Caledonia Mining Corporation’s FY25 performance was boosted by a higher gold price environment, with the company achieving impressive financial results.
The company’s flagship Blanket Mine produced 76,213 ounces of gold, meeting its increased guidance of 75,500-79,500 ounces. The Bilboes oxide operation also contributed, producing and selling 1,683 ounces of gold.
The company sold 79,075 ounces of gold, up from 77,917 ounces in FY2024, generating revenue of $267.7 million, a 46% increase from $183 million in FY2024. Gross profit jumped to $137.1 million, reflecting improved margins, while EBITDA more than doubled to $125.3 million. Profit after tax surged 193% to $67.5 million, with net cash from operating activities increasing 82% to $76.2 million. Free cash flow also saw a significant boost, reaching $62.1 million, up from $10.6 million in FY2024.
The Bilboes sulphide feasibility study was completed and published in November 2025, confirming a single-phase development, robust economics, and a clear development pathway.
Cash and cash equivalents swelled to $35.7 million, up from $4.3 million in FY2024. This resulted in a net cash position of $23.8 million, a welcome turnaround from the net debt position of $8.7 million at the end of 2024. As a result, the company has greater flexibility to fund its growth initiatives. In recognition of its strong performance, the board approved a quarterly dividend of 14 cents per share, payable on April 17, 2026.
Caledonia Mining Corporation expressed gratitude to the Government of Zimbabwe led by President ED Mnangagwa for supporting its growth strategy, citing the National Development Strategy 2 (NDS2) as a catalyst for business growth. Looking ahead to 2026, the company remains focused on its strategic objective of becoming a multi-mine producer, prioritizing safety, operational consistency, and sustainable value delivery. Key initiatives include advancing Bilboes, exploring Motapa, and investing in Blanket projects to enhance resilience and mitigate input price pressures, leveraging the current strong gold price environment.
