Caledonia Mining Corporation PLC (CMCL): Business Model Canvas [Jan-2025 Mis à jour]

Niché au cœur du paysage en or du Zimbabwe, Caledonia Mining Corporation Plc (CMCL), apparaît comme une puissance dynamique transformant l'exploration minérale en opportunités d'investissement stratégique. Avec son approche innovante de l'extraction d'or et un modèle commercial axé sur le laser, CMCL représente un récit convaincant de l'excellence opérationnelle, des pratiques durables et de la création de valeur des actionnaires dans l'un des environnements minières les plus difficiles mais prometteurs d'Afrique. Les investisseurs et les amateurs de l'industrie découvriront comment cette société agile navigue dans des terrains géologiques complexes, exploite des partenariats stratégiques et offre systématiquement une production d'or de haute qualité qui le distingue sur le marché mondial concurrentiel mondial.

Caledonia Mining Corporation PLC (CMCL) - Modèle commercial: partenariats clés

Partenariat stratégique avec Fremech Investments

Caledonia Mining Corporation détient un intérêt contrôlant de 64% dans la mine Gold Gold grâce à son partenariat avec Fremech Investments (Private) Limited, une société zimbabwéenne. Les 36% restants appartiennent au gouvernement zimbabwéen et aux actionnaires locaux.

Partenariat d'indigénisation du gouvernement

La Caledonia est conforme aux exigences d'indigénisation du Zimbabwe grâce à sa structure de propriété:

• Propriété locale: 36%
• Propriété étrangère: 64%

Partenariats d'équipement technique

Fournisseur d'équipement	Type d'équipement	Valeur annuelle
Mine de sandvik	Équipement d'exploitation souterrain	2,4 millions de dollars
Atlas Copco	Équipement de forage	1,8 million de dollars

Partenariats financiers

Caledonia maintient des partenariats financiers avec:

• Banque standard d'Afrique du Sud
• Banque investissante
• International Finance Corporation (IFC)

Créabilité de crédit actuelle: 18 millions de dollars à partir de l'information financière en 2023.

Caledonia Mining Corporation Plc (CMCL) - Modèle d'entreprise: Activités clés

Extraction d'or et exploration au Zimbabwe

Caledonia Mining Corporation opère principalement à la mine Gold Gold au Zimbabwe, avec les détails spécifiques suivants:

• Lieu: Gweru, province des Midlands, Zimbabwe
• Type de mine: mine d'or souterraine
• Propriété actuelle: 87,5% détenue par Caledonia Mining Corporation
• Cible annuelle de production d'or pour 2024: 80 000 à 85 000 onces

Extraction et traitement des minéraux

Métriques opérationnelles pour l'extraction et le traitement des minéraux:

Métrique	Valeur
Capacité de l'usine de traitement	1 100 tonnes par jour
Grade d'or moyen	3,5-4,0 grammes par tonne
Taux de récupération	93-95%

Gestion opérationnelle de la mine d'or couverture

Composants de gestion opérationnelle clés:

• Total des employés: environ 1 000 travailleurs
• Travail local zimbabwéen: plus de 95%
• Profondeur minière: fonctionnant actuellement entre 450 et 750 mètres sous terre

Développement et optimisation des mines en cours

Dépenses en capital et investissements au développement:

Zone de développement	Montant d'investissement (USD)
Projet d'arbre central	72 millions de dollars
Exploration et expansion des ressources	5 à 7 millions de dollars par an
Modernisation de l'équipement	3 à 4 millions de dollars par an

Pratiques minières durables et conformité environnementale

Métriques environnementales et de durabilité:

• Taux de recyclage de l'eau: 65 à 70%
• Investissements en efficacité énergétique: 1,2 million de dollars en 2023
• Cible de réduction des émissions de carbone: 15% d'ici 2026

Caledonia Mining Corporation PLC (CMCL) - Modèle d'entreprise: Ressources clés

Couverture de la mine d'or au Zimbabwe en tant qu'actif principal

Lieu: Gweru, province des Midlands, Zimbabwe Propriété: 87,7% détenue par Caledonia Mining Corporation Production annuelle de l'or: 61 376 onces (2022) Base totale de ressources: 1,1 million d'onces d'or

Spécification d'actif	Détails
Type de mine	Mine d'or souterraine
Profondeur opérationnelle actuelle	750 mètres sous la surface
La vie des mines estimées	15 ans et plus

Équipe de gestion des mines expérimentée

• Mark Learmonth - directeur général
• Équipe de gestion des minéraux quantiques avec une expérience minière moyenne de plus de 20 ans
• Leadership technique avec une expertise spécifique au Zimbabwe Gold Mining

Équipement minier spécialisé et infrastructure

Investissement en capital dans l'équipement minière: 48,3 millions de dollars (2022)

Catégorie d'équipement	Valeur
Machines mines souterraines	22,1 millions de dollars
Traitement des équipements d'usine	16,5 millions de dollars
Infrastructure de soutien	9,7 millions de dollars

Réserves d'or éprouvées et droits minières

Réserves d'or éprouvées et probables: 1,1 million d'onces Zone de location minière actuelle: 2 500 hectares Validité des droits minières: jusqu'en 2042

Expertise technique dans les technologies d'extraction d'or

• Méthode d'extraction en carbone-in-poup (CIP)
• Techniques de récupération métallurgique avancées
• Taux de récupération de l'or actuel: 92,5%

Investissement technique total: 6,2 millions de dollars (R&D et améliorations technologiques en 2022)

Caledonia Mining Corporation Plc (CMCL) - Modèle d'entreprise: propositions de valeur

Production d'or de haute qualité à partir de l'opération minée africaine stable

Caledonia Mining Corporation exploite le Mine d'or de couverture Au Zimbabwe, produisant 61 277 onces d'or en 2022. La production totale d'or de la mine a une valeur nette d'environ 112,6 millions de dollars aux prix de l'or.

Métrique de production	Valeur 2022
Production totale d'or	61 277 onces
Valeur en or nette	112,6 millions de dollars
Grade d'or moyen	3,53 g / t

Paiements de dividendes cohérents aux actionnaires

En 2022, la Calédonie a versé des dividendes trimestriels totalisant 0,14 $ par action, représentant une distribution totale de dividendes d'environ 8,4 millions de dollars.

Pratiques minières durables et responsables

• A investi 4,2 millions de dollars dans les initiatives de durabilité environnementale en 2022
• Certification de gestion de l'environnement maintenue ISO 14001
• Les programmes de recyclage de l'eau mis en œuvre réduisant la consommation d'eau douce de 35%

Gestion opérationnelle efficace dans des environnements géologiques difficiles

Métrique d'efficacité opérationnelle	2022 Performance
Coûts de maintien tout-in (AISC)	1 037 $ par once
Taux de récupération d'exploitation	92.4%
Dépenses d'exploration	3,6 millions de dollars

Focus sur le développement communautaire local

En 2022, Caledonia a investi 1,5 million de dollars Dans les programmes de développement communautaire local au Zimbabwe, en nous concentrant sur les projets d'éducation, de soins de santé et d'infrastructure.

• Financé 12 projets d'amélioration des infrastructures scolaires locaux
• Soutenu 45 initiatives de santé communautaire locale
• A fourni une formation professionnelle pour 87 résidents locaux

Caledonia Mining Corporation PLC (CMCL) - Modèle d'entreprise: relations avec les clients

Communication transparente avec les actionnaires

Caledonia Mining Corporation maintient la communication des actionnaires via plusieurs canaux:

Canal de communication	Fréquence	Détails
Rapports annuels	Annuel	Financier et opérationnel complet overview
Présentations des investisseurs	Trimestriel	Informations sur les performances détaillées
Conférence téléphonique des investisseurs	4 fois par an	Gestion Communication directe

Rapports financiers réguliers et mises à jour des investisseurs

Métriques d'information financière pour 2023:

• Revenu total: 95,4 millions de dollars
• Revenu net: 27,3 millions de dollars
• Rapports financiers trimestriels: 4 versions complètes

Engagement avec des investisseurs institutionnels et de détail

Statistiques d'engagement des investisseurs:

Type d'investisseur	Pourcentage	Nombre d'investisseurs
Investisseurs institutionnels	68%	42 principaux actionnaires institutionnels
Investisseurs de détail	32%	Environ 1 200 actionnaires individuels

Engagement envers la gouvernance environnementale et sociale

ESG Reporting Metrics:

• Réduction des émissions de carbone: 15% d'une année à l'autre
• Investissement communautaire: 1,2 million de dollars
• Taux d'incident de sécurité: 0,5 pour 200 000 heures de travail

Maintenir des relations solides avec les parties prenantes de l'industrie minière

Métriques relationnelles de l'industrie:

Catégorie des parties prenantes	Nombre de partenariats	Focus de la collaboration
Entités gouvernementales locales	3 accords actifs	Développement durable
Partenaires technologiques d'exploitation	5 collaborations stratégiques	Innovation et efficacité
Organisations environnementales	2 partenariats en cours	Conservation écologique

Caledonia Mining Corporation PLC (CMCL) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Caledonia Mining Corporation maintient un site Web officiel de relations avec les investisseurs à www.Caledoniamining.com avec les caractéristiques clés suivantes:

• Fournit des informations sur le cours des actions en temps réel
• Offre des rapports financiers téléchargeables
• Hôte des présentations d'entreprise
• Contient l'équipe actuelle des coordonnées pour les relations avec les investisseurs

Rapports financiers et présentations annuels

Période de rapport	Type de rapport	Plate-forme de publication
2023 Rapport annuel	États financiers complets	Site Web de l'entreprise, dépôts de la SEC
Rapport trimestriel du trimestre 2023	Rapport financier intérimaire	NYSE AMERICAN, JSE PLADENTS

Listes de bourses

Listes de bourses primaires:

• NYSE AMERICAN: Symbole de trading CMCL
• JOHANNESBURG STOCK EXCESSION (JSE): Symbole de trading Cey

Conférences des investisseurs et tas de routes

Nom de conférence	Date	Emplacement
Métaux mondiaux BMO & Conférence minière	Février 2024	Miami, Floride
Conférence mondiale sur les marchés des capitaux RBC	Mars 2024	Toronto, Canada

Communication directe avec les investisseurs institutionnels

RELATIONS D'INVECONSEUR DÉTAILLES DE CONTACTES:

• Courriel: investisseurs@caledoniamining.com
• Téléphone: +1 (416) 347-7051
• Équipe de relations avec les investisseurs dévoués

Caledonia Mining Corporation PLC (CMCL) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, la base institutionnelle des investisseurs de Caledonia Mining Corporation comprend:

Type d'investisseur	Pourcentage de propriété	Nombre d'actions
Fonds communs de placement	24.3%	3 650 000 actions
Fonds de pension	15.7%	2 355 000 actions
Sociétés de gestion des investissements	18.5%	2 775 000 actions

Actionnaires de détail

Composition des actionnaires de détail en 2024:

• Total des actionnaires de détail: 12 500
• Partager individuel moyen: 500 actions
• Distribution géographique:
  • Royaume-Uni: 45%
  • États-Unis: 35%
  • Canada: 15%
  • Autres pays: 5%

Traders du marché de l'or

Segments de marché de trading d'or pour CMCL:

Segment de marché	Volume de trading annuel	Prix ​​moyen par once
Marché au compteur	125 000 onces	$1,950
Marché à terme	75 000 onces	$1,975

Fonds d'investissement socialement responsables

Détails d'investissement axés sur l'ESG:

• Nombre de fonds socialement responsables: 22
• Valeur d'investissement totale: 47,5 millions de dollars
• Pourcentage de l'investissement institutionnel total: 16,3%

Analystes et chercheurs de l'industrie minière

Segment du marché de la recherche et de l'analyse:

Catégorie d'analyste	Nombre d'analystes	Couverture de recherche
Banques d'investissement	8	Rapports trimestriels
Sociétés de recherche indépendantes	12	Rapports annuels et semestriels
Chercheurs universitaires	6	Études périodiques

Caledonia Mining Corporation Plc (CMCL) - Modèle d'entreprise: Structure des coûts

Exploiter les dépenses opérationnelles

Pour l'exercice clos le 31 décembre 2022, la Caledonia Mining Corporation a déclaré des coûts d'exploitation en espèces totaux de 14,5 millions de dollars pour sa mine générale au Zimbabwe.

Catégorie de coûts	Montant (USD)
Exploiter les dépenses opérationnelles	14,5 millions de dollars
Coûts de traitement	8,2 millions de dollars
Frais généraux et administratifs	3,6 millions de dollars

Entretien et remplacement de l'équipement

En 2022, la société a investi 6,3 millions de dollars dans le maintien des dépenses en capital pour la maintenance et le remplacement des équipements.

• Entretien des équipements miniers souterrains: 3,1 millions de dollars
• Traitement des mises à niveau de l'équipement des usines: 2,2 millions de dollars
• Remplacement des infrastructures minières critiques: 1 million de dollars

Salaires et avantages sociaux des employés

Les dépenses totales liées aux employés pour 2022 étaient d'environ 10,2 millions de dollars.

Type de dépenses	Montant (USD)
Salaires de base	7,5 millions de dollars
Avantages et contributions à la pension	1,7 million de dollars
Formation et développement	1 million de dollars

Coûts d'exploration et de développement

Pour l'exercice 2022, les dépenses d'exploration et de développement ont totalisé 4,8 millions de dollars.

• Projet d'expansion de la mine de couverture: 3,2 millions de dollars
• Enquêtes géologiques et cartographie: 1,1 million de dollars
• Nouvelle identification des ressources: 0,5 million de dollars

Compliance et dépenses réglementaires

Les coûts liés à la conformité pour 2022 s'élevaient à 2,1 millions de dollars.

Catégorie de conformité	Montant (USD)
Conformité environnementale	1,2 million de dollars
Règlements sur la sécurité	0,6 million de dollars
Représentation réglementaire	0,3 million de dollars

Caledonia Mining Corporation PLC (CMCL) - Modèle d'entreprise: Strots de revenus

Ventes d'or aux prix du marché

En 2023, la Caledonia Mining Corporation a produit 66 484 onces d'or de sa mine couverture au Zimbabwe. Le prix de l'or réalisé moyen était de 1 940 $ l'once, générant environ 128,9 millions de dollars de revenus de vente d'or.

Année	Production d'or (OZ)	Prix ​​de l'or réalisé	Revenu total des ventes d'or
2023	66,484	1 940 $ / oz	128,9 millions de dollars

Revenu des dividendes pour les actionnaires

En 2023, Caledonia a déclaré des dividendes trimestriels totalisant 0,14 $ par action, ce qui représente un rendement de dividende annuel d'environ 1,5%.

Revenus potentiels d'exploration minérale

Le budget d'exploration actuel pour 2024 est de 5,3 millions de dollars, axé sur l'expansion des ressources minérales dans la mine générale et les zones environnantes.

Ventes minérales sous-produit

• Production d'argent: 3 166 onces en 2023
• Revenus minéraux estimés des sous-produits: 100 000 $

Incitations minières du gouvernement et crédits d'impôt

Le gouvernement du Zimbabwe fournit une réduction des redevances de 5% pour les mineurs investissant dans des infrastructures locales, ce qui économisait potentiellement la Calédonie environ 2,5 millions de dollars par an.

Type d'incitation	Avantage financier potentiel
Réduction des redevances	2,5 millions de dollars
Crédit d'investissement d'infrastructure	$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.