Caledonia Mining Corporation Plc (CMCL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Aninhado no coração da paisagem rica em ouro do Zimbábue, a Caledonia Mining Corporation Plc (CMCL) surge como uma potência dinâmica que transforma a exploração mineral em oportunidade de investimento estratégico. Com sua abordagem inovadora para a mineração de ouro e um modelo de negócios focado a laser, a CMCL representa uma narrativa convincente de excelência operacional, práticas sustentáveis ​​e criação de valor dos acionistas em um dos ambientes de mineração mais desafiadores e promissores da África. Investidores e entusiastas da indústria descobrirão como essa corporação ágil navega em terrenos geológicos complexos, aproveita parcerias estratégicas e fornece consistentemente a produção de ouro de alta qualidade que a diferencia no mercado global competitivo.

Caledonia Mining Corporation Plc (CMCL) - Modelo de negócios: Parcerias -chave

Parceria estratégica com a Fremech Investments

A Caledonia Mining Corporation possui uma participação de 64% na mina de ouro geral através de sua parceria com a Fremech Investments (Private) Limited, uma empresa do Zimbábue. Os 36% restantes pertencem ao governo do Zimbábue e aos acionistas locais.

Parceria de Indigenização do Governo

A Caledonia está em conformidade com os requisitos de indigenização do Zimbábue por meio de sua estrutura de propriedade:

• Propriedade local: 36%
• Propriedade estrangeira: 64%

Parcerias de equipamentos técnicos

Fornecedor de equipamentos	Tipo de equipamento	Valor anual
Mineração de Sandvik	Equipamento de mineração subterrânea	US $ 2,4 milhões
Atlas Copco	Equipamento de perfuração	US $ 1,8 milhão

Parcerias financeiras

Caledonia mantém parcerias financeiras com:

• Banco Padrão da África do Sul
• Banco Investec
• International Finance Corporation (IFC)

Linha de crédito atual: US $ 18 milhões a partir de 2023 relatórios financeiros.

Caledonia Mining Corporation plc (CMCL) - Modelo de negócios: Atividades -chave

Mineração e exploração de ouro no Zimbábue

A Caledonia Mining Corporation opera principalmente na mina de ouro cobertor no Zimbábue, com os seguintes detalhes específicos:

• Localização: Gweru, província de Midlands, Zimbábue
• Mina Tipo: Mina de Ouro Subterrâneo
• Propriedade atual: 87,5% de propriedade da Caledonia Mining Corporation
• Meta anual de produção de ouro para 2024: 80.000-85.000 onças

Extração e processamento minerais

Métricas operacionais para extração e processamento mineral:

Métrica	Valor
Processando a capacidade da planta	1.100 toneladas por dia
Grau de ouro médio	3,5-4,0 gramas por tonelada
Taxa de recuperação	93-95%

Gerenciamento operacional da mina de ouro cobertor

Principais componentes de gerenciamento operacional:

• Total de funcionários: aproximadamente 1.000 trabalhadores
• Força de trabalho local do Zimbábue: mais de 95%
• Profundidade de mineração: atualmente operando entre 450-750 metros de subsolo

Desenvolvimento e otimização em andamento

Investimentos de despesas e desenvolvimento de capital:

Área de desenvolvimento	Valor do investimento (USD)
Projeto do eixo central	US $ 72 milhões
Exploração e expansão de recursos	US $ 5-7 milhões anualmente
Modernização de equipamentos	US $ 3-4 milhões por ano

Práticas de mineração sustentáveis ​​e conformidade ambiental

Métricas ambientais e de sustentabilidade:

• Taxa de reciclagem de água: 65-70%
• Investimentos de eficiência energética: US $ 1,2 milhão em 2023
• Alvo de redução de emissão de carbono: 15% até 2026

Caledonia Mining Corporation plc (CMCL) - Modelo de negócios: Recursos -chave

Mina de ouro cobertor no Zimbábue como ativo primário

Localização: Gweru, província de Midlands, Zimbábue Propriedade: 87,7% de propriedade da Caledonia Mining Corporation Produção anual de ouro: 61.376 onças (2022) Base total de recursos: 1,1 milhão de onças de ouro

Especificação de ativos	Detalhes
Tipo de mina	Mina de ouro subterrâneo
Profundidade operacional atual	750 metros abaixo da superfície
Vida estimada na mina	Mais de 15 anos

Equipe experiente de gerenciamento de mineração

• Mark Learmonth - CEO
• Equipe de gerenciamento de minerais quânticos com mais de 20 anos de experiência em mineração
• Liderança técnica com experiência específica de mineração de ouro no Zimbábue

Equipamento de mineração especializado e infraestrutura

Investimento de capital em equipamentos de mineração: US $ 48,3 milhões (2022)

Categoria de equipamento	Valor
Máquinas de mineração subterrânea	US $ 22,1 milhões
Processando equipamentos de plantas	US $ 16,5 milhões
Infraestrutura de suporte	US $ 9,7 milhões

Reservas de ouro comprovadas e direitos de mineração

Reservas de ouro comprovadas e prováveis: 1,1 milhão de onças Área de arrendamento de mineração atual: 2.500 hectares Validade dos direitos de mineração: até 2042

Experiência técnica em tecnologias de extração de ouro

• Método de extração de carbono em pulpa (CIP)
• Técnicas avançadas de recuperação metalúrgica
• Taxa atual de recuperação de ouro: 92,5%

Investimento técnico total: US $ 6,2 milhões (R&D e atualizações de tecnologia em 2022)

Caledonia Mining Corporation plc (CMCL) - Modelo de negócios: proposições de valor

Produção de ouro de alta qualidade a partir de operação estável de mineração africana

Caledonia Mining Corporation opera o Mina de ouro cobertor No Zimbábue, produzindo 61.277 onças de ouro em 2022. A produção total de ouro da mina tem um valor líquido de aproximadamente US $ 112,6 milhões a 2022 preços de ouro.

Métrica de produção	2022 Valor
Produção total de ouro	61.277 onças
Valor líquido de ouro	US $ 112,6 milhões
Grau de ouro médio	3,53 g/t

Pagamentos de dividendos consistentes aos acionistas

Em 2022, a Caledonia pagou dividendos trimestrais, totalizando US $ 0,14 por ação, representando uma distribuição total de dividendos de aproximadamente US $ 8,4 milhões.

Práticas de mineração sustentáveis ​​e responsáveis

• Investiu US $ 4,2 milhões em iniciativas de sustentabilidade ambiental em 2022
• Certificação de gestão ambiental da ISO 14001 mantida
• Programas de reciclagem de água implementados, reduzindo o consumo de água doce em 35%

Gerenciamento operacional eficiente em desafios de ambientes geológicos

Métrica de eficiência operacional	2022 Performance
Custos de sustentação de All-In (AISC)	US $ 1.037 por onça
Taxa de recuperação de mineração	92.4%
Despesa de exploração	US $ 3,6 milhões

Forte foco no desenvolvimento da comunidade local

Em 2022, Caledonia investiu US $ 1,5 milhão Nos programas de desenvolvimento da comunidade local no Zimbábue, focando em projetos de educação, saúde e infraestrutura.

• Financiado 12 projetos de melhoria de infraestrutura escolares locais
• Apoiou 45 iniciativas de saúde comunitária local
• Forneceu treinamento profissional para 87 residentes locais

Caledonia Mining Corporation Plc (CMCL) - Modelo de negócios: Relacionamentos do cliente

Comunicação transparente com os acionistas

A Caledonia Mining Corporation mantém a comunicação dos acionistas por meio de vários canais:

Canal de comunicação	Freqüência	Detalhes
Relatórios anuais	Anual	Financeiro e operacional abrangente overview
Apresentações de investidores	Trimestral	Insights de desempenho detalhados
Chamadas de conferência de investidores	4 vezes por ano	Comunicação direta da gestão

Relatórios financeiros regulares e atualizações de investidores

Métricas de relatórios financeiros para 2023:

• Receita total: US $ 95,4 milhões
• Lucro líquido: US $ 27,3 milhões
• Relatórios financeiros trimestrais: 4 lançamentos abrangentes

Engajamento com investidores institucionais e de varejo

Estatísticas de engajamento do investidor:

Tipo de investidor	Percentagem	Número de investidores
Investidores institucionais	68%	42 principais acionistas institucionais
Investidores de varejo	32%	Aproximadamente 1.200 acionistas individuais

Compromisso com a governança ambiental e social

Métricas de relatórios ESG:

• Redução de emissões de carbono: 15% ano a ano
• Investimento comunitário: US $ 1,2 milhão
• Taxa de incidentes de segurança: 0,5 por 200.000 horas de trabalho

Mantendo fortes relacionamentos com as partes interessadas da indústria de mineração

Métricas de relacionamento da indústria:

Categoria de partes interessadas	Número de parcerias	Foco de colaboração
Entidades do governo local	3 acordos ativos	Desenvolvimento sustentável
Parceiros de Tecnologia de Mineração	5 colaborações estratégicas	Inovação e eficiência
Organizações ambientais	2 parcerias em andamento	Conservação ecológica

Caledonia Mining Corporation Plc (CMCL) - Modelo de Negócios: Canais

Site de Relações com Investidores

A Caledonia Mining Corporation mantém um site oficial de relações com investidores em www.caledoniamining.com com os seguintes recursos principais:

• Fornece informações de preço das ações em tempo real
• Oferece relatórios financeiros para download
• Hospeda apresentações corporativas
• Contém informações de contato atuais para a equipe de relações com investidores

Relatórios financeiros anuais e apresentações

Período de relatório	Tipo de relatório	Plataforma de publicação
2023 Relatório Anual	Demonstração financeira abrangente	Site da empresa, registros da SEC
Q4 Relatório trimestral de 2023	Relatório Financeiro Interino	NYSE American, Plataformas JSE

Listagens de bolsas de valores

Listagens de bolsas de valores primárias:

• NYSE AMERICAN: Símbolo de negociação CMCL
• Joanesburg Stock Exchange (JSE): Símbolo de negociação CEY

Conferências de investidores e roadshows

Nome da conferência	Data	Localização
BMO Global Metals & Conferência de Mineração	Fevereiro de 2024	Miami, Flórida
RBC Capital Markets Global Mining Conference	Março de 2024	Toronto, Canadá

Comunicação direta com investidores institucionais

Detalhes de contato das relações com investidores:

• E -mail: investores@caledoniamining.com
• Telefone: +1 (416) 347-7051
• Equipe dedicada de relações com investidores

Caledonia Mining Corporation plc (CMCL) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a base de investidores institucionais da Caledonia Mining Corporation inclui:

Tipo de investidor	Porcentagem de propriedade	Número de ações
Fundos mútuos	24.3%	3.650.000 ações
Fundos de pensão	15.7%	2.355.000 ações
Empresas de gerenciamento de investimentos	18.5%	2.775.000 ações

Acionistas do varejo

Composição dos acionistas do varejo em 2024:

• Total de acionistas de varejo: 12.500
• Acionamento individual médio: 500 ações
• Distribuição geográfica:
  • Reino Unido: 45%
  • Estados Unidos: 35%
  • Canadá: 15%
  • Outros países: 5%

Comerciantes de mercado de ouro

Segmentos de mercado de negociação de ouro para CMCL:

Segmento de mercado	Volume de negociação anual	Preço médio por onça
Mercado Spot	125.000 onças	$1,950
Mercado futuro	75.000 onças	$1,975

Fundos de investimento socialmente responsáveis

Detalhes de investimento focados em ESG:

• Número de fundos socialmente responsáveis: 22
• Valor total do investimento: US $ 47,5 milhões
• Porcentagem de investimento institucional total: 16,3%

Analistas e pesquisadores da indústria de mineração

Segmento de mercado de pesquisa e análise:

Categoria de analista	Número de analistas	Cobertura de pesquisa
Bancos de investimento	8	Relatórios trimestrais
Empresas de pesquisa independentes	12	Relatórios anuais e semestrais
Pesquisadores acadêmicos	6	Estudos periódicos

Caledonia Mining Corporation plc (CMCL) - Modelo de negócios: estrutura de custos

Despesas operacionais de mineração

Para o exercício encerrado em 31 de dezembro de 2022, a Caledonia Mining Corporation registrou custos operacionais totais de dinheiro de US $ 14,5 milhões para sua mina geral no Zimbábue.

Categoria de custo	Quantidade (USD)
Despesas operacionais de mineração	US $ 14,5 milhões
Custos de processamento	US $ 8,2 milhões
Custos gerais e administrativos	US $ 3,6 milhões

Manutenção e substituição de equipamentos

Em 2022, a Companhia investiu US $ 6,3 milhões em gastos de capital para manutenção e substituição de equipamentos.

• Manutenção de equipamentos de mineração subterrânea: US $ 3,1 milhões
• Processando atualizações de equipamentos de plantas: US $ 2,2 milhões
• Substituição da infraestrutura crítica de mineração: US $ 1 milhão

Salários e benefícios dos funcionários

As despesas totais relacionadas aos funcionários em 2022 foram de aproximadamente US $ 10,2 milhões.

Tipo de despesa	Quantidade (USD)
Salários da base	US $ 7,5 milhões
Benefícios e contribuições de pensão	US $ 1,7 milhão
Treinamento e desenvolvimento	US $ 1 milhão

Custos de exploração e desenvolvimento

Para o ano fiscal de 2022, as despesas de exploração e desenvolvimento totalizaram US $ 4,8 milhões.

• Projeto de expansão de minas gerais: US $ 3,2 milhões
• Pesquisas e mapeamentos geológicos: US $ 1,1 milhão
• NOVA IDENTIFICAÇÃO DE RECURSOS: US $ 0,5 milhão

Conformidade e despesas regulatórias

Os custos relacionados à conformidade para 2022 totalizaram US $ 2,1 milhões.

Categoria de conformidade	Quantidade (USD)
Conformidade ambiental	US $ 1,2 milhão
Regulamentos de segurança	US $ 0,6 milhão
Relatórios regulatórios	US $ 0,3 milhão

Caledonia Mining Corporation plc (CMCL) - Modelo de negócios: fluxos de receita

Vendas de ouro a preços de mercado

A partir de 2023, a Caledonia Mining Corporation produziu 66.484 onças de ouro a partir de sua mina de mantas no Zimbábue. O preço médio realizado no ouro foi de US $ 1.940 por onça, gerando aproximadamente US $ 128,9 milhões em receita de vendas de ouro.

Ano	Produção de ouro (OZ)	Preço do ouro percebido	Receita total de vendas de ouro
2023	66,484	$ 1.940/oz	US $ 128,9 milhões

Renda de dividendos para os acionistas

Em 2023, a Caledonia declarou dividendos trimestrais, totalizando US $ 0,14 por ação, representando um rendimento anual de dividendos de aproximadamente 1,5%.

Potenciais receitas de exploração mineral

O orçamento de exploração atual para 2024 é de US $ 5,3 milhões, focado na expansão dos recursos minerais na mina geral e nas áreas circundantes.

Vendas minerais de subproduto

• Produção de prata: 3.166 onças em 2023
• Receita mineral estimada de subproduto: US $ 100.000

Incentivos de mineração do governo e créditos tributários

O governo do Zimbábue fornece uma redução de 5% para os mineradores que investem em infraestrutura local, economizando potencialmente a Caledonia em aproximadamente US $ 2,5 milhões anualmente.

Tipo de incentivo	Benefício financeiro potencial
Redução de royalties	US $ 2,5 milhões
Crédito de investimento em infraestrutura	$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.