Caledonia Mining Corporation Plc (CMCL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ubicado en el corazón del paisaje rico en oro de Zimbabwe, Caledonia Mining Corporation Plc (CMCL) surge como una potencia dinámica que transforma la exploración mineral en oportunidades de inversión estratégica. Con su enfoque innovador para la minería de oro y un modelo de negocio centrado en el láser, CMCL representa una narrativa convincente de excelencia operativa, prácticas sostenibles y la creación de valor de los accionistas en uno de los entornos mineros más desafiantes pero prometedores de África. Los inversores y los entusiastas de la industria descubrirán cómo esta ágil corporación navega por terrenos geológicos complejos, aprovecha las asociaciones estratégicas y constantemente entrega una producción de oro de alta calidad que lo distingue en el competitivo mercado minero global.

Caledonia Mining Corporation PLC (CMCL) - Modelo de negocio: asociaciones clave

Asociación estratégica con Fremech Investments

Caledonia Mining Corporation posee un 64% de interés controlador en la mina de oro general a través de su asociación con Fremech Investments (Private) Limited, una compañía zimbabuense. El 36% restante es propiedad del gobierno de Zimbabwe y los accionistas locales.

Asociación de indigenización del gobierno

Caledonia cumple con los requisitos de indigenización de Zimbabwe a través de su estructura de propiedad:

• Propiedad local: 36%
• Propiedad extranjera: 64%

Asociaciones de equipos técnicos

Proveedor de equipos	Tipo de equipo	Valor anual
Minería sandvik	Equipo de minería subterránea	$ 2.4 millones
Atlas Copco	Equipo de perforación	$ 1.8 millones

Asociaciones financieras

Caledonia mantiene asociaciones financieras con:

• Banco Estándar de Sudáfrica
• Banco Investec
• Corporación Internacional de Finanzas (IFC)

Facilidad de crédito actual: $ 18 millones A partir de 2023 informes financieros.

Caledonia Mining Corporation PLC (CMCL) - Modelo de negocio: actividades clave

Minería de oro y exploración en Zimbabwe

Caledonia Mining Corporation opera principalmente en la mina de oro de la manta en Zimbabwe, con los siguientes detalles específicos:

• Ubicación: Gweru, provincia de Midlands, Zimbabwe
• Tipo de la mina: mina de oro subterránea
• Propiedad actual: 87.5% propiedad de Caledonia Mining Corporation
• Objetivo anual de producción de oro para 2024: 80,000-85,000 onzas

Extracción y procesamiento de minerales

Métricas operativas para la extracción y procesamiento de minerales:

Métrico	Valor
Capacidad de planta de procesamiento	1.100 toneladas por día
Grado de oro promedio	3.5-4.0 gramos por tonelada
Tasa de recuperación	93-95%

Gestión operativa de la mina de oro general

Componentes clave de gestión operativa:

• Total de empleados: aproximadamente 1,000 trabajadores
• Fuerza laboral local de Zimbabwe: más del 95%
• Profundidad minera: actualmente opera entre 450-750 metros bajo tierra

Desarrollo y optimización de la mina en curso

Gastos de capital e inversiones de desarrollo:

Área de desarrollo	Monto de inversión (USD)
Proyecto de eje central	$ 72 millones
Exploración y expansión de recursos	$ 5-7 millones anualmente
Modernización de equipos	$ 3-4 millones por año

Prácticas mineras sostenibles y cumplimiento ambiental

Métricas ambientales y de sostenibilidad:

• Tasa de reciclaje de agua: 65-70%
• Inversiones de eficiencia energética: $ 1.2 millones en 2023
• Objetivo de reducción de emisiones de carbono: 15% para 2026

Caledonia Mining Corporation Plc (CMCL) - Modelo de negocio: recursos clave

Mina de oro manta en Zimbabwe como activo principal

Ubicación: Gweru, provincia de Midlands, Zimbabwe Propiedad: 87.7% propiedad de Caledonia Mining Corporation Producción anual de oro: 61,376 onzas (2022) Base de recursos totales: 1.1 millones de onzas de oro

Especificación de activos	Detalles
Tipo de mía	Mina de oro subterránea
Profundidad operativa actual	750 metros debajo de la superficie
Vida de minas estimada	Más de 15 años

Equipo experimentado de gestión minera

• Mark Learmonth - Director Ejecutivo
• Equipo de gestión de minerales cuánticos con experiencia minera promedio de más de 20 años
• Liderazgo técnico con experiencia específica en minería de oro de Zimbabwe

Equipos e infraestructura de minería especializada

Inversión de capital en equipos mineros: $ 48.3 millones (2022)

Categoría de equipo	Valor
Maquinaria de minería subterránea	$ 22.1 millones
Procesamiento de equipos de plantas	$ 16.5 millones
Infraestructura de soporte	$ 9.7 millones

Reservas de oro probadas y derechos mineros

Reservas de oro probadas y probables: 1.1 millones de onzas Área de arrendamiento minero actual: 2.500 hectáreas Validez de los derechos mineros: hasta 2042

Experiencia técnica en tecnologías de extracción de oro

• Método de extracción de carbono en pulpa (CIP)
• Técnicas avanzadas de recuperación metalúrgica
• Tasa actual de recuperación de oro: 92.5%

Inversión técnica total: $ 6.2 millones (I + D y actualizaciones de tecnología en 2022)

Caledonia Mining Corporation Plc (CMCL) - Modelo de negocio: propuestas de valor

Producción de oro de alta calidad de la operación minera africana estable

Caledonia Mining Corporation opera el Mina de oro manta en Zimbabwe, produciendo 61,277 onzas de oro en 2022. La producción total de oro de la mina tiene un valor neto de aproximadamente $ 112.6 millones a 2022 precios de oro.

Métrica de producción	Valor 2022
Producción total de oro	61,277 onzas
Valor de oro neto	$ 112.6 millones
Grado de oro promedio	3.53 g/t

Pagos de dividendos consistentes a los accionistas

En 2022, Caledonia pagó dividendos trimestrales por un total $ 0.14 por acción, que representa una distribución de dividendos total de aproximadamente $ 8.4 millones.

Prácticas mineras sostenibles y responsables

• Invirtió $ 4.2 millones en iniciativas de sostenibilidad ambiental en 2022
• Certificación de gestión ambiental ISO 14001 mantenida
• Implementados programas de reciclaje de agua que reducen el consumo de agua dulce en un 35%

Gestión operativa eficiente en entornos geológicos desafiantes

Métrica de eficiencia operativa	Rendimiento 2022
Costos de mantenimiento de todo (AISC)	$ 1,037 por onza
Tasa de recuperación minera	92.4%
Gasto de exploración	$ 3.6 millones

Fuerte enfoque en el desarrollo de la comunidad local

En 2022, Caledonia invirtió $ 1.5 millones en programas locales de desarrollo comunitario en Zimbabwe, centrándose en proyectos de educación, atención médica e infraestructura.

• Fundado 12 proyectos de mejora de la infraestructura escolar local
• Apoyado 45 iniciativas de salud de la comunidad local
• Proporcionó capacitación vocacional para 87 residentes locales

Caledonia Mining Corporation Plc (CMCL) - Modelo de negocio: Relaciones con los clientes

Comunicación transparente con los accionistas

Caledonia Mining Corporation mantiene la comunicación de los accionistas a través de múltiples canales:

Canal de comunicación	Frecuencia	Detalles
Informes anuales	Anual	Financiero y operativo integral overview
Presentaciones de inversores	Trimestral	Insights de rendimiento detalladas
Llamadas a la conferencia de inversores	4 veces al año	Comunicación directa de gestión

Informes financieros regulares y actualizaciones de inversores

Métricas de informes financieros para 2023:

• Ingresos totales: $ 95.4 millones
• Ingresos netos: $ 27.3 millones
• Informes financieros trimestrales: 4 lanzamientos integrales

Compromiso con inversores institucionales y minoristas

Estadísticas de participación del inversor:

Tipo de inversor	Porcentaje	Número de inversores
Inversores institucionales	68%	42 accionistas institucionales importantes
Inversores minoristas	32%	Aproximadamente 1.200 accionistas individuales

Compromiso con la gobernanza ambiental y social

Métricas de informes de ESG:

• Reducción de emisiones de carbono: 15% año tras año
• Inversión comunitaria: $ 1.2 millones
• Tasa de incidentes de seguridad: 0.5 por 200,000 horas de trabajo

Mantener relaciones sólidas con las partes interesadas de la industria minera

Métricas de relación de la industria:

Categoría de partes interesadas	Número de asociaciones	Enfoque de colaboración
Entidades del gobierno local	3 acuerdos activos	Desarrollo sostenible
Socios de tecnología minera	5 colaboraciones estratégicas	Innovación y eficiencia
Organizaciones ambientales	2 asociaciones en curso	Conservación ecológica

Caledonia Mining Corporation PLC (CMCL) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

Caledonia Mining Corporation mantiene un sitio web oficial de relaciones con los inversores en www.caledoniamining.com con las siguientes características clave:

• Proporciona información sobre el precio de las acciones en tiempo real
• Ofrece informes financieros descargables
• Alberga presentaciones corporativas
• Contiene información de contacto actual para el equipo de relaciones con los inversores

Informes y presentaciones financieras anuales

Periódico	Tipo de informe	Plataforma de publicación
Informe anual 2023	Estado financiero integral	Sitio web de la empresa, presentaciones de la SEC
T4 2023 Informe trimestral	Informe financiero interino	NYSE American, plataformas JSE

Listados de bolsa de valores

Listados de bolsa de valores primarios:

• NYSE American: símbolo comercial CMCL
• Bolsa de Valores de Johannesburgo (JSE): Símbolo de negociación Cey

Conferencias de inversores y roadshows

Nombre de conferencia	Fecha	Ubicación
BMO Global Metals & Conferencia minera	Febrero de 2024	Miami, Florida
Conferencia de minería global de RBC Capital Markets	Marzo de 2024	Toronto, Canadá

Comunicación directa con inversores institucionales

Relaciones con los inversores Datos de contacto:

• Correo electrónico: inversors@caledoniamining.com
• Teléfono: +1 (416) 347-7051
• Equipo de relaciones con inversores dedicado

Caledonia Mining Corporation Plc (CMCL) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la base de inversores institucionales de Caledonia Mining Corporation incluye:

Tipo de inversor	Porcentaje de propiedad	Número de acciones
Fondos mutuos	24.3%	3,650,000 acciones
Fondos de pensiones	15.7%	2,355,000 acciones
Empresas de gestión de inversiones	18.5%	2,775,000 acciones

Accionistas minoristas

Composición de accionistas minoristas en 2024:

• Total de accionistas minoristas: 12,500
• Participación individual promedio: 500 acciones
• Distribución geográfica:
  • Reino Unido: 45%
  • Estados Unidos: 35%
  • Canadá: 15%
  • Otros países: 5%

Comerciantes del mercado de oro

Segmentos del mercado de comercio de oro para CMCL:

Segmento de mercado	Volumen de negociación anual	Precio promedio por onza
Mercado al contado	125,000 onzas	$1,950
Mercado de futuros	75,000 onzas	$1,975

Fondos de inversión socialmente responsables

Detalles de inversión centrados en ESG:

• Número de fondos socialmente responsables: 22
• Valor de inversión total: $ 47.5 millones
• Porcentaje de inversión institucional total: 16.3%

Analistas e investigadores de la industria minera

Segmento de mercado de investigación y análisis:

Categoría de analista	Número de analistas	Cobertura de investigación
Bancos de inversión	8	Informes trimestrales
Firmas de investigación independientes	12	Informes anuales y semestrales
Investigadores académicos	6	Estudios periódicos

Caledonia Mining Corporation Plc (CMCL) - Modelo de negocio: Estructura de costos

Gastos operativos mineros

Para el año finalizado el 31 de diciembre de 2022, Caledonia Mining Corporation reportó costos operativos totales en efectivo de $ 14.5 millones para su mina general en Zimbabwe.

Categoría de costos	Cantidad (USD)
Gastos operativos mineros	$ 14.5 millones
Costos de procesamiento	$ 8.2 millones
Costos generales y administrativos	$ 3.6 millones

Mantenimiento y reemplazo del equipo

En 2022, la compañía invirtió $ 6.3 millones en gastos de capital de mantenimiento para el mantenimiento y reemplazo de equipos.

• Mantenimiento de equipos de minería subterránea: $ 3.1 millones
• Actualizaciones de equipos de plantas de procesamiento: $ 2.2 millones
• Reemplazo de infraestructura minera crítica: $ 1 millón

Salarios y beneficios de los empleados

Los gastos totales relacionados con los empleados para 2022 fueron de aproximadamente $ 10.2 millones.

Tipo de gasto	Cantidad (USD)
Salarios base	$ 7.5 millones
Beneficios y contribuciones de pensiones	$ 1.7 millones
Capacitación y desarrollo	$ 1 millón

Costos de exploración y desarrollo

Para el año fiscal 2022, los gastos de exploración y desarrollo totalizaron $ 4.8 millones.

• Proyecto de expansión de la mina manta: $ 3.2 millones
• Encuestas y mapeo geológicos: $ 1.1 millones
• Nueva identificación de recursos: $ 0.5 millones

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento para 2022 ascendieron a $ 2.1 millones.

Categoría de cumplimiento	Cantidad (USD)
Cumplimiento ambiental	$ 1.2 millones
Regulaciones de seguridad	$ 0.6 millones
Informes regulatorios	$ 0.3 millones

Caledonia Mining Corporation PLC (CMCL) - Modelo de negocio: Flezas de ingresos

Ventas de oro a precios de mercado

A partir de 2023, Caledonia Mining Corporation produjo 66,484 onzas de oro de su mina manta en Zimbabwe. El precio promedio de oro realizado fue de $ 1,940 por onza, generando aproximadamente $ 128.9 millones en ingresos por ventas de oro.

Año	Producción de oro (OZ)	Precio de oro realizado	Ingresos totales de ventas de oro
2023	66,484	$ 1,940/oz	$ 128.9 millones

Ingresos de dividendos para los accionistas

En 2023, Caledonia declaró dividendos trimestrales por un total de $ 0.14 por acción, lo que representa un rendimiento anual de dividendos de aproximadamente 1.5%.

Ingresos potenciales de exploración mineral

El presupuesto de exploración actual para 2024 es de $ 5.3 millones, centrado en expandir los recursos minerales en la mina general y las áreas circundantes.

Venta de minerales subproductos

• Producción de plata: 3.166 onzas en 2023
• Ingresos minerales estimados del subproducto: $ 100,000

Incentivos mineros del gobierno y créditos fiscales

El gobierno de Zimbabwe proporciona una reducción de regalías del 5% para los mineros que invierten en infraestructura local, lo que podría ahorrar a Caledonia aproximadamente $ 2.5 millones anuales.

Tipo de incentivo	Beneficio financiero potencial
Reducción de regalías	$ 2.5 millones
Crédito de inversión de infraestructura	$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.