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Caledonia Mining
On this page
Company details
- Legal name
- Caledonia Mining Corporation Plc
- Listing
- CMCL.VX on the Victoria Falls Stock Exchange, active · ISIN ZWVX301DR012 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · annual report, signed / final · source
Read with these figures
- Auditor's emphasis of matter. Critical audit matter: Evaluation of the site restoration provision (USD 9.7 million at December 31, 2025, note 29) (PDF p130).
Full wording and sources
Auditor's emphasis of matter
Critical audit matter: Evaluation of the site restoration provision (USD 9.7 million at December 31, 2025, note 29) (PDF p130). It does not modify the opinion.
Source: Caledonia Mining Corporation Plc — Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (dated 2026-04-23)
-
Revenue
USD 268 million
267,663 USD thousands · p134
+46.2% vs 2024
-
Operating profit / (loss)
USD 110 million
109,622 USD thousands · p134
+151.0% vs 2024
-
Profit / (loss) for the year
USD 67.5 million
67,511 USD thousands · p134
+192.8% vs 2024
-
Total assets
USD 412 million
411,895 USD thousands · p135
+18.2% vs 2024
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Total equity
USD 284 million
283,546 USD thousands · p135
+20.9% vs 2024
-
Cash from operations
USD 76.2 million
76,233 USD thousands · p139
+81.7% vs 2024
Large amounts are rounded for reading (USD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in USD thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2025 — annual report, signed / final; reported for the year · source
- FY2024 — annual report, signed / final; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Revenue | 267,663 | 183,018 |
| Royalty1 | (13,521) | (9,263) |
| Production costs2 | (101,321) | (80,744) |
| Depreciation | (15,697) | (16,021) |
| Gross profit | 137,124 | 76,990 |
| Net foreign exchange loss | (3,311) | (9,722) |
| Administrative expenses | (20,480) | (15,658) |
| Fair value loss on derivative financial instrument3 | (6,379) | (831) |
| Equity-settled share-based expense4 | (203) | (1,054) |
| Cash-settled share-based expense5 | (839) | (201) |
| Other expenses | (5,078) | (6,940) |
| Other income | 248 | 1,090 |
| Profit on the sale of non-current assets held for sale6 | 8,540 | –7 |
| Operating profit | 109,622 | 43,674 |
| Finance income | 461 | 26 |
| Finance cost | (3,514) | (3,157) |
| Profit before tax | 106,569 | 40,543 |
| Tax expense | (39,058) | (17,489) |
| Profit (loss) for the year | 67,511 | 23,054 |
| Exchange differences on translation of foreign operations | 1,109 | (116) |
| Total comprehensive income for the year | 68,620 | 22,938 |
| Non-controlling interests8 | 12,292 | 5,155 |
- Printed “—”, read as nil: subtotal_arithmetic: is.operating_profit.
Notes and alternative reported figures (7)
- “Royalty” is an issuer-specific line, not mapped to a shared definition: Royalty on gold sales, deducted between revenue and gross profit (p134).
- “Production costs” is an issuer-specific line, not mapped to a shared definition: Note 8: mine production costs, deducted to reach gross profit separately from royalty and depreciation; not the whole cost deducted to reach gross profit, so not mapped to cost of sales.
- “Fair value loss on derivative financial instrument” is an issuer-specific line, not mapped to a shared definition: Note 11: fair value movement on gold put options, within operating profit.
- “Equity-settled share-based expense” is an issuer-specific line, not mapped to a shared definition: Note 12.2, within operating profit.
- “Cash-settled share-based expense” is an issuer-specific line, not mapped to a shared definition: Note 12.1, within operating profit.
- “Profit on the sale of non-current assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 24: profit on the sale of assets held for sale (2025), within operating profit.
- “Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Note 28: the non-controlling interests' share of profit for the year.
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Exploration and evaluation assets1 | 103,829 | 97,326 |
| Property, plant and equipment | 204,538 | 189,456 |
| Right of use assets | 1,089 | –2 |
| Derivative financial assets3 | 7,273 | –2 |
| Deferred tax asset | 230 | 264 |
| Total non-current assets | 316,959 | 287,046 |
| Income tax receivable | 8 | 355 |
| Inventories | 26,828 | 23,768 |
| Derivative financial assets4 | 954 | –5 |
| Trade and other receivables | 11,871 | 12,675 |
| Prepayments6 | 14,537 | 6,748 |
| Fixed term deposit7 | 5,000 | –5 |
| Cash and cash equivalents | 35,738 | 4,260 |
| Assets held for sale8 | –5 | 13,512 |
| Total current assets | 94,936 | 61,318 |
| Total assets | 411,895 | 348,364 |
| Share capital | 166,329 | 165,408 |
| Reserves | 138,254 | 138,465 |
| Retained loss | (45,586) | (89,996) |
| Equity attributable to shareholders of the parent | 258,997 | 213,877 |
| Non-controlling interests | 24,549 | 20,587 |
| Total equity | 283,546 | 234,464 |
| Deferred tax liabilities | 51,015 | 48,418 |
| Provisions | 9,722 | 9,664 |
| Loans and borrowings | 1,074 | 1,500 |
| Loan note instruments9 | 3,981 | 8,313 |
| Cash-settled share-based payment10 | 1,294 | 411 |
| Lease liabilities | 911 | 199 |
| Total non-current liabilities | 67,997 | 68,505 |
| Cash-settled share-based payment11 | 1,116 | 634 |
| Income tax payable | 351 | 2,958 |
| Lease liabilities | 268 | 95 |
| Loans and borrowings | 6,706 | 1,174 |
| Loan note instruments12 | 7,760 | 855 |
| Trade and other payables | 32,253 | 26,647 |
| Overdrafts | 11,898 | 12,928 |
| Liabilities associated with assets held for sale13 | –14 | 104 |
| Total current liabilities | 60,352 | 45,395 |
| Total liabilities | 128,349 | 113,900 |
| Total equity and liabilities | 411,895 | 348,364 |
- Printed “—”, read as nil: subtotal_arithmetic: bs.non_current_assets.
- Printed “—”, read as nil: subtotal_arithmetic: bs.current_assets.
- Printed “—”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (11)
- “Exploration and evaluation assets” is an issuer-specific line, not mapped to a shared definition: Note 17, non-current.
- “Derivative financial assets” is an issuer-specific line, not mapped to a shared definition: Note 11.1: gold put options, within non-current assets.
- “Derivative financial assets” is an issuer-specific line, not mapped to a shared definition: Note 11.1: gold put options, within current assets.
- “Prepayments” is an issuer-specific line, not mapped to a shared definition: Note 22, current; printed apart from trade and other receivables.
- “Fixed term deposit” is an issuer-specific line, not mapped to a shared definition: Note 23, current; printed apart from cash and cash equivalents.
- “Assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 24, current.
- “Loan note instruments” is an issuer-specific line, not mapped to a shared definition: Note 31: solar bonds and other loan notes, non-current.
- “Cash-settled share-based payment” is an issuer-specific line, not mapped to a shared definition: Note 12.1: liability for cash-settled share-based payments, non-current.
- “Cash-settled share-based payment” is an issuer-specific line, not mapped to a shared definition: Note 12.1: liability for cash-settled share-based payments, current.
- “Loan note instruments” is an issuer-specific line, not mapped to a shared definition: Note 31: solar bonds and other loan notes, current.
- “Liabilities associated with assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 24, current.
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Cash inflow from operations | 105,419 | 55,438 |
| Interest received | 461 | 26 |
| Finance costs paid1 | (3,073) | (2,864) |
| Tax paid | (26,574) | (10,645) |
| Net cash inflow from operating activities | 76,233 | 41,955 |
| Acquisition of property, plant and equipment | (32,450) | (27,477) |
| Acquisition of exploration and evaluation assets2 | (3,633) | (3,835) |
| Proceeds from sale of property, plant and equipment | 17 | –3 |
| Gross proceeds from sale of non-current assets held for sale4 | 22,350 | –3 |
| Selling cost on sale of non-current assets held for sale5 | (384) | –3 |
| Proceeds from derivative financial instruments6 | –3 | –3 |
| Acquisition of put options7 | (5,430) | (743) |
| Investment in fixed term deposits8 | (28,500) | –3 |
| Matured fixed term deposits9 | 23,500 | –3 |
| Net cash used in investing activities | (24,530) | (32,055) |
| Dividends paid10 | (19,916) | (12,302) |
| Payment of lease liabilities | (244) | (182) |
| Proceeds from loans and borrowings | –11 | 3,000 |
| Repayments of loans and borrowings | (1,473) | (326) |
| Loan notes - solar bond issue gross receipts12 | 2,500 | 2,000 |
| Loan notes - solar bond issue transaction cost13 | (113) | (30) |
| Loan notes – Motapa payment14 | –11 | –11 |
| Shares issued – equity raise (net of transaction cost)15 | –11 | –11 |
| Proceeds from share options exercised16 | 95 | 37 |
| Net cash (used in) from financing activities | (19,151) | (7,803) |
| Net increase (decrease) in cash and cash equivalents | 32,552 | 2,097 |
| Effect of exchange rate fluctuations on cash and cash equivalents | (44) | 267 |
| Net cash and cash equivalents at the beginning of the year | (8,668) | (11,032) |
| Net cash and cash equivalents at the end of the year | 23,840 | (8,668) |
- Printed “—”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
- Printed “—”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (14)
- “Finance costs paid” is an issuer-specific line, not mapped to a shared definition: Note 15: finance costs paid (overdrafts, bonds, loans), within operating activities.
- “Acquisition of exploration and evaluation assets” is an issuer-specific line, not mapped to a shared definition: Note 17, investing activities.
- “Gross proceeds from sale of non-current assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 24, investing activities.
- “Selling cost on sale of non-current assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 24, investing activities.
- “Proceeds from derivative financial instruments” is an issuer-specific line, not mapped to a shared definition: Investing activities (2025 and 2024 print dashes).
- “Acquisition of put options” is an issuer-specific line, not mapped to a shared definition: Note 11.1, investing activities.
- “Investment in fixed term deposits” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Matured fixed term deposits” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Dividends paid” is an issuer-specific line, not mapped to a shared definition: Note 35: dividends paid to owners of the Company and to non-controlling interests together (the note reconciles dividends declared, including dividends due to NCI, to the amount paid); financing activities.
- “Loan notes - solar bond issue gross receipts” is an issuer-specific line, not mapped to a shared definition: Note 31.1, financing activities.
- “Loan notes - solar bond issue transaction cost” is an issuer-specific line, not mapped to a shared definition: Note 31.1, financing activities.
- “Loan notes – Motapa payment” is an issuer-specific line, not mapped to a shared definition: Financing activities (2025 and 2024 print dashes).
- “Shares issued – equity raise (net of transaction cost)” is an issuer-specific line, not mapped to a shared definition: Financing activities (2025 and 2024 print dashes).
- “Proceeds from share options exercised” is an issuer-specific line, not mapped to a shared definition: Note 25, financing activities.
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
No dividend statement or amount collected.
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
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Caledonia Mining Corporation Plc — Annual Report on Form 20-F for the fiscal year ended December 31, 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: BDO South Africa Incorporated (Johannesburg; PCAOB-registered), unmodified opinion · signed
Auditor's sign-off: BDO South Africa Incorporated (script signature image 'BDO South Africa Inc.' above '/s/ BDO South Africa Incorporated')
Final status: Report of independent registered public accounting firm on the consolidated financial statements (BDO South Africa Incorporated, Johannesburg, Republic of South Africa; unqualified) closes with a script signature image reading 'BDO South Africa Inc.' above the conformed line '/s/ BDO South Africa Incorporated', dated April 23, 2026 (PDF p131, page image). The consolidated financial statements were approved for issue by the Board of Directors on April 23, 2026 (note 2.1, p140); the statement of profit or loss carries only typeset names ('On behalf of the Board: "J.M. Learmonth" ... and "R.I. Jerrard"', p134), and the 20-F signature page is conformed ('/s/ John Mark Learmonth', April 23, 2026, p127).
- Document date
- 23 Apr 2026
- Auditor's report
- 23 Apr 2026
- Board approval
- 23 Apr 2026
- Retrieved by us
- 17 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · USD thousands (printed “in thousands of United States Dollars, unless indicated otherwise”)
- Cash-flow cash and cash equivalents are printed net of overdrafts ('Net cash and cash equivalents', p139): 23,840 = 35,738 - 11,898 (2024: (8,668) = 4,260 - 12,928, p135).
- Royalty, production costs and depreciation are each deducted between revenue and gross profit, with no cost-of-sales total (p134); recorded as royalty and production costs (issuer concepts) and depreciation.
- BDO also reports an unqualified opinion on internal control over financial reporting as of December 31, 2025 (PDF pp132-133, '/s/ BDO South Africa Incorporated', April 23, 2026).
- SEC annual report on Form 20-F (pp1-127 items; F-pages pp128-~211). The Company is listed on NYSE American and the VFEX (symbol CMCL on both) with depository interests on AIM (note 1, p140); the directory lists the VFEX listing. Statements are presented in US dollars, rounded to the nearest thousand (note 2.3, p140).
Technical details
- File
- 239 pages, with a text layer
- SHA-256
ecea0d2e1358172ea03e3aa0aa4ad88a8a78bbf66a56dd6c1591dc1640b8c96f- Entity as printed
- Caledonia Mining Corporation Plc (the Company) and its subsidiaries (the Group)
- Issuer copy
- retrieved 2026-10-17T13:53:15Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.