Caledonia Mining Corporation Plc reported third‑quarter 2025 results that surpassed analyst expectations, with revenue of $71.4 million—up 52% from $45.2 million in the same period last year—driven by a 10% increase in ounces sold and a higher gold price that lifted sales revenue. The company’s gross profit rose to $36.9 million, a 91% year‑over‑year gain, reflecting the higher gold price and efficient cost management.
Caledonia’s net profit attributable to shareholders reached $18.7 million, a jump from $3.3 million in Q3 2024, giving an earnings‑per‑share of $0.77 versus the consensus estimate of $0.75. The beat was largely due to disciplined cost control and the company’s ability to maintain a high‑margin production mix, even as on‑mine costs climbed to $1,228 per ounce and the all‑in sustaining cost (AISC) rose to $1,937 per ounce.
Free cash flow for the quarter was $5.9 million, a turnaround from a negative $2.4 million in Q3 2024, and the company’s liquidity at quarter‑end stood at $44.3 million. Management highlighted that the cash balance supports ongoing capital projects, including the Bilboes feasibility study and modernization of the Blanket Mine.
The company produced 19,106 ounces of gold at Blanket Mine and sold 20,355 ounces during the quarter. A fatality occurred on September 22, 2025, when a secondary blasting incident claimed a worker’s life. CEO Mark Learmonth said the company has launched a comprehensive safety review and is committed to preventing future incidents.
Caledonia reaffirmed its full‑year production guidance of 75,500–79,500 ounces and reiterated its focus on disciplined capital spending, with sustaining capital expenditures for 2025 expected to be $6.8 million for the quarter. The company’s guidance signals confidence in maintaining production levels amid a strong gold price environment while managing rising operating costs.
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