Caledonia Mining Corporation Plc · Q1 2025 earnings

Briefing

Record Q2 gold production at Blanket drives revenue up 30% and EPS to $1.06

Caledonia Mining reported strong second-quarter 2025 results from its Blanket Mine in Zimbabwe, with revenue of $65.3 million up from $50.1 million a year ago and net income of $23.6 million versus $10.2 million in Q2 2024. Basic EPS rose to $1.06 from $0.42, helped by record quarterly gold output of 21,070 ounces at Blanket and an $8.5 million gain on sale of non-current assets held for sale. Gross profit expanded to $33.8 million as higher grades and recoveries offset lower milled tonnage. Management raised 2025 Blanket production guidance to 75,500–79,500 ounces while keeping AISC guidance at $1,690–$1,790 per ounce.

• Q2 revenue of $65.3M (+30% YoY) and net income of $23.6M; basic EPS $1.06 vs $0.42 prior year
• Blanket Mine produced a record 21,070 oz in Q2 on higher grades (3.39 g/t) and 94.4% recoveries
• 2025 production guidance raised to 75,500–79,500 oz; AISC guidance unchanged at $1,690–$1,790/oz
• Operating profit of $35.4M included $8.5M gain on asset sale; six-month net income reached $34.8M
• On-mine costs per ounce guidance held at $1,050–$1,150; company reaffirmed dividend capacity

Headline financials

Revenue & EPS history

2025 Blanket production guidance increased to 75,500–79,500 ounces from 74,000–78,000; on-mine cost guidance $1,050–$1,150/oz and AISC $1,690–$1,790/oz unchanged.