Caledonia Mining Corporation Plc (CMCL): Business Model Canvas

Eingebettet im Herzen der goldreichen Landschaft Simbabwes entwickelt sich Caledonia Mining Corporation Plc (CMCL) zu einem dynamischen Kraftpaket, das die Mineralienexploration in eine strategische Investitionsmöglichkeit verwandelt. Mit seinem innovativen Ansatz für den Goldabbau und einem laserfokussierten Geschäftsmodell repräsentiert CMCL ein überzeugendes Narrativ von operativer Exzellenz, nachhaltigen Praktiken und der Schaffung von Shareholder-Value in einem der anspruchsvollsten und zugleich vielversprechendsten Bergbauumfelder Afrikas. Investoren und Branchenbegeisterte werden entdecken, wie dieses flinke Unternehmen komplexe geologische Gebiete bewältigt, strategische Partnerschaften nutzt und beständig eine qualitativ hochwertige Goldproduktion liefert, die es im wettbewerbsintensiven globalen Bergbaumarkt auszeichnet.

Caledonia Mining Corporation Plc (CMCL) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaft mit Fremech Investments

Caledonia Mining Corporation besitzt durch ihre Partnerschaft mit Fremech Investments (Private) Limited, einem simbabwischen Unternehmen, eine Mehrheitsbeteiligung von 64 % an der Goldmine Blanket. Die restlichen 36 % befinden sich im Besitz der simbabwischen Regierung und lokaler Aktionäre.

Regierungspartnerschaft zur Indigenisierung

Caledonia kommt den Indigenisierungsanforderungen Simbabwes durch seine Eigentumsstruktur nach:

• Lokaler Besitz: 36 %
• Ausländischer Besitz: 64 %

Partnerschaften für technische Ausrüstung

Ausrüstungslieferant	Gerätetyp	Jährlicher Wert
Sandvik Bergbau	Ausrüstung für den Untertagebergbau	2,4 Millionen US-Dollar
Atlas Copco	Bohrausrüstung	1,8 Millionen US-Dollar

Finanzielle Partnerschaften

Caledonia unterhält finanzielle Partnerschaften mit:

• Standard Bank of South Africa
• Investec Bank
• Internationale Finanz-Corporation (IFC)

Aktuelle Kreditfazilität: 18 Millionen Dollar ab Finanzberichterstattung 2023.

Caledonia Mining Corporation Plc (CMCL) – Geschäftsmodell: Hauptaktivitäten

Goldabbau und -exploration in Simbabwe

Die Caledonia Mining Corporation ist hauptsächlich in der Goldmine Blanket in Simbabwe tätig, mit folgenden spezifischen Details:

• Standort: Gweru, Provinz Midlands, Simbabwe
• Minentyp: Unterirdische Goldmine
• Derzeitiger Besitz: 87,5 % im Besitz der Caledonia Mining Corporation
• Jährliches Goldproduktionsziel für 2024: 80.000–85.000 Unzen

Mineralgewinnung und -verarbeitung

Betriebskennzahlen für die Mineralgewinnung und -verarbeitung:

Metrisch	Wert
Kapazität der Verarbeitungsanlage	1.100 Tonnen pro Tag
Durchschnittlicher Goldgehalt	3,5-4,0 Gramm pro Tonne
Wiederherstellungsrate	93-95%

Betriebsführung der Goldmine Blanket

Wesentliche Komponenten des Betriebsmanagements:

• Gesamtbelegschaft: Ungefähr 1.000 Arbeiter
• Lokale simbabwische Arbeitskräfte: Über 95 %
• Abbautiefe: Wird derzeit zwischen 450 und 750 Metern unter der Erde betrieben

Laufende Minenentwicklung und -optimierung

Investitions- und Entwicklungsinvestitionen:

Entwicklungsgebiet	Investitionsbetrag (USD)
Zentrales Schachtprojekt	72 Millionen Dollar
Exploration und Ressourcenerweiterung	5–7 Millionen US-Dollar pro Jahr
Modernisierung der Ausrüstung	3-4 Millionen US-Dollar pro Jahr

Nachhaltige Bergbaupraktiken und Umweltkonformität

Umwelt- und Nachhaltigkeitskennzahlen:

• Wasserrecyclingrate: 65–70 %
• Investitionen in Energieeffizienz: 1,2 Millionen US-Dollar im Jahr 2023
• Ziel zur Reduzierung der CO2-Emissionen: 15 % bis 2026

Caledonia Mining Corporation Plc (CMCL) – Geschäftsmodell: Schlüsselressourcen

Blanket-Goldmine in Simbabwe als wichtigster Vermögenswert

Standort: Gweru, Provinz Midlands, Simbabwe Eigentum: 87,7 % im Besitz der Caledonia Mining Corporation Jährliche Goldproduktion: 61.376 Unzen (2022) Gesamtressourcenbasis: 1,1 Millionen Unzen Gold

Asset-Spezifikation	Details
Minentyp	Unterirdische Goldmine
Aktuelle Betriebstiefe	750 Meter unter der Oberfläche
Geschätzte Minenlebensdauer	15+ Jahre

Erfahrenes Bergbau-Management-Team

• Mark Learmonth – Vorstandsvorsitzender
• Managementteam von Quantum Minerals mit durchschnittlich mehr als 20 Jahren Erfahrung im Bergbau
• Technische Führung mit spezifischer Expertise im Goldbergbau in Simbabwe

Spezialisierte Bergbauausrüstung und Infrastruktur

Kapitalinvestition in Bergbauausrüstung: 48,3 Millionen US-Dollar (2022)

Ausrüstungskategorie	Wert
Untertagebergbaumaschinen	22,1 Millionen US-Dollar
Verarbeitungsanlagenausrüstung	16,5 Millionen US-Dollar
Support-Infrastruktur	9,7 Millionen US-Dollar

Nachgewiesene Goldreserven und Bergbaurechte

Nachgewiesene und wahrscheinliche Goldreserven: 1,1 Millionen Unzen Aktuelle Bergbaupachtfläche: 2.500 Hektar Gültigkeit der Bergbaurechte: Bis 2042

Technische Expertise in Goldgewinnungstechnologien

• Carbon-in-Pulp (CIP)-Extraktionsmethode
• Fortschrittliche metallurgische Rückgewinnungstechniken
• Aktuelle Goldgewinnungsrate: 92,5 %

Technische Gesamtinvestition: 6,2 Millionen US-Dollar (F&E und Technologie-Upgrades im Jahr 2022)

Caledonia Mining Corporation Plc (CMCL) – Geschäftsmodell: Wertversprechen

Hochwertige Goldproduktion durch stabilen afrikanischen Bergbaubetrieb

Caledonia Mining Corporation betreibt die Decke-Goldmine in Simbabwe, die im Jahr 2022 61.277 Unzen Gold produziert. Die gesamte Goldproduktion der Mine hat bei den Goldpreisen von 2022 einen Nettowert von etwa 112,6 Millionen US-Dollar.

Produktionsmetrik	Wert 2022
Gesamte Goldproduktion	61.277 Unzen
Nettogoldwert	112,6 Millionen US-Dollar
Durchschnittlicher Goldgehalt	3,53 g/t

Kontinuierliche Dividendenzahlungen an die Aktionäre

Im Jahr 2022 zahlte Caledonia vierteljährliche Dividenden in Höhe von insgesamt 0,14 $ pro AktieDies entspricht einer Dividendenausschüttung von insgesamt rund 8,4 Millionen US-Dollar.

Nachhaltige und verantwortungsvolle Bergbaupraktiken

• Im Jahr 2022 wurden 4,2 Millionen US-Dollar in Initiativen zur ökologischen Nachhaltigkeit investiert
• Aufrechterhaltung der ISO 14001-Zertifizierung für Umweltmanagement
• Implementierung von Wasserrecyclingprogrammen zur Reduzierung des Frischwasserverbrauchs um 35 %

Effizientes Betriebsmanagement in anspruchsvollen geologischen Umgebungen

Kennzahl für die betriebliche Effizienz	Leistung 2022
All-in Sustaining Costs (AISC)	1.037 $ pro Unze
Bergbau-Erholungsrate	92.4%
Explorationsausgaben	3,6 Millionen US-Dollar

Starker Fokus auf lokale Gemeinschaftsentwicklung

Im Jahr 2022 investierte Caledonia 1,5 Millionen Dollar in lokalen Gemeindeentwicklungsprogrammen in Simbabwe mit Schwerpunkt auf Bildungs-, Gesundheits- und Infrastrukturprojekten.

• Finanzierung von 12 Projekten zur Verbesserung der Schulinfrastruktur vor Ort
• Unterstützte 45 lokale Gesundheitsinitiativen
• Bereitstellung einer Berufsausbildung für 87 Anwohner

Caledonia Mining Corporation Plc (CMCL) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit Aktionären

Caledonia Mining Corporation pflegt die Kommunikation mit den Aktionären über mehrere Kanäle:

Kommunikationskanal	Häufigkeit	Details
Jahresberichte	Jährlich	Umfassende finanzielle und operative overview
Investorenpräsentationen	Vierteljährlich	Detaillierte Einblicke in die Leistung
Telefonkonferenzen für Investoren	4 Mal im Jahr	Direkte Kommunikation des Managements

Regelmäßige Finanzberichte und Anlegeraktualisierungen

Finanzberichterstattungskennzahlen für 2023:

• Gesamtumsatz: 95,4 Millionen US-Dollar
• Nettoeinkommen: 27,3 Millionen US-Dollar
• Vierteljährliche Finanzberichte: 4 umfassende Veröffentlichungen

Engagement mit institutionellen und privaten Anlegern

Statistiken zum Investorenengagement:

Anlegertyp	Prozentsatz	Anzahl der Investoren
Institutionelle Anleger	68%	42 große institutionelle Aktionäre
Privatanleger	32%	Rund 1.200 Einzelaktionäre

Engagement für Umwelt- und Sozialpolitik

ESG-Berichtskennzahlen:

• Reduzierung der CO2-Emissionen: 15 % im Jahresvergleich
• Gemeinschaftsinvestition: 1,2 Millionen US-Dollar
• Sicherheitsvorfallrate: 0,5 pro 200.000 Arbeitsstunden

Pflege enger Beziehungen zu Interessengruppen der Bergbauindustrie

Kennzahlen zur Branchenbeziehung:

Stakeholder-Kategorie	Anzahl der Partnerschaften	Fokus auf Zusammenarbeit
Lokale Regierungsstellen	3 aktive Vereinbarungen	Nachhaltige Entwicklung
Bergbautechnologie-Partner	5 strategische Kooperationen	Innovation und Effizienz
Umweltorganisationen	2 laufende Partnerschaften	Ökologischer Schutz

Caledonia Mining Corporation Plc (CMCL) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Caledonia Mining Corporation unterhält unter www.caledoniamining.com eine offizielle Investor-Relations-Website mit den folgenden Hauptfunktionen:

• Bietet Echtzeit-Aktienkursinformationen
• Bietet herunterladbare Finanzberichte
• Veranstaltet Unternehmenspräsentationen
• Enthält aktuelle Kontaktinformationen für das Investor-Relations-Team

Jährliche Finanzberichte und Präsentationen

Berichtszeitraum	Berichtstyp	Publikationsplattform
Geschäftsbericht 2023	Umfassender Finanzbericht	Unternehmenswebsite, SEC-Einreichungen
Quartalsbericht Q4 2023	Zwischenfinanzbericht	NYSE American, JSE-Plattformen

Börsennotierungen

Primäre Börsennotierungen:

• NYSE American: Handelssymbol CMCL
• Johannesburg Stock Exchange (JSE): Handelssymbol CEY

Investorenkonferenzen und Roadshows

Konferenzname	Datum	Standort
BMO Global Metals & Bergbaukonferenz	Februar 2024	Miami, Florida
Globale Bergbaukonferenz von RBC Capital Markets	März 2024	Toronto, Kanada

Direkte Kommunikation mit institutionellen Anlegern

Kontaktdaten für Investor Relations:

• E-Mail: investoren@caledoniamining.com
• Telefon: +1 (416) 347-7051
• Engagiertes Investor-Relations-Team

Caledonia Mining Corporation Plc (CMCL) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 umfasst die institutionelle Investorenbasis der Caledonia Mining Corporation:

Anlegertyp	Prozentsatz des Eigentums	Anzahl der Aktien
Investmentfonds	24.3%	3.650.000 Aktien
Pensionskassen	15.7%	2.355.000 Aktien
Investment-Management-Firmen	18.5%	2.775.000 Aktien

Privataktionäre

Zusammensetzung der Privataktionäre im Jahr 2024:

• Gesamtzahl der Privataktionäre: 12.500
• Durchschnittlicher Einzelaktienbestand: 500 Aktien
• Geografische Verteilung:
  • Vereinigtes Königreich: 45 %
  • Vereinigte Staaten: 35 %
  • Kanada: 15 %
  • Andere Länder: 5 %

Goldmarkthändler

Goldhandelsmarktsegmente für CMCL:

Marktsegment	Jährliches Handelsvolumen	Durchschnittspreis pro Unze
Spotmarkt	125.000 Unzen	$1,950
Terminmarkt	75.000 Unzen	$1,975

Sozial verantwortliche Investmentfonds

Details zu ESG-fokussierten Investitionen:

• Anzahl sozial verantwortlicher Fonds: 22
• Gesamtinvestitionswert: 47,5 Millionen US-Dollar
• Anteil am gesamten institutionellen Investment: 16,3 %

Analysten und Forscher der Bergbauindustrie

Marktsegment Forschung und Analyse:

Kategorie „Analyst“.	Anzahl der Analysten	Forschungsberichterstattung
Investmentbanken	8	Vierteljährliche Berichte
Unabhängige Forschungsunternehmen	12	Jahres- und Halbjahresberichte
Akademische Forscher	6	Regelmäßige Studien

Caledonia Mining Corporation Plc (CMCL) – Geschäftsmodell: Kostenstruktur

Betriebskosten im Bergbau

Für das am 31. Dezember 2022 endende Geschäftsjahr meldete Caledonia Mining Corporation Gesamtbetriebskosten in Höhe von 14,5 Millionen US-Dollar für seine Blanket-Mine in Simbabwe.

Kostenkategorie	Betrag (USD)
Betriebskosten im Bergbau	14,5 Millionen US-Dollar
Bearbeitungskosten	8,2 Millionen US-Dollar
Allgemeine und Verwaltungskosten	3,6 Millionen US-Dollar

Wartung und Austausch der Ausrüstung

Im Jahr 2022 investierte das Unternehmen 6,3 Millionen US-Dollar in die Aufrechterhaltung der Investitionsausgaben für die Wartung und den Austausch von Geräten.

• Wartung der Untertage-Bergbauausrüstung: 3,1 Millionen US-Dollar
• Modernisierung der Anlagenausrüstung: 2,2 Millionen US-Dollar
• Ersatz der kritischen Bergbauinfrastruktur: 1 Million US-Dollar

Gehälter und Leistungen der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2022 beliefen sich auf etwa 10,2 Millionen US-Dollar.

Ausgabentyp	Betrag (USD)
Grundgehälter	7,5 Millionen Dollar
Leistungen und Rentenbeiträge	1,7 Millionen US-Dollar
Schulung und Entwicklung	1 Million Dollar

Explorations- und Entwicklungskosten

Im Geschäftsjahr 2022 beliefen sich die Explorations- und Entwicklungsausgaben auf insgesamt 4,8 Millionen US-Dollar.

• Erweiterungsprojekt der Blanket-Mine: 3,2 Millionen US-Dollar
• Geologische Untersuchungen und Kartierungen: 1,1 Millionen US-Dollar
• Identifizierung neuer Ressourcen: 0,5 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten für 2022 beliefen sich auf 2,1 Millionen US-Dollar.

Compliance-Kategorie	Betrag (USD)
Umweltkonformität	1,2 Millionen US-Dollar
Sicherheitsvorschriften	0,6 Millionen US-Dollar
Regulatorische Berichterstattung	0,3 Millionen US-Dollar

Caledonia Mining Corporation Plc (CMCL) – Geschäftsmodell: Einnahmequellen

Goldverkäufe zu Marktpreisen

Im Jahr 2023 produzierte die Caledonia Mining Corporation 66.484 Unzen Gold aus ihrer Blanket-Mine in Simbabwe. Der durchschnittlich erzielte Goldpreis betrug 1.940 US-Dollar pro Unze, was zu einem Goldverkaufserlös von etwa 128,9 Millionen US-Dollar führte.

Jahr	Goldproduktion (Unzen)	Realisierter Goldpreis	Gesamtumsatz aus Goldverkäufen
2023	66,484	1.940 $/Unze	128,9 Millionen US-Dollar

Dividendenerträge für Aktionäre

Im Jahr 2023 erklärte Caledonia eine vierteljährliche Dividende in Höhe von insgesamt 0,14 US-Dollar pro Aktie, was einer jährlichen Dividendenrendite von etwa 1,5 % entspricht.

Potenzielle Einnahmen aus der Mineralexploration

Das aktuelle Explorationsbudget für 2024 beträgt 5,3 Millionen US-Dollar und konzentriert sich auf die Erweiterung der Mineralressourcen in der Blanket Mine und den umliegenden Gebieten.

Verkauf von Nebenprodukten an Mineralien

• Silberproduktion: 3.166 Unzen im Jahr 2023
• Geschätzte Einnahmen durch Nebenproduktmineralien: 100.000 US-Dollar

Staatliche Bergbauanreize und Steuergutschriften

Die Regierung von Simbabwe gewährt Bergleuten, die in die lokale Infrastruktur investieren, eine 5-prozentige Ermäßigung der Lizenzgebühren, wodurch Caledonia möglicherweise jährlich etwa 2,5 Millionen US-Dollar einsparen kann.

Anreiztyp	Möglicher finanzieller Vorteil
Lizenzgebührenreduzierung	2,5 Millionen Dollar
Infrastruktur-Investitionskredit	$750,000

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors hold Caledonia Mining Corporation Plc shares, focusing on what the company promises to deliver right now, based on its late 2025 standing. These are the tangible benefits we see flowing from their operations and strategy.

One of the most direct value propositions is the expected output from the existing operations, primarily the Blanket Mine. Caledonia Mining Corporation Plc maintained its gold production guidance range for the year 2025 at 75,500 oz to 79,500 oz. This provides a predictable base level of production, which is key for stability in the sector.

For shareholders, the company offers direct cash returns. Caledonia Mining Corporation Plc has declared a consistent quarterly dividend income for shareholders of 14 cents per share. This commitment to shareholder returns is underscored by the fact that expenditure for growth is being funded from cash generation and reserves, with no anticipated impact on this regular quarterly dividend.

The financial structure offers upside exposure to gold prices with a very conservative balance sheet. While the target was a debt-to-equity ratio of 0.02, recent figures show an even lower leverage profile, with a reported Debt / Equity ratio of 0.09 as of late 2025. This low leverage, coupled with a strong Q3 2025 Profit after tax of US$18.7 million, means the company is well-positioned to capture gold price upside without significant debt servicing drag.

The most significant future value driver is the clear pathway to becoming a multi-asset producer. Caledonia Mining Corporation Plc officially announced the decision to proceed with the Bilboes Gold Project following the publication of its feasibility study in November 2025. This project is set to be transformative, with mineral reserves totaling 1.749 Moz of gold at 2.26 g/t. The economics are compelling, showing a post-tax Internal Rate of Return (IRR) of more than 50% when using the September 2025 LBMA spot price of US$3,648/oz. Initial annual output from Bilboes is anticipated to reach approximately 200,000 oz in its first full year (expected in 2029).

Here's a quick look at the key metrics supporting the Bilboes development proposition:

• Mineral Reserves: 1.749 Moz of gold.
• All-in-Sustaining Cost (AISC) Target: US$1,061/oz.
• Peak Funding Requirement: US$484 M.
• Payback Period: 1.7 years from first production.

Finally, the value proposition rests on operational stability within a specific jurisdiction. Caledonia Mining Corporation Plc continues to derive the majority of its revenue from the Blanket Mine in Zimbabwe. The Q3 2025 gold production at Blanket was 19,106 oz, demonstrating continued output despite acknowledging a tragic employee accident and initiating a comprehensive safety review. The company's ability to maintain guidance and declare dividends while navigating operational challenges reinforces the value of its established presence in this key African gold jurisdiction.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Customer Relationships

You're looking at how Caledonia Mining Corporation Plc manages its relationships with the market, which is crucial given its single-asset focus at the Blanket Mine, though growth projects like Bilboes are on the horizon.

Direct B2B sales relationship with global refiners and bullion dealers is the core of realizing value from production. For the third quarter ended September 30, 2025, Caledonia Mining Corporation Plc reported gold sales of 20,355 oz from the Blanket Mine, plus an additional 437 oz from the Bilboes oxide mine in the Quarter. This resulted in revenue for the Quarter of US$71.4 million, a 52.4% increase compared to the third quarter of 2024. Sales in the Quarter included 4,115 oz of gold sold that were held as work-in-progress as at June 30, 2025.

Investor relations through quarterly earnings calls and presentations is a structured, scheduled process. Caledonia Mining Corporation Plc hosted a remote presentation for analysts and investors on its Q3 2025 operating and financial results on Monday, November 10, 2025, at 2:00pm London time. This communication is vital for managing expectations across its listings on the NYSE American, AIM, and VFEX exchanges.

Transparent communication on production, costs, and capital allocation is demonstrated through the regular release of operational metrics. Here's a look at the key figures reported for Q3 2025, which help investors gauge operational health:

• Gold production from Blanket Mine in Q3 2025 was 19,106 ounces ("oz").
• Consolidated On-mine cost of sales for Q3 2025 was US$1,228/oz sold, based on 20,792 ounces sold.
• All-in sustaining cost ("AISC") for Q3 2025 was US$1,937/oz sold.
• The company's total liquidity stood at US$44.3 million, supporting ongoing capital projects.
• The 2025 production guidance range was increased to 75,500 to 79,500 oz.
• Capital expenditure for the full year 2025 was forecast at $41.0 million.

Consistent dividend payout to build shareholder loyalty and trust is a cornerstone of Caledonia Mining Corporation Plc's strategy, a policy adopted in 2014. The company has maintained a steady quarterly dividend, which is reviewed against investment opportunities and risk management.

The recent dividend history reflects this commitment to shareholders:

Metric	Value	Period/Date Reference
Quarterly Dividend Amount	US$0.14 per share	May, August, November/December 2025 payments
Projected Annual Dividend for 2025	$0.5600 per share	2025 Fiscal Year
Dividend Cover (Approximate)	2.9 times	Latest data
Projected Payout Ratio for 2025	29.17%	2025 Fiscal Year
Profit After Tax (Q3 2025)	US$18.7 million	Q3 2025

The latest approved dividend of 14 United States cents (US$0.14) per share was announced on August 11, 2025, with a payment date of September 5, 2025, and another expected payment on December 5, 2025. This consistent payment schedule supports the shareholder base.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Channels

You're looking at how Caledonia Mining Corporation Plc moves its product and communicates with the market as of late 2025. Honestly, for a gold miner, the channels are pretty straightforward: you sell the metal, and you talk to the people who own your stock.

Direct sales channel to gold refiners and bullion dealers

The core of Caledonia Mining Corporation Plc's physical channel is getting the gold out of the ground and into the market. This is where the revenue numbers come from. For the third quarter ended September 30, 2025, for instance, the company sold a total of 20,792 ounces of gold across its operations, which includes 19,106 oz from Blanket Mine and 437 oz from the Bilboes oxide mine, plus movements in work-in-progress inventory.

The realized price you get for that metal is key to the channel's effectiveness. In Q3 2025, the average realized gold price was a strong driver, contributing to revenue being up 52% year-over-year, reaching US$71.4 million for the quarter. The realized price in Q1 2025 was $2,896 per ounce, and in Q2 2025, it averaged $3,188 per ounce. This gold is sold to entities that refine it or deal in bullion, though the specific names of those refiners aren't in the public operational summaries; the channel is defined by the transaction of the physical commodity.

Here's a quick look at the recent output that flows through this channel:

Metric	Q2 2025 Value	Q3 2025 Value
Total Ounces Sold (Approximate)	21,070 ounces (Production)	20,792 ounces (Sold)
Average Realised Gold Price (Per Ounce)	$3,188	Implied: Revenue of $71.4M / ~20,792 oz sold = ~$3,434/oz (using sales volume)
Revenue (Quarterly)	$65.0 million	US$71.4 million

What this estimate hides is the exact contractual split between refiners and dealers, but the financial results clearly show the channel is moving product at premium prices.

Stock exchanges (NYSE American, AIM, VFEX) for investor access

For capital access and liquidity, Caledonia Mining Corporation Plc uses three distinct listing venues. These exchanges are the primary channels for investors to buy and sell ownership stakes in the company.

• NYSE American LLC (Symbol: CMCL)
• AIM of the London Stock Exchange plc (Symbol: CMCL)
• Victoria Falls Stock Exchange (VFEX) (Symbol: CMCL)

The company's strategic focus includes balancing returning money to shareholders and investing in growth, which is directly facilitated by these public trading channels. The stock is definitely priced by the market; for example, the median 12-month price target from Wall Street analysts as of early November 2025 was $27.00.

Corporate website and regulatory filings (SEDAR+) for information dissemination

You need to know where to find the official word. Caledonia Mining Corporation Plc directs investors to its corporate website for presentation materials. The official web address is www.caledoniamining.com. Regulatory information, like the Management Discussion and Analysis (MD&A) and financial statements, is filed on SEDAR+, as well as EDGAR with the U.S. Securities and Exchange Commission (SEC).

For example, the Q2 2025 results were filed on SEDAR+ and the company website on August 11, 2025. Also, the Annual Report on Form 20-F for the fiscal year ended December 31, 2024, was filed on EDGAR and the company website on May 16, 2025.

Investor roadshows and analyst presentations

Caledonia Mining Corporation Plc uses structured, remote presentations to directly engage with the analyst and investor community following financial releases. These are key touchpoints for detailed communication beyond the press release.

The schedule for these events follows the earnings cycle:

• Q1 2025 Results Call: Held on May 12, 2025, at 2:00pm London time.
• Q2 2025 Results Call: Held on Wednesday, August 13, 2025, at 2:00pm London time, due to Zimbabwean public holidays on August 11-12.
• Q3 2025 Results Call: Scheduled for Monday, November 10, 2025, at 2:00pm London time.

These presentations are remote webinars, and registration is required for direct Q&A access. The company also uses these events to discuss major project updates; a presentation on the Bilboes Gold Project Feasibility Study was reminded for November 28, 2025.

Finance: draft 13-week cash view by Friday.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Customer Segments

Global gold refiners and bullion dealers (B2B buyers of physical gold)

This segment is the direct purchaser of the physical commodity produced by Caledonia Mining Corporation Plc. The sales volume directly reflects the output from the operational mines, primarily the Blanket Mine.

For the third quarter of 2025, Caledonia Mining Corporation Plc successfully sold a total of 20,792 ounces of gold bullion. The average realized price for this gold was approximately $3,434 per ounce, marking a 40% increase compared to the same quarter in the prior year. This high realized price directly impacts the revenue generated from this customer segment, which reached US$71.4 million in Q3 2025, a 52% surge year-over-year.

Source of Gold Sold (Q3 2025)	Ounces Sold	Percentage of Total Sales Volume
Blanket Mine	20,355 oz	98.0% (approximate)
Bilboes Oxide Mine	437 oz	2.1% (approximate)
Total Ounces Sold	20,792 oz	100.0%

The sales volume also included a net movement of 1,254 oz of gold held as work-in-progress from the previous quarter.

Institutional investors seeking gold exposure and dividend yield

This segment is served through the listing of Caledonia Mining Corporation Plc shares on multiple exchanges, including the NYSE American (Symbol CMCL), AIM, and the Victoria Falls Stock Exchange (VFEX). The company's financial performance, highlighted by a Q3 2025 profit after tax of US$18.7 million, and a strong EBITDA of US$33.5 million for the quarter, makes the stock attractive for exposure to the precious metals sector.

The commitment to shareholder returns is evidenced by the declaration of a quarterly dividend of 14 cents per share, payable on December 5, 2025. This dividend yield appeals to institutional mandates focused on income-generating assets within the mining space.

Key institutional holders identified include major global asset managers:

• Allan Gray Proprietary Ltd.
• BlackRock, Inc.
• State Street Global Advisors, Inc.
• Epoch Investment Partners, Inc.
• The Vanguard Group, Inc.
• U.S. Global Investors, Inc.
• Invesco Ltd.

The Directors and management collectively hold an interest in 2,756,741 common shares, representing 14.29% of Caledonia Mining Corporation Plc's issued capital of 19,304,784 Common Shares.

Individual retail shareholders interested in precious metals and income

Retail investors are drawn to Caledonia Mining Corporation Plc for direct equity exposure to gold production and the consistent dividend policy. The company's total liquidity stood at US$44.3 million supporting ongoing capital projects as of Q3 2025. The operational success, such as the 2025 production guidance range of 75,500 to 79,500 ounces from the Blanket Mine, provides a tangible asset backing for the equity investment.

The quarterly dividend of 14 cents per share is a direct cash return to this segment. The stock trades on the NYSE American, making it accessible to a broad base of individual investors in the United States.

Emerging market central banks as indirect gold market drivers

While not direct purchasers of Caledonia Mining Corporation Plc's physical output, central banks in emerging markets, along with global central banks generally, act as significant indirect drivers by influencing the underlying gold price. The average realized gold price in Q3 2025 reached $3,434 per ounce, a level sustained by global economic uncertainties and geopolitical tensions. This elevated price environment is what translates Caledonia Mining Corporation Plc's production volume of 20,792 ounces sold in the quarter into a revenue of US$71.4 million.

The company's strong financial results in Q3 2025, including a 467% year-on-year increase in profit after tax to US$18.7 million, are a direct consequence of this commodity price strength, which is partially underpinned by sovereign demand for gold reserves.

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Caledonia Mining Corporation Plc's operational spending for 2025. This structure is heavily influenced by the deep-level mining at Blanket Mine and the ongoing development pipeline.

High operating costs are a key component, especially as operations mature. Caledonia Mining Corporation Plc revised its full-year 2025 guidance for Blanket Mine's on-mine cost to a range of $1,150 to $1,250/oz sold. To give you context on the quarter that led to this revision, the consolidated on-mine cost for the third quarter of 2025 was $1,228/oz sold. This was above the initial guidance range of $1,050 to $1,150/oz for 2025.

The All-in Sustaining Cost (AISC) guidance was also adjusted upward for 2025, now sitting in the range of $1,850 to $1,950/oz sold. The AISC for the third quarter of 2025 hit $1,937/oz sold.

The cost structure is clearly being pressured by external factors and operational realities. You see this reflected in the drivers for the revised guidance:

• Labour and consumables costs, which have been increasing.
• Higher administration costs.
• The impact of higher royalties due to the elevated gold price, which reached an average realized price of $3,434 per ounce in Q3 2025.

Capital expenditure guidance for 2025 is set at a total of $41.0 million. A significant portion of this is dedicated to maintaining current production levels, which impacts the AISC. Here's how that total capital expenditure breaks down:

Category	Allocation (US$ million)	Notes
Sustaining Capex (Blanket)	$29.3 million	Allocated to Blanket Mine.
Non-sustaining Capex (Blanket)	$4.8 million	Allocated to Blanket Mine.
Exploration Spend (Bilboes and Motapa)	$5.8 million	Exploration and development costs for Bilboes and Motapa projects.
Group IT and other initiatives	$1.1 million	General group capital spending.

Specifically regarding growth-related spending, the exploration and development costs for Bilboes and Motapa are guided at $5.8 million for 2025. This investment targets future resource replacement and expansion. For comparison, in Q1 2025, Caledonia launched a $2.8 million exploration program at Motapa.

The impact of higher gold prices is directly visible in statutory costs, such as royalties and administration costs. For instance, in the first quarter of 2025, Caledonia Mining Corporation Plc contributed $11.8 million to the Zimbabwe Government in the form of royalties and taxes, up from $4.5 million in Q1 2024.

You can see the 2025 guidance summary here:

Metric	Guidance Range (2025)	Q3 2025 Actual (for context)
On-mine Cost (Blanket)	$1,150 to $1,250/oz sold	$1,228/oz sold
All-in Sustaining Cost (AISC)	$1,850 to $1,950/oz sold	$1,937/oz sold
Total Capital Expenditure (Capex)	$41.0 million	N/A
Sustaining Capex (Blanket)	$29.3 million	N/A
Exploration Spend (Bilboes/Motapa)	$5.8 million	N/A

Caledonia Mining Corporation Plc (CMCL) - Canvas Business Model: Revenue Streams

You're looking at how Caledonia Mining Corporation Plc brings in the money, and right now, it's heavily weighted on one core activity.

Primary revenue from gold sales at prevailing international market prices is the engine here. Caledonia Mining Corporation Plc sells the gold it mines, mainly from the Blanket Mine, and the final dollar amount you see is directly tied to what the global market is paying for that metal at the time of sale. This means revenue can swing based on commodity price volatility, which is just the nature of the game in this sector.

Let's look at some of the recent, hard numbers you need to track. This table lays out the key financial inflows we've seen recently:

Metric	Amount	Period/Context
Revenue	$71.4 million	Q3 2025
Revenue Growth (YoY)	52%	Q3 2025 vs Q3 2024
Operating Cash Inflows	$41.3 million	First Half of 2025
One-off Cash Receipt (Solar Sale)	$22.35 million	Q2 2025

The Q3 2025 Revenue hit $71.4 million, which was a solid 52% jump year-on-year. That's a big move, driven by strong gold prices and increased sales volumes. Also, remember that for the first half of 2025, the operating cash inflows were $41.3 million; that's the real cash the operations generated before major capital deployment decisions. It's a healthy flow, honestly.

You also have to account for non-recurring income that boosts the cash position. Caledonia Mining Corporation Plc booked a one-off gain from the sale of the solar plant in Q2 2025, bringing in $22.35 million in cash. This sale, which closed on April 11, 2025, was a strategic move to focus capital back into core mining, but that cash inflow definitely pads the balance sheet for near-term needs.

Now, let's talk about the future revenue potential, which is where the big growth story lies. Caledonia Mining Corporation Plc confirmed its decision to move forward with the development of the Bilboes project following a positive feasibility study in late November 2025. This isn't just a small bump; this is a potential game-changer for the company's scale.

The economics underpinning the Bilboes project development look compelling, based on the feasibility study results:

• Projected Life-of-Mine Operating Cost (AISC): $1,061 per ounce.
• Economic Valuation (Post-tax NPV at 8%): $582 million.
• Projected Return (Post-tax IRR): 32.5%.
• Total Estimated Capital Costs: $583.4 million.
• Gold Price Assumption for Analysis: $2,548 per ounce.

The payback period is estimated at just 1.7 years from first production, which is fast for a project of this size. This future revenue stream, once operational, is designed to position Caledonia Mining Corporation Plc as an intermediate gold producer. Finance needs to start modeling the capital drawdowns against these expected cash inflows now.