $67 per ounce.
- Trend Analysis: The recent downturn in silver prices indicates a potential shift in market dynamics.
See More
Caledonia Mining (CMCL) Raises $150M for Bilboes Project Funding
- Record Financing: Caledonia Mining raised $150M through a seven-year convertible senior notes offering, marking the largest international capital raising in over a decade for Zimbabwe, reflecting strong market confidence in its projects.
- Project Potential: The Bilboes project is expected to become Zimbabwe's largest gold mine, with production slated to begin in late 2028 and anticipated annual output of 200K ounces starting in 2029 for an initial 10-year period, significantly enhancing the company's capacity.
- Strong Investor Demand: The bond issuance attracted over $600M in demand from high-quality North American investors, demonstrating the strength of Caledonia's strategy, asset quality, and operational track record, thereby boosting confidence in the company's future.
- Clear Strategic Positioning: The debt issuance is part of Caledonia's broader financing strategy aimed at supporting the Bilboes project, further solidifying its market position in the gold mining industry.
See More
Caledonia Mining (CMCL) Announces $125M Convertible Notes Placement to Fund Bilboes Gold Project Development
- Financing Plan: Caledonia Mining has announced a $125 million upsized placement of convertible senior notes, primarily aimed at funding the development of the Bilboes project in Zimbabwe, which is expected to become the country's largest gold producer.
- Production Outlook: The company anticipates that gold production in 2025 will be nearly identical to 2024, with Blanket mine output at 76,213 ounces, aligning with its guidance of 75,000-79,500 ounces, although slightly down from 76,656 ounces in 2024.
- Cost Warning: For FY 2026, all-in sustaining costs are projected to be between $2,100 and $2,300 per ounce, reflecting higher direct operating costs at Blanket due to inflation and increased expenses compared to the first nine months of 2025.
- Executive Departure: COO James Mufara has left the company, which may impact operations and strategic direction, particularly during this critical phase of project development.
See More
RF Industries Reports $22.7M Q4 Sales, Shares Surge 21.4%
- Strong Financial Performance: RF Industries reported fourth-quarter net sales of $22.7 million, a 23% increase from $18.5 million a year earlier, indicating robust market performance that is likely to boost investor confidence.
- Significant Net Income Growth: The company achieved a non-GAAP net income of $2.1 million in Q4, translating to 20 cents per diluted share, a substantial increase from $394,000 or 4 cents per share in the same quarter last year, reflecting enhanced profitability.
- Stock Price Surge: Following the earnings report, RF Industries' shares jumped 21.4% to $8.76 in pre-market trading, indicating strong market optimism regarding the company's future growth potential, which may attract more investor interest.
- Quarterly Growth Trend: Compared to $19.8 million in sales for Q3 of fiscal 2025, the fourth-quarter sales increased by 15%, demonstrating the company's effective strategies in expanding market share and enhancing product demand.
See More
Caledonia Mining (CMCL) Prices $125M Convertible Notes Offering at 5.875% Interest
- Increased Offering Size: Caledonia Mining has raised its convertible notes offering from the initially planned $100 million to $125 million, reflecting strong market demand for its financing needs and providing greater financial flexibility for the company.
- Interest Rate and Maturity: The notes carry an interest rate of 5.875% and will mature on January 15, 2033, with interest payable semiannually, which will ensure stable financing costs and enhance the company's financial stability.
- Conversion Terms Advantage: Each $1,000 note is convertible into 24.6837 common shares at a conversion price of approximately $40.51, representing a 25% premium over the stock's last closing price on January 14, 2026, offering investors potential capital appreciation opportunities.
- Planned Use of Proceeds: Caledonia expects to net about $120.2 million from the offering, with plans to allocate approximately $12 million for capped call transactions and for general financial flexibility, indicating the company's proactive approach to future investment opportunities.
See More
