Results for the Quarter ended March 31, 2025
Q1 2025 gold revenue up 46% to $56.2m, net profit surged to $8.9m on higher production and gold prices.
- Gold revenue $56.2 million (prior $38.5 million)
- Gross profit $26.9 million (prior $13.8 million)
- EBITDA $22.6 million (prior $9.1 million)
- Net profit attributable to shareholders $8.9 million (prior $1.5 million)
- Gold production 19,106 ounces (prior 17,476 ounces)
- Average realised gold price $2,896 per ounce (prior $2,040 per ounce)
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St Helier, May 12, 2025: Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces its operating and financial results for the quarter ended March 31, 2025 ("Q1 2025" or the "Quarter"). Further information on the financial and operating results for the Quarter can be found in the Management Discussion and Analysis ("MD&A") and the unaudited interim consolidated financial statements, which are available on the Company's website and are being filed on SEDAR+.
Q1 2025 HIGHLIGHTS
Financial Highlights:
- Gold revenue of $56.2 million (Q1 2024: $38.5 million, +46%)
- Gross profit of $26.9 million (Q1 2024: $13.8 million, +95%)
- EBITDA of $22.6 million (Q1 2024: $9.1 million, +148%)
- Net profit attributable to shareholders of $8.9 million (Q1 2024: $1.5 million, +493%)
- Adjusted EPS of 58.5 cents (Q1 2024: 9.7 cents, +503%)
- Net cash from operating activities of $13.3 million (Q1 2024: $4.9 million, +171%)
- Net cash position improved to negative $4.6 million (Q1 2024: negative $14.2 million)
- Pro forma net cash of $18.6 million following completion of the solar plant sale for $22.35 million in April 2025.
- $11.8 million contributed to the Zimbabwe Government in the form of royalites and taxes (Q1 2024: $4.5 million)
Operational Highlights:
- Gold production (Blanket Mine and Bilboes oxides mine) of 19,106 ounces (Q1 2024: 17,476 ounces, +9.3%)
- On-mine cost per ounce of $1,202 (Q1 2024: $1,065, +12.9%)
- All-in sustaining cost (AISC) per ounce of $1,797 including certain one off / non-recurring costs (Q1 2024: $1,350, +33.1%)
- Average realised gold price of $2,896 per ounce (Q1 2024: $2,040, +42%)
- Continued progress on Bilboes Feasibility Study
- Launched $2.8 million exploration program at Motapa
- Production guidance at Blanket Mine for 2025 reaffirmed at 74,000 to 78,000 ounces of gold[1]
- Under the direction of the Chief Operating Officer, management has initiated a comprehensive review of safety procedures and safety training
Mark Learmonth, Chief Executive Officer, commented:
"Caledonia has delivered an exceptional first quarter with gold production up 9.3% and gross profit nearly doubling to $26.9 million compared to the same period last year. This strong performance demonstrates our operational resilience and ability to capitalise on favorable gold prices.
"The successful completion of the solar plant sale for $22.35 million has significantly strengthened our balance sheet, positioning us well to accelerate our growth plans at Bilboes and Motapa whilst investing to achieve operational improvements and efficiencies at Blanket Mine.
"As we move forward in 2025, we remain focused on three strategic priorities: maximising profitable production at Blanket, optimising the economics of the Bilboes project, and unlocking the exploration potential at Motapa. I am confident that our disciplined approach to capital allocation and strategic growth will continue to deliver strong returns for our shareholders."
FINANCIAL RESULTS
Key Metrics ($'000 except per share amounts) Q1 2025 Q1 2024 % Change Revenue 56,178 38,528 +46% Gross Profit 26,926 13,815 +95% Net Profit Attributable to Shareholders 8,915 1,486 +500% Basic IFRS EPS (cents) 44.6 7.3 +511% Adjusted EPS (cents) 58.5 9.7 +503% Net Cash from Operating Activities 13,341 4,887 +173% Net Cash Position (4,572) (14,160) +68% Gold Produced (oz) 19,106 17,476 +9.3% On-mine Cost ($/oz) 1,202 1,065 +12.9% AISC ($/oz) 1,797 1,350 +33.1%
Revenue and Profit
Revenue for the Quarter was $56.2 million, a 46% increase from $38.5 million in Q1 2024. This improvement was driven by higher sales and a 42% increase in the average realised gold price to $2,896 per ounce.
Gross profit nearly doubled to $26.9 million (Q1 2024: $13.8 million), resulting in a gross margin of 48% (Q1 2024: 36%). This reflects the benefit of higher gold prices, which more than offset the increase in production costs.
Net profit attributable to shareholders increased nearly six times to $8.9 million (Q1 2024: $1.5 million), while adjusted EPS rose to 58.5 cents from 9.7 cents in Q1 2024.
Costs
On-mine cost per ounce increased by 12.9% to $1,202 (Q1 2024: $1,065), primarily due to higher labour, power and consumables costs at Blanket Mine.
AISC rose to $1,797 per ounce (Q1 2024: $1,350), predominantly due to the higher on-mine cost, increased sustaining capital expenditure and administrative costs, including some one-off expenses.
The Company continues to focus on cost control initiatives to mitigate these pressures.
Cash Flow
Net cash from operating activities more than doubled to $13.3 million (Q1 2024: $4.9 million), providing strong internal funding for capital investments and debt reduction.
The net cash position improved to negative $4.6 million at quarter-end, compared to negative $14.2 million in Q1 2024. Following the completion of the solar plant sale in April 2025, Caledonia's pro forma consolidated net cash position improved to $18.6 million, providing financial flexibility for future growth initiatives.
OPERATIONAL REVIEW
Blanket Mine
Blanket Mine produced 18,671 ounces of gold in Q1 2025, a 9.5% increase from 17,050 ounces in Q1 2024. The improved performance was driven by higher milled tonnage, which offset slightly lower grades. The mine remains on track to achieve its 2025 production guidance.
Bilboes Project
435 ounces of gold were produced from the Bilboes oxide mine in the Quarter (Q1 2024: 426 ounces). Work continues on finalising the feasibility study for the Bilboes project, with a focus on optimising the economics in response to updated capital cost projections. The Company is evaluating various development scenarios to maximise shareholder returns.
Motapa Exploration
Following encouraging results from drilling at Motapa in 2024, Caledonia has launched a $2.8 million exploration program for 2025, targeting both sulphide and oxide resources.
SAFETY
Under James Mufara, the Chief Operating Officer appointed in May 2024, the Company has implemented comprehensive safety improvements including: hiring a Group SHE Manager, introducing proactive safety indicators, enhancing accident investigation, implementing real-time monitoring, adopting SLAM (Stop, Look, Access, Manage) methodology, developing a 10-point accident mitigation plan (90% complete with decreased incidents), launching a Visible Felt Leadership program, completing risk assessments, and improving emergency preparedness.
LEADERSHIP CHANGES
The Company has strengthened its board of directors and management team with several key appointments in the Quarter:
- Stefan Buys and Lesley Goldwasser appointed as independent non-executive directors
- Tariro Gadzikwa appointed as Audit Committee chair following Johan Holtzhausen's retirement
- Ross Jerrard appointed as Chief Financial Officer
OUTLOOK AND GUIDANCE
The Company reaffirms its 2025 production guidance of 74,000 to 78,000 ounces of gold from Blanket Mine.
Cost guidance remains unchanged, with on-mine cost expected to be $1,050-$1,150 per ounce and AISC projected at $1,690-$1,790 per ounce.
Capital expenditure for 2025 is forecast at $41.0 million, which will be fully funded from existing cash reserves and operating cash flow.
INVESTOR CONFERENCE CALL
Details of Investor and Analyst Presentation
A presentation for investors and analysts will be held as follows:
When: May 12, 2025 at 2:00pm London time
Topic: Q1 2025 Results Call for Investors
Register in advance for this webinar:
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Restated* | Restated* | ||
| Revenue | 56,178 | 38,528 | 29,435 |
| Royalty | (2,771) | (1,934) | (1,480) |
| Production costs | (22,622) | (18,960) | (19,850) |
| Depreciation | (3,859) | (3,819) | (2,255) |
| Gross profit | 26,926 | 13,815 | 5,850 |
| Net foreign exchange (loss) gain | (1,252) | (4,882) | 36 |
| Administrative expenses | (4,598) | (2,611) | (5,938) |
| Net derivative financial instrument expense | (1,592) | (302) | (434) |
| Equity-settled share-based credit (expense) | 144 | (201) | (110) |
| Cash-settled share-based expense | (158) | (53) | (280) |
| Other expenses | (843) | (600) | (640) |
| Other income | 66 | 164 | 18 |
| Operating profit (loss) | 18,693 | 5,330 | (1,498) |
| Finance income | 6 | 6 | 5 |
| Finance cost | (900) | (732) | (772) |
| Profit (loss) before tax | 17,799 | 4,604 | (2,265) |
| Tax expense | (6,636) | (2,530) | (2,380) |
| Profit (loss) for the period | 11,163 | 2,074 | (4,645) |
Other comprehensive income
Items that are or may be reclassified to profit or loss
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Restated* | Restated* | ||
| Exchange differences on translation of foreign operations | 207 | (144) | (369) |
| Total comprehensive income for the period | 11,370 | 1,930 | (5,014) |
| Profit (loss) attributable to: | |||
| Owners of the Company | 8,915 | 1,486 | (5,356) |
| Non-controlling interests | 2,248 | 588 | 711 |
| Profit (loss) for the period | 11,163 | 2,074 | (4,645) |
| Total comprehensive income attributable to: | |||
| Owners of the Company | 9,122 | 1,342 | (5,725) |
| Non-controlling interests | 2,248 | 588 | 711 |
| Total comprehensive income for the period | 11,370 | 1,930 | (5,014) |
| Earnings (loss) per share (cents) | |||
| Basic earnings (loss) per share | 44.6 | 7.3 | (32.2) |
| Diluted earnings (loss) per share | 44.6 | 7.3 | (32.2) |
| Adjusted earnings per share (cents) | |||
| Basic | 58.5 | 9.7 | (26.3) |
| Dividends paid per share # | - | 14.0 | 14.0 |
* Refer to section 11 and section 12 of the MD&A . # Refer section 3.3.3 of the MD&A.
Summarised Consolidated Statements of Financial Position ($'000's) (Unaudited)
| As at | Mar 31 | Dec 31 | Dec 31 |
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| *Restated | |||
| Total non-current assets | 290,914 | 287,046 | 274,074 |
| Income tax receivable | 216 | 355 | 1,120 |
| Inventories | 25,317 | 23,768 | 20,304 |
| Derivative financial assets | - | - | 88 |
| Trade and other receivables | 17,268 | 12,675 | 9,952 |
| Prepayments | 7,776 | 6,748 | 2,538 |
| Cash and cash equivalents | 8,728 | 4,260 | 6,708 |
| Assets held for sale | 13,520 | 13,512 | 13,519 |
| Total assets | 363,739 | 348,364 | 328,303 |
| Total non-current liabilities | 71,405 | 68,505 | 63,970 |
| Cash-settled share-based payment | 674 | 634 | 920 |
| Income tax payable | 4,363 | 2,958 | 10 |
| Lease liabilities | 140 | 95 | 167 |
| Loans and borrowings | 1,455 | 1,174 | - |
| Loan notes | 1,093 | 855 | 665 |
| Trade and other payables | 28,222 | 26,647 | 20,503 |
| Overdrafts | 13,300 | 12,928 | 17,740 |
| Liabilities associated with assets held for sale | 118 | 104 | 128 |
| Total liabilities | 120,770 | 113,900 | 104,103 |
| Total equity | 242,969 | 234,464 | 224,200 |
| Total equity and liabilities | 363,739 | 348,364 | 328,303 |
* Refer to section 11 and section 12 of the MD&A.
Condensed Consolidated Statements of Cash Flows (Unaudited) ($'000's)
Three months ended March 31,
| 2025 | 2024 | |
|---|---|---|
| Cash inflow from operations | 18,709 | 6,535 |
| Interest received | 6 | 6 |
| Finance costs paid | (543) | (573) |
| Tax paid | (4,831) | (1,081) |
| Net cash inflow from operating activities | 13,341 | 4,887 |
| Cash flows used in investing activities | ||
| Acquisition of property, plant and equipment | (7,250) | (3,741) |
| Acquisition of exploration and evaluation assets | (1,229) | (430) |
| Acquisition of Put options | (1,592) | (240) |
| Net cash used in investing activities | (10,071) | (4,411) |
| Cash flows from financing activities | ||
| Dividends paid | (1,387) | (2,720) |
| Payment of lease liabilities | (181) | (37) |
| Loan notes - solar bond issue receipts (net of transaction cost) | 2,387 | - |
| Net cash from / (used in) financing activities | 819 | (2,757) |
| Net increase / (decrease) in cash and cash equivalents | 4,089 | (2,281) |
| Effect of exchange rate fluctuations on cash and cash equivalents | 7 | (847) |
| Net cash and cash equivalents at the beginning of the period | (8,668) | (11,032) |
| Net cash and cash equivalents at the end of the period | (4,572) | (14,160) |
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